{"id":105879,"date":"2020-03-12T03:30:43","date_gmt":"2020-03-12T03:30:43","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=105879"},"modified":"2020-03-12T03:30:43","modified_gmt":"2020-03-12T03:30:43","slug":"120320-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/120320-afternoon-session-analysis\/","title":{"rendered":"120320 Afternoon Session Analysis"},"content":{"rendered":"

12 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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US bans travels from EU due to Covid-19.<\/strong><\/span><\/p>\n

Euro was traded within a tight range as market participants awaits the result from European Central Bank (ECB) policy meeting later tonight. ECB is expected to announce measures in order to combat negative impact from the coronavirus pandemic. The central bank may cut its interest rate further into the negative territory and might unveil liquidity measures such as new lending programmes that targeted at small and medium enterprises. However, investors would also scrutinize on how monetary measures is being integrated on fiscal stimulus as the eurozone remains constrained by deficit rules while several countries are facing minimal to no space in expanding their fiscal plans. Nonetheless, sentiment among investors with regards to ECB and its measures remains pessimistic as measures taken may be similar to current setting with lower interest rates and higher amount of quantitative easing. Thus, a more pronounced fiscal stimulus will be needed in conjunction with monetary easing to reduce recessive risks from the EU zone. On the other hand, US dollar tumbled during Asian trading session after US President Donald Trump addresses to the nation in response to Covid-19 pandemic. In his speech, Trump announced that US will suspend all travel from Europe to US for the next 30 days, effective on Friday midnight. He also instructs US Treasury to defer tax payments without interests or penalties for certain business and individuals whom are impacted by the pandemic. The announcement has sparked concerns that US may be succumbed to the rapidly spreading pandemic which was being downplayed from White House prior. As of writing, pair of EUR\/USD rose 0.46% to 1.1319 while the dollar index slumped 0.38% to 96.12.<\/p>\n

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In the commodities market, crude oil price plunged by 6.80% to $30.84 per barrel. According to Reuters, United Arab Emirates followed Saudi Arabia footsteps by announcing plans to boost oil output after OPEC and Russia negotiation collapsed last week. On the other hand, gold price ticks up 0.01% to $1,633.66 a troy ounce due to risk aversion in the market.<\/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\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

20.45\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB Monetary Policy Statement<\/p>\n

21.30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB Press Conference<\/p>\n

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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
20.30<\/td>\nUSD \u2013 PPI (MoM)<\/td>\n0.5%<\/td>\n-0.1%<\/td>\n–<\/td>\n<\/tr>\n
20.45<\/td>\nEUR – Deposit Facility Rate (Mar)<\/td>\n-0.50%<\/td>\n-0.50%<\/td>\n–<\/td>\n<\/tr>\n
20.45<\/td>\nEUR – ECB Marginal Lending Facility<\/td>\n0.25%<\/td>\n0.25%<\/td>\n–<\/td>\n<\/tr>\n
20.45<\/td>\nEUR – ECB Interest Rate Decision (Mar)<\/td>\n0.00%<\/td>\n0.00%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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 96.00. 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

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GBPUSD, Daily: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.2915. MACD which illustrated diminishing bullish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.2745.<\/p>\n

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Resistance level: 1.2915, 1.3130<\/p>\n

Support level: 1.2745, 1.2570<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1295. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1295.<\/p>\n

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Resistance level: 1.1295, 1.1450<\/p>\n

Support level: 1.1255, 1.1195<\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 105.15. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo short term technical correction toward the resistance level at 105.15.<\/p>\n

 <\/p>\n

Resistance level: 105.15, 106.20<\/p>\n

Support level: 103.10, 100.20<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.6465.\u00a0 MACD which illustrated bearish bias momentum suggest the pair extend its losses after it successfully breakout below the support level at 0.6465.<\/p>\n

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

Support level: 0.6465, 0.6400<\/p>\n

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NZDUSD, H1: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6255. However, MACD which illustrated diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 0.6285.<\/p>\n

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

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

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USDCAD, Daily: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.3650. MACD which illustrated bullish momentum suggest the pair to extend its gains toward the resistance level at 1.3830.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9330. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

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CrudeOIL, Daily: <\/strong>Crude oil price was traded lower following prior retracement from the higher level. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 29.75.<\/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 rebound from the support level at 1635.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1647.15<\/p>\n

 <\/p>\n

Resistance level: 1647.15, 1663.90<\/p>\n

Support level: 1635.60, 1626.05<\/p>\n","protected":false},"excerpt":{"rendered":"

12 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   US bans travels from EU due to Covid-19. Euro was traded within a tight range as market participants awaits the result from European Central Bank (ECB) policy meeting later tonight. ECB is expected to announce measures in order to combat negative impact from the coronavirus pandemic. The central […]<\/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\/105879"}],"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=105879"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/105879\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=105879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=105879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=105879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}