{"id":171587,"date":"2021-05-04T00:05:42","date_gmt":"2021-05-04T00:05:42","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=171587"},"modified":"2021-05-04T00:05:42","modified_gmt":"2021-05-04T00:05:42","slug":"040521-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/040521-morning-session-analysis\/","title":{"rendered":"040521 Morning Session Analysis"},"content":{"rendered":"

4 May 2021\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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar plummeted amid disappointing Manufacturing PMI data.<\/strong><\/span><\/p>\n

The dollar index which gauges its value against a basket of six major currencies retreated from the 10-days high level after the US released a downbeat economic data from the manufacturing sector. According to the Institute for Supply Management, US Manufacturing PMI data came in at 60.7, missing the economist forecast and previous reading at 65.0 and 64.7 respectively, indicating that the nation\u2019s manufacturing sector remain weak and vulnerable under the shadow of pandemic fallout. With the release of disappointing data, US treasury yield showed an immediate effect where falling more than 0.40%, triggered a big wave of sell-off pressure in dollar index market. Other than that, Fed Chair Jerome Powell dovish-titled comment on earlier last week continue to weigh on the gains of dollar index. In the meeting, Jerome Powell reiterated that they will remain their ultra-easing monetary policy for an unforeseeable period while aiming to unfold it only when full employment and 2% of targeted sustainable inflation rate achieved. As of writing, dollar index dropped by 0.35% to 90.97.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose by 0.09% to $64.60 per barrel as market optimism toward the future demand outlook outweighed the worries over virus\u2019s outbreak in India. Recently, China\u2019s strong figures and high vaccination rates in US pointed to a strong recovery in oil market demand. Besides, the gold prices rose by 0.03% to $1792.85 a troy ounce amid the dollar weakened.<\/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\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

12:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AUD \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 RBA Rate 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
12:30<\/td>\nAUD \u2013 RBA Interest Rate Decision<\/td>\n0.10%<\/td>\n0.10%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manufacturing PMI (Apr)<\/td>\n60.7<\/td>\n60.7<\/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 lower following prior breakout below the previous support level at 90.95. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 90.70.<\/p>\n

 <\/p>\n

Resistance level: 90.95, 91.25<\/p>\n

Support level: 90.70, 90.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.3925. However, MACD which illustrated bullish bias momentum suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 1.3925, 1.4005<\/p>\n

Support level: 1.3880, 1.3840<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.2065. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.2065, 1.2135<\/p>\n

Support level: 1.1990, 1.1915<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 109.20. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 108.30.<\/p>\n

 <\/p>\n

Resistance level: 109.20, 110.05<\/p>\n

Support level: 108.30, 107.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7760. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.7760, 0.7805<\/p>\n

Support level: 0.7700, 0.7665<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded flat near the support level at 0.7195. MACD which illustrated diminishing bearish momentum signal suggests the pair to extend its gains toward the resistance level at 0.7225.<\/p>\n

 <\/p>\n

Resistance level: 0.7225, 0.7265<\/p>\n

Support level: 0.7195, 0.7150<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2255. 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: 1.2390, 1.2510<\/p>\n

Support level: 1.2255, 1.2105<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9110. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.9185.<\/p>\n

 <\/p>\n

Resistance level: 0.9185, 0.9220<\/p>\n

Support level: 0.9110, 0.9030<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 64.25. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 66.25.<\/p>\n

 <\/p>\n

Resistance level: 66.25, 67.60<\/p>\n

Support level: 64.25, 62.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1787.05. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1803.40.<\/p>\n

 <\/p>\n

Resistance level: 1803.40, 1816.00<\/p>\n

Support level: 1787.05, 1766.25<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

4 May 2021\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 Morning Session Analysis   Dollar plummeted amid disappointing Manufacturing PMI data. The dollar index which gauges its value against a basket of six major currencies retreated from the 10-days high level after the US released a downbeat economic data from the manufacturing sector. According to the Institute for Supply Management, US Manufacturing […]<\/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\/171587"}],"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=171587"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/171587\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=171587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=171587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=171587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}