{"id":85692,"date":"2019-10-31T00:06:03","date_gmt":"2019-10-31T00:06:03","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=85692"},"modified":"2019-10-31T00:06:03","modified_gmt":"2019-10-31T00:06:03","slug":"311019-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/311019-morning-session-analysis\/","title":{"rendered":"311019 Morning Session Analysis"},"content":{"rendered":"

31 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

Fed holds off from cutting interest rates for foreseeable future.<\/strong><\/span><\/p>\n

Greenback extended its losses after Federal Reserve cut its interest rate in a bid to circumvent any recession risks that arises due to ongoing global trade war. In a highly expected decision, Fed cut its interest rate by 25 basis points with 8 policymakers voted in favor while two opposed of the action. The divided opinion among policymakers came due to mixed economic signals from recently released data. While economic growth has slowed significantly, it has held better than expected, diminishing slightly from 2% rate as seen in the last quarter. However, manufacturing and business investments continues to fall due to rising uncertainty from US-China trade war and other trade disputes. In the press conference, Fed Chair Jerome Powell suggested that the central bank would hold off from cutting its interest rates further for a foreseeable future. Powell commented that the current interest rate level is \u201cappropriate\u201d and \u201cin-line\u201d with Fed\u2019s economic outlook of moderate economic growth, coupled with resilient labor market and inflation hovering at 2%. For the time being, investors would continue to scrutinize upcoming economic data releases from the United States in order to gauge the stance of Federal Reserve when they meet for policy meeting at the end of the year. As of writing, the dollar index was quoted down 0.25% to 97.20 while pair of USD\/CHF slumped 0.51% to 0.9890.<\/p>\n

 <\/p>\n

As for commodities, crude oil price rebounds by 0.15% to $54.86 per barrel. Oil futures continues to hover within a tight range although recent report from Energy Information Administration shows ongoing upward trend of US crude oil stockpiles. On the other hand, gold price remains flat at $1,495.57 a troy ounce while market participants continue to monitor the global market for developments in trade war and Brexit.<\/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

Tentative\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0JPY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoJ Monetary Policy Statement<\/p>\n

Tentative\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0JPY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 BoJ Outlook Report<\/p>\n

14:30\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 \u00a0BoJ Press Conference<\/p>\n

 <\/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
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
18:00<\/td>\nEUR \u2013 CPI (YoY) (Oct)<\/td>\n0.8%<\/td>\n0.7%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n212K<\/td>\n215K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 GDP (MoM) (Aug)<\/td>\n0.2%<\/td>\n0.2%<\/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, H1: <\/strong>Dollar index was traded lower after closing below the support of 97.35. MACD which illustrate bearish signal suggests the index to extend its losses, towards the direction of 97.15.<\/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 has formed a bullish signal suggests the pair to extend its gains, towards the direction of 1.2950.<\/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 bullish signal suggest the pair to extend its gains, towards the direction of 1.1180.<\/p>\n

 <\/p>\n

Resistance level: 1.1180, 1.1205<\/p>\n

Support level: 1.1145, 1.1085<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support of 108.75. MACD which illustrate bearish signal suggest the pair to extend its losses after closing below the support level.<\/p>\n

 <\/p>\n

Resistance level: 109.30, 109.70<\/p>\n

Support level: 108.75, 108.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 0.6910, 0.6980<\/p>\n

Support level: 0.6815, 0.6780<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior rebound from the lower level. MACD which illustrate increasing bullish momentum suggests the pair to extend its gains, towards the direction of 0.6425.<\/p>\n

 <\/p>\n

Resistance level: 0.6425, 0.6495<\/p>\n

Support level: 0.6340, 0.6270<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains, towards the direction of 1.3200.<\/p>\n

 <\/p>\n

Resistance level: 1.3200, 1.3285<\/p>\n

Support level: 1.3050, 1.2970<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior closure below 0.9925. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 0.9865.<\/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, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support of 54.45. MACD which illustrate diminished downward momentum suggests its price to be traded higher, towards the direction of 55.55.<\/p>\n

 <\/p>\n

Resistance level: 55.55, 56.70<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing at the resistance of 1496.00. MACD which illustrate bullish signal suggests its price to be traded higher after a breakout occur at 1496.00.<\/p>\n

 <\/p>\n

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

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

31 October 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Fed holds off from cutting interest rates for foreseeable future. Greenback extended its losses after Federal Reserve cut its interest rate in a bid to circumvent any recession risks that arises due to ongoing global trade war. In a highly expected decision, Fed cut its interest rate by […]<\/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\/85692"}],"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=85692"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/85692\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=85692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=85692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=85692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}