{"id":165165,"date":"2021-04-01T00:31:27","date_gmt":"2021-04-01T00:31:27","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=165165"},"modified":"2021-04-01T00:31:27","modified_gmt":"2021-04-01T00:31:27","slug":"010421-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/010421-morning-session-analysis\/","title":{"rendered":"010421 Morning Session Analysis"},"content":{"rendered":"

1 April 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar retreat following Biden unveiled $2 trillion infrastructure plan.<\/strong><\/span><\/p>\n

The dollar index which gauges its value against a basket of six major rival currencies stepped back from the 4 months high level after Biden rolled out the details of multi trillion infrastructure yesterday. In the speech at Pittsburgh, Biden outlined the first part of infrastructure plan which amounted to $2 trillion dollar in spending over 8 years, while revealing that the packages will most likely to be financed through tax hike on corporation and individual. In details, the packages will include massive spending on transportation infrastructure such as bridges, roads, public transit, environmentally friendly technology, as well as additional funds for childcare and adult care for the elderly and disabled. By implementing this massive plan, Biden said that it could benefit the US, reviving the nation overall economy growth especially the employment market where could create more jobs in the future. On the other side, Biden reiterated that the source of finance for implementing this multi-trillion plan will contributed by the rate hike of corporation from 21% to 28%, while repeating that families earning higher than 400k per year will be imposed by higher income tax. As of writing, dollar index dropped 0.10% to 93.20.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price dropped by 1.41% to $59.55 per barrel despite EIA reported a slightly drop in US oil inventories. According to the EIA, US crude oil stocks reduced by 0.876M, while the market economist forecasted an oil build of 0.107M. However, this black commodity is less appealing to investors as market concern are still over the resurgence of virus in Europe as well as the upcoming OPEC+ meeting. Besides, the gold prices rose 1.37% to $1708.40 per 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

18:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 OPEC Meeting<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
15:55<\/td>\nEUR \u2013 German Manufacturing PMI (Mar)<\/td>\n66.6<\/td>\n66.6<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manufacturing PMI (Mar)<\/td>\n57.9<\/td>\n57.9<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n684K<\/td>\n680K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Manufacturing PMI (Mar)<\/td>\n60.8<\/td>\n61.3<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently testing near the support level at 93.00. MACD which illustrated bearish bias momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 93.35, 93.55<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.3805. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.3755.<\/p>\n

 <\/p>\n

Resistance level: 1.3805, 1.3880<\/p>\n

Support level: 1.3755, 1.3675<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.1755. MACD which illustrated diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1695.<\/p>\n

 <\/p>\n

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

Support level: 1.1695, 1.1615<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 110.80. However, MACD which illustrated diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 110.80, 111.50<\/p>\n

Support level: 110.25, 109.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing near 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.<\/p>\n

 <\/p>\n

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

Support level: 0.7600, 0.7565<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.7030. MACD which illustrated diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 0.6945.<\/p>\n

 <\/p>\n

Resistance level: 0.7030, 0.7105<\/p>\n

Support level: 0.6945, 0.6900<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2560. MACD which illustrated bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level.<\/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 0.9430. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.<\/p>\n

 <\/p>\n

Resistance level: 0.9480, 0.9540<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 59.30. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 60.65.<\/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_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1710.80. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1710.80, 1723.35<\/p>\n

Support level: 1699.60, 1679.75<\/p>\n","protected":false},"excerpt":{"rendered":"

1 April 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar retreat following Biden unveiled $2 trillion infrastructure plan. The dollar index which gauges its value against a basket of six major rival currencies stepped back from the 4 months high level after Biden rolled out the details of multi trillion infrastructure yesterday. In the speech at Pittsburgh, […]<\/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\/165165"}],"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=165165"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/165165\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=165165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=165165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=165165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}