{"id":154628,"date":"2021-02-02T00:40:56","date_gmt":"2021-02-02T00:40:56","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=154628"},"modified":"2021-02-02T00:40:56","modified_gmt":"2021-02-02T00:40:56","slug":"020221-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/020221-morning-session-analysis\/","title":{"rendered":"020221 Morning Session Analysis"},"content":{"rendered":"

2 February 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar surged following Republican\u2019s lowball offer on stimulus plan. \u00a0<\/strong><\/span><\/p>\n

The dollar index which gauges its value against a basket of six major currencies jumped significantly while lingering near the 8 weeks high level amid the likelihood of Biden administration bypass Republican lawmakers to fund its proposal increased as deadlock remained. In the latest round of negotiation, a group of 10 Republican members have introduced a idea of stimulus plan with a reported $600 billion monetary value, less than a third of the $1.9 trillion stimulus plan that sketched by Joe Biden during his first few days after taking over the White House office from former President Donald Trump. \u00a0Inconformity over the size of President Joe Biden’s fiscal stimulus package stoked the market demand toward safe haven currency while carrying up the value of US dollar as of now. Despite a yawning gap exist between both parties, it is noteworthy that Democrats may use budget reconciliation, which known as a parliamentary measure to fund their relief package if no Republicans come onboard. Nonetheless, further negotiation on Covid-19 relief bill will be eyed by the investors in order to scrutinize the further direction of dollar index. As of writing, dollar index rose 0.46% to 91.00.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price appreciated by 0.13% to $53.60 per barrel as market participants are welcoming the oil production curb from OPEC+ as well as the voluntary additional 1 million bpd cut by its leader Saudi Arabia. Investors are seeing that the massive cut may tighten the market in the first quarter of 2021. Besides, gold price dropped 0.04% to $1860.00 per troy ounce amid strengthening of US dollar.<\/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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AUD\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 RBA Rate Statement<\/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
11:30<\/td>\nAUD \u2013 RBA Interest Rate Decision (Jan)<\/td>\n0.10%<\/td>\n0.10%<\/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 higher following prior breakout above the downward trendline. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 91.10.<\/p>\n

 <\/p>\n

Resistance level: 91.10, 91.60<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous upward trendline. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3620.<\/p>\n

 <\/p>\n

Resistance level: 1.3695, 1.3750<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.2065. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2020.<\/p>\n

 <\/p>\n

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

Support level: 1.2020, 1.1935<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY 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 104.70.<\/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 higher while currently testing the resistance level at 0.7635. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.2865. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.8955. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.8985.<\/p>\n

 <\/p>\n

Resistance level: 0.8985, 0.9020<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 53.75. \u00a0MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above 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 1861.75. 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":"

2 February 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar surged following Republican\u2019s lowball offer on stimulus plan. \u00a0 The dollar index which gauges its value against a basket of six major currencies jumped significantly while lingering near the 8 weeks high level amid the likelihood of Biden administration bypass Republican lawmakers to fund its proposal increased […]<\/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\/154628"}],"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=154628"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/154628\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=154628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=154628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=154628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}