{"id":105022,"date":"2020-03-06T06:21:47","date_gmt":"2020-03-06T06:21:47","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=105022"},"modified":"2020-03-06T06:21:47","modified_gmt":"2020-03-06T06:21:47","slug":"060320-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060320-afternoon-session-analysis\/","title":{"rendered":"060320 Afternoon 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 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar plunged amid more rate cut expectation.<\/strong><\/span><\/p>\n

The dollar index which measured its value against a basket of six major currency pairs continue to tumble during late Asian session following expectation of another rate cut and a massive drop in U.S yields to record lows. Due to the increasing fears over the impact of coronavirus, market continue to adding bets that the Fed may propose another rate cut of 50 basis points for the second time this month. In the latest report, the Fed had mentioned the epidemic 48 times which suggesting that the policymakers were highly concerned about the economic damage of the disease. At the same time, the greenback have also lost its most important advantage following the collapse of treasury yield, therefore causing investors to shift their assets towards other markets. The 10-year Treasury note fell to 0.899%, an all-time low on Thursday as coronavirus risk sparked fresh bids for U.S. debt at the expense of riskier assets like stocks. At the time of writing, dollar index slips 0.26% to 96.57.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price plummet 1.35% to $45.30 per barrel as of writing following ongoing demand fears. Worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak continue to dominate the market. At the same time, the fear also heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. Next, gold price soars 0.40% to $1679.76 a troy ounce following weak dollar and ongoing risk of coronavirus.<\/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


\n<\/u><\/strong><\/p>\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 96.55. 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: 96.80, 97.50<\/p>\n

Support level: 96.55, 96.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2940. 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: 1.2975, 1.3015<\/p>\n

Support level: 1.2940, 1.2905<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.1215. MACD which illustrated diminishing bearish momentum and the formation of golden cross suggest the pair to be traded higher toward the resistance level at 1.1275.<\/p>\n

 <\/p>\n

Resistance level: 1.1275, 1.1325<\/p>\n

Support level: 1.1215, 1.1180<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower while currently testing the support level at 105.85. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 105.85.<\/p>\n

 <\/p>\n

Resistance level: 106.80, 107.90<\/p>\n

Support level: 105.85, 105.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>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 resistance level at 0.6620.<\/p>\n

 <\/p>\n

Resistance level: 0.6620, 0.6650<\/p>\n

Support level: 0.6580, 0.6545<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently near the resistance level at 0.6315. 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: 0.6315, 0.6355<\/p>\n

Support level: 0.6255, 0.6205<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3335. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3435.<\/p>\n

 <\/p>\n

Resistance level: 1.3435, 1.3490<\/p>\n

Support level: 1.3335, 1.3265<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9450. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9385.<\/p>\n

 <\/p>\n

Resistance level: 0.9450, 0.9520<\/p>\n

Support level: 0.9385, 0.9330<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level at 46.55. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward the support level at 43.80.<\/p>\n

 <\/p>\n

Resistance level: 46.55, 48.80<\/p>\n

Support level: 43.80, 41.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level at 1668.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1686.70<\/p>\n

 <\/p>\n

Resistance level: 1686.70, 1710.10<\/p>\n

Support level: 1668.35, 1653.35<\/p>\n

 <\/p>\n

 <\/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 Afternoon Session Analysis   Dollar plunged amid more rate cut expectation. The dollar index which measured its value against a basket of six major currency pairs continue to tumble during late Asian session following expectation of another rate cut and a massive drop in U.S yields to record lows. Due to the […]<\/p>\n","protected":false},"author":54,"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\/105022"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=105022"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/105022\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=105022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=105022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=105022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}