{"id":82739,"date":"2019-10-11T00:06:54","date_gmt":"2019-10-11T00:06:54","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=82739"},"modified":"2019-10-11T00:06:54","modified_gmt":"2019-10-11T00:06:54","slug":"111019-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/111019-morning-session-analysis\/","title":{"rendered":"111019 Morning Session Analysis"},"content":{"rendered":"

11 October 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Inflation diminishes, more rate cut ahead?<\/strong><\/span><\/p>\n

Greenback depreciates further on yesterday after bearish consumer prices data from the region sparks higher possibility for interest rate cut from the Federal Reserve. As of writing, the dollar index was quoted down 0.43% to 98.36. According to Labor Department, Core Consumer Price Index for the month of September came in at 0.1%, missing economist forecast of 0.2%. The depreciation is mainly due to a large reduction in the sales of used cars. A downward trend in inflation rate may spark higher chances for an interest rate cut from the Federal Reserve as early as Oct 29 \u2013 30 policy meeting. Nonetheless, greenback managed to limit its losses after Initial Jobless Claims for last week came in at 210,000 individuals, fared better than forecast of 215,000. On the other hand, pound sterling skyrocketed after Prime Ministers of UK and Ireland released a joint statement, touting for a possibility to achieve a Brexit deal with EU. Although few details were released, the news helped to spark higher speculation for UK to avoid a no-deal Brexit which could jeopardize the economic momentum of both UK and EU. Pair of GBP\/USD ticks up 0.02% to 1.2434.<\/p>\n

 <\/p>\n

As for commodities, crude oil price rose 0.13% to $53.98 per barrel. Oil prices received some bullish momentum after a series of US sanction upon Chinese transportation companies lead to a disruption of global oil shipments. On the other hand, gold price ticked down 0.01% to $1,493.41 a troy ounce due to diminishing Brexit risk in the UK.<\/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 \u00a0CrudeOIL\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 OPEC Meeting<\/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
20:30<\/td>\nUSD \u2013 Import Price Index (MoM) (Sep)<\/td>\n-0.5%<\/td>\n-0.1%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Employment Change (Sep)<\/td>\n81.1K<\/td>\n10.0K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Unemployment Rate (Sep)<\/td>\n5.7%<\/td>\n5.7%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Michigan Consumer Sentiment (Oct)<\/td>\n93.2<\/td>\n92.0<\/td>\n–<\/td>\n<\/tr>\n
01:00<\/p>\n

(12th<\/sup>)<\/td>\n

CrudeOIL \u2013 US Baker Hughes Oil Rig Count<\/td>\n710<\/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 while currently testing at the support of 98.30. MACD which illustrate bearish signal suggests the index to extend its losses after closing below 98.30.<\/p>\n

 <\/p>\n

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

Support level: 98.30, 98.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retrace from its higher levels. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2515, 1.2600<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from its higher level. 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: 1.1010, 1.1070<\/p>\n

Support level: 1.0960, 1.0930<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior close above 107.60. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 108.10.<\/p>\n

 <\/p>\n

Resistance level: 108.10, 108.45<\/p>\n

Support level: 107.60, 107.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retrace from its higher levels. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 0.6800, 0.6830<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support at 0.6310. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 0.6360.<\/p>\n

 <\/p>\n

Resistance level: 0.6360, 0.6435<\/p>\n

Support level: 0.6310, 0.6250<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior closure below 1.3315. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.3280.<\/p>\n

 <\/p>\n

Resistance level: 1.3315, 1.3340<\/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 0.9970. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.9970.<\/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, H4: <\/strong>Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests its price to be traded higher, towards the direction of 54.45.<\/p>\n

 <\/p>\n

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

Support level: 53.00, 51.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retrace from the higher levels. MACD which illustrate bearish signal suggests its price to be traded lower in short-term, towards the direction of 1484.05.<\/p>\n

 <\/p>\n

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

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

11 October 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Inflation diminishes, more rate cut ahead? Greenback depreciates further on yesterday after bearish consumer prices data from the region sparks higher possibility for interest rate cut from the Federal Reserve. As of writing, the dollar index was quoted down 0.43% to 98.36. According to Labor Department, Core Consumer […]<\/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\/82739"}],"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=82739"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/82739\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=82739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=82739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=82739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}