{"id":107042,"date":"2020-03-19T05:54:54","date_gmt":"2020-03-19T05:54:54","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=107042"},"modified":"2020-03-19T05:54:54","modified_gmt":"2020-03-19T05:54:54","slug":"190320-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190320-afternoon-session-analysis\/","title":{"rendered":"190320 Afternoon 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 Afternoon Session Analysis<\/strong><\/p>\n

Pound sterling crashed, recession incoming?<\/strong><\/span>\u00a0<\/strong><\/p>\n

U.K pound sterling which traded against all its peer have fell to the lowest level in three decades since 1985 and surpassed Brexit Vote lows on late Asian session following worsening conditions of coronavirus in the UK and the lack of commitment from U.K Prime Minister Boris Johnson. As the pandemic began to spread through Britain, investors fear that Prime Minister Boris Johnson\u2019s response has fallen short compared to measures taken by other European nations. According to the latest update, the death toll from coronavirus in the U.K have jumped by 33 to 104 while the number of infections stands at 2626. The deteriorating conditions have prompt investors to flee from U.K assets. At the same time, U.K. sovereign bonds also plummeted, adding further pressure for the nation\u2019s currency after the government announced a rescue package for businesses in an attempt to stop the coronavirus wrecking the domestic economy. GBP\/USD plunged 0.90% to 1.1510 as of writing.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price plummets 2.64% to $21.75 per barrel at the time of writing following the deteriorating demand outlook for the commodity. As of now, ongoing battle between Saudi Arabia and Russia for market share continue to drive down the commodity sentiment and the spread of coronavirus showing no sign of slowing. Next, gold price fell 0.28% to $1482.48 a troy ounce at the time of writing as investors continue to liquidate the commodity for cash to support the margin requirement due to global market meltdown.<\/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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/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

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the resistance level 101.85. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 101.85, 102.95<\/p>\n

Support level: 99.70, 98.75<\/p>\n

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

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GBPUSD, Daily: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.2160. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1305.<\/p>\n

 <\/p>\n

Resistance level: 1.2160, 1.3255<\/p>\n

Support level: 1.1305, 1.0335<\/p>\n

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

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EURUSD, Daily: <\/strong>EURUSD was traded lower while currently testing the support level at 1.0895. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 1.0960, 1.1010<\/p>\n

Support level: 1.0895, 1.0795<\/p>\n

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

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USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 109.75. 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: 109.75, 112.15<\/p>\n

Support level: 108.20, 104.65<\/p>\n

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

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AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level at 0.5660. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.5465.<\/p>\n

 <\/p>\n

Resistance level: 0.5660, 0.5955<\/p>\n

Support level: 0.5465, 0.5220<\/p>\n

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

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.5455. 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: 0.5635, 0.5840<\/p>\n

Support level: 0.5455, 0.5265<\/p>\n

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

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USDCAD, Daily: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.4495. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4730.<\/p>\n

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Resistance level: 1.4730, 1.4945<\/p>\n

Support level: 1.4495, 1.4070<\/p>\n

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

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USDCHF, H1: <\/strong>USDCHF was traded lower following prior retracement from the resistance level 0.9735. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9680.<\/p>\n

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Resistance level: 0.9735, 0.9775<\/p>\n

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

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

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CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing the support level at 21.60. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 24.15, 27.50<\/p>\n

Support level: 21.60, 19.20<\/p>\n

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

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GOLD_, H1: <\/strong>Gold price was traded lower while currently testing the support level at 1463.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1485.75, 1510.30<\/p>\n

Support level: 1463.65, 1450.45<\/p>\n

 <\/p>\n

\u00a0<\/strong><\/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 Afternoon Session Analysis Pound sterling crashed, recession incoming?\u00a0 U.K pound sterling which traded against all its peer have fell to the lowest level in three decades since 1985 and surpassed Brexit Vote lows on late Asian session following worsening conditions of coronavirus in the UK and the lack of commitment from U.K […]<\/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\/107042"}],"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=107042"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/107042\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=107042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=107042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=107042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}