{"id":81705,"date":"2019-10-07T03:58:08","date_gmt":"2019-10-07T03:58:08","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=81705"},"modified":"2019-10-07T03:58:08","modified_gmt":"2019-10-07T03:58:08","slug":"071019-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/071019-morning-session-analysis\/","title":{"rendered":"071019 Morning Session Analysis"},"content":{"rendered":"

7 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

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Dollar lingered amid mixed data.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies hovered near 98.50 following mixed economic data been announced on last Friday. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls data came in at 136K, lower than economist forecast and previous reading of 136K and 168K respectively while indicating US labor market has weaken. However, bearish momentum exerted from downbeat NFP data limited by optimistic unemployment rate in US where the data showed a reading of 3.5%, missing the economist forecast and previous reading at 3.7%. A significant drop in US unemployment rate has recorded a 50 years low level while easing the fears about a possible recession amid trade war between US and China, while showing US economy is in the midst of recovery stage. On the other hand, the pair of USD\/CAD rose amid poor Canada Ivey PMI data triggered bearish momentum and continue weighted on Canadian dollar. According to the data, Canada Ivey PMI came in at 48.7, far weaker than last month reading at 60.6. The pace of economic activity in Canada slowed sharply which seemingly caused by the recent significant drop in crude oil price as Canada highly dependent on exporting crude oil. As of writing, dollar index inched down 0.01% to 98.45 and USD\/CAD quoted up 0.03% to 1.3320.<\/p>\n

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In the commodities market, the crude oil price dropped 0.64% to $52.60 per barrel amid investor fearing over the global growth slowdown while pegging their hopes on positive progress in US trade talk which will be held on end of this week. On the other hand, gold price appreciated by 0.20% to $1507.80 per troy ounces amid weakening of greenback.<\/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

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\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 China \u2013 National Day<\/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 Event<\/strong><\/p>\n

01:00\u00a0\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 Fed Chair Powell Speaks<\/p>\n

(8th<\/sup> October)<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

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

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DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 98.35. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 98.35.<\/p>\n

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Resistance level: 98.75, 99.20<\/p>\n

Support level: 98.35, 97.70
\n <\/p>\n

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GBPUSD, H4: GBPUSD remain traded in a sideway channel following recent retracement from the resistance level 1.2390. However, MACD which illustrate bearish bias signal suggest the pair to extend its retracement in short term towards the support level 1.2235.<\/p>\n

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Resistance level: 1.2390, 1.2500<\/p>\n

Support level: 1.2235, 1.2075<\/p>\n

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EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level 1.0965. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction towards the current support level 1.0965.<\/p>\n

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Resistance level: 1.1020, 1.1070<\/p>\n

Support level: 1.0965, 1.0915<\/p>\n

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USDJPY, H4: USDJPY was traded flat near the resistance level 107.00. However, MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.<\/p>\n

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Resistance level: 107.00, 107.55<\/p>\n

Support level: 106.45, 105.80<\/p>\n

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AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6745. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

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Resistance level: 0.6805, 0.6850<\/p>\n

Support level: 0.6745, 0.6690<\/p>\n

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NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6325. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6270.<\/p>\n

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Resistance level: 0.6325, 0.6355<\/p>\n

Support level: 0.6270, 0.6235<\/p>\n

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USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3300. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

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Resistance level: 1.3365, 1.3425<\/p>\n

Support level: 1.3300, 1.3235<\/p>\n

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USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9940. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short term towards the resistance level 1.0005.<\/p>\n

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

Support level: 0.9940, 0.9855<\/p>\n

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\nCrudeOIL, H4: Crude oil price traded flat near the resistance level. However, MACD which indicate diminishing bullish momentum suggest the commodity to be traded lower towards the support level 50.50.<\/p>\n

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Resistance level: 53.00, 55.30<\/p>\n

Support level: 50.50, 48.35<\/p>\n

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GOLD_, H4: Gold price was traded flat near the resistance level 1513.35. However, MACD which display bearish bias signal suggest the commodity to be traded lower in short term towards the support level 1487.35.<\/p>\n

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Resistance level: 1513.35, 1535.10<\/p>\n

Support level: 1487.35, 1452.15<\/p>\n","protected":false},"excerpt":{"rendered":"

7 October 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis     Dollar lingered amid mixed data. Dollar index which gauge its value against a basket of six major currencies hovered near 98.50 following mixed economic data been announced on last Friday. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls data came in at 136K, lower than economist […]<\/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\/81705"}],"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=81705"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/81705\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=81705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=81705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=81705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}