{"id":199917,"date":"2021-09-24T01:43:40","date_gmt":"2021-09-24T01:43:40","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=199917"},"modified":"2021-09-24T01:43:40","modified_gmt":"2021-09-24T01:43:40","slug":"240921-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/240921-morning-session-analysis\/","title":{"rendered":"240921 Morning Session Analysis"},"content":{"rendered":"

24 September 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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Pound surged amid hawkish tone from BoE.<\/strong><\/span><\/p>\n

Pound Sterling surged following the Bank of England unleashed their hawkish tone yesterday. The Bank of England continue to set their monetary policy to meet the 2% inflation target, and in a way to boost economic growth and employment rate. The Monetary Policy Committee (MPC) voted unanimously to maintain the interest rate at 0.1% while continuing with its existing program of UK government bond purchases. On the inflation front, the BoE warned that the consumer prices were likely to climb to \u201cslightly above\u201d 4% this year, double its target level, which increasing hopes for the BoE to be tightening its monetary policy to combat the high inflation risk in future. Nonetheless, the gains experienced by the Pound Sterling was limited by the bearish economic data. According to Markit Economics, U.K. Manufacturing Purchasing Managers\u2019 Index (PMI) notched down from the previous reading of 60.3 to 56.3, missing the market forecast at 59.0. As of writing, GBP\/USD appreciated by 0.12% to 1.3735.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price appreciated by 0.11% to $73.55 pe barrel as of writing. The oil market continues to extend its gains, buoyed by growing fuel demand expectation following the rapid process of the Covid-19 vaccination program around the world. On the other hand, the gold price slumped 0.27% to $1747.65 per troy ounces as of writing amid the earlier hawkish tone from the Federal Reserve, dragging down the appeal for the safe-haven gold.<\/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

22:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Fed Chair Powell Speaks<\/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
16:00<\/td>\nEUR – German Ifo Business Climate Index (Sep)<\/td>\n99.4<\/td>\n98.9<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – New Home Sales (Aug)<\/td>\n708K<\/td>\n713K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

T<\/u><\/strong>echnical Analysis<\/u><\/strong><\/p>\n

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 93.40. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 92.65.<\/p>\n

 <\/p>\n

Resistance level: 93.40, 94.10<\/p>\n

Support level: 92.65, 91.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3735. 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: 1.3735, 1.3805<\/p>\n

Support level: 1.3695, 1.3605<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently near the resistance level at 1.1760. 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: 1.1760, 1.1800<\/p>\n

Support level: 1.1705, 1.1665<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 110.40. 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: 110.40, 111.10<\/p>\n

Support level: 109.65, 109.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7280. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7345.<\/p>\n

 <\/p>\n

Resistance level: 0.7345, 0.7475<\/p>\n

Support level: 0.7280, 0.7220<\/p>\n

\u00a0<\/strong><\/p>\n

\"\"<\/strong><\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.7080. 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: 0.7080, 0.7160<\/p>\n

Support level: 0.6990, 0.6940<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower while currently near the support level at 1.2625. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2690, 1.2755<\/p>\n

Support level: 1.2625, 1.2580<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9230. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

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

Support level: 0.9330, 0.9100<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 72.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 74.25.<\/p>\n

 <\/p>\n

Resistance level: 74.25, 76.05<\/p>\n

Support level: 72.35, 70.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1746.20 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: 1763.50, 1778.20<\/p>\n

Support level: 1746.20, 1737.05<\/p>\n","protected":false},"excerpt":{"rendered":"

24 September 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   Pound surged amid hawkish tone from BoE. Pound Sterling surged following the Bank of England unleashed their hawkish tone yesterday. The Bank of England continue to set their monetary policy to meet the 2% inflation target, and in a way to boost economic growth and employment rate. The […]<\/p>\n","protected":false},"author":54,"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\/199917"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=199917"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/199917\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=199917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=199917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=199917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}