{"id":104265,"date":"2020-03-03T00:07:23","date_gmt":"2020-03-03T00:07:23","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=104265"},"modified":"2020-03-03T00:07:23","modified_gmt":"2020-03-03T00:07:23","slug":"030320-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030320-morning-session-analysis\/","title":{"rendered":"030320 Morning Session Analysis"},"content":{"rendered":"

3 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

ECB may take action to prevent economic risks.<\/strong><\/span><\/p>\n

Euro rose sharply on yesterday over the backdrop of bullish signal from the EU zone. As of writing, pair of EUR\/USD rose 0.07% to 1.1140. According to Markit Economics, German Manufacturing PMI for the month of February rose to 48.0, slightly higher than forecast of 47.8. However, economists warned that the data shown may be outdated as continuous economic disruption in China due to coronavirus may be reflected in its reading for the near future. On the other hand, euro received additional bullish support as European Central Bank signaled to take \u201cappropriate measures\u201d in order to counter negative impact from the spread of the coronavirus. According to ECB, they stand ready to take appropriate and targeted measures as necessary and commensurate to the underlying risk. ECB Vice President Luis de Guindos commented that they would remain \u201cvigilant\u201d and are currently \u201cmonitoring all incoming data\u201d from the EU. Optimistic signal from the central bank has invigorated hopes that further action could be taken in order to circumvent any economic slowdown due to the rapidly spreading coronavirus in EU and other countries.<\/p>\n

 <\/p>\n

As for commodities, crude oil price rebounds by 0.02% to $47.39 per barrel. Oil price settled up more than 5% on yesterday with hopes of deeper production cuts from OPEC. In addition, major central banks around the world were coordinating to loosen their monetary policy in order to prevent global economic collapse has provided additional support on the commodity\u2019s price. On the other hand, gold price slumped 0.05% to $1,589.64 a troy ounce following a recovery in sentiment towards equities around the world.<\/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

11:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AUD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 RBA Rate Statement<\/p>\n

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


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

\u00a0<\/u><\/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
11:30<\/td>\nAUD \u2013 RBA Interest Rate Decision (Mar)<\/td>\n0.75%<\/td>\n0.75%<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Construction PMI (Feb)<\/td>\n48.4<\/td>\n48.8<\/td>\n–<\/td>\n<\/tr>\n
18:00<\/td>\nEUR \u2013 CPI (YoY) (Feb)<\/td>\n1.4%<\/td>\n1.2%<\/td>\n–<\/td>\n<\/tr>\n
05:30<\/p>\n

(4th<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n1.300M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from 97.15. MACD which shows diminishing downward momentum suggests the index to experience technical correction in short-term.<\/p>\n

 <\/p>\n

Resistance level: 97.90, 98.30<\/p>\n

Support level: 97.45, 97.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower while currently testing near 1.2745. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.<\/p>\n

 <\/p>\n

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

Support level: 1.2745, 1.2570<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.1155, 1.1200<\/p>\n

Support level: 1.1075, 1.1010<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing at 108.40. MACD which shows diminished bearish momentum suggests the pair to extend its gains after closing above 108.40.<\/p>\n

 <\/p>\n

Resistance level: 108.40, 109.25<\/p>\n

Support level: 107.55, 106.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior rebound from 0.6450. MACD which illustrate diminished bearish momentum suggests the pair to experience brief 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, Daily: <\/strong>NZDUSD was traded higher following prior rebound from the support level. MACD which illustrate diminished bearish momentum suggests the pair to experience brief technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6330, 0.6435<\/p>\n

Support level: 0.6200, 0.6100<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests the pair to extend its losses in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1.3390, 1.3445<\/p>\n

Support level: 1.3305, 1.3265<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from 0.9550. MACD which illustrate diminished bearish momentum suggests the pair to experience brief technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.9620, 0.9730<\/p>\n

Support level: 0.9550, 0.9470<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 49.00, 51.55<\/p>\n

Support level: 46.30, 43.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from previous high level. Stochastic Oscillator which illustrate retracement signal suggest its price to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1600.00, 1635.00<\/p>\n

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

3 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   ECB may take action to prevent economic risks. Euro rose sharply on yesterday over the backdrop of bullish signal from the EU zone. As of writing, pair of EUR\/USD rose 0.07% to 1.1140. According to Markit Economics, German Manufacturing PMI for the month of February rose to 48.0, […]<\/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\/104265"}],"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=104265"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/104265\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=104265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=104265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=104265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}