{"id":105131,"date":"2020-03-09T00:44:04","date_gmt":"2020-03-09T00:44:04","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=105131"},"modified":"2020-03-09T00:44:04","modified_gmt":"2020-03-09T00:44:04","slug":"090320-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/090320-morning-session-analysis\/","title":{"rendered":"090320 Morning Session Analysis"},"content":{"rendered":"

09 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 tumble on coronavirus contagion fears.<\/strong><\/span><\/p>\n

The Dollar index which traded against a basket of six major currency pairs extend its losses following the fear of the economic damage of the coronavirus epidemic cause the stock market in the United Stated fell more than 4%, which prompting investors to shift their portfolio from the United Stated to another countries. Indeed, many economists expected that the Federal Reserve will continue to cut its interest rate again in order to boost back the economic momentum in the U.S. According to CNBC, at least 21 people have died from the coronavirus in the United Stated. At least 521 people in the United Stated have tested positive for the virus. In worldwide, the number of deaths has topped 3,500 with more than 105,000 people was infected. However, the losses experienced by the dollar index was limited following the positive jobs data were released on last Friday. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls came in at 273K, exceeding the economist forecast at 175K. Similarly, the U.S. Unemployment Rate notched down from the preliminary reading of 3.6% to 3.5%, better than the market forecast at 3.6% while minimizing the market pessimism toward the economic progression in the United Stated. As of writing, the dollar index slumped 0.38% to 96.00.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price depreciated 19.82% to $33.40 as of writing. The oil market plunges almost 20% following the Saudi Arabia reduce its official selling price and announced plans to raise crude production significantly, signaling the start of a price war. Those moves came after Russia rejected the OPEC\u2019s proposition of cutting the oil production in order to stabilize the prices of the crude oil. On the other hand, the gold price surged 1.50% to $1698.60 per troy ounces amid to the risk-off sentiment in the FX 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 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

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

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 95.45. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 95.95, 96.40<\/p>\n

Support level: 95.45, 94.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3060. 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: 1.3125, 1.3205<\/p>\n

Support level: 1.3060, 1.2995<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1405. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.1405, 1.1555<\/p>\n

Support level: 1.1210, 1.1020<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower while currently testing the support level at 103.60. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 104.85, 106.15<\/p>\n

Support level: 103.60, 102.80<\/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 the 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 lower following prior breakout below the previous support level at 0.6340. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6280.<\/p>\n

 <\/p>\n

Resistance level: 0.6340, 0.6385<\/p>\n

Support level: 0.6280, 0.6210<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3645. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3645, 1.3745<\/p>\n

Support level: 1.3460, 1.3325<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9250. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9345.<\/p>\n

 <\/p>\n

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

Support level: 0.9250, 0.9170<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded lower while currently testing the support level at 31.65. 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: 36.90, 43.70<\/p>\n

Support level: 31.65, 26.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1701.65. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1701.65, 1729.40<\/p>\n

Support level: 1680.65, 1652.30<\/p>\n

 <\/p>\n

 <\/p>\n

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

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

09 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 tumble on coronavirus contagion fears. The Dollar index which traded against a basket of six major currency pairs extend its losses following the fear of the economic damage of the coronavirus epidemic cause the stock market in the United Stated fell more than 4%, which prompting investors […]<\/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\/105131"}],"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=105131"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/105131\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=105131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=105131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=105131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}