{"id":104172,"date":"2020-03-02T07:05:26","date_gmt":"2020-03-02T07:05:26","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=104172"},"modified":"2020-03-02T07:05:26","modified_gmt":"2020-03-02T07:05:26","slug":"020320-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/020320-afternoon-session-analysis\/","title":{"rendered":"020320 Afternoon Session Analysis"},"content":{"rendered":"

02 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

Aussie recovers despite weak China PMI.<\/strong><\/span><\/p>\n

The Australian dollar have rebound against all its peers during late Asian session despite recent disappointing release of China PMI. According to Caixin, the manufacturing PMI which measured the manufacturing sector companies came in at 40.3, missing market expectation of 45.7. Still, the Aussie dollar were showing resilience due to the increasing expectation of central bank rate. In the U.S, the Fed is expected to cut its rate by 25 basis points in March and April while RBA is also expected for a rate cut on Tuesday. At the time of writing, AUD\/USD rose 0.30% to 0.6526. Meanwhile, USD\/JPY gains 0.05% to 108.02 as of writing following BoJ Kuroda\u2019s Statement. Bank of Japan’s Governor Haruhiko Kuroda stated that the central bank is closely monitoring future developments, and will strive to provide ample liquidity and ensure stability in financial markets through appropriate operations and asset purchases.<\/p>\n

In the commodities market, crude oil price recovers 1.09% to $45.63 per barrel as of writing following hopes of OPEC+ supply cut. According to the latest report, Saudi Arabia was pushing for a million barrels per day cut to be agreed this week. OPEC and its allies have been already limit its output by 1.7 million bpd till the end of March and market are expecting that the it will increasing its cut by another 1 million barrels per day due to the effects of coronavirus. On the other hand, gold price also rebounds 0.73% to $1596.37 a troy ounce at the time of writing as the risk tone remains heavy on coronavirus headlines.<\/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
16:55<\/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

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently testing the support level 97.80. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 98.35, 98.90<\/p>\n

Support level: 97.80, 97.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level 1.2730. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.2870.<\/p>\n

 <\/p>\n

Resistance level: 1.2870, 1.3020<\/p>\n

Support level: 1.2730, 1.2570<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing near the resistance level 1.1085. MACD which illustrate persistent bullish momentum suggest the pair to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.1085, 1.1165<\/p>\n

Support level: 1.1000, 1.0885<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level 108.25. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 108.25, 109.20<\/p>\n

Support level: 107.40, 106.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level 0.6500. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6595.<\/p>\n

 <\/p>\n

Resistance level: 0.6595, 0.6675<\/p>\n

Support level: 0.6500, 0.6420<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level 0.6210. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6305.<\/p>\n

 <\/p>\n

Resistance level: 0.6305, 0.6490<\/p>\n

Support level: 0.6210, 0.6135<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing near the support level 1.3325. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3380, 1.3435<\/p>\n

Support level: 1.3325, 1.3260<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing near the support level 0.9625. AMCD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.9695, 0.9750<\/p>\n

Support level: 0.9625, 0.9550<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing near the resistance level 46.80. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 46.80, 49.40<\/p>\n

Support level: 44.40, 42.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level 1588.05. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1613.35.<\/p>\n

 <\/p>\n

Resistance level: 1613.35, 1639.25<\/p>\n

Support level: 1588.5, 1563.45<\/p>\n

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

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

02 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Aussie recovers despite weak China PMI. The Australian dollar have rebound against all its peers during late Asian session despite recent disappointing release of China PMI. According to Caixin, the manufacturing PMI which measured the manufacturing sector companies came in at 40.3, missing market expectation of 45.7. Still, the […]<\/p>\n","protected":false},"author":61,"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\/104172"}],"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\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=104172"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/104172\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=104172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=104172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=104172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}