{"id":157727,"date":"2021-02-24T00:41:27","date_gmt":"2021-02-24T00:41:27","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=157727"},"modified":"2021-02-24T01:23:59","modified_gmt":"2021-02-24T01:23:59","slug":"20210224-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/20210224-morning-session-analysis\/","title":{"rendered":"240221 Morning Session Analysis"},"content":{"rendered":"

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

 <\/p>\n

Dollar dived amid Jerome Powell\u2019s dovish stance on economic outlook.<\/strong><\/span><\/p>\n

 <\/p>\n

The dollar index which gauges its value against a basket of six major currencies wobbles after Federal Reserve Chairman Jerome Powell delivered its pessimistic view with regard to the nation\u2019s economy outlook during his presentation of semi-annual monetary policy report. In his statement, Powell revealed that the economy is still far away from the pre-pandemic level despite a strong rebound from recession could be seen recently, thus accommodative monetary policy will be remained where there will be no changes with the rock bottom interest rate as well as the ongoing large scale bond purchasing program. Moreover, he pointed that unemployment rate has started to decline after surging significantly last year, but the official jobless rate showing that the labour market in US is still weak and vulnerable. Besides, the underlying inflation pressure remains below their 2% of objective, prices of goods and services particularly soft due to adverse effect from the fallout of pandemic. Therefore, Federal Reserve is remains committed to use full range of available tools to support the economy through this difficult period. As of writing, dollar index ticked up 0.12% to 90.12.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price depreciated by 0.02% to $61.15 per barrel as investor took profit after the oil price hitting the 1 year high-level yesterday. Besides, US API has also reported some stock-build as of last week. According to the API, US Weekly Crude Oil Stock came in at 1.026M, missing the economist forecast at -5.372M, igniting the market worries over the equilibrium of oil market. Furthermore, the gold price dropped 0.03% to $1806.50 a 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

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

23:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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 Chair Powell Testifies<\/p>\n

 <\/p>\n

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
15:00<\/td>\nEUR \u2013 German GDP (QoQ)(Q4)<\/td>\n8.5%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 New Home Sales (Jan)<\/td>\n842K<\/td>\n855K<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n-7.258M<\/td>\n-5.190M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n


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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently testing the support level at 90.00. However, MACD which illustrated diminishing bearish momentum suggest the index to undergo technical correction in short term.<\/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 1.4085. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.4150.<\/p>\n

 <\/p>\n

Resistance level: 1.4150, 1.4215<\/p>\n

Support level: 1.4085, 1.4010<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.2165. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2105.<\/p>\n

 <\/p>\n

Resistance level: 1.2165, 1.2195<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 105.30. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD 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 lower level.<\/p>\n

 <\/p>\n

Resistance level: 0.7940, 0.7970<\/p>\n

Support level: 0.7890, 0.7850<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.7335. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 0.7335, 0.7375<\/p>\n

Support level: 0.7300, 0.7240<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.2615. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 1.2610, 1.2685<\/p>\n

Support level: 1.2555, 1.2485<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9040. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9080.<\/p>\n

 <\/p>\n

Resistance level: 0.9080, 0.9125<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 61.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 60.65.<\/p>\n

 <\/p>\n

Resistance level: 61.70, 62.45<\/p>\n

Support level: 60.65, 59.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1803.00. \u00a0MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

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

Support level: 1803.00, 1786.55<\/p>\n","protected":false},"excerpt":{"rendered":"

24 February 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar dived amid Jerome Powell\u2019s dovish stance on economic outlook.   The dollar index which gauges its value against a basket of six major currencies wobbles after Federal Reserve Chairman Jerome Powell delivered its pessimistic view with regard to the nation\u2019s economy outlook during his presentation of semi-annual […]<\/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\/157727"}],"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=157727"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/157727\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=157727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=157727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=157727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}