{"id":81354,"date":"2019-10-03T00:13:22","date_gmt":"2019-10-03T00:13:22","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=81354"},"modified":"2019-10-03T00:13:22","modified_gmt":"2019-10-03T00:13:22","slug":"031019-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/031019-morning-session-analysis\/","title":{"rendered":"031019 Morning Session Analysis"},"content":{"rendered":"

3 October 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

ADP data disappoints, will NFP saves US dollar?<\/strong><\/span><\/p>\n

Greenback extended its losses on Wednesday after private sector employment data shows slower pace of hiring for last month. According to ADP, its Nonfarm Employment Change data came in at 135,000 for the month of September, slightly below economists\u2019 forecast of 140,000. The latest data is significantly lower than August\u2019s reading of 157,000, a reading which saw a sharp downward revision from initially reported 195,000. Latest data from ADP spurred concerns in the market amid growing signs of diminishing economic momentum which may encourage Federal Reserve to adopt more monetary policy easing in the future. For the time being, investors will wait for the release of Nonfarm Payrolls report in order to attain more market signals. In the other region, pound sterling managed to rebound from its lower levels following progress in Brexit negotiation between UK and EU. Prior, EU Brexit negotiator Michel Barnier said that more progress is being made on Brexit but warned that \u201ca lot of work remains to be resolved\u201d. More meetings will be conducted in between UK and EU for the next few days which may provide more signals to the market. As of writing, the dollar index was down 0.11% to 98.64 while pair of GBP\/USD ticked up 0.01% to 1.2298.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 0.13% to $52.55 per barrel. On yesterday, oil price slumped further while hitting its lowest level in 2 months after EIA reported an increase in US oil inventories. On the other hand, gold price ticked up 0.01% to $1,500.51 a troy ounce due to weaker greenback.<\/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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CNY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0China \u2013 National Day<\/p>\n

All Day\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 \u00a0German \u2013 Unification Day<\/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

N\/A<\/p>\n

 <\/p>\n


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

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

Today\u2019s Highlight Economic Data<\/u><\/p>\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
16:30<\/td>\nGBP \u2013 Composite PMI (Sep)<\/td>\n50.2<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Services PMI (Sep)<\/td>\n50.6<\/td>\n50.3<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n213K<\/td>\n215K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Non-Manufacturing PMI (Sep)<\/td>\n56.4<\/td>\n55.0<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Non-Manufacturing Employment (Sep)<\/td>\n53.1<\/td>\n–<\/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 lower following prior close below 98.65. MACD which illustrate bearish signal suggests the index to extend its losses, towards the direction of 98.40.<\/p>\n

 <\/p>\n

Resistance level: 98.65, 99.00<\/p>\n

Support level: 98.40, 98.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retrace from 1.2325. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2325, 1.2400<\/p>\n

Support level: 1.2260, 1.2170<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from its lower levels. MACD which illustrate bullish signal suggests the pair to advance further up after closing above the 60-MA line (green).<\/p>\n

 <\/p>\n

Resistance level: 1.1010, 1.1070<\/p>\n

Support level: 1.0930, 1.0870<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing at the support of 107.05. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support of 107.05.<\/p>\n

 <\/p>\n

Resistance level: 107.60, 108.10<\/p>\n

Support level: 107.05, 106.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing at the resistance of 0.6705. MACD which begins to form a bullish signal suggests the pair to extend its gains after closing above 0.6705.<\/p>\n

 <\/p>\n

Resistance level: 0.6705, 0.6745<\/p>\n

Support level: 0.6670, 0.6600<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior closure below 0.6300. MACD which begins to form a bearish signal suggests the pair to extend its losses in the mid-term.<\/p>\n

 <\/p>\n

Resistance level: 0.6300, 0.6435<\/p>\n

Support level: 0.6035, 0.5790<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout from the narrowing triangle. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 1.3340.<\/p>\n

 <\/p>\n

Resistance level: 1.3340, 1.3375<\/p>\n

Support level: 1.3315, 1.3280<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retrace from the resistance of 1.0010. MACD which begins to form a bearish signal suggests the pair to extend its losses after closing below the 20-MA line (red).<\/p>\n

 <\/p>\n

Resistance level: 0.9970, 1.0010<\/p>\n

Support level: 0.9925, 0.9865<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded flat near the resistance of 53.00. However, MACD which shows diminished downward momentum suggests its price to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 53.00, 54.45<\/p>\n

Support level: 51.60, 50.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing at the 60-MA line (green). MACD which illustrate bullish signal suggests its price to extend its gains after closing above the MA line.<\/p>\n

 <\/p>\n

Resistance level: 1511.00, 1532.40<\/p>\n

Support level: 1484.05, 1460.00<\/p>\n","protected":false},"excerpt":{"rendered":"

3 October 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   ADP data disappoints, will NFP saves US dollar? Greenback extended its losses on Wednesday after private sector employment data shows slower pace of hiring for last month. According to ADP, its Nonfarm Employment Change data came in at 135,000 for the month of September, slightly below economists\u2019 forecast […]<\/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\/81354"}],"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=81354"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/81354\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=81354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=81354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=81354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}