{"id":183223,"date":"2021-07-05T01:28:40","date_gmt":"2021-07-05T01:28:40","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=183223"},"modified":"2021-07-05T01:28:43","modified_gmt":"2021-07-05T01:28:43","slug":"050721-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/050721-morning-session-analysis\/","title":{"rendered":"050721 Morning Session Analysis"},"content":{"rendered":"\n

5 July 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\u00a0 Morning Session Analysis<\/strong><\/p>\n

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US dollar slumps after Nonfarm Payrolls.<\/strong><\/span><\/p>\n

Greenback depreciates slightly during early Asian trading session as latest employment data portrays mixed signals to investors. For the month of May, Nonfarm Payrolls came in at 850,000 jobs, beating forecast of 700,000 jobs. The increase is significant when compared to previous month which came in at only 583,000 jobs. However, unemployment rate rose from 5.8% to 5.9%, missing forecast of 5.7%. Investors were concerned that the uptick in unemployment rate may be contributed by expanded unemployment benefits that may hinder individuals from seeking jobs for the time being. However, analysts believed that the overall report shows strong rebound and uptrend in terms of hiring while any uptick in unemployment rate may be transitional factors. Likewise, the data has cemented the case for Federal Reserve to start tapering its asset purchases sooner than expected as employment market is expected to extend its recovery into the second half of 2021. As of writing, the dollar index was down 0.01% to 92.19.<\/p>\n

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In the commodities market, crude oil price depreciates by 0.02% to $74.70 per barrel. Oil prices extended its losses after OPEC+ failed to reach an agreement last Friday with regards to oil production increase quota. They are expected to resume the meeting later today which may provide more market signals to investors. On the other hand, gold price ticked up 0.01% to $1,786.26 a troy ounce over the backdrop of a weaker greenback.<\/p>\n

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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

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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

N\/A<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n
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Time<\/strong><\/p>\n<\/td>\n

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Nation & Data<\/strong><\/p>\n<\/td>\n

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Previous<\/strong><\/p>\n<\/td>\n

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Forecast<\/strong><\/p>\n<\/td>\n

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Actual<\/strong><\/p>\n<\/td>\n<\/tr>\n

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16:30<\/p>\n<\/td>\n

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GBP \u2013 Composite PMI (Jun)<\/p>\n<\/td>\n

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61.7<\/p>\n<\/td>\n

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61.7<\/p>\n<\/td>\n

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–<\/p>\n<\/td>\n<\/tr>\n

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16:30<\/p>\n<\/td>\n

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GBP \u2013 Services PMI (Jun)<\/p>\n<\/td>\n

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61.7<\/p>\n<\/td>\n

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61.7<\/p>\n<\/td>\n

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–<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following a rebound from the lower levels. MACD which illustrated decreasing bearish momentum suggest the index to extend its gains in short-term.<\/p>\n

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Resistance level: 92.55, 92.85<\/p>\n

Support level: 92.20, 91.90<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from higher level. MACD which illustrated diminished bullish momentum suggest the pair to be traded lower in short-term.<\/p>\n

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Resistance level: 1.3860, 1.3900<\/p>\n

Support level: 1.3805, 1.3750<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower following prior retrace from 1.1870. MACD which illustrated diminished bullish momentum suggest the pair to be traded lower in short-term.\u00a0\u00a0\u00a0<\/p>\n

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Resistance level: 1.1879, 1.1915<\/p>\n

Support level: 1.1840, 1.1810<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from 110.95. MACD which illustrated diminished bearish momentum suggests the pair to be traded higher in short-term.<\/p>\n

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Resistance level: 111.30, 111.60<\/p>\n

Support level: 110.95, 110.70<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7510. MACD which shows diminished bullish momentum suggests the pair to extend its losses after closing below 0.7510.<\/p>\n

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Resistance level: 0.7650, 0.7600<\/p>\n

Support level: 0.7510, 0.7475<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.7015. MACD which illustrate diminished bullish momentum suggests the pair to extend its losses after closing below 0.7015.<\/p>\n

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Resistance level: 0.7070, 0.7115\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\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

Support level: 0.7015, 0.6975<\/p>\n

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USDCAD, H1: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.2315. MACD which illustrated bullish momentum suggest the pair to extend its gains after closing above 1.2340.<\/p>\n

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Resistance level: 1.2340, 1.2370<\/p>\n

Support level: 1.2315, 1.2285<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following a rebound near 0.9200. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.\u00a0\u00a0\u00a0<\/p>\n

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Resistance level: 0.9230, 0.9270<\/p>\n

Support level: 0.9200, 0.9135<\/p>\n

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CrudeOIL, H1: <\/strong>Crude oil price continues to trade within a tight range. Due to the lack of signal from both MACD and price action, it is suggested to wait for a breakout before entering the market.\u00a0\u00a0<\/p>\n

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Resistance level: 75.45, 76.05<\/p>\n

Support level: 74.70, 74.00<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded lower following prior retracement from the higher level. MACD which illustrate bearish momentum suggests its price to extend its losses after closing below 1783.00.<\/p>\n

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Resistance level: 1795.00, 1813.00<\/p>\n

Support level: 1783.00, 1772.00<\/p>\n","protected":false},"excerpt":{"rendered":"

5 July 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\u00a0 Morning Session Analysis \u00a0 US dollar slumps after Nonfarm Payrolls. Greenback depreciates slightly during early Asian trading session as latest employment data portrays mixed signals to investors. For the month of May, Nonfarm Payrolls came in at 850,000 jobs, beating forecast of 700,000 jobs. The increase is significant when compared to previous […]<\/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":"off","_et_pb_old_content":"","_et_gb_content_width":"793","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/183223"}],"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=183223"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/183223\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=183223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=183223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=183223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}