{"id":104915,"date":"2020-03-06T00:49:15","date_gmt":"2020-03-06T00:49:15","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=104915"},"modified":"2020-03-06T00:49:32","modified_gmt":"2020-03-06T00:49:32","slug":"060320-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060320-morning-session-analysis\/","title":{"rendered":"060320 Morning Session Analysis"},"content":{"rendered":"

06 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

Dollar index fell following the negative data were released.<\/strong><\/span><\/p>\n

The Dollar index which traded against a basket of six major currency pairs slumped over a backdrop of bleak data from the United Stated yesterday. According to the Department of Labor, U.S. Initial Jobless Claims came in at 216K, higher than the economist forecast at 215K, which indicating the jobs market within the United Stated was remained subdued. Similarly, U.S Factory Orders for last month notched down from the preliminary reading of 1.9% to -0.5%, missing the economist forecast at -0.1%. As both data were fared worse than expectation, which further dialing down the market optimisms toward the economic progressions in the United Stated while spurring a significant selloff for the US Dollar. Besides that, Dollar index received a further bearish momentum following Federal Reserve Chair Jerome Powell claimed that the U.S central bank could reduce its interest rates again in order to offset the economic damage from the coronavirus. According to Reuters, market participants are now highly expecting that the U.S. central Bank would reduce its interest rate at least 25 basis points during the Fed\u2019s March meeting. Nonetheless, at this time investors would continue to scrutinize the crucial economic data such as Nonfarm Payrolls from the United Stated which would be released tonight in order to gauge the likelihood movement of the US Dollar. As of writing, Dollar index depreciated by 0.76% to 96.50.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price appreciated by 0.24% to $46.12 per barrel as of writing. However, the oil market edged lower on yesterday as Russia had not yet agreed with the OPEC to cut its oil production. At this time, investors would continue to focus on the OPEC meeting in order to receive further trading signal. On the other hand, the gold price surged 0.10% to $1673.75 per troy ouns as of writing as the uncertainties of the outbreak of the coronavirus continually to spur higher demand for this safe-haven metal.<\/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 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\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Nonfarm Payrolls (Feb)<\/td>\n225k<\/td>\n175K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Unemployment Rate (Feb)<\/td>\n3.6%<\/td>\n3.6%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD \u2013 Employment Change (Feb)<\/td>\n34.5K<\/td>\n10.0K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD – Ivey PMI (Feb)<\/td>\n57.3<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily<\/strong>\uff1a<\/strong>Dollar index was lower while currently testing the support level at 96.40. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 97.00, 97.60<\/p>\n

Support level: 96.40, 96.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.2955. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2955, 1.3005<\/p>\n

Support level: 1.2920, 1.2870<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher while currently near the resistance level at 1.1240. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.1240, 1.1275<\/p>\n

Support level: 1.1175, 1.1130<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded lower while currently testing the support level at 106.05. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 106.80, 107.55<\/p>\n

Support level: 106.05, 105.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.6480. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6720.<\/p>\n

 <\/p>\n

Resistance level: 0.6720, 0.6915<\/p>\n

Support level: 0.6480, 0.6285<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently near the resistance level at 0.6325. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6325, 0.6400<\/p>\n

Support level: 0.6270, 0.6205<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.3380. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.3450, 1.3535<\/p>\n

Support level: 1.3390, 1.3235<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9510. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9425.<\/p>\n

 <\/p>\n

Resistance level: 0.9510, 0.9620<\/p>\n

Support level: 0.9425, 0.9345<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 45.45. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 48.35, 51.45<\/p>\n

Support level: 45.45, 43.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1654.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1683.10.<\/p>\n

 <\/p>\n

Resistance level: 1683.10, 1727.15<\/p>\n

Support level: 1654.45, 1626.65<\/p>\n

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

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

06 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Dollar index fell following the negative data were released. The Dollar index which traded against a basket of six major currency pairs slumped over a backdrop of bleak data from the United Stated yesterday. According to the Department of Labor, U.S. Initial Jobless Claims came in at 216K, higher […]<\/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\/104915"}],"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=104915"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/104915\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=104915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=104915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=104915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}