{"id":155194,"date":"2021-02-08T01:27:32","date_gmt":"2021-02-08T01:27:32","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=155194"},"modified":"2021-02-08T03:07:03","modified_gmt":"2021-02-08T03:07:03","slug":"080221-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080221-morning-session-analysis\/","title":{"rendered":"080221 Morning Session Analysis"},"content":{"rendered":"

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

Dollar plummeted following mixed labour data released.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies plunged following US reported a series of mixed data last Friday. According to the Bureau of Labour Statistics, US Nonfarm Payroll increased from the preliminary reading of -227K to 49K, but still slightly weaker than the economist forecast at 50K, as the ongoing nation\u2019s movement control caused huge damage on hospitality industry where governments forced the hotels, bar and restaurant to close in order to curb the spread of Covid-19 . Besides, US Unemployment data came in at 6.3%, far lower than the broadly forecasted reading at 6.7%, indicating some sign of recovery in US labour market while marking a return of gain in the first month of year 2021. On the other hand, positive progress in US stimulus plan has also sparked another round of sell-off pressure in dollar market. Last Friday, US Senate passed a budget resolution as Democrats move forward with the process to pass a $1.9 trillion coronavirus relief bill without Republican votes. The package includes $1,400 stimulus checks, a supplemental jobless benefit and COVID-19 vaccine and testing funds. Besides, US President Joe Biden also warned that Republican efforts to pass a smaller bill would only prolong the economy\u2019s path to recovery. During Asian trading session, dollar index dropped 0.15% to 90.90.<\/p>\n

In the commodities market, the crude oil price appreciated by 0.35% to $56.65 per barrel amid OPEC+ oil cut plan in place while market participant worries over the economy outlook diminished following the rollout of vaccines. Besides, gold price surged by 0.50% to $1815.00 per troy ounce due to 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\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

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n


\n<\/u><\/strong><\/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 91.10. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 90.75.<\/p>\n

 <\/p>\n

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

Support level: 90.75, 90.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the previous upward 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: 1.3750, 1.3800<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.2015. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2065.<\/p>\n

 <\/p>\n

Resistance level: 1.2065, 1.2105<\/p>\n

Support level: 1.2015, 1.1950<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 105.65. MACD which illustrated bearish momentum signal suggest the pair to extend its losses toward the support level at 105.10.<\/p>\n

 <\/p>\n

Resistance level: 105.65, 106.00<\/p>\n

Support level: 105.10, 104.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7670. 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: 0.7670, 0.7740<\/p>\n

Support level: 0.7635, 0.7565<\/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 bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7235.<\/p>\n

 <\/p>\n

Resistance level: 0.7235, 0.7300<\/p>\n

Support level: 0.7165, 0.7105<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.2770. MACD which illustrate bearish bias momentum signal suggest the pair to be traded lower toward the support level at 1.2800.<\/p>\n

 <\/p>\n

Resistance level: 1.2770, 1.2800<\/p>\n

Support level: 1.2685, 1.2610.<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.8985. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.9035, 0.9075<\/p>\n

Support level: 0.8985, 0.8920<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 56.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction in short term toward lower level.<\/p>\n

 <\/p>\n

Resistance level: 57.80, 58.65<\/p>\n

Support level: 56.65, 55.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1803.00. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1825.40.<\/p>\n

 <\/p>\n

Resistance level: 1825.40, 1839.50<\/p>\n

Support level: 1803.00, 1765.15<\/p>\n

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

8 February 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Dollar plummeted following mixed labour data released. Dollar index which gauge its value against a basket of six major currencies plunged following US reported a series of mixed data last Friday. According to the Bureau of Labour Statistics, US Nonfarm Payroll increased from the preliminary reading of -227K to […]<\/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\/155194"}],"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=155194"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/155194\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=155194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=155194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=155194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}