{"id":105231,"date":"2020-03-09T04:23:58","date_gmt":"2020-03-09T04:23:58","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=105231"},"modified":"2020-03-09T04:23:58","modified_gmt":"2020-03-09T04:23:58","slug":"090320-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/090320-afternoon-session-analysis\/","title":{"rendered":"090320 Afternoon 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 Afternoon Session Analysis<\/strong><\/p>\n

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Japanese Yen skyrocketed amid heightening of global uncertainty.<\/strong><\/span><\/p>\n

The yen\u2019s role as a safe haven currency soars among other major currencies market amid the fast spread of Covid-19 and the breakdown of negotiation between OPEC and Russia sparked up the risk avoidance attitude of the market participants. According to the latest update on Coronavirus, the global infection cases has been risen up to 110,060, while the global death rate also getting closer to the number of 4K. Among all the countries affected by Coronavirus, Italy and South Korea are the most infected nation where the number of virus\u2019s cases in these two countries increasing significantly day over day. Besides, Japanese Yen soars further after OPEC and its allies failed to strike a deal in last Friday meeting. Prior to now, Russian President Vladimir Putin rejected to further increase the oil cut production as the present oil prices were sustainable for the Russian economy while emphasizing that their government had the tools to response any adverse result which may be caused by the spread of coronavirus. After that, Saudi Arabia fired back to irresponsible attitude of Russia by reducing the unrefined price as much as $6 to $7 per barrel and deciding to increase their oil production to 1 million barrels per day. An oil war seems to happen at any moment and the outbreak of coronavirus continue tampering the global growth. As of writing, the pair of USD\/JPY plummeted 2.68% to 102.48.<\/p>\n

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In the commodities market, crude oil price depreciated by 27.16% to $30.25 per barrel amid Saudi Arabia retaliated against Russia by lowering the unrefined oil prices while increasing the number of oil production significantly. Besides, the worsening condition of coronavirus also sparked up the market worries over the future demand of oil market. Besides, gold price rose 0.84% to $1688.00 a troy ounce amid exacerbating of global uncertainties.<\/p>\n

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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

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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

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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

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

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DOLLAR_INDX, H4<\/strong>\uff1a<\/strong>Dollar index was traded lower while currently testing the support level at 95.30. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level at 95.30.<\/p>\n

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

Support level: 95.30, 94.20<\/p>\n

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GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.3080. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.3045.<\/p>\n

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Resistance level: 1.3080, 1.3120<\/p>\n

Support level: 1.3045, 1.3015<\/p>\n

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EURUSD, H1: <\/strong>EURUSD was traded lower while currently testing the support level at 1.1395. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.1395.<\/p>\n

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Resistance level: 1.1450, 1.1545<\/p>\n

Support level: 1.1395, 1.1325<\/p>\n

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\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower while currently testing the support level at 102.90. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 104.35, 107.20<\/p>\n

Support level: 102.90, 100.70<\/p>\n

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\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.6515. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6515.<\/p>\n

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

Support level: 0.6515, 0.6545<\/p>\n

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\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6255. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6255.<\/p>\n

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Resistance level: 0.6315, 0.6355<\/p>\n

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

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USDCAD, Daily: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 1.3650, 1.3830<\/p>\n

Support level: 1.3360, 1.3075<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9265. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9265.<\/p>\n

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Resistance level: 0.9330, 0.9450<\/p>\n

Support level: 0.9265, 0.9205<\/p>\n

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CrudeOIL, Weekly: <\/strong>Crude oil price was traded lower while currently testing the support level at 29.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 39.20, 46.65<\/p>\n

Support level: 29.75, 25.30<\/p>\n

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\"\"<\/p>\n

GOLD_, Weekly: <\/strong>Gold price was traded higher while currently testing the resistance level at 1703.85. 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: 1703.85, 1786.80<\/p>\n

Support level: 1566.20, 1469.50<\/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 Afternoon Session Analysis     Japanese Yen skyrocketed amid heightening of global uncertainty. The yen\u2019s role as a safe haven currency soars among other major currencies market amid the fast spread of Covid-19 and the breakdown of negotiation between OPEC and Russia sparked up the risk avoidance attitude of the market participants. […]<\/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\/105231"}],"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=105231"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/105231\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=105231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=105231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=105231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}