{"id":159947,"date":"2021-03-07T23:19:15","date_gmt":"2021-03-07T23:19:15","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=159947"},"modified":"2021-03-07T23:19:15","modified_gmt":"2021-03-07T23:19:15","slug":"080321-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080321-morning-session-analysis\/","title":{"rendered":"080321 Morning Session Analysis"},"content":{"rendered":"

08 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

Dollar surged amid positive economic data.<\/strong><\/span><\/p>\n

The Dollar Index which gauges its value against a basket of six major currencies extend its gains over the backdrop of string of the upbeat economic data from the US region on last Friday. According to Bureau of Labor Statistics, the U.S. Nonfarm Payrolls notched up significantly from the previous reading of 166K to 379K, exceeding the market forecast at 182K. Besides, the U.S. Unemployment Rate declined from the previous reading of 6.3% to 6.2%, which also much better than the market forecast at 6.3%. As both crucial economic data had fared better-than-expected, which dialled up the market optimism toward the economic progression in the United States while spurring bullish momentum on the US Dollar. Nonetheless, the gains experienced by the US Dollar was limited following the U.S. Senate passed President Joe Biden\u2019s $1.9 trillion Covid-19 economic stimulus plan on last Saturday. This massive U.S. economic stimulus is adding fuel to expectations of higher inflation, which insinuating some bearish momentum on the US Dollar. Nonetheless, investors would continue to scrutinize the latest updates with regards of the US Treasury yield movement in this week, as well as Covid-19 vaccine development in order to gauge the likelihood movement for the currency. As of writing, the Dollar Index appreciated by 0.39% to 91.98.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged 0.05% to 66.25 per barrel as of writing following OPEC+ and its allies agreed to extend existing oil production cuts to the end of April. On the other hand, the gold price slumped 0.03% to $1698.00 per troy ounces as of writing amid strengthening 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\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 higher while currently testing the resistance level at 92.05. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 92.05, 92.90<\/p>\n

Support level: 90.95, 90.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3860. 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: 1.3860, 1.3985<\/p>\n

Support level: 1.3775, 1.3680<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.1955. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1860.<\/p>\n

 <\/p>\n

Resistance level: 1.1955, 1.2070<\/p>\n

Support level: 1.1860, 1.1775<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 108.00. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 109.05.<\/p>\n

 <\/p>\n

Resistance level: 109.05, 109.60<\/p>\n

Support level: 108.00, 106.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7700. 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: 0.7700, 0.7755<\/p>\n

Support level: 0.7650, 0.7590<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.7170. 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: 0.7170, 0.7240<\/p>\n

Support level: 0.7105, 0.7050<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.2720. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2615.<\/p>\n

 <\/p>\n

Resistance level: 1.2720, 1.2785<\/p>\n

Support level: 1.2615, 1.2560<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9305. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.9305, 0.9385<\/p>\n

Support level: 0.9200, 0.9040<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 66.45. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 66.45, 68.00<\/p>\n

Support level: 63.80, 61.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the support level at 1685.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1711.70.<\/p>\n

 <\/p>\n

Resistance level: 1711.70, 1737.55<\/p>\n

Support level: 1685.85, 1661.50<\/p>\n","protected":false},"excerpt":{"rendered":"

08 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Dollar surged amid positive economic data. The Dollar Index which gauges its value against a basket of six major currencies extend its gains over the backdrop of string of the upbeat economic data from the US region on last Friday. According to Bureau of Labor Statistics, the U.S. Nonfarm […]<\/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\/159947"}],"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=159947"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/159947\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=159947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=159947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=159947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}