{"id":184063,"date":"2021-07-08T01:04:57","date_gmt":"2021-07-08T01:04:57","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=184063"},"modified":"2021-07-08T01:04:57","modified_gmt":"2021-07-08T01:04:57","slug":"080721-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080721-morning-session-analysis\/","title":{"rendered":"080721 Morning Session Analysis"},"content":{"rendered":"

8 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

Dollar surged amid hawkish stance from Fed.<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currency pairs surged following the Federal Reserve unleashed their hawkish statement in the meeting minutes. According to Minutes of Federal Open Market Committee, the US Central Bank officials discussed about tapering their aggressive monetary policy plan and reducing asset purchases to combat the inflation risk. Some members indicated that the economic recovery in United States was proceeding faster than expectation while the inflation risk will be continued to be higher in future. Nonetheless, most of the members agreed that the economy in United States had yet to meet the \u201csubstantial further progress\u201d benchmark set by Fed for any significant shift in policy. The overall statement from the Federal Reserve remained vague, hence the market movement remained subdued following the FOMC meeting minutes was released. As for now, investors would continue to scrutinize the latest updates with regards of crucial economic data as well as Covid-19 development to receive further trading signal. As of writing, the Dollar Index appreciated by 0.07% to 92.70.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price appreciated by 0.05% to $72.25 per barrel as of writing. The oil market rebounded from its lower boundary amid upbeat inventory data had spurred bullish momentum on the oil market. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at -7.983M, better than the market forecast at -3.925M. On the other hand, the gold price slumped 0.03% to $1803.60 per troy ounces as of writing amid strengthening US Dollar.<\/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

19:30\u00a0\u00a0\u00a0\u00a0\u00a0\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB Monetary Policy Statement<\/p>\n

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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
22:00<\/td>\nUSD – Initial Jobless Claims<\/td>\n364K<\/td>\n350K<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-6.718M<\/td>\n-4.033M<\/td>\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, H1: <\/strong>Dollar index was traded higher while currently testing the resistance level at 92.65. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 92.65, 93.25<\/p>\n

Support level: 92.10, 91.15<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.3790. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

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Resistance level: 1.3960, 1.4100<\/p>\n

Support level: 1.3790, 1.3685<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.1845. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1725.<\/p>\n

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Resistance level: 1.1845, 1.1955<\/p>\n

Support level: 1.1725, 1.1635<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level at 110.45. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 110.95, 111.55<\/p>\n

Support level: 110.45, 109.75<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7465. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 0.7590, 0.7700<\/p>\n

Support level: 0.7465, 0.7365<\/p>\n

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\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.7120. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6940.<\/p>\n

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Resistance level: 0.7120, 0.7305<\/p>\n

Support level: 0.6940, 0.6770<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.2495. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

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Resistance level: 1.2495, 1.2605<\/p>\n

Support level: 1.2360, 1.2275<\/p>\n

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USDCHF, Daily: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9230. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

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Resistance level: 0.9305, 0.9375<\/p>\n

Support level: 0.9230, 0.9165<\/p>\n

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CrudeOIL, H1: <\/strong>Crude oil price was traded higher while currently near the resistance level at 72.15. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 72.15, 73.15<\/p>\n

Support level: 71.05, 70.10<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level at 1788.95. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1813.05, 1832.25<\/p>\n

Support level: 1788.95, 1773.45<\/p>\n

 <\/p>\n

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

8 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 Dollar surged amid hawkish stance from Fed. The Dollar Index which traded against a basket of six major currency pairs surged following the Federal Reserve unleashed their hawkish statement in the meeting minutes. According to Minutes of Federal Open Market Committee, the US Central Bank officials discussed about tapering […]<\/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\/184063"}],"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=184063"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/184063\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=184063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=184063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=184063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}