{"id":163444,"date":"2021-03-24T00:42:09","date_gmt":"2021-03-24T00:42:09","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=163444"},"modified":"2021-03-24T00:42:09","modified_gmt":"2021-03-24T00:42:09","slug":"240321-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/240321-morning-session-analysis\/","title":{"rendered":"240321 Morning Session Analysis"},"content":{"rendered":"

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

 <\/p>\n

Dollar surged following Jerome Powell Testimony.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies jumped amid Federal Reserve (Fed) Chairman has given some optimistic view with regards the outlook of economy in the recent testimony. Overnight, Jerome Powell mentioned in the testimony that he is expecting a strong economic rebound this year following the vaccine rollout but emphasized that the U.S. recovery is far from complete. Besides, Mr. Powell also said that the central bank has tools to deal with rising price pressures if necessary, but he doesn\u2019t expect the recent stimulus package which worth $1.9 will lead to an unwelcome increase in inflation. Other than this, Powell also emphasized that he expects the economy will start to pick up this year as a series of recent economic data have showed an upturn result especially which related to economic activity as well as employment market. On the other side, the resurgence of Covid-19 in Europe also boosted up the market demand toward the US dollar, as market worry that the third wave of virus will put the EU economy into freezing stage once again. With the sign of third wave\u2019s virus getting obvious in term of cases number, the countries such as Germany, France and Italy have decided to extend their movement control measures in order to limit the spread of virus. As of writing, dollar index rose 0.66% to 92.35.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price dropped by 0.11% to $57.40 per barrel amid surprise build in inventory level dragged down the appeal of this black commodity product. According to the API, US crude oil inventories level increased 2.927M, higher than the economist forecast at -0.900M, further weighing on the oil price on top of the weak demand outlook amid virus\u2019s resurgence. Besides, the gold price dropped 0.01% to $1727.10 per troy ounce amid strengthening of dollar index.<\/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 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

22:00\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 Fed Chair Powell Testifies<\/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 CPI (YoY)(Feb)<\/td>\n0.7%<\/td>\n0.8%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nEUR \u2013 German Manufacturing PMI (Mar)<\/td>\n60.7<\/td>\n60.8<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Composite PMI (Mar)<\/td>\n49.6<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Manufacturing PMI (Mar)<\/td>\n54.9<\/td>\n54.9<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Services PMI (Mar)<\/td>\n49.5<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core Durable Goods Orders (MoM)(Feb)<\/td>\n1.3%<\/td>\n0.6%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n2.396M<\/td>\n-0.272M<\/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 following prior breakout above the previous resistance level at 92.10. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 92.60.<\/p>\n

 <\/p>\n

Resistance level: 92.60, 93.00<\/p>\n

Support level: 92.10, 91.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.3755. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3625.<\/p>\n

 <\/p>\n

Resistance level: 1.3755, 1.3845<\/p>\n

Support level: 1.3625, 1.3540<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level at 1.1830. 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: 1.1890, 1.1990<\/p>\n

Support level: 1.1830, 1.1755<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 109.20. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 108.35.<\/p>\n

 <\/p>\n

Resistance level: 109.20, 109.65<\/p>\n

Support level: 108.35, 107.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7600. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7600.<\/p>\n

 <\/p>\n

Resistance level: 0.7655, 0.7700<\/p>\n

Support level: 0.7600, 0.7560<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level at 0.7015. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 0.6960.<\/p>\n

 <\/p>\n

Resistance level: 0.7015, 0.7105<\/p>\n

Support level: 0.6960, 0.6905<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.2560. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.2610.<\/p>\n

 <\/p>\n

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

Support level: 1.2560, 1.2485<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9310. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9370.<\/p>\n

 <\/p>\n

Resistance level: 0.9370, 0.9430<\/p>\n

Support level: 0.9310, 0.9280<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 57.40. 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: 59.30, 60.65<\/p>\n

Support level: 57.40, 56.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior breakout below the previous upward trendline. MACD which illustrated bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1718.15.<\/p>\n

 <\/p>\n

Resistance level: 1738.10, 1750.60<\/p>\n

Support level: 1718.15, 1694.30<\/p>\n","protected":false},"excerpt":{"rendered":"

24 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar surged following Jerome Powell Testimony. Dollar index which gauges its value against a basket of six major currencies jumped amid Federal Reserve (Fed) Chairman has given some optimistic view with regards the outlook of economy in the recent testimony. Overnight, Jerome Powell mentioned in the testimony that […]<\/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\/163444"}],"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=163444"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/163444\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=163444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=163444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=163444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}