{"id":104061,"date":"2020-03-01T23:41:08","date_gmt":"2020-03-01T23:41:08","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=104061"},"modified":"2020-03-01T23:41:08","modified_gmt":"2020-03-01T23:41:08","slug":"020320-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/020320-morning-session-analysis\/","title":{"rendered":"020320 Morning Session Analysis"},"content":{"rendered":"

2 March 2020\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

 <\/p>\n

Euro rebounds following optimistic data.<\/strong><\/span><\/p>\n

Euro extended its gains against the US dollar last Friday over the backdrop of optimistic economic data from the region. For the month of February, German Unemployment Change came in at -10,000, fared better than forecast of 3,000. Similarly, Germany\u2019s Core CPI for the month of February rose to 0.4%, slightly higher than forecast of 0.3%. Both data has invigorated the appeal of euro towards the financial market after previous data from the region shows extensive recessive risks. However, gains on the euro were limited as coronavirus spreads quickly from Italy to other countries in Europe such as Switzerland, Austria and Spain. Investor\u2019s fear that the coronavirus infection may hinder a recovery in Eurozone economy, thus dialling down market confidence towards Euro. On the other hand, US dollar tumbled sharply as investor\u2019s speculate a slower future growth due to the spread of coronavirus in the United States. Last week, US Centres for Disease Control and Prevention warned that the coronavirus may have spread in the United States. US Federal Reserve signalled that they are monitoring current situation while recent possibility over its spread in the US has increased the likelihood for another rate cut in the near future. As of writing, pair of EUR\/USD rose 0.19% to 1.1046 while dollar index fell 0.05% to 98.01.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price depreciates by 0.01% to $45.13 per barrel. Oil prices plunged sharply on last week as coronavirus began to spread outside of China to countries such as Switzerland, Italy and possibly the United States. Investors fear that the spread may cripple global economic growth which in return dampens the demand for crude oil. On the other hand, gold price ticks up 0.01% to $1,586.16 a troy ounce due to risk aversion in the market.<\/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

\u00a0<\/u><\/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
16:55<\/td>\nEUR \u2013 German Manufacturing PMI (Feb)<\/td>\n47.8<\/td>\n47.8<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Manufacturing PMI (Feb)<\/td>\n51.9<\/td>\n51.8<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 ISM Manufacturing PMI (Feb)<\/td>\n50.9<\/td>\n50.4<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n


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

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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently testing at the support of 97.90. MACD which shows bearish signal suggests the index to extend its losses after closing below 97.90.<\/p>\n

 <\/p>\n

Resistance level: 98.30, 98.90<\/p>\n

Support level: 97.90, 97.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD extended its losses following prior closure below 1.2915. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 1.2740.<\/p>\n

 <\/p>\n

Resistance level: 1.2915, 1.3130<\/p>\n

Support level: 1.2740, 1.2570<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD extended its gains following prior closure above 1.0200. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 1.1090.<\/p>\n

 <\/p>\n

Resistance level: 1.1090, 1.1165<\/p>\n

Support level: 1.1020, 1.0930<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY tumbled further down following prior retrace from its higher level. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 106.35.<\/p>\n

 <\/p>\n

Resistance level: 107.55, 108.40<\/p>\n

Support level: 106.35, 104.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound near 0.6450. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6580, 0.6700<\/p>\n

Support level: 0.6450, 0.6300<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Weekly: <\/strong>NZDUSD was traded lower while currently testing near the support of 0.6200. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 0.6200.<\/p>\n

 <\/p>\n

Resistance level: 0.6435, 0.6700<\/p>\n

Support level: 0.6200, 0.5790<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.3445, 1.3510<\/p>\n

Support level: 1.3390, 1.3305<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower while currently testing near the support of 0.9620. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 0.9620.<\/p>\n

 <\/p>\n

Resistance level: 0.9730, 0.9840<\/p>\n

Support level: 0.9620, 0.9550<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price extended its losses while currently testing near 43.00. Stochastic Oscillator began to illustrate bullish signal suggests its price to experience technical correction in short-term.<\/p>\n

 <\/p>\n

Resistance level: 46.30, 51.55<\/p>\n

Support level: 43.00, 38.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the lower level. MACD which shows diminished downward momentum suggests its price to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1600.00, 1629.15<\/p>\n

Support level: 1562.00, 1526.90<\/p>\n","protected":false},"excerpt":{"rendered":"

2 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Euro rebounds following optimistic data. Euro extended its gains against the US dollar last Friday over the backdrop of optimistic economic data from the region. For the month of February, German Unemployment Change came in at -10,000, fared better than forecast of 3,000. Similarly, Germany\u2019s Core CPI for […]<\/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\/104061"}],"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=104061"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/104061\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=104061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=104061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=104061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}