{"id":106842,"date":"2020-03-19T01:20:15","date_gmt":"2020-03-19T01:20:15","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=106842"},"modified":"2020-03-19T01:20:15","modified_gmt":"2020-03-19T01:20:15","slug":"190320-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190320-morning-session-analysis\/","title":{"rendered":"190320 Morning Session Analysis"},"content":{"rendered":"

19 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

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Safe haven dollar soars amid exacerbating global uncertainty.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies managed to retain most of its whopping overnight gains as growing global recession fears urged investors to build up their major part of portfolio by safe haven dollar. As of now, US government are now planning to inject more stabilization fund into the economy in order to support it from the fallout of coronavirus pandemic. According to Bloomberg, the next round of stimulus plan is roughly amounted to $1.3 trillion which is still queuing for a \u2018nod\u2019 in Congress level. For the time being, global economy but not only US had been destroyed tremendously since the outbreak of coronavirus, hence it forced global central bank to further ease their monetary policy and fiscal policy in order to conquer the virus. As of writing, dollar index rose 1.34% to 100.90. On the other hand, the paid of EUR\/USD quoted up by 0.33% to 1.0950 after ECB announced a new round of stimulus plan to restrict the downside of economy. After a policymaker level of emergency meeting carried out in early today, ECB officially decide to launch an emergency bond purchase programme which worth 750 billion euro to reduce the cost of borrowing, lifting up the economy from the hit of coronavirus. ECB also revealed that the bond purchase programme will be conducted by stages and lasts until the end of year 2020 while the scheme will also involve the purchases on Greece\u2019s debt despite it had been banned by ECB due to low credit rating.<\/p>\n

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In the commodities market, crude oil price appreciated by 0.94% to $23.30 per barrel after hitting the lowest level since year 2002 as heightening of recession fears continue to drive the oil market downward. As of now, the pandemic of coronavirus continues to shrink the demand of this commodity while the global supply of crude oil jumped up substantially after Saudi Arabia decided to lift up their oil production until the month of May as a retaliation against Russia. Besides, gold price dropped by 0.08% to $1485.20 a troy ounce as US stock market halted for 15 minutes after triggering another round of level 1 circuit breaker, urging investor to sell off their gold\u2019s holding in order to avoid margin call.<\/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

16:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CHF\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\u00a0 SNB Monetary Policy Assessment<\/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
08:30<\/td>\nAUD \u2013 Employment Change (Feb)<\/td>\n13.5K<\/td>\n10.0K<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nCHF \u2013 SNB Interest Rate decision<\/td>\n-0.75%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claim<\/td>\n211K<\/td>\n220K<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nUSD \u2013 Philadelphia Fed Manufacturing Index (Mar)<\/td>\n36.7<\/td>\n10.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher while currently testing the resistance level 101.20. MACD which illustrate bullish bias signal suggest the dollar to extend its gains after it breaks above the resistance level.<\/p>\n

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Resistance level: 101.20, 102.90<\/p>\n

Support level: 99.35, 97.60<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.1570. MACD which illustrate bearish bias momentum suggest the pair to extend losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 1.1760, 1.1900<\/p>\n

Support level: 1.1570, 1.1460<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.0900. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.0970.<\/p>\n

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Resistance level: 1.0970, 1.1045<\/p>\n

Support level: 1.0900, 1.0835<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 108.45. MACD which illustrate diminishing bullish momentum suggests the pair to be extend its retracement toward the support level at 107.25.<\/p>\n

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Resistance level: 108.45, 109.25<\/p>\n

Support level: 107.25, 106.05<\/p>\n

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AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level 0.5985. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 0.5660.<\/p>\n

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Resistance level: 0.5985, 0.6350<\/p>\n

Support level: 0.5660, 0.5375<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level at 0.5870. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.5595.<\/p>\n

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Resistance level: 0.5870, 0.6075<\/p>\n

Support level: 0.5595, 0.5420<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.4325. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.4520.<\/p>\n

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Resistance level: 1.4520, 1.4605<\/p>\n

Support level: 1.4325, 1.4150<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9680. MACD which illustrate bullish bias signal suggest the pair to extend its gains toward the resistance level at 0.9735.<\/p>\n

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Resistance level: 0.9735, 0.9840<\/p>\n

Support level: 0.9680, 0.9625<\/p>\n

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CrudeOIL, Daily: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level 25.75. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses towards the support level 21.70.<\/p>\n

 <\/p>\n

Resistance level: 25.75, 35.30<\/p>\n

Support level: 21.70, 19.10<\/p>\n

 <\/p>\n

 <\/p>\n

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\nGOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from resistance level 1503.40 MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 1477.00.<\/p>\n

 <\/p>\n

Resistance level: 1503.40, 1536.95<\/p>\n

Support level: 1477.00, 1442.30<\/p>\n","protected":false},"excerpt":{"rendered":"

19 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Safe haven dollar soars amid exacerbating global uncertainty. Dollar index which gauge its value against a basket of six major currencies managed to retain most of its whopping overnight gains as growing global recession fears urged investors to build up their major part of portfolio by safe haven […]<\/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\/106842"}],"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=106842"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/106842\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=106842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=106842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=106842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}