{"id":237941,"date":"2022-04-06T01:58:17","date_gmt":"2022-04-06T01:58:17","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=237941"},"modified":"2022-04-06T01:58:17","modified_gmt":"2022-04-06T01:58:17","slug":"060422-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060422-morning-session-analysis\/","title":{"rendered":"060422 Morning Session Analysis"},"content":{"rendered":"

6 April 2022\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

Rate hike expectation hovered in market, US Dollar surged.<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currencies surged into its highest level in nearly two years following the Federal Reserve unleashed their hawkish tone toward the economic progression in the United States by impressing openness to hefty rate increases of half a percentage point. According to Reuters, Fed Governor Lael Brainard, usually one of the Fed\u2019s dovish policymakers, claimed that she expected the Federal Reserve would increase the interest rate significantly and a rapid reduction on their bond purchasing program to stabilize the Fed balance sheet. She also reiterated that further contractionary monetary policy is needed in order to combat the spiking inflation risk in future. Besides, Kansas City Fed President Esther George also remarks on Tuesday that he claimed that she would support a 50-basis point of rate hike to reduce the size of the Fed\u2019s nearly $9 trillion balance sheet in debt. As of writing, the Dollar Index appreciated by 0.49% to 99.48.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped 0.40% to $101.75 per barrel as of writing. The oil market edged lower over the backdrop of downbeat inventory data. According to American Petroleum Institute, US API Weekly Crude Oil stock came in at 1.080M, higher than the market forecast at -1.558M. On the other hand, the gold price depreciated by 0.08% to $1921.90 per troy ounces as of writing amid strengthening US Dollar.<\/p>\n

 <\/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
16:30<\/td>\nGBP – Construction PMI (Mar)<\/td>\n59.1<\/td>\n57.3<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD – Ivey PMI (Mar)<\/td>\n60.6<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-3.449M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after breakout.<\/p>\n

 <\/p>\n

Resistance level: 99.35, 100.40<\/p>\n

Support level: 97.80, 96.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.3090, 1.3195<\/p>\n

Support level: 1.3000, 1.2855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.0970, 1.1135<\/p>\n

Support level: 1.0895, 1.0825<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level. However, MACFD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 123.55, 125.55<\/p>\n

Support level: 121.30, 118.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level.<\/p>\n

 <\/p>\n

Resistance level: 0.7660, 0.7785<\/p>\n

Support level: 0.7535, 0.7415<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses.<\/p>\n

 <\/p>\n

Resistance level: 0.6975, 0.7045<\/p>\n

Support level: 0.6900, 0.6800<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2635, 1.2750<\/p>\n

Support level: 1.2485, 1.2315<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after breakout.<\/p>\n

 <\/p>\n

Resistance level: 0.9295, 0.9425<\/p>\n

Support level: 0.9115, 0.9035<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses.<\/p>\n

 <\/p>\n

Resistance level: 101.50, 107.10<\/p>\n

Support level: 97.75, 92.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1944.55, 1973.00<\/p>\n

Support level: 1912.60, 1881.35<\/p>\n

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

6 April 2022\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 Rate hike expectation hovered in market, US Dollar surged. The Dollar Index which traded against a basket of six major currencies surged into its highest level in nearly two years following the Federal Reserve unleashed their hawkish tone toward the economic progression in the United States by impressing openness […]<\/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\/237941"}],"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=237941"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/237941\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=237941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=237941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=237941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}