{"id":154124,"date":"2021-01-27T00:44:23","date_gmt":"2021-01-27T00:44:23","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=154124"},"modified":"2021-01-27T00:44:23","modified_gmt":"2021-01-27T00:44:23","slug":"270121-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/270121-morning-session-analysis\/","title":{"rendered":"270121 Morning Session Analysis"},"content":{"rendered":"

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

 <\/p>\n

Dollar eases ahead of Federal Reserve\u2019s Meeting. \u00a0<\/strong><\/span><\/p>\n

The dollar index which gauges its value against a basket of six major currencies dipped as market participants are still remain cautious toward the outcome of the meeting. Since the last meeting of Federal Reserve, rolling out of vaccines and a $900 billion of relief package was unveiled during the last two month. However, it is noteworthy that Federal Reserve likely will still underscore its commitment of low interest rate policies as the ongoing pandemic chaos continue override the effectiveness of vaccine\u2019s distribution. In the recent talks from Fed Chairman Jerome Powell, he had reiterated that the Congress and White House should unleash a new stimulus plan as soon as possible in order to support the economy from further slowdown. Besides, it is expected that Jerome Powell may remain its current Quantitative Programme (QE) unchanged , while unlikely to reduce its bond purchase before the economy recover back to pre-pandemic level. Nonetheless, investors are now waiting for the Fed Meeting to scrutinize the further direction of US dollar. As of writing, dollar index dropped 0.24% to 90.15.<\/p>\n

In the commodities market, the crude oil price rebounds by 0.11% to $52.73 per barrel as of writing amid a huge draw in US oil inventories as of last week. According to the API, US Crude Oil Inventories data came in at -5.272M, unexpectedly lower than the forecast of economist at 0.603M, slightly diminish the investor concern over the oil market\u2019s balance. Besides, gold price up 0.02% to $1850.70 a troy ounce amid weakening of dollar index.<\/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

03:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 FOMC Statement<\/p>\n

(28th<\/sup>)<\/p>\n

03:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 FOMC Press Conference<\/p>\n

(28th<\/sup>)<\/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
21:30<\/td>\nUSD \u2013 Core Durable Goods Orders (MoM)(Dec)<\/td>\n0.4%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nUSD \u2013 Crude Oil Inventories<\/td>\n4.351M<\/td>\n0.430M<\/td>\n–<\/td>\n<\/tr>\n
03:00
\n(28th<\/sup>)<\/td>\n		USD \u2013 Fed Interest Rate Decision<\/td>\n0.25%<\/td>\n0.25%<\/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 breakout below the previous support level at 90.25. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 89.90.<\/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 breakout above the previous resistance level at 1.3700. MACD which illustrated bullish bias momentum suggest the pair to be traded higher toward the resistance level at 1.3805.<\/p>\n

 <\/p>\n

Resistance level: 1.3805, 1.3900<\/p>\n

Support level: 1.3700, 1.3620<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.2155. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2205.<\/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 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 support level at 103.35.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.7240. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7240.<\/p>\n

 <\/p>\n

Resistance level: 0.7240, 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 near the support level at 1.2695. 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: 1.2800, 1.2865<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.8885. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.8855.<\/p>\n

 <\/p>\n

Resistance level: 0.8885, 0.8915<\/p>\n

Support level: 0.8855, 0.8820<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 52.60. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 53.75.<\/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 lower following prior retracement from the resistance level at 1861.05. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 1842.90.<\/p>\n

 <\/p>\n

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

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

27 January 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar eases ahead of Federal Reserve\u2019s Meeting. \u00a0 The dollar index which gauges its value against a basket of six major currencies dipped as market participants are still remain cautious toward the outcome of the meeting. Since the last meeting of Federal Reserve, rolling out of vaccines 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\/154124"}],"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=154124"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/154124\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=154124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=154124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=154124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}