{"id":106301,"date":"2020-03-16T06:28:21","date_gmt":"2020-03-16T06:28:21","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=106301"},"modified":"2020-03-16T06:28:21","modified_gmt":"2020-03-16T06:28:21","slug":"160320-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160320-afternoon-session-analysis\/","title":{"rendered":"160320 Afternoon Session Analysis"},"content":{"rendered":"

16 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

NZD\/USD slumped following the rate cuts from RBNZ.<\/strong><\/span><\/p>\n

The New Zealand Dollar slumped following the Reserve Bank of New Zealand announced a surprise interest rate cuts during the weekend in order to diminish the economic damage from the coronavirus. According to Reuters, the Reserve Bank of New Zealand decided to reduce 0.75% to its benchmark interest rate, lowering down to 0.25% from the previous reading of 1.0%. Indeed, it also delayed the start of new capital requirements by 12 months. Besides that, the central bank committees urged that the negative impact of coronavirus on New Zealand economy will continue to be significant. Despite that, Governor of the Reserve Bank of New Zealand, Adrian Orr claimed that they are not contemplating a negative interest rate at this point, while claiming that the New Zealand Financial system remains stable and major financial institutions are still well liquidised and solid. Nonetheless, they claimed that they will continue to scrutinize the financial market pricing closely in order to gauge the likelihood decisions for the future policy. Besides that, the China proxy currency such as New Zealand Dollar and Australia dollar received further bearish momentum over the backdrop of bleak economic data from China. According to National Bureau of Statistics, the China Industrial Production for last month notched down from the preliminary reading of 6.9% to -13.5%, worse than the market forecast at 1.5%. As of writing, NZD\/USD depreciated by 0.32% to 0.6035 while AUD\/USD slumped 0.42% to 0.6154.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped 5.40% to $31.55 per barrel as of writing. The oil market edged lower as the accelerating cases with regards of coronavirus and a price war rages on between Russia and Saudi Arabia continually to weigh on the commodity. On the demand front, investors worry that the outbreak of coronavirus would consistently jeopardize the global economy, while diminishing the future demand for the black-commodity. On supply side, oversupply fears have accelerated following the top exporter Saudi Arabia ramped up output and slashed the oil prices. On the other hand, the gold price surged 1.15% to $1546.05 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\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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 NY Empire State Manufacturing Index (Mar)<\/td>\n12.90<\/td>\n4.40<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior rebound from the lower level. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward the resistance level at 98.95.<\/p>\n

 <\/p>\n

Resistance level: 98.95, 99.65<\/p>\n

Support level: 98.20, 97.60<\/p>\n

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

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2320. 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: 1.2425, 1.2555<\/p>\n

Support level: 1.2320, 1.2185<\/p>\n

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

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.1090. 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: 1.1165, 1.1200<\/p>\n

Support level: 1.1090, 1.1015<\/p>\n

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

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 105.80. 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: 107.20, 108.35<\/p>\n

Support level: 105.80, 103.60<\/p>\n

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

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.6115. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6295.<\/p>\n

 <\/p>\n

Resistance level: 0.6295, 0.6515<\/p>\n

Support level: 0.6115, 0.5780<\/p>\n

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

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6045. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6190, 0.6250<\/p>\n

Support level: 0.6045, 0.5845<\/p>\n

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

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3865. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3865, 1.3945<\/p>\n

Support level: 1.3790, 1.3730<\/p>\n

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

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.9510. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9445.<\/p>\n

 <\/p>\n

Resistance level: 0.9510, 0.9545<\/p>\n

Support level: 0.9445, 0.9395<\/p>\n

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

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded lower while currently testing the support level at 29.40. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 36.90, 45.45<\/p>\n

Support level: 29.40, 26.05<\/p>\n

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

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the support level at 1535.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1556.85.<\/p>\n

 <\/p>\n

Resistance level: 1556.85, 1572.05<\/p>\n

Support level: 1535.20, 1513.05<\/p>\n

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

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

16 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis NZD\/USD slumped following the rate cuts from RBNZ. The New Zealand Dollar slumped following the Reserve Bank of New Zealand announced a surprise interest rate cuts during the weekend in order to diminish the economic damage from the coronavirus. According to Reuters, the Reserve Bank of New Zealand decided […]<\/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\/106301"}],"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=106301"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/106301\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=106301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=106301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=106301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}