{"id":156869,"date":"2021-02-19T00:49:54","date_gmt":"2021-02-19T00:49:54","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=156869"},"modified":"2021-02-19T00:49:54","modified_gmt":"2021-02-19T00:49:54","slug":"190221-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190221-morning-session-analysis\/","title":{"rendered":"190221 Morning Session Analysis"},"content":{"rendered":"

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

 <\/p>\n

Dollar plunged amid downbeat labor data.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six rival currencies sank after hitting 10 days high level amid the recent job data against the market expectation, exerting huge sell-off pressure in dollar market. As of last week, the number of Americans filing for unemployment insurance unexpectedly increased significantly, raising the public worries over tepid growth in labor sector despite slowing down in Covid-19 infection. According to the Department of Labour, US Initial Jobless Claims data came in at 861K, missing the economist forecast at 765K while also slightly higher than the preliminary reading at 848K. With the backdrop of disappointing data, it transformed a huge pressure on Biden administration to push for $1.9 trillion stimulus package as soon as possible in order to regains the momentum of recovery. According to the latest news, House of Democrats are now finalizing the plan details, expecting it would be brought onto the table of House to vote by the end of next week. It is noteworthy that majority of the lawmakers hopes that the plan could be passed to Senate before the end of February as ongoing government-funded benefits will expire in mid of March. As of writing, dollar index falls 0.44% to 90.55.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price depreciated by 0.65% to $60.00 per barrel as a report showed that Iraq has boosted their oil production significantly since the beginning of February. According to the Bloomberg, Iraq increased their production by 4.4% to 3.44 million barrels per day despite they have promised to restrain production last month. On the other hand, gold price ticked up 0.02% to $1776.50 per troy ounce amid weakening of US dollar.<\/p>\n

\u00a0<\/u><\/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

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 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

Tentative \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 Fed Monetary Policy Report<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\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
15:00<\/td>\nGBP \u2013 Retail Sales (MoM)(Jan)<\/td>\n0.3%<\/td>\n-2.5%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nEUR \u2013 German Manufacturing PMI (Feb)<\/td>\n57.1<\/td>\n56.5<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Composite PMI<\/td>\n41.2<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Manufacturing PMI<\/td>\n54.1<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Services PMI<\/td>\n39.5<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD \u2013 Core Retail Sales (MoM)(Dec)<\/td>\n2.1%<\/td>\n-2.0%<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 Existing Home Sales (MoM)(Jan)<\/td>\n0.7%<\/td>\n-1.5%<\/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 90.75. MACD which illustrated bearish momentum suggest the index to extend its losses toward the support level at 90.45.<\/p>\n

 <\/p>\n

Resistance level: 90.75, 91.10<\/p>\n

Support level: 90.45, 90.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3950. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.4000.<\/p>\n

 <\/p>\n

Resistance level: 1.4000, 1.4050<\/p>\n

Support level: 1.3950, 1.3845<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.2065. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2105.<\/p>\n

 <\/p>\n

Resistance level: 1.2105, 1.2155<\/p>\n

Support level: 1.2065, 1.2015<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level at 105.65. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 106.00, 106.45<\/p>\n

Support level: 105.65, 105.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7775. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.7775, 0.7815<\/p>\n

Support level: 0.7725, 0.7670<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.7165. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7240.<\/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 1.2685. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2610.<\/p>\n

 <\/p>\n

Resistance level: 1.2685, 1.2740<\/p>\n

Support level: 1.2610, 1.2545<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.8985. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.8920.<\/p>\n

 <\/p>\n

Resistance level: 0.8985, 0.9040<\/p>\n

Support level: 0.8920, 0.8850<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 59.70. MACD 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: 60.65, 61.70<\/p>\n

Support level: 59.70, 58.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1770.75. However, MACD which illustrated diminishing bearish momentum suggest the commodity to undergo technical correction toward the higher level.<\/p>\n

 <\/p>\n

Resistance level: 1784.95, 1810.10<\/p>\n

Support level: 1770.70, 1757.70<\/p>\n","protected":false},"excerpt":{"rendered":"

19 February 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar plunged amid downbeat labor data. Dollar index which gauges its value against a basket of six rival currencies sank after hitting 10 days high level amid the recent job data against the market expectation, exerting huge sell-off pressure in dollar market. As of last week, the number […]<\/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\/156869"}],"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=156869"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/156869\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=156869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=156869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=156869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}