{"id":220808,"date":"2022-01-06T00:46:36","date_gmt":"2022-01-06T00:46:36","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=220808"},"modified":"2022-01-06T00:47:32","modified_gmt":"2022-01-06T00:47:32","slug":"060122-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060122-morning-session-analysis\/","title":{"rendered":"060122 Morning Session Analysis"},"content":{"rendered":"

6 January 2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Fed minutes pushes greenback forward.<\/strong><\/span><\/p>\n

US dollar rebounds from lower levels earlier today after Federal Reserve delivered bullish signal within their meeting minutes. According to the minutes, several Fed officials suggests that monetary policy should be tightened faster than expected as US jobs market recovered substantially for the past few months. At the same time, Feds also discussed the possibility to reduce their balance sheet after rate hike was initiated in order to curb rising inflation. After the release of meeting minutes, Fed Rate Monitor Tool shows that investors are currently pricing in for an 80% chance of rate hike during March\u2019s policy meeting. Although Omicron spreads rapidly in the US, Fed is expected to take a more aggressive action as inflation continues to hover at 30 years high. Likewise, market sentiment towards the US dollar remains positive even as US recorded more than 1 million new coronavirus cases last Monday. As of writing, the dollar index was up 0.01% to 96.12.<\/p>\n

 <\/p>\n

As for commodities, crude oil price was down 0.09% to $77.14 per barrel. Last night, data from US shows that its crude oil inventory levels were down by -2.144M, significantly lower than forecasted reading of -3.283M. On the other hand, gold price was down 0.06% to $1,811.30 a troy ounce due to stronger greenback.<\/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

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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

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\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
17:30<\/td>\nGBP – Composite PMI (Dec)<\/td>\n57.6<\/td>\n53.2<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP – Services PMI (Dec)<\/td>\n58.5<\/td>\n53.2<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n198K<\/td>\n200K<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD – ISM Non-Manufacturing PMI (Dec)<\/td>\n69.1<\/td>\n67.2<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

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

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from lower levels. MACD which shows bullish signal suggests the index to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 96.35, 96.60<\/p>\n

Support level: 96.10, 95.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.3570, 1.3630<\/p>\n

Support level: 1.3510, 1.3470<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.1320, 1.1370<\/p>\n

Support level: 1.1285, 1.1250<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher after breaking its resistance level.<\/p>\n

 <\/p>\n

Resistance level: 116.25, 117.00<\/p>\n

Support level: 115.40, 114.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower short-term.<\/p>\n

 <\/p>\n

Resistance level: 0.7225, 0.7280<\/p>\n

Support level: 0.7180, 0.7140<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 0.6830, 0.6870<\/p>\n

Support level: 0.6780, 0.6740<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher after closing above 1.2765.<\/p>\n

 <\/p>\n

Resistance level: 1.2765, 1.2835<\/p>\n

Support level: 1.2690, 1.2620<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from lower level. MACD which illustrate bullish momentum suggests the pair to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 0.9190, 0.9210<\/p>\n

Support level: 0.9165, 0.9130<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests its price to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 77.35, 80.15<\/p>\n

Support level: 75.15, 72.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests its price to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1812.80, 1830.20<\/p>\n

Support level: 1797.60, 1784.90<\/p>\n","protected":false},"excerpt":{"rendered":"

6 January 2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Fed minutes pushes greenback forward. US dollar rebounds from lower levels earlier today after Federal Reserve delivered bullish signal within their meeting minutes. According to the minutes, several Fed officials suggests that monetary policy should be tightened faster than expected as US jobs market recovered substantially for 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\/220808"}],"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=220808"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/220808\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=220808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=220808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=220808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}