{"id":153817,"date":"2021-01-25T00:09:02","date_gmt":"2021-01-25T00:09:02","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=153817"},"modified":"2021-01-25T00:09:02","modified_gmt":"2021-01-25T00:09:02","slug":"250121-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/250121-morning-session-analysis\/","title":{"rendered":"250121 Morning Session Analysis"},"content":{"rendered":"

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

 <\/p>\n

Pound sterling plunged amid downbeat economic data.<\/strong><\/span><\/p>\n

Pound sterling which act as one of the major currency that being traded in the FX market sinks following a series of downbeat economic data cemented the market view over the negative effect of lockdown against UK economy. Last Friday, UK manufacturing and services industry signalled a renewed downturn in their economy last month amid third national lockdown, which forced large part of economic activity halted in order to curb the spread of pandemic. According to Markit Economics, UK Composite PMI came in at 40.6, missing the economist forecast at 50.7, showing that the economy hit hard by the ongoing lockdown measure as it reduced consumer spending and trades. Besides, a weaker-than-expected reading from UK Retail Sales data has further proved that these restriction has tampered the recovery pace of UK economy. With the backdrop of deteriorating economy, market participants are now putting their attention over the future step that will be taken by Bank of England (BoE) such as further loosening their monetary policy which included implementing negative interest rate in the upcoming BoE meeting. During Asian early trading session, the pair of GBP\/USD dropped by 0.02% to 1.3682.<\/p>\n

In the commodities market, the crude oil price rebounds by 0.60% to $52.22 per barrel after falling to two weeks low level amid surprise build in US inventory diminished the appeal of this black commodity product. According to the EIA, US Crude Oil Inventory level has increased by 4.351M, unexpectedly higher than the economist forecast at -1.167M, sparked the market concern over the balance of supply and demand. Besides, gold price surged by 0.12% to $1857.57 per troy ounce amid worsening of pandemic around the world boosted up the demand over safe haven asset.<\/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 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

16:45\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 ECB President Lagarde Speaks<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 German ifo Business Climate Index (Jan)<\/td>\n92.1<\/td>\n91.8<\/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 higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward the resistance level at 90.25.<\/p>\n

 <\/p>\n

Resistance level: 90.25, 90.60<\/p>\n

Support level: 89.90, 89.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 1.3700.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2155.<\/p>\n

 <\/p>\n

Resistance level: 1.2205, 1.2250<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the downward trendline. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the trendline.<\/p>\n

 <\/p>\n

Resistance level: 104.00, 104.35<\/p>\n

Support level: 103.70, 103.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level at 0.7735. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7670.<\/p>\n

 <\/p>\n

Resistance level: 0.7735, 0.7770<\/p>\n

Support level: 0.7670, 0.7635<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.7165. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7165.<\/p>\n

 <\/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 higher following prior breakout above the previous resistance level at 1.2695. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2800.<\/p>\n

 <\/p>\n

Resistance level: 1.2800, 1.2865<\/p>\n

Support level: 1.2695, 1.2615<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded flat near the resistance level at 0.8855. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short term after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

Support level: 0.8820, 0.8795<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 51.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 52.60.<\/p>\n

 <\/p>\n

Resistance level: 52.60, 53.75<\/p>\n

Support level: 51.65, 50.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level at 1842.90. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1861.05.<\/p>\n

 <\/p>\n

Resistance level: 1861.05, 1871.90<\/p>\n

Support level: 1842.90, 1825.40<\/p>\n","protected":false},"excerpt":{"rendered":"

25 January 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Pound sterling plunged amid downbeat economic data. Pound sterling which act as one of the major currency that being traded in the FX market sinks following a series of downbeat economic data cemented the market view over the negative effect of lockdown against UK economy. Last Friday, UK […]<\/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\/153817"}],"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=153817"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/153817\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=153817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=153817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=153817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}