{"id":189121,"date":"2021-08-02T01:34:02","date_gmt":"2021-08-02T01:34:02","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=189121"},"modified":"2021-08-02T01:34:02","modified_gmt":"2021-08-02T01:34:02","slug":"020821-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/020821-morning-session-analysis\/","title":{"rendered":"020821 Morning Session Analysis"},"content":{"rendered":"

02 August 2021\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 on hawkish tone.<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currency pairs rebounded on last Friday following the member of Federal Reserve James Bullard unleashed its hawkish tone. According to Reuters, James Bullard claimed that the Federal Reserve should start to reduce its $120 billion in monthly bond purchases and contract its monetary policy in the first months of 2022 and paves the way to increase interest rate that year if needed in order to combat the high inflation risk. Bullard was the first Fed member to speak publicly following the central bank\u2019s meeting this week. Nonetheless, Fed Chair Jerome Powell said that the US job market recovery still \u201ca way off\u201d from Fed\u2019s target while Fed still needed to maintain its aggressive monetary policy to boost the economic momentum. The overall statement from the Fed remained vague, hence investors should continue to scrutinize the latest updates with regards of the future monetary policy plan to gauge the likelihood movement for the US Dollar. As of writing, The Dollar Index surged 0.10% to 92.08.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price extends its gains by 0.10% to $73.80 per barrel as of writing. The oil market edged higher amid market participants speculated that the rapid Covid-19 vaccination program would able to enhance the oil demand in future. On the other hand, the gold price slumped 0.10% to $1816.15 per troy ounces as of writing amid strengthening 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\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

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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 (Jul)<\/td>\n65.6<\/td>\n65.6<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP – Manufacturing PMI (Jul)<\/td>\n60.4<\/td>\n60.4<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – ISM Manufacturing PMI (Jul)<\/td>\n60.6<\/td>\n60.9<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level at 91.80. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 92.25, 92.65<\/p>\n

Support level: 91.80, 90.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.3890. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3980, 1.4100<\/p>\n

Support level: 1.3890, 1.3830<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1885. However, MACD which diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.1885, 1.1955<\/p>\n

Support level: 1.1775, 1.1725<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 109.70. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 109.70, 110.55<\/p>\n

Support level: 109.05, 108.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7320. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.7410, 0.7495<\/p>\n

Support level: 0.7320, 0.7240<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6915. 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: 0.7120, 0.7305<\/p>\n

Support level: 0.6915, 0.6770<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebounded from the support level at 1.2440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2535.<\/p>\n

 <\/p>\n

Resistance level: 1.2535, 1.2670<\/p>\n

Support level: 1.2440, 1.2275<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9035. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.9135, 0.9230<\/p>\n

Support level: 0.9035, 0.8940<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 72.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 74.80, 76.20<\/p>\n

Support level: 72.25, 69.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1813.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1832.25, 1851.85<\/p>\n

Support level: 1813.05, 1799.60<\/p>\n

 <\/p>\n

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

02 August 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Dollar surged on hawkish tone. The Dollar Index which traded against a basket of six major currency pairs rebounded on last Friday following the member of Federal Reserve James Bullard unleashed its hawkish tone. According to Reuters, James Bullard claimed that the Federal Reserve should start to reduce its […]<\/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\/189121"}],"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=189121"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/189121\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=189121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=189121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=189121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}