{"id":152178,"date":"2021-01-06T00:49:05","date_gmt":"2021-01-06T00:49:05","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=152178"},"modified":"2021-01-06T00:49:05","modified_gmt":"2021-01-06T00:49:05","slug":"060121-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060121-morning-session-analysis\/","title":{"rendered":"060121 Morning Session Analysis"},"content":{"rendered":"

06 January 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

Pound remained bearish amid new lockdown measures.<\/strong><\/span><\/p>\n

Pound Sterling was traded higher on yesterday but the overall momentum for the Pound remained bearish as a new lock-down measures had outweighed the market optimism toward the post-Brexit trade deal with the European Union. According to Reuters, the Prime Minister Boris Johnson had ordered UK into another national lockdown in order to combat the spiking numbers of the Covid-19 cases before a vaccine programme reaches a critical mass. The new measures could cost about 10% of economic output within a short-term, which dragging down the appeal of the Pound Sterling. Market participants expected that such negative economic outlook would trigger the Bank of England to implement more expansionary monetary policy while cutting its benchmark interest rate as early as May in order to boost back the economic progression in the United Kingdom. Nonetheless, investors would continue to scrutinize the latest updates with regards of the Covid-19 development to gauge the likelihood movement for the currency. As of writing, GBP\/USD depreciated by 0.06% to 1.3625.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped 0.10% to $49.75 per barrel as of writing amid technical correction. Though, the oil price edged higher on yesterday over the positive development with regards of the OPEC+ meeting on yesterday. Besides, the U.S. API Weekly Crude Oil Stock had also came in at -1.663M, which fared better than expectation at -1.500M, according to American Petroleum Institute. On the other hand, the gold price appreciated by 0.05% to $1951.05 per troy ounces as of writing amid the spiking numbers of the Covid-19 infections had continue to insinuating market demand on the safe-haven commodity.<\/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

23:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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 BoE Gov Bailey Speaks<\/p>\n

 <\/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
17:30<\/td>\nGBP \u2013 Composite PMI (Dec)<\/td>\n50.7<\/td>\n50.7<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Services PMI (Dec)<\/td>\n49.9<\/td>\n49.9<\/td>\n–<\/td>\n<\/tr>\n
21:15<\/td>\nUSD – ADP Nonfarm Employment Change<\/td>\n307K<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nUSD – Crude Oil Inventories<\/td>\n-6.065M<\/td>\n–<\/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 while currently testing the support level at 89.35 MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 89.85, 90.50<\/p>\n

Support level: 89.35, 88.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.3580. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3685.<\/p>\n

 <\/p>\n

Resistance level: 1.3685, 1.3780<\/p>\n

Support level: 1.3580, 1.3495<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.2305. 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: 1.2305, 1.2450<\/p>\n

Support level: 1.2205, 1.2130<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 103.05. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 102.00.<\/p>\n

 <\/p>\n

Resistance level: 103.05, 103.75<\/p>\n

Support level: 102.00, 101.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Weekly: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7570. However, MACD which illustrated bullish momentum suggest the pair to extend its gains toward resistance level at 0.7860.<\/p>\n

 <\/p>\n

Resistance level: 0.7860, 0.8135<\/p>\n

Support level: 0.7570, 0.7130<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Weekly: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7110. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7340.<\/p>\n

 <\/p>\n

Resistance level: 0.7340, 0.7550<\/p>\n

Support level: 0.7110, 0.6905<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Weekly: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2665. 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: 1.2980, 1.3295<\/p>\n

Support level: 1.2665, 1.2415<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Weekly: <\/strong>USDCHF was traded lower while currently testing the support level at 0.8750. 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: 0.9065, 0.9285<\/p>\n

Support level: 0.8750, 0.8370<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Weekly: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 50.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 50.05, 61.85<\/p>\n

Support level: 41.75, 33.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1930.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1959.45.<\/p>\n

 <\/p>\n

Resistance level: 1959.45, 1987.90<\/p>\n

Support level: 1883.65, 1850.45<\/p>\n

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

06 January 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Pound remained bearish amid new lockdown measures. Pound Sterling was traded higher on yesterday but the overall momentum for the Pound remained bearish as a new lock-down measures had outweighed the market optimism toward the post-Brexit trade deal with the European Union. According to Reuters, the Prime Minister Boris […]<\/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\/152178"}],"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=152178"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/152178\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=152178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=152178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=152178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}