{"id":105677,"date":"2020-03-11T05:36:10","date_gmt":"2020-03-11T05:36:10","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=105677"},"modified":"2020-03-11T05:36:10","modified_gmt":"2020-03-11T05:36:10","slug":"110320-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/110320-afternoon-session-analysis\/","title":{"rendered":"110320 Afternoon Session Analysis"},"content":{"rendered":"

11 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 slips as coronavirus fears persist.<\/strong><\/span><\/p>\n

The dollar index have resumed its decline against its basket of six major currency pairs during late Asian session following the ongoing fears over the coronavirus continue to persist. Not long ago, the dollar have recovered some gains after investors hope that the global policymakers will proposed a further stimulus plans to support the economy that affected by travel and trade disruptions. However, as the coronavirus continue to spread across the globe, fears among investors continue to dominate the overall sentiment. The U.S. Centres for Disease Control and Prevention (CDC) reported an increase of 224 cases, bringing the total to 696. At the same time, the number of deaths had risen by six to 25. Investors are expecting that the Fed will cut additional interest rate by another 50 basis point next week which could further diminishing the greenback yield advantage and the appeal of the greenback. At the time of writing, dollar index fell 0.28% to 96.05.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price regains 1.35% to $35.23 per barrel as of writing amid stimulus hopes. According to the latest report, Russian Energy Minister Alexander Novak has called for a meeting with the country\u2019s oil companies today to discuss the possibility of future cooperation with OPEC. Besides that, news about Trump had spoken with Saudi Arabia’s Crown Prince Mohammed bin Salman in a call on Monday to discuss global energy markets also provide an additional boost for the oil market. Next, gold price remains steady and edge higher 0.63% to $1659.83 a troy ounce at the time of writing following weak dollar and ongoing coronavirus concerns.<\/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

Tentative\u00a0\u00a0\u00a0\u00a0 GBP\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Autumn Budget<\/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
17:30<\/td>\nGBP \u2013 GDP (MoM)<\/td>\n0.3%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Manufacturing Production (MoM) (Jan)<\/td>\n0.3%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Core CPI (MoM) (Feb)<\/td>\n0.2%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n0.785M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4<\/strong>\uff1a<\/strong>Dollar index was traded lower while currently testing the support level at 96.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower after it successfully breakout below the support level at 96.00.<\/p>\n

 <\/p>\n

Resistance level: 96.55, 96.80<\/p>\n

Support level: 96.00, 95.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.2900. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2975.<\/p>\n

 <\/p>\n

Resistance level: 1.2975, 1.3015<\/p>\n

Support level: 1.2900, 1.2830<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.1325. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the next resistance level at 1.1395.<\/p>\n

 <\/p>\n

Resistance level: 1.1395, 1.1450<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 104.35.<\/p>\n

 <\/p>\n

Resistance level: 107.20, 109.25<\/p>\n

Support level: 104.35, 102.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6510. MACD which illustrated bullish bias momentum suggest the pair extend its gains after it successfully breakout above the resistance level at 0.6510.<\/p>\n

 <\/p>\n

Resistance level: 0.6510, 0.6545<\/p>\n

Support level: 0.6470, 0.6400<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6285. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6285.<\/p>\n

 <\/p>\n

Resistance level: 0.6285, 0.6315<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short term toward the support level at 1.3650.<\/p>\n

 <\/p>\n

Resistance level: 1.3830, 1.4060<\/p>\n

Support level: 1.3650, 1.3360<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.9395. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 0.9330.<\/p>\n

 <\/p>\n

Resistance level: 0.9395, 0.9450<\/p>\n

Support level: 0.9330, 0.9265<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound near the support level at 29.75. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 39.20.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1651.10. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1663.90.<\/p>\n

 <\/p>\n

Resistance level: 1663.90, 1686.45<\/p>\n

Support level: 1651.10, 1636.10<\/p>\n","protected":false},"excerpt":{"rendered":"

11 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Dollar slips as coronavirus fears persist. The dollar index have resumed its decline against its basket of six major currency pairs during late Asian session following the ongoing fears over the coronavirus continue to persist. Not long ago, the dollar have recovered some gains after investors hope that […]<\/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\/105677"}],"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=105677"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/105677\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=105677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=105677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=105677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}