{"id":166557,"date":"2021-04-08T00:30:29","date_gmt":"2021-04-08T00:30:29","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=166557"},"modified":"2021-04-08T00:30:29","modified_gmt":"2021-04-08T00:30:29","slug":"080421-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080421-morning-session-analysis\/","title":{"rendered":"080421 Morning Session Analysis"},"content":{"rendered":"

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

 <\/p>\n

Dollar rose after FOMC Meeting Minutes released.<\/strong><\/span><\/p>\n

The dollar index which gauges its value against a basket of six major rival currencies managed to recover part of its previous losses and stand above the level of 92.00 after FOMC released minutes from the March 16-17 meeting. In the meeting, FOMC members agreed to keep their monetary policy loosened where to maintain their interest rate unchanged and continue buying at least $120 billion bond in each month. Besides, the meeting summary also indicated that they will not change the ultra-easy policy until \u201csubstantial further progress\u201d could be seen in the US economy growth. It means that Federal Reserve (Fed) unfolding monetary policy will only be tightened when US economy achieved the dual goals of 2% underlying inflation and full employment. Despite, the committees were still optimistic toward the US economic outlook, having an upbeat GDP projection at 6.5% in year 2021. Nonetheless, the unprecedented pandemic still remains as the major challenges in the path of economic recovery. As of writing, the dollar index ticked up by 0.10% to 92.40.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price increased by 0.01% to $59.60 per barrel amid oil draw in US inventory level. According to the EIA, US crude oil inventory data came in at -3.522M, recording a drop larger than the economist forecast at -1.436M, boosting the appeal of this black commodity while temporarily ignoring the negative effect of pandemic. Besides, the gold prices dropped 0.07% to $1736.55 per troy ounce amid strengthening of dollar index.<\/p>\n

\u00a0<\/u><\/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

19:30\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 Monetary Policy Statement<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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>\nGBP \u2013 Construction PMI (Mar)<\/td>\n53.3<\/td>\n54.6<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n719K<\/td>\n680K<\/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 following prior rebound from the support level at 92.10. MACD which illustrated diminishing bearish 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, 91.60<\/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 1.3675.<\/p>\n

 <\/p>\n

Resistance level: 1.3755, 1.3805<\/p>\n

Support level: 1.3675, 1.3625<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.1890. MACD which illustrated diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1830.<\/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 higher following prior rebound from the support level at 109.75. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 110.20.<\/p>\n

 <\/p>\n

Resistance level: 110.20, 110.80<\/p>\n

Support level: 109.75, 109.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.7655. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7600.<\/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 breakout below the previous support level at 0.7030. MACD which illustrated bearish bias 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 higher following prior rebound from the support level at 1.2530. \u00a0MACD which illustrated bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.2635.<\/p>\n

 <\/p>\n

Resistance level: 1.2635, 1.2740<\/p>\n

Support level: 1.2530, 1.2465<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9310. However, MACD which illustrated diminishing bearish momentum suggests the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 0.9310, 0.9370<\/p>\n

Support level: 0.9225, 0.9140<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 59.30. MACD which illustrated bullish bias 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 lower following prior breakout below the previous support level at 1738.95. MACD which illustrated bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1723.35.<\/p>\n

 <\/p>\n

Resistance level: 1738.95, 1754.30<\/p>\n

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

8 April 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar rose after FOMC Meeting Minutes released. The dollar index which gauges its value against a basket of six major rival currencies managed to recover part of its previous losses and stand above the level of 92.00 after FOMC released minutes from the March 16-17 meeting. In the […]<\/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\/166557"}],"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=166557"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/166557\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=166557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=166557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=166557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}