{"id":106409,"date":"2020-03-16T23:58:22","date_gmt":"2020-03-16T23:58:22","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=106409"},"modified":"2020-03-16T23:58:22","modified_gmt":"2020-03-16T23:58:22","slug":"170320-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/170320-morning-session-analysis\/","title":{"rendered":"170320 Morning Session Analysis"},"content":{"rendered":"

17 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

 <\/p>\n

Greenback may rebound soon?<\/strong><\/span><\/p>\n

US dollar remains under pressure on Tuesday following aggressive monetary policy move from Federal Reserve in order to try and reduces recessive risk upon the US economy as coronavirus continues to disrupt global activity. The rapidly spreading coronavirus has roiled up global markets for the past few weeks, inducing higher volatility and large selloff on global equities. US Federal Reserve took a significant measure by reducing its interest rates to zero late Sunday while announcing another round of massive bond purchasing in order to mitigate risks from financial tensions that could dampen growth and jobs market outlook. However, most analysts believed that traders have digested the news and weakness experienced by the US dollar may be temporary. They also believed that US dollar continues to received support from the market due to various reasons, from investors touting it as alternate safe-haven currency as well as businesses that increases their liquidity during periods of uncertainty. On the other hand, pound sterling recovered some overnight losses as market participants speculate further easing from the Bank of England. Some investors expect Bank of England to announce more stimulus measures after its meeting on March 26 which may include further rate cuts or a restart of quantitative easing. As of writing, the dollar index was quoted down 0.76% to 98.04 while GBP\/USD ticks up 0.02% to 1.2268.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price recovered overnight losses by 1.19% to $28.89 per barrel. On yesterday, oil futures were sold off extensively after Saudi Arabia announced to produce oil at maximum capacity, fuelling worries that global oversupply may swell even further. On the other hand, gold price slumped 0.77% to $1,503.24 a troy ounce as investors liquidate their position on this commodity in order to fulfil margin calls in their equity accounts.<\/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\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 Average Earnings Index+ Bonus (Jan)<\/td>\n2.9%<\/td>\n3.0%<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Claimant Count Change (Feb)<\/td>\n5.5K<\/td>\n21.4K<\/td>\n–<\/td>\n<\/tr>\n
18:00<\/td>\nEUR \u2013 German ZEW Economic Sentiment (Mar)<\/td>\n8.7<\/td>\n-26.4<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core Retail Sales (MoM) (Feb)<\/td>\n0.3%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Retail Sales (MoM) (Feb)<\/td>\n0.3%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 JOLTs Job Openings (Jan)<\/td>\n6.423M<\/td>\n6.476M<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(18th<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n6.407M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

\"\"<\/p>\n

DOLLAR_INDX, H1: <\/strong>Dollar index was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests the index to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 98.70, 99.75<\/p>\n

Support level: 97.90, 97.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1.2290, 1.2550<\/p>\n

Support level: 1.2170, 1.1960<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded lower following prior retrace from the higher level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1.1170, 1.1285<\/p>\n

Support level: 1.1080, 1.0925<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 106.70, 108.00<\/p>\n

Support level: 105.40, 103.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior closure below 0.6175. However, MACD which illustrate diminished downward momentum suggests the pair to experience short-term technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6175, 0.6300<\/p>\n

Support level: 0.6050, 0.5915<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD remains traded within a tight range of 0.6000 and 0.6100. Due to the lack of signal from MACD, it is suggested to wait for a breakout before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 0.6100, 0.6200<\/p>\n

Support level: 0.6000, 0.5870<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior closure above 1.3940. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 1.4125.<\/p>\n

 <\/p>\n

Resistance level: 1.4125, 1.4300<\/p>\n

Support level: 1.3940, 1.3685<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.9470.<\/p>\n

 <\/p>\n

Resistance level: 0.9470, 0.9545<\/p>\n

Support level: 0.9385, 0.9320<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests its price to be traded higher as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 30.00, 33.00<\/p>\n

Support level: 27.55, 25.10<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"
\nGOLD_, Daily: <\/strong>Gold price was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests its price to extend its losses towards the direction of 1491.10.<\/p>\n

 <\/p>\n

Resistance level: 1541.20, 1603.10<\/p>\n

Support level: 1491.10, 1441.00<\/p>\n","protected":false},"excerpt":{"rendered":"

17 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Greenback may rebound soon? US dollar remains under pressure on Tuesday following aggressive monetary policy move from Federal Reserve in order to try and reduces recessive risk upon the US economy as coronavirus continues to disrupt global activity. The rapidly spreading coronavirus has roiled up global markets for […]<\/p>\n","protected":false},"author":25,"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\/106409"}],"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\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=106409"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/106409\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=106409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=106409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=106409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}