{"id":106724,"date":"2020-03-18T05:47:41","date_gmt":"2020-03-18T05:47:41","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=106724"},"modified":"2020-03-18T06:14:39","modified_gmt":"2020-03-18T06:14:39","slug":"180320-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/180320-afternoon-session-analysis\/","title":{"rendered":"180320 Afternoon Session Analysis"},"content":{"rendered":"

18 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

Euro tumbled amid worsening of Coronavirus.<\/strong><\/span><\/p>\n

Among all the major currencies market, the single currency euro fall in value after Italy and France announced to lockdown their countries in order to avoid fast spreading of coronavirus in Eurozone. Investor worries over the growing prospect of this bloc getting darken as the shutdown of countries would undoubtedly tamper the economic tremendously from time to time. Moreover, European Union has come into consensus to temporarily close down the external border to all the non-essential travel from third nations in order to mitigate the pandemic of coronavirus. For the time being, there is only few items are permitted to cross over the bloc such as medical equipment and goods. Besides, the recent downbeat data which announced in the region of EU also added some recession fears in the market. According to ZEW institute, Germany ZEW economic sentiment data came in at -49.5, missing the economist forecast of -26.4, indicating that the investors are increasingly pessimistic toward the economic outlook for EU zone. Nonetheless, market are now eyeing on the upcoming data such CPI and the development of virus pandemic in order to scrutinize the further direction of this single currency. As of writing, EUR\/USD inched down 0.01% to 1.1005.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price appreciated by 0.90% to $27.10 per barrel after hitting the lowest level since February of year 2016 amid supply glut continues haunting this commodity market outlook. Despite, an unexpected draw in US crude oil inventories data formed a support to slightly limit the downfall of crude oil price. According to the API data, crude oil inventories came in at -0.421M, lower than the previous month reading of 6.407M. Besides, gold price rose 0.23% to $1531.00 a troy ounce as coronavirus raised up the market risk avoidance behaviours.<\/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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
18.00<\/td>\nEUR – CPI (YoY) (Feb)<\/td>\n1.2%<\/td>\n1.2%<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nUSD \u2013 Building Permits (Feb)<\/td>\n1.550M<\/td>\n1.500M<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nCAD \u2013 Core CPI (MoM) (Feb)<\/td>\n0.4%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22.30<\/td>\nCrudeOIL \u2013 Crude OIL Inventories<\/td>\n7.664M<\/td>\n3.256M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from the resistnace level at 99.80. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 98.95.<\/p>\n

 <\/p>\n

Resistance level: 99.80, 100.35<\/p>\n

Support level: 98.95, 98.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.2020. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2175.<\/p>\n

 <\/p>\n

Resistance level: 1.2175, 1.2260<\/p>\n

Support level: 1.2020, 1.1945<\/p>\n

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

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.0965. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1060.<\/p>\n

 <\/p>\n

Resistance level: 1.1060, 1.1115<\/p>\n

Support level: 1.0965, 1.0915<\/p>\n

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

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded lower while currently testing the support level at 107.05. 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: 107.80, 108.35<\/p>\n

Support level: 107.05, 106.40<\/p>\n

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

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.5970. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6280, 0.6465<\/p>\n

Support level: 0.5970, 0.5740<\/p>\n

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

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded within a range while currently testing the resistance level at 0.5965. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.5965, 0.6010<\/p>\n

Support level: 0.5920, 0.5845<\/p>\n

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

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.4240. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.4240, 1.4485<\/p>\n

Support level: 1.4010, 1.3770<\/p>\n

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

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following prior retracement from the resistance level 0.9645. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.9645, 0.9725<\/p>\n

Support level: 0.9465, 0.9380<\/p>\n

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

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded within a range while currently testing the support level at 27.15. 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: 30.40, 33.80<\/p>\n

Support level: 27.15, 24.15<\/p>\n

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

\"\"
\nGOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1538.40. 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: 1538.40, 1558.10<\/p>\n

Support level: 1506.85, 1474.25<\/p>\n

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

18 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Euro tumbled amid worsening of Coronavirus. Among all the major currencies market, the single currency euro fall in value after Italy and France announced to lockdown their countries in order to avoid fast spreading of coronavirus in Eurozone. Investor worries over the growing prospect of this bloc getting darken […]<\/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\/106724"}],"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=106724"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/106724\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=106724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=106724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=106724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}