{"id":156017,"date":"2021-02-16T00:38:21","date_gmt":"2021-02-16T00:38:21","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=156017"},"modified":"2021-02-16T00:38:21","modified_gmt":"2021-02-16T00:38:21","slug":"160221-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160221-morning-session-analysis\/","title":{"rendered":"160221 Morning Session Analysis"},"content":{"rendered":"

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

 <\/p>\n

Japanese Yen wobbled despite upbeat GDP data released.<\/strong><\/span><\/p>\n

Japanese Yen which acts as one of the major safe-haven currencies in the world drops in value since earlier last week in spite of recent GDP data showed some sign of recovery in Japan economy. According to the Cabinet Office, Japan GDP came in at 3.0%, stronger than the economist forecast at 2.3%, indicating that the nation\u2019s economy is in the right pace of recovery while stepping closer back to the pre-pandemic level. Nonetheless, Japan Minister of Economic Affair revealed his point of view that economic recovery at a half-way point but still below the pre-pandemic levels. Besides, market participants chose to temporarily flee away from Japanese Yen market as Bank of Japan (BoJ) may seek to clarify in March policy review whether to further deepen its negative rates in order to combat the fallout of virus. Prior to now, BoJ Deputy Governor warned that they are ready to lower their nominal rates in order to fulfill their commitment on achieving the objective of 2% inflation rate. With the backdrop of huge uncertainty over the review in the BOJ meeting, there is no consensus been achieved within BoJ on the final decision yet. As of writing, the pair of USD\/JPY rose 0.01% to 105.39.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price depreciated by 0.10% to $60.05 per barrel as of writing after hitting the one-year high level. As of now, this black commodity product was still supported by the ongoing OPEC+ oil production cut, while Middle East tension sparked market worries over oil supply\u2019s disruption. Besides, gold price ticked up 0.03% to $1818.35 per troy ounce amid weakening 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 Market\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 CNY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Spring Festival<\/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 Market\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\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
18:00<\/td>\nEUR \u2013 German ZEW Economic Sentiment (Feb)<\/td>\n61.8<\/td>\n59.6<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

Technical Analysis<\/u><\/strong><\/p>\n

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior breakout below the previous support level at 90.45. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 90.00.<\/p>\n

 <\/p>\n

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

Support level: 90.00, 89.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3900. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 1.3960, 1.4000<\/p>\n

Support level: 1.3900, 1.3855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.2105. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2145.<\/p>\n

 <\/p>\n

Resistance level: 1.2145, 1.2180<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 105.10. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 105.65.<\/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 0.7785. 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: 0.7785, 0.7815<\/p>\n

Support level: 0.7740, 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.<\/p>\n

 <\/p>\n

Resistance level: 0.7240, 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 1.2650. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2610.<\/p>\n

 <\/p>\n

Resistance level: 1.2650, 1.2690<\/p>\n

Support level: 1.2610, 1.2575<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.8920. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.8850.<\/p>\n

 <\/p>\n

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

Support level: 0.8850, 0.8805<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level at 60.15. MACD which illustrated diminishing bullish momentum suggest the commodity to extend losses toward the support level at 59.45.<\/p>\n

 <\/p>\n

Resistance level: 60.15, 61.05<\/p>\n

Support level: 59.45, 58.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1825.40. However, MACD which illustrated diminishing bearish momentum suggest the commodity to undergo technical correction toward the higher level.<\/p>\n

 <\/p>\n

Resistance level: 1825.40, 1839.40<\/p>\n

Support level: 1803.00, 1765.15<\/p>\n","protected":false},"excerpt":{"rendered":"

16 February 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Japanese Yen wobbled despite upbeat GDP data released. Japanese Yen which acts as one of the major safe-haven currencies in the world drops in value since earlier last week in spite of recent GDP data showed some sign of recovery in Japan economy. According to the Cabinet Office, […]<\/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\/156017"}],"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=156017"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/156017\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=156017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=156017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=156017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}