{"id":160264,"date":"2021-03-09T00:01:40","date_gmt":"2021-03-09T00:01:40","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=160264"},"modified":"2021-03-09T01:55:04","modified_gmt":"2021-03-09T01:55:04","slug":"090321-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/090321-morning-session-analysis\/","title":{"rendered":"090321 Morning Session Analysis"},"content":{"rendered":"

09 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

Yen slumped amid risk-on sentiment.<\/strong><\/span><\/p>\n

The safe-haven currency Japanese Yen extend its losses amid the risk-on sentiment in the FX market following the U.S. government passed the massive $1.9 trillion Covid-19 relief bill on last Saturday, which fostering expectation of strong economic recovery this year while prompting investors to shift their portfolio from safe-haven Yen into other riskier asset. Besides, positive prospect for the Covid-19 development had also diminished market demand toward the safe-haven Yen. According to latest statistic, the number of confirmed Covid-19 cases worldwide has been decreasing for the sixth week in a row. The number of new Covid-19 cases has declined by 11% since last week while the Americans have seen the largest weekly decline with 19%, according to World Health Organization (WHO). On the other hand, the rising U.S. government yield had formed a strong support for US Dollar as it implies a bet that the Federal Reserve will tighten their monetary policy earlier than expected in order to combat inflation risk in future. As of writing, USD\/JPY appreciated by 0.08% to 108.95.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price appreciated by 0.31% to $64.85 per barrel as of writing. Nonetheless, the oil market fell more than 1% on yesterday due to technical correction following it reached $70 per barrel. Investors would continue to scrutinize the latest updates with regards of the Covid-19 development in order to gauge the likelihood movement for the oil commodity. On the other hand, the gold commodity slumped 0.04% to $1684.50 per troy ounces amid increasing risk appetite in the global financial market.<\/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

20:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EIA Short-term Energy Outlook<\/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, Daily: <\/strong>Dollar index was traded higher while currently testing the resistance level at 92.65. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 92.65, 94.70<\/p>\n

Support level: 91.55, 89.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded within a range while currently testing the upward trend line. Nonetheless, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.3870, 1.3985<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower while currently testing the support level at 1.1840. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.1960, 1.2155<\/p>\n

Support level: 1.1840, 1.1630<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 109.05. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/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 lower while currently testing the support level at 0.7650. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7705, 0.7755<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.7105. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7170, 0.7240<\/p>\n

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

 <\/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 increasing bearish 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 0.9385. 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: 0.9385, 0.9505<\/p>\n

Support level: 0.9305, 0.9200<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level at 66.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 63.60.<\/p>\n

 <\/p>\n

Resistance level: 66.05, 68.00<\/p>\n

Support level: 63.60, 59.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower following prior breakout below the previous support level at 1693.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1693.00, 1711.05<\/p>\n

Support level: 1661.50, 1631.85<\/p>\n","protected":false},"excerpt":{"rendered":"

09 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Yen slumped amid risk-on sentiment. The safe-haven currency Japanese Yen extend its losses amid the risk-on sentiment in the FX market following the U.S. government passed the massive $1.9 trillion Covid-19 relief bill on last Saturday, which fostering expectation of strong economic recovery this year while prompting investors 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\/160264"}],"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=160264"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/160264\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=160264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=160264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=160264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}