{"id":153603,"date":"2021-01-21T04:05:31","date_gmt":"2021-01-21T04:05:31","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=153603"},"modified":"2021-01-21T04:05:31","modified_gmt":"2021-01-21T04:05:31","slug":"210121-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210121-afternoon-session-analysis\/","title":{"rendered":"210121 Afternoon Session Analysis"},"content":{"rendered":"

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

Loonie soars following BoC rate decision.<\/strong><\/span><\/p>\n

During late Asian session, the Canadian dollar which traded against the greenback and its peers have jumped following recent rate decision and hawkish note from Band of Canada. The Bank of Canada has maintained its interest rate unchanged at 0.25% as expected and stated that inflation is set to return to 2% in a sustainable manner by 2023. In terms of bond-buying scheme, BoC stated that it would adjust the program as the economy recovers. Following signals of further tapering down, the Loonie experience a surge in demand. At the same time, the central bank also upbeat on its economic outlook and noted that the outlook is now stronger and secure thanks to earlier-than-expected availability of vaccines and significant ongoing policy stimulus. At the time of writing, USD\/CAD fell 0.11% to 1.2613.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price extends its retreat and fell 0.02% to $53.05 per barrel as of writing following IEA adjust its expectation on demand outlook. IEA expects crude oil demand to increase by 5.5 million barrels a day for 2021, 0.3 million lesser than previously forecast. The IEA has lowered their forecast following the tightening of movement control orders in the European zone as well as some districts in China that could affect economic activity and crude oil demand. On the other hand, gold price rose 0.02% to $1872.30 a troy ounce at the time of writing following ongoing dollar weakness.<\/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

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

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

11:00\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\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 BoJ Press Conference\u00a0<\/a><\/p>\n

23:00\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 ECB 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<\/a><\/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<\/strong><\/span><\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following retracement from the resistance level at 90.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 89.80.<\/p>\n

 <\/p>\n

Resistance level: 90.45, 90.90<\/p>\n

Support level: 89.80, 89.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3685. 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: 1.3685, 1.3795<\/p>\n

Support level: 1.3625, 1.3545<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.2075. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2145, 1.2215<\/p>\n

Support level: 1.2075, 1.1985<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 103.65. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 103.10.<\/p>\n

 <\/p>\n

Resistance level: 103.65, 104.15<\/p>\n

Support level: 103.10, 102.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7785. 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: 0.7785, 0.7815<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

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

Support level: 0.7165, 0.7110<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.2630. 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: 1.2630, 1.2720<\/p>\n

Support level: 1.2545, 1.2470<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.8920. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.8855.<\/p>\n

 <\/p>\n

Resistance level: 0.8920, 0.8980<\/p>\n

Support level: 0.8855, 0.8800<\/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 support level at 52.03.<\/p>\n

 <\/p>\n

Resistance level: 53.75, 55.85<\/p>\n

Support level: 52.05, 50.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1861.25. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1884.40.<\/p>\n

 <\/p>\n

Resistance level: 1884.40, 1912.30<\/p>\n

Support level: 1861.25, 1838.65<\/p>\n","protected":false},"excerpt":{"rendered":"

21 January 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Loonie soars following BoC rate decision. During late Asian session, the Canadian dollar which traded against the greenback and its peers have jumped following recent rate decision and hawkish note from Band of Canada. The Bank of Canada has maintained its interest rate unchanged at 0.25% as expected and […]<\/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\/153603"}],"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=153603"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/153603\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=153603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=153603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=153603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}