04 March 2020 Afternoon Session Analysis
Aussie remains solid following positive GDP.
The Australian dollar which traded against the dollar and all its peers have rose during late Asian session after a better-than-expected GDP data. According to the Australian Bureau of Statistics, the GDP for the fourth quarter came in at 0.5%, better than market expectation of 0.3%. The upbeat data have boosted the market confidence which since pushing the Aussie higher. Besides that, the bullish sentiment will likely to be supported by the surprise rate cut from Fed on Tuesday. The US central bank have reduce its rate by 50 basis points, its biggest single cut in more than a decade in order to contain the economic fallout from the coronavirus outbreak. Besides that, Reserve Bank of Australia also cut rates by 25 basis points on Tuesday and left the doors open for another cut in April. At the time of writing, AUD/USD gains 0.38% to 0.6604 while dollar index slips 0.02% to 97.09.
In the commodities market, crude oil price climbs 1.47% to $47.66 per barrel at the time of writing amid surprise rate cut and hopes on OPEC. The Fed have boosted market optimism after it cut the key lending rate cut by half a point ahead of its scheduled March 18 meeting. Besides that, investors continue to expect that OPEC+ would go along with Saudi Arabia with the plans of cutting another 1 million barrel per day on Thursday meeting. In the other hand, gold price soars 0.48% to $1644.82 as of writing amid rate cut and virus concerns continue to drive demand for the safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative GBP BoE MPC Treasury Committee Hearings
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Composite PMI (Feb) | 53.3 | 53.3 | – |
| 17:30 | GBP – Services PMI (Feb) | 53.3 | 53.3 | – |
| 21:15 | USD – ADP Nonfarm Employment Change (Feb) | 291K | 170K | – |
| 23:00 | USD – ISM Non-Manufacturing PMI (Feb) | 55.5 | 54.9 | – |
| 23:00 | CAD – BoC Interest Rate Decision | 1.75% | 1.75% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | 0.452M | – | – |
Technical Analysis
DOLLAR_INDX, Daily：Dollar index was traded lower following prior breakout below the previous support level at 97.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward the support level at 96.80.
Resistance level: 97.45, 97.90
Support level: 96.80, 96.55
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2830. MACD which illustrated diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 1.2785.
Resistance level: 1.2830, 1.2870
Support level: 1.2785, 1.2745
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1170. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.1215.
Resistance level: 1.1215, 1.1275
Support level: 1.1170, 1.1110
USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 107.90. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 106.80.
Resistance level: 107.90, 108.65
Support level: 106.80, 105.85
AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.6580. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6620.
Resistance level: 0.6620, 0.6650
Support level: 0.6580, 0.6545
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the 50 moving average line (Blue). MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6315.
Resistance level: 0.6315, 0.6355
Support level: 0.6255, 0.6205
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3335. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction toward the support level at 1.3335.
Resistance level: 1.3435, 1.3490
Support level: 1.3335, 1.3265
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9585. MACD which illustrated bearish momentum signal suggest the pair to extend its losses toward the support level at 0.9520.
Resistance level: 0.9585, 0.9625
Support level: 0.9520, 0.9450
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 46.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 48.10.
Resistance level: 48.10, 49.30
Support level: 46.60, 45.35
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1637.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1654.50.
Resistance level: 1654.50, 1671.60
Support level: 1637.50, 1625.95