{"id":79049,"date":"2019-09-19T01:32:42","date_gmt":"2019-09-19T01:32:42","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=79049"},"modified":"2019-09-19T01:32:42","modified_gmt":"2019-09-19T01:32:42","slug":"190919-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190919-morning-session-analysis\/","title":{"rendered":"190919 Morning Session Analysis"},"content":{"rendered":"

19 September 2019\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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

 <\/p>\n

Fed remains hawkish, but for how long?<\/strong><\/span><\/p>\n

Greenback rebounds from its prior low level subsequent to Federal Reserve interest rate decision earlier this morning. As widely expected, Fed has cut its interest rates by 25 basis points from 2.25% to 2.00%. While the recent dot-plot shows no rate cuts throughout the year of 2020, 7 Fed members voiced out their support to have another rate cut this year. In an updated economic projections report, the central bank is expecting a higher economic growth and jobless rate in 2019 while not expecting any changes upon its inflation projections. While Fed still sustain a favorable view of the US economy, they indicated no hesitation to change their policy guidance if current outlook continues to worsen. During the press conference, Fed Chair Jerome Powell highlighted that to cut its interest rates further if the economy sustained further downside than what they have expected. Overall, although Fed\u2019s tone was skewed towards hawkish, the possibility for yet another rate cut in the future has limit the gains upon the greenback. As such, investors would continue to scrutinize future economic data from the US in order to gauge the likelihood of an interest rate cut from the Federal Reserve. As of writing, the dollar index rose 0.29% to 98.08 while pair of USD\/JPY ticks up 0.01% to 108.41.<\/p>\n

 <\/p>\n

As for commodities, crude oil price depreciates by 0.12% to $58.19 per barrel. Oil futures suffered from a selloff after Energy Information Administration reported an increase in last week\u2019s oil stocks by 1.058 million barrels, missing forecast to decrease by -2.496 million barrels. On the other hand, gold price slipped 0.05% to $1,493.30 a troy ounce due to hawkish tone portrayed by the Federal Reserve which stoked a shift in sentiment towards riskier assets.<\/p>\n

\u00a0<\/u><\/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

Tentative\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 JPY\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\u00a0\u00a0 BoJ Monetary Policy Statement<\/p>\n

Tentative\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 JPY\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\u00a0 BoJ Press Conference<\/p>\n

15:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CHF\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\u00a0 SNB Monetary Policy Assessment<\/p>\n

19:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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 BoE MPC Meeting Minutes<\/p>\n

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

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

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\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
11:00<\/td>\nJPY \u2013 BoJ Interest Rate Decision<\/td>\n-0.10%<\/td>\n-0.10%<\/td>\n–<\/td>\n<\/tr>\n
15:30<\/td>\nCHF \u2013 SNB Interest Rate Decision<\/td>\n-0.75%<\/td>\n-0.75%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Retail Sales (MoM) (Aug)<\/td>\n0.2%<\/td>\n-0.2%<\/td>\n–<\/td>\n<\/tr>\n
19:00<\/td>\nGBP \u2013 BoE Interest Rate Decision (Sep)<\/td>\n0.75%<\/td>\n0.75%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n204K<\/td>\n213K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Philadelphia Fed Manufacturing Index (Sep)<\/td>\n16.8<\/td>\n11.0<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Existing Home Sales (Aug)<\/td>\n5.42M<\/td>\n5.37M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 98.40, 98.65<\/p>\n

Support level: 98.00, 97.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2515. MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 1.2405.<\/p>\n

 <\/p>\n

Resistance level: 1.2515, 1.2665<\/p>\n

Support level: 1.2405, 1.2325<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower following prior retracement from the downward trend line. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses toward the support level at 1.0965.<\/p>\n

 <\/p>\n

Resistance level: 1.1150, 1.1300<\/p>\n

Support level: 1.0965, 1.0855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 108.25. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 108.70.<\/p>\n

 <\/p>\n

Resistance level: 108.70, 109.25<\/p>\n

Support level: 108.25, 107.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level at 0.6835. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 0.6795.<\/p>\n

 <\/p>\n

Resistance level: 0.6835, 0.6875<\/p>\n

Support level: 0.6795, 0.6750<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower while currently testing near the support level at 0.6295. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after it successfully breakout below the support level at 0.6295.<\/p>\n

 <\/p>\n

Resistance level: 0.6425, 0.6490<\/p>\n

Support level: 0.6295, 0.6200<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3145. MACD which begins to form a bullish signal suggests the pair to extend its gains toward the resistance level at 1.3335.<\/p>\n

 <\/p>\n

Resistance level: 1.3335, 1.3530<\/p>\n

Support level: 1.3145, 1.3020<\/p>\n

\n
<\/div>\n<\/div>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher following prior closure above 0.9945. MACD which illustrate upward momentum suggests the pair to extend its gains toward the resistance level at 1.0005.<\/p>\n

 <\/p>\n

Resistance level: 1.0005, 1.0095<\/p>\n

Support level: 0.9945, 0.9885<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the 50 moving average line (Blue). However, MACD which illustrate diminishing downward momentum suggests its price to be traded higher, towards the direction of 58.55.<\/p>\n

 <\/p>\n

Resistance level: 58.55, 60.35<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the higher level. MACD which illustrate bearish signal suggest the gold price to be traded lower toward the direction 1485.65.<\/p>\n

 <\/p>\n

Resistance level: 1525.20, 1551.85<\/p>\n

Support level: 1485.65, 1444.70<\/p>\n","protected":false},"excerpt":{"rendered":"

19 September 2019\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 Morning Session Analysis     Fed remains hawkish, but for how long? Greenback rebounds from its prior low level subsequent to Federal Reserve interest rate decision earlier this morning. As widely expected, Fed has cut its interest rates by 25 basis points from 2.25% to 2.00%. While the recent dot-plot shows no […]<\/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\/79049"}],"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=79049"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/79049\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=79049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=79049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=79049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}