{"id":163817,"date":"2021-03-25T00:36:21","date_gmt":"2021-03-25T00:36:21","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=163817"},"modified":"2021-03-25T00:36:21","modified_gmt":"2021-03-25T00:36:21","slug":"250321-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/250321-morning-session-analysis\/","title":{"rendered":"250321 Morning Session Analysis"},"content":{"rendered":"

25 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 rose amid Fed Powell optimistic view toward the economic outlook.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies managed to extend its rally, as the bullish trend of this product was continues supported by the positive statement from Federal Reserve Chairman Jerome Powell. In last night\u2019s testimony, Powell has reiterated his point of view on economy where interest rate will remain at low level to support the economy against the fallout of pandemic. Besides, the recent rise of long-term bond yields has not become a concern for Jerome Powell, and he revealed that they appear to reflect the growing optimism of about economy\u2019s prospect. Despite the comments given by Jerome Powell was tilted neutral in overall, but he concluded his speech by stating that \u201cthis year most likely will be a very strong year\u201d, triggered some buy-in pressure in dollar market. On the other hand, the supply issue over the \u00a0Astra Zeneca vaccine in Europe continues to weigh down the performance of pound and euro while lifting up the value of safe haven dollar as market worry that the geopolitical tensions between EU and UK might heightened anytime soon. As of writing, dollar index up by 0.26% to 92.60.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price dropped by 0.20% to $60.70 per barrel amid surprise build in US oil inventory level. According to the EIA, US Crude Oil Inventories data came in at 1.912M, missing the economist forecast at -0.272M, recording the 5th<\/sup> weekly rise in oil supplies while increased the market concern over the imbalance condition of oil market. Besides, gold price dropped 0.02% to $1734.35 per troy ounce amid weakening 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\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

16:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CHF\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 SNB Monetary Policy Assessment<\/p>\n

17:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoE Gov Bailey Speaks<\/p>\n

17:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB President Lagarde Speaks<\/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
16:30<\/td>\nCHF \u2013 SNB Interest Rate Decision<\/td>\n-0.75%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 GDP (QoQ)(Q4)<\/td>\n33.4%<\/td>\n4.1%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n770K<\/td>\n730K<\/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 higher while currently testing the resistance level at 92.60. MACD which illustrated bullish bias momentum suggest the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

Support level: 92.10, 91.60<\/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 following prior breakout below the previous support level at 1.1830. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1755.<\/p>\n

 <\/p>\n

Resistance level: 1.1830, 1.1890<\/p>\n

Support level: 1.1755, 1.1695<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 108.35. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 109.20.<\/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 following prior breakout below the previous support level at 0.7600. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 0.7600, 0.7655<\/p>\n

Support level: 0.7565, 0.7505<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6960. However, MACD which illustrated diminishing bearish momentum suggests the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

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

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

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\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.2560. However, MACD which illustrate diminishing bullish 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: 1.2560, 1.2485<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9370. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.<\/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 higher while currently testing the resistance level at 60.65. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 60.65, 61.70<\/p>\n

Support level: 59.30, 57.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the support level at 1723.35. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1738.95.<\/p>\n

 <\/p>\n

Resistance level: 1738.95, 1754.15<\/p>\n

Support level: 1723.35, 1710.80<\/p>\n","protected":false},"excerpt":{"rendered":"

25 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar rose amid Fed Powell optimistic view toward the economic outlook. Dollar index which gauges its value against a basket of six major currencies managed to extend its rally, as the bullish trend of this product was continues supported by the positive statement from Federal Reserve Chairman Jerome […]<\/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\/163817"}],"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=163817"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/163817\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=163817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=163817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=163817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}