{"id":76040,"date":"2019-08-28T01:59:57","date_gmt":"2019-08-28T01:59:57","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=76040"},"modified":"2019-08-28T02:23:18","modified_gmt":"2019-08-28T02:23:18","slug":"280819-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/280819-morning-session-analysis\/","title":{"rendered":"280819 Morning Session Analysis"},"content":{"rendered":"

28 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

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Greenback revived while investor eyes on trade war.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies recovered amid upbeat data which prevents greenback from falling further. According to Conference Board, U.S August CB Consumer Confidence data came in at 135.1, beating the economist forecast of 129.5 while it indicating that the consumer are remain confident toward the US economy and willing to spend. However, recent escalation on trade war between two biggest economy countries has exerted adverse effects to the global economy and eventually may dampen the consumer optimism regarding the economic outlook. Trump tactics on tariff imposition has further deepen the distrustfulness between US and China, seemingly trade war will be extended to a longer period. Thus, global central bank which including Federal Reserve are now keeping their eye on trade war development while remain \u2018open\u2019 for further rate cut when necessary. During Asian trading session, dollar index up 0.01% to 98.00. On the other hand, the pair of GBP\/USD quoted down 0.03% to 1.2280 after hitting one month high level following the good news about Brexit from G7 talk. As Brexit deadline looming, the possibility of hard Brexit faded as recent news reported that Boris Johnson has brought up the Brexit issue to the table in G7 talk, lightning up the investors hope on EU leaders such as Angela Markel and Macron might be persuaded to return to the renegotiation table.<\/p>\n

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In terms of commodities market, crude oil price rose by 0.02% to $55.65 per barrel amid surprise withdrawal in oil inventories. According to American Petroleum Institute (API), crude oil inventory data fall to -11.100M from previous month at -3.500M. Unexpected drop in stockpile has mitigated the market worries over crude oil supply glut. On the other hand, gold price ticked higher by 0.10% to $1544.00 a troy ounce as market risk preference has fallen.<\/p>\n

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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

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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

05:30 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 FOMC Member Daly Speaks<\/p>\n

(29th<\/sup>)<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
14:00<\/td>\nEUR – GfK German Consumer Climate (Sep)<\/td>\n9.7<\/td>\n9.6<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n-2.700M<\/td>\n-2.112M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the 50 moving average line (Blue). MACD which illustrate bullish momentum and the formation of golden cross suggest index to extend its gains after successfully breakout above the 50 moving average line (Blue).<\/p>\n

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Resistance level: 98.00, 98.40<\/p>\n

Support level: 97.50, 97.10<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2255. MACD which display bullish momentum suggest the pair to extend its gains toward the resistance level at 1.2345.<\/p>\n

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Resistance level: 1.2345, 1.2400<\/p>\n

Support level: 1.2255, 1.2220<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.1115. MACD which illustrate bearish bias momentum suggest the pair to extend its losses towards the support level at 1.1070.<\/p>\n

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Resistance level: 1.1115, 1.1155<\/p>\n

Support level: 1.1070, 1.1030<\/p>\n

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USDJPY, H1: <\/strong>USDJPY was traded lower level while currently testing near the support level at 105.60. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout below or rebound before entering the market.<\/p>\n

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Resistance level: 106.00, 106.65<\/p>\n

Support level: 105.60, 105.10<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.6750. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the support level at 0.6750.<\/p>\n

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Resistance level: 0.6795, 0.6835<\/p>\n

Support level: 0.6750, 0.6695<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6395. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 0.6330.<\/p>\n

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Resistance level: 0.6395, 0.6490<\/p>\n

Support level: 0.6330, 0.6270<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.3275. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.3335.<\/p>\n

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Resistance level: 1.3335, 1.3385<\/p>\n

Support level: 1.3275, 1.3220<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9775. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9840.<\/p>\n

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Resistance level: 0.9840, 0.9890<\/p>\n

Support level: 0.9775, 0.9730<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the downward the trend line. MACD which display bullish bias momentum suggest the commodity to extend its gains after successfully breakout above the downward trend line.<\/p>\n

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Resistance level: 55.90, 56.80<\/p>\n

Support level: 54.65, 53.10<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level at 1526.60. MACD which display bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1548.05.<\/p>\n

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Resistance level: 1548.05, 1565.50<\/p>\n

Support level: 1526.60, 1507.10<\/p>\n","protected":false},"excerpt":{"rendered":"

28 August 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis     Greenback revived while investor eyes on trade war. Dollar index which gauge its value against a basket of six major currencies recovered amid upbeat data which prevents greenback from falling further. According to Conference Board, U.S August CB Consumer Confidence data came in at 135.1, beating the […]<\/p>\n","protected":false},"author":54,"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\/76040"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=76040"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/76040\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=76040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=76040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=76040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}