{"id":98626,"date":"2020-01-23T01:48:58","date_gmt":"2020-01-23T01:48:58","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=98626"},"modified":"2020-01-23T01:48:58","modified_gmt":"2020-01-23T01:48:58","slug":"230120-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/230120-morning-session-analysis\/","title":{"rendered":"230120 Morning Session Analysis"},"content":{"rendered":"

23 January 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

Pound surged amid optimism data<\/strong><\/span><\/p>\n

Pound Sterling surged since yesterday over the backdrop of positive data from the region of United Kingdom. According to Confederation of British Industry, the U.K. CBI Industrial Trends Orders notched up from the previous reading of -28 to -22, exceeding the economist forecast at -25. The data was fared better than expectation, spurring some market optimisms toward the economic progression in the United Kingdom while diminishing the expectation for the Bank of England to cut rate during the end of the month. According to Reuters, the money-market pricing suggests investors see around 50% chance of the rate cut within this month, down from 70% on Monday. However, at this time investors would continue to scrutinize the latest updates with regards of the Brexit progression as well as the economic data in order to gauge the likelihood movement for the currency. On the other hand, the Japanese Yen was traded higher amid fears of China\u2019s new respiratory virus outbreak which further diminish the risk appetite in the FX market. According to the latest news, death from China\u2019s new flu-like virus rose to 17, with more than 540 cases confirmed. In fact, investors predicted that the virus would harm the global economic growth, spurring some risk-off sentiment toward the FX market while insinuating the demand for the safe-haven currency such as Japanese Yen.<\/p>\n

 <\/p>\n

In the commodity market, the crude oil price slumped 0.12% to $56.06 per barrels as of writing. The oil market edged lower following the released of the API crude oil inventory data. According to American Petroleum Institute (API), U.S. API Weekly Crude Oil Stock had increased from the previous reading of 1.100M to 1.600M, which implies weaker demand for the crude oil. On the other hand, as of writing the gold price surged 0.23% to $1562.05 per troy ounces amid to the fears of outbreak of the coronavirus and the weaker greenback.<\/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

20:45\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0EUR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0ECB Monetary Policy Statement<\/p>\n

21:30\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0EUR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0ECB Press Conference<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
20:45<\/td>\nEUR \u2013 Deposit Facility Rate (Jan)<\/td>\n-0.50%<\/td>\n-0.50%<\/td>\n–<\/td>\n<\/tr>\n
20:45<\/td>\nEUR \u2013 ECB Marginal Lending Facility)<\/td>\n0.25%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:45<\/td>\nEUR – ECB Interest Rate Decision (Jan)<\/td>\n0.00%<\/td>\n0.00%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 97.35. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

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

Support level: 96.85, 96.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently near the resistance level at 1.3160. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3160, 1.3215<\/p>\n

Support level: 1.3115, 1.3065<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower while currently testing the support level at 1.1080. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.1135, 1.1200<\/p>\n

Support level: 1.1080, 1.1005<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level at 109.55. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 110.25, 111.10<\/p>\n

Support level: 109.55, 108.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.6875. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6875, 0.6900<\/p>\n

Support level: 0.6855, 0.6835<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior breakout below the support level at 0.6630. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6630, 0.6725<\/p>\n

Support level: 0.6530, 0.6435<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3165, 1.3235<\/p>\n

Support level: 1.3100, 1.3040<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9670. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9720.<\/p>\n

 <\/p>\n

Resistance level: 0.9720, 0.9760<\/p>\n

Support level: 0.9670, 0.9645<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently near the support level at 55.60. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 58.05, 59.50<\/p>\n

Support level: 55.60, 53.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher while currently testing the resistance level at 1562.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1562.55, 1567.55<\/p>\n

Support level: 1556.25, 1550.15<\/p>\n

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

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

23 January 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Pound surged amid optimism data Pound Sterling surged since yesterday over the backdrop of positive data from the region of United Kingdom. According to Confederation of British Industry, the U.K. CBI Industrial Trends Orders notched up from the previous reading of -28 to -22, exceeding the economist forecast at […]<\/p>\n","protected":false},"author":61,"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\/98626"}],"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\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=98626"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/98626\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=98626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=98626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=98626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}