{"id":154503,"date":"2021-02-01T00:05:16","date_gmt":"2021-02-01T00:05:16","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=154503"},"modified":"2021-02-01T00:05:16","modified_gmt":"2021-02-01T00:05:16","slug":"010221-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/010221-morning-session-analysis\/","title":{"rendered":"010221 Morning Session Analysis"},"content":{"rendered":"

1 February 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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Dollar recovered following equity turmoil. \u00a0<\/strong><\/span><\/p>\n

The dollar index which gauges its value against a basket of six major currencies surged amid the recent swing in Gamestop (GME) share price brushed up the appeal of safe haven dollar. Last week, a war between retails investors and hedge funds begun, where the retails investors decided to punish the Wall Street hedge fund and launched a co-ordinated buying spree in GME counter. As the GME share price were fuelled by exploded buying volume, Wallstreet hedge fund institution such as Melvin Capital had suffered heavy losses by betting against its share price, being forced to close out the position and repositioned the portfolio. With the backdrop of turmoil in equity market, part of the investors chose to run away from stock market while holding more cash at the moment and eventually boosted up the value of dollar index. Moreover, the value of US dollar raised up further after Johnson and Johnson (J&J) has reported that their single dose vaccine was only 66% effective in protecting human from coronavirus infection. The disappointed and inferior trial result in combating Covid-19 has lifted up the market concern over the pace of global recovery in future. As of writing, dollar index rose 0.09% to 90.55.<\/p>\n

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In the commodities market, the crude oil price depreciated by 0.63% to $51.80 per barrel amid heightening of market worries over the effectiveness of vaccine against Covid-19. In the recent highly anticipated announcement, Johnson & Johnson (J&J) reported a weaker-than-expected Phase 3 vaccine data while comparing to the previous vaccine producer such as Moderna and Pfizer. The inferior result in J&J vaccine\u2019s effectiveness dragged down the market optimism toward future oil demand. Besides, gold price rose 0.35% to $1855.05 per troy ounce amid disappointment of vaccine result irritated the market safe-haven behaviour.<\/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

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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

N\/A<\/p>\n

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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
16:55<\/td>\nEUR \u2013 German Manucturing PMI (Jan)<\/td>\n58.3<\/td>\n57.0<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Manufacturing PMI (Jan)<\/td>\n52.9<\/td>\n52.9<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 ISM Manufacturing PMI (Jan)<\/td>\n60.5<\/td>\n60.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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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. However, MACD which illustrated bearish bias momentum suggest the index to undergo technical correction in short term.<\/p>\n

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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 lower while currently testing the support level at 1.3695. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.3695.<\/p>\n

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Resistance level: 1.3750, 1.3805<\/p>\n

Support level: 1.3695, 1.3620<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.2155. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2100.<\/p>\n

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Resistance level: 1.2155, 1.2205<\/p>\n

Support level: 1.2100, 1.2065<\/p>\n

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\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 104.70. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 105.15.<\/p>\n

 <\/p>\n

Resistance level: 105.15, 105.50<\/p>\n

Support level: 104.70, 104.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level at 0.7635. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 0.7565.<\/p>\n

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

Support level: 0.7565, 0.7505<\/p>\n

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level at 0.7165. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7090.<\/p>\n

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Resistance level: 0.7165, 0.7240<\/p>\n

Support level: 0.7090, 0.7015<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.2790. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2865.<\/p>\n

 <\/p>\n

Resistance level: 1.2865, 1.2930<\/p>\n

Support level: 1.2790, 1.2695<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.8915. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.8915.<\/p>\n

 <\/p>\n

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

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

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 51.65. \u00a0MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1861.75. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1842.90.<\/p>\n

 <\/p>\n

Resistance level: 1861.75, 1871.90<\/p>\n

Support level: 1842.90, 1825.40<\/p>\n

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

1 February 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar recovered following equity turmoil. \u00a0 The dollar index which gauges its value against a basket of six major currencies surged amid the recent swing in Gamestop (GME) share price brushed up the appeal of safe haven dollar. Last week, a war between retails investors and hedge funds […]<\/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\/154503"}],"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=154503"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/154503\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=154503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=154503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=154503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}