{"id":92310,"date":"2019-12-12T01:16:40","date_gmt":"2019-12-12T01:16:40","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=92310"},"modified":"2019-12-12T01:16:40","modified_gmt":"2019-12-12T01:16:40","slug":"121219-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/121219-morning-session-analysis\/","title":{"rendered":"121219 Morning Session Analysis"},"content":{"rendered":"

12 December 2019\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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Cash rate unchanged while uncertainty remained.<\/span> <\/strong><\/p>\n

Dollar index which gauge its value against a basket of six major currencies dived to the one month low level after Federal Reserve (Fed) decided to maintain its interest rate unchanged while emphasizing that US economy is still remain weak. Due to persistently low inflation, Fed board members agreed that no adjustment should be made as of now, while saying current monetary policy is sufficient enough to support the economy from slowing down. Moreover, the chairman of Fed Jerome Powell also reiterated that US inflation is getting worst while comparing to last year, it\u2019s been a tough challenge for US to catch up their 2% inflation target thus a rate hike is impossible for them at this moment unless they see a persistent and significant rise in inflation. Besides, Jerome Powell was also saying in the press conference that if USMCA deal is enacted, some of uncertainty over the US economy growth could be removed. However, trade gridlock between US and China is still remains as the major \u2018poison\u2019 that haunting the US economy outlook. Therefore, Federal Reserve will now continue to eye on the development of trade talk and accessing more economic data in order to determine the most appropriate monetary policy stance for US economy growth. During Asian early trading session, dollar index dipped 0.29% to $97.05.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 0.12% to $58.90 per barrel after recording a fall of more than $10 yesterday amid data from EIA showed a stockpile in crude oil inventory level. According to EIA, US crude oil inventories data came in at 0.822M, higher than economist forecast of drawing 2.763M. Otherwise, gold price quoted up 0.02% to $1474.65 due to dovish stance from Federal Reserve with regards to the US economy growth outlook.<\/p>\n

 <\/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

16:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CHF\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\u00a0 SNB Monetary Policy Assessment<\/p>\n

17:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CHF\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\u00a0 SNB Press Conference<\/p>\n

Tentative \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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 U.K. General Election<\/p>\n

20:45\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\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 ECB Monetary Policy Statement<\/p>\n

21:30\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\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 ECB Press Conference<\/p>\n

01:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD\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 BoC Gov Poloz Speaks<\/p>\n

(13th<\/sup> Dec)<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\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>\nCHF- SNB Interest Rate Decision<\/td>\n-0.75%<\/td>\n-0.75%<\/td>\n–<\/td>\n<\/tr>\n
20:45<\/td>\nEUR \u2013 Deposit Facility Rate (Dec)<\/td>\n-0.50%<\/td>\n-0.50%<\/td>\n–<\/td>\n<\/tr>\n
20:45<\/td>\nEUR – ECB Marginal Lending Facility<\/td>\n0.25%<\/td>\n0.25%<\/td>\n–<\/td>\n<\/tr>\n
20:45<\/td>\nEUR \u2013 ECB Interest Rate Decision (Dec)<\/td>\n0.00<\/td>\n0.00<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n203K<\/td>\n213K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – PPI (MoM) (Nov)<\/td>\n0.4%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior breakout below the previous support level at 97.25. MACD which illustrated bearish momentum suggest the index to extend its losses toward the support level at 96.85.<\/p>\n

 <\/p>\n

Resistance level: 97.25, 97.70<\/p>\n

Support level: 96.85, 96.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3170. MACD which illustrated bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3170.<\/p>\n

 <\/p>\n

Resistance level: 1.3170, 1.3315<\/p>\n

Support level: 1.3035, 1.2970<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.1075. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward resistance level at 1.1170.<\/p>\n

 <\/p>\n

Resistance level: 1.1170, 1.1240<\/p>\n

Support level: 1.1075, 1.1005<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 108.45. However, MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to undergo short term technical correction toward the resistance level at 108.45.<\/p>\n

 <\/p>\n

Resistance level: 109.00, 109.40<\/p>\n

Support level: 108.45, 107.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement near the resistance level at 0.6880. MACD which illustrated diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 0.6855.<\/p>\n

 <\/p>\n

Resistance level: 0.6880, 0.6920<\/p>\n

Support level: 0.6855, 0.6815<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower following prior retracement near the resistance level at 0.6600. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6570.<\/p>\n

 <\/p>\n

Resistance level: 0.6600, 0.6625<\/p>\n

Support level: 0.6570, 0.6535<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.3210. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 1.3145.<\/p>\n

 <\/p>\n

Resistance level: 1.3210, 1.3265<\/p>\n

Support level: 1.3145, 1.3085<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9845. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.9810.<\/p>\n

 <\/p>\n

Resistance level: 0.9845, 0.9885<\/p>\n

Support level: 0.9810, 0.9760<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 58.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 59.70.<\/p>\n

 <\/p>\n

Resistance level: 59.70, 60.80<\/p>\n

Support level: 58.60, 57.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the higher level. However, MACD which illustrate bullish bias momentum suggest the commodity to extend undergo technical correction toward the resistance level at 1480.95.<\/p>\n

 <\/p>\n

Resistance level: 1480.95, 1484.70<\/p>\n

Support level: 1471.65, 1464.05<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

12 December 2019\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 Morning Session Analysis   Cash rate unchanged while uncertainty remained. Dollar index which gauge its value against a basket of six major currencies dived to the one month low level after Federal Reserve (Fed) decided to maintain its interest rate unchanged while emphasizing that US economy is still remain weak. Due to […]<\/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\/92310"}],"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=92310"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/92310\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=92310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=92310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=92310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}