{"id":153542,"date":"2021-01-21T00:49:10","date_gmt":"2021-01-21T00:49:10","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=153542"},"modified":"2021-01-21T02:39:06","modified_gmt":"2021-01-21T02:39:06","slug":"210121-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210121-morning-session-analysis\/","title":{"rendered":"210121 Morning Session Analysis"},"content":{"rendered":"

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

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Canadian dollar surged amid BoC positive tone toward economic outlook.<\/strong><\/span><\/p>\n

The Canadian dollar received huge buy-in momentum yesterday as Bank of Canada (BoC) decided to maintain their interest rate at current level while adopting a positive tone on the economy\u2019s future outlook. In the BoC meeting, board members of the central bank unanimously agreed to remain its interest rate at historic low level as the economic recovery were still interrupted by the resurgence of virus. The spread of Covid-19 virus becoming more serious not only in Canada but around the world, thus the timeline for effective vaccination programme plays an important role on saving the economy from further downfall. Besides, the Governor of BoC Tiff Macklem revealed that the earlier-than anticipated arrival of vaccine were potentially able to save lives and limits the fast-spreading virus, therefore the exceptional degree of monetary stimulus currently in place is appropriate for the nation. Besides, The bank of Canada also unfolded their growth forecast for year 2021, stating that contraction would be seen in first quarter of 2021 but expecting the economic activity will recover to pre-pandemic level in late 2021. As of writing, the pair USD\/CAD fall by 0.10% to 1.2617.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price appreciated by 0.17% to $52.97 per barrel as of writing amid surprise build in recent inventory level. According to the API, US Crude Oil Inventories data came in at 2.562M, higher than the economist forecast at -0.300M, such unexpectedly build dragged down the appeal of this black commodity market. Besides, gold price rose 0.03% to $1871.40 per troy ounce amid weakening of US dollar.<\/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 Market\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 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

11:00\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 \u00a0 \u00a0 \u00a0 BoJ Monetary Policy Statement<\/p>\n

11:00\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0BoJ Outlook Report (YoY)<\/p>\n

11:00\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 BoJ Press Conference<\/p>\n

23:00\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 \u00a0ECB Press Conference<\/p>\n

 <\/p>\n

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
11:00<\/td>\nJPY – BoJ Interest Rate Decision<\/td>\n-0.10%<\/td>\n-0.10%<\/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
21:30<\/td>\nUSD – Building Permits (Dec)<\/td>\n1.635M<\/td>\n1.604M<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n965K<\/td>\n868K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Philadelphia Fed Manufacturing Index (Jan)<\/td>\n9.1<\/td>\n12.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 90.60. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 90.25.<\/p>\n

 <\/p>\n

Resistance level: 90.60, 91.10<\/p>\n

Support level: 90.25, 89.90<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.3620. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3700.<\/p>\n

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Resistance level: 1.3700, 1.3805<\/p>\n

Support level: 1.3620, 1.3535<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.2120. However, MACD which illustrated diminishing bullish momentum suggest the pair undergo technical correction in short term.<\/p>\n

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Resistance level: 1.2120, 1.2155<\/p>\n

Support level: 1.2065, 1.2020<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 103.70. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the 103.35.<\/p>\n

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Resistance level: 103.70, 104.00<\/p>\n

Support level: 103.35, 103.00<\/p>\n

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\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7735. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7770.<\/p>\n

 <\/p>\n

Resistance level: 0.7770, 0.7820<\/p>\n

Support level: 0.7735, 0.7670<\/p>\n

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7165. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7235.<\/p>\n

Resistance level: 0.7235, 0.7305<\/p>\n

Support level: 0.7165, 0.7090<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2625. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.2695, 1.2775<\/p>\n

Support level: 1.2625, 1.2530<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.8915. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term toward higher level.<\/p>\n

 <\/p>\n

Resistance level: 0.8915, 0.8955<\/p>\n

Support level: 0.8885, 0.8855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 53.75. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 52.60.<\/p>\n

 <\/p>\n

Resistance level: 53.75, 54.50<\/p>\n

Support level: 52.60, 51.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1861.05. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1874.95.<\/p>\n

 <\/p>\n

Resistance level: 1874.95, 1895.55<\/p>\n

Support level: 1861.05, 1842.90<\/p>\n","protected":false},"excerpt":{"rendered":"

21 January 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Canadian dollar surged amid BoC positive tone toward economic outlook. The Canadian dollar received huge buy-in momentum yesterday as Bank of Canada (BoC) decided to maintain their interest rate at current level while adopting a positive tone on the economy\u2019s future outlook. In the BoC meeting, board members […]<\/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\/153542"}],"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=153542"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/153542\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=153542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=153542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=153542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}