{"id":84717,"date":"2019-10-24T00:14:42","date_gmt":"2019-10-24T00:14:42","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=84717"},"modified":"2019-10-24T00:14:42","modified_gmt":"2019-10-24T00:14:42","slug":"241019-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/241019-morning-session-analysis\/","title":{"rendered":"241019 Morning Session Analysis"},"content":{"rendered":"

24 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

Sterling hovers as Brexit drags on.<\/strong><\/span><\/p>\n

Forex market were rather quiet during early Asian trading session while Brexit uncertainty continues to linger. Yesterday, UK lawmakers vote in principal for a Brexit deal but rejected against UK PM Boris Johnson\u2019s timetable to pass a Brexit deal within three days. The rejection forces Johnson to threaten for a general election before Christmas if an extension is being approved by EU27. Last week, UK has formally requested for an extension of 31st<\/sup> October Brexit deadline but EU27 has yet to offer any answers as of now. Citing three senior EU diplomats, Reuters reported that EU may deliver their final decision this Friday and it will most likely be a three-months delay until end of January 2020. As of writing, pair of GBP\/USD was traded flat near 1.2915. In the US region, greenback continues to remain under pressure as recent release of earning reports spur higher concerns of diminishing economic momentum and further rate cuts from the Federal Reserve. According to Fed Rate Monitor Tool, the probability for a 25-basis point cut during month end policy meeting has jumped from 93.0% to 94.1% as of writing. During Asian trading session, the dollar index was quoted down 0.06% to 97.17.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price slumped 0.31% to $55.58 per barrel. Oil futures remained under pressure as recent earning reports from the US shows lower-than-expected results which spur higher concern for an economic recession. Recession may in return led to lower economic activity that would translate to lower demand for the commodity in the future. On the other hand, gold price rose 0.04% to $1,492.53 a troy ounce due to weaker 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

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

20:30\u00a0\u00a0\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 \u00a0 ECB Press Conference<\/p>\n

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

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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
15:30<\/td>\nEUR \u2013 German Manufacturing PMI (Oct)<\/td>\n41.7<\/td>\n42.0<\/td>\n–<\/td>\n<\/tr>\n
19:45<\/td>\nEUR \u2013 ECB Interest Rate Decision (Oct)<\/td>\n0.00%<\/td>\n0.00%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core Durable Goods Orders (MoM) (Sep)<\/td>\n0.5%<\/td>\n-0.2%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n214K<\/td>\n216K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 New Home Sales (Sep)<\/td>\n713K<\/td>\n710K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

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DOLLAR_INDX, H1: <\/strong>Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 97.35, 97.60<\/p>\n

Support level: 97.15, 96.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1.2950, 1.3035<\/p>\n

Support level: 1.2820, 1.2665<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1.1145, 1.1180<\/p>\n

Support level: 1.1085, 1.1005<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retrace from 108.75. 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: 108.75, 109.30<\/p>\n

Support level: 108.45, 108.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded flat near the support level of 0.6850. However, MACD which illustrate diminished upward momentum suggests the pair to extend its losses after closing below 0.6850.<\/p>\n

 <\/p>\n

Resistance level: 0.6885, 0.6910<\/p>\n

Support level: 0.6850, 0.6815<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower following prior retrace from 0.6435. 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: 0.6425, 0.6440<\/p>\n

Support level: 0.6410, 0.6365<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Weekly: <\/strong>USDCAD was traded lower while currently testing near the support level of 1.3050. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 1.3050.<\/p>\n

 <\/p>\n

Resistance level: 1.3285, 1.3430<\/p>\n

Support level: 1.3050, 1.2860<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the lower level. However, 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: 0.9925, 0.9970<\/p>\n

Support level: 0.9865, 0.9820<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior retrace from its higher levels. MACD which illustrate diminished upward momentum suggest its price to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 56.70, 57.30<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1496.00, 1511.00<\/p>\n

Support level: 1484.05, 1477.00<\/p>\n","protected":false},"excerpt":{"rendered":"

24 October 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Sterling hovers as Brexit drags on. Forex market were rather quiet during early Asian trading session while Brexit uncertainty continues to linger. Yesterday, UK lawmakers vote in principal for a Brexit deal but rejected against UK PM Boris Johnson\u2019s timetable to pass a Brexit deal within three days. […]<\/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\/84717"}],"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=84717"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/84717\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=84717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=84717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=84717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}