{"id":75134,"date":"2019-08-22T00:30:44","date_gmt":"2019-08-22T00:30:44","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=75134"},"modified":"2019-08-22T00:30:44","modified_gmt":"2019-08-22T00:30:44","slug":"220819-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/220819-morning-session-analysis\/","title":{"rendered":"220819 Morning Session Analysis"},"content":{"rendered":"

22 August 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Sterling falters over no-deal Brexit.<\/strong><\/span><\/p>\n

Pound sterling retrace further from its previous high level after French government reportedly sees a no-deal Brexit as the baseline for 31st<\/sup> October deadline. In a report published by Reuters, top officials in French President Emmanuel Macron\u2019s office commented that a no-deal Brexit will likely be the fallout from UK Prime Minister Boris Johnson\u2019s demand for the EU to drop the Irish backstop. Last Tuesday, Johnson demanded the backstop to be removed from previously negotiated Brexit deal. A backstop is an insurance policy to keep Irish border open after UK leaves the European Union. However, as investors has priced in for a higher chance of a no-deal Brexit in October, losses experienced by pound sterling was rather limited. As of writing, pair of GBP\/USD ticks up 0.02% to 1.2129 this morning. On the other hand, US dollar advanced further upwards albeit more rate cuts hinted in the Federal Reserve meeting minutes. Most policymakers viewed the recent rate cut as a part of mid-cycle adjustment while more rate cut in the future may be initiated in order to provide support to the economy. The dollar index rose 0.07% to 98.13.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 0.23% to $56.05 per barrel. Oil futures remained supported after Energy Information Administration reported a draw of -2.7 million barrels of oil stocks last week, slightly higher than forecast of -1.9 million barrels. Otherwise, gold price was traded flat at $1,502.54 a troy ounce while market participants waits for further signals.<\/p>\n

 <\/p>\n

Today\u2019s Holiday Market Close<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Events<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

19:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 ECB Publishes Account of Monetary Policy Meeting<\/p>\n

\u00a0<\/u><\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
15:30<\/td>\nEUR \u2013 German Manufacturing PMI (Aug)<\/td>\n43.2<\/td>\n43.0<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n220K<\/td>\n216K<\/td>\n–<\/td>\n<\/tr>\n
21:45<\/td>\nUSD \u2013 Services PMI (Aug)<\/td>\n53.0<\/td>\n52.9<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

Technical Analysis<\/u><\/strong><\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, H1: <\/strong>Dollar index was traded lower following a retrace from prior high. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 98.30, 98.65<\/p>\n

Support level: 97.95, 97.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher following prior rebound from 1.2115. MACD which begins to form bullish signal suggests the pair to advance further up, towards the direction of 1.2140.<\/p>\n

 <\/p>\n

Resistance level: 1.2140, 1.2170<\/p>\n

Support level: 1.2115, 1.2090<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded higher following prior rebound from its lower levels. MACD which illustrate diminishing downward momentum suggests the pair to advance further up in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.1115, 1.1170<\/p>\n

Support level: 1.1070, 1.1025<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 106.75, 107.25<\/p>\n

Support level: 105.60, 105.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retrace from the top level of descending channel. Stochastic Oscillator which illustrate bearish signal suggests the pair to be traded lower in short-term after closing below the 20-MA line (red).<\/p>\n

 <\/p>\n

Resistance level: 0.6830, 0.6925<\/p>\n

Support level: 0.6750, 0.6675<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower following prior retracement from the 20-MA line (red). MACD which illustrate bearish signal suggests the pair to advance further down in the mid-term.<\/p>\n

 <\/p>\n

Resistance level: 0.6400, 0.6420<\/p>\n

Support level: 0.6395, 0.6370<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the 20-MA line (red).<\/p>\n

 <\/p>\n

Resistance level: 1.3335, 1.3375<\/p>\n

Support level: 1.3280, 1.3255<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing at the resistance of 0.9820. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.9820.<\/p>\n

 <\/p>\n

Resistance level: 0.9820, 0.9890<\/p>\n

Support level: 0.9775, 0.9700<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior rebound from its lower level. MACD which illustrate diminishing downward momentum suggests its price to be traded higher after closing above the 60-MA line (green).<\/p>\n

 <\/p>\n

Resistance level: 56.40, 57.30<\/p>\n

Support level: 55.55, 54.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1509.00, 1523.00<\/p>\n

Support level: 1495.50, 1483.50<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

22 August 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Sterling falters over no-deal Brexit. Pound sterling retrace further from its previous high level after French government reportedly sees a no-deal Brexit as the baseline for 31st October deadline. In a report published by Reuters, top officials in French President Emmanuel Macron\u2019s office commented that a no-deal Brexit […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/75134"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=75134"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/75134\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=75134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=75134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=75134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}