{"id":189481,"date":"2021-08-03T03:11:59","date_gmt":"2021-08-03T03:11:59","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=189481"},"modified":"2021-08-03T03:11:59","modified_gmt":"2021-08-03T03:11:59","slug":"030821-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030821-morning-session-analysis\/","title":{"rendered":"030821 Morning Session Analysis"},"content":{"rendered":"

03 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 slumped amid bearish data.<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of bearish economic data from United States yesterday. According to Institute for Supply Management, U.S. ISM Manufacturing Purchasing Managers Index (PMI) had notched down significantly from the previous reading of 60.6 to 59.5, missing the market forecast at 60.9. Such negative economic data had shown that the US economy had started to slowdown while spurring further bearish momentum on the US Dollar. Besides, market participants speculated that the Federal Reserve might continue to extend its expansionary monetary policy in long-term basis to support the economic growth. Nonetheless, the overall statement from the Federal Reserve remained vague, hence investors would continue to scrutinize the further economic data as well as Federal Reserve statement to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index slumped 0.13% to 92.05.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped 3.35% to 71.45 per barrel as of writing. The oil market received significant bearish momentum amid weak economic data from China and United States, which stoked fears of weakness in oil demand and oversupply issues. On the other hand, the gold price appreciated by 0.07% to $1815.30 per troy ounces as of writing amid weakening 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

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\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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
12:30<\/td>\nAUD – RBA Interest Rate Decision (Aug)<\/td>\n0.10%<\/td>\n0.10%<\/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 1.3880. 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: 1.3880, 1.3805<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/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 lower following prior retracement from the resistance level at 109.70. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 109.05.<\/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 higher following prior rebound from the support level at 0.7320. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7410.<\/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 lower while currently testing the support level at 71.10. 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: 74.80, 76.95<\/p>\n

Support level: 71.10, 68.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1813.05. 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: 1813.05, 1823.35<\/p>\n

Support level: 1795.70, 1773.45<\/p>\n

 <\/p>\n

 <\/p>\n

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

03 August 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Dollar slumped amid bearish data. The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of bearish economic data from United States yesterday. According to Institute for Supply Management, U.S. ISM Manufacturing Purchasing Managers Index (PMI) had notched down significantly from 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\/189481"}],"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=189481"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/189481\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=189481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=189481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=189481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}