{"id":107855,"date":"2020-03-24T00:41:52","date_gmt":"2020-03-24T00:41:52","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=107855"},"modified":"2020-03-24T00:41:52","modified_gmt":"2020-03-24T00:41:52","slug":"240320-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/240320-morning-session-analysis\/","title":{"rendered":"240320 Morning Session Analysis"},"content":{"rendered":"

24 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

The release of massive expansionary plan swept off dollar\u2019s gains.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies sinks after Federal Reserve unveiled an extensive new measure\u2019s plan to support the US economy from the pandemic of coronavirus. In latest FOMC statement, Fed board\u2019s members enacted full range of tools which including purchase unlimited amounts of US Treasuries and agency mortgage-backed securities as an extraordinary move that goes even further than 2008 financial crisis. Besides, Federal reserve also set up few additional lending tools to support the economy go through nation hardship, combating the negative effect of virus spreading. Massive policy loosening put market in confusion as it may acted as a double-edged knife where it could hurt nation growth tremendously if it does not carry out properly. On the other side, rescue bill which was voted down by the majority of Democrats faces stumble in second vote, as they insist the plan was disproportionately tilt toward helping companies, instead of supporting families and health care providers. During Asian trading session, dollar index dropped by 0.34% to 102.47.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices appreciated by 1.96% to $23.89 per barrel as market sentiment remain mixed despite Federal Reserve throw a massive loosening plan to the economy. As of now, unbalance market supply and demand continue weigh on this black commodity, and market are now eyes on the development of oil war between Saudi Arabia and Russia. Besides, gold up by 0.56% to $1561.10 a troy ounce due to weakening of dollar.<\/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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
16:30<\/td>\nEUR \u2013 German Manufacturing PMI (Mar)<\/td>\n48.0<\/td>\n39.6<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Composite PMI<\/td>\n53.0<\/td>\n45.1<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Manufacturing PMI<\/td>\n51.7<\/td>\n45.0<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Services PMI<\/td>\n53.2<\/td>\n45.0<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 New Home Sales (Feb)<\/td>\n764K<\/td>\n750K<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(25th<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n-0.421M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 103.75. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses toward the support level at 102.90.<\/p>\n

 <\/p>\n

Resistance level: 103.75, 105.00<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.1545. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 1.1760.<\/p>\n

 <\/p>\n

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

Support level: 1.1545, 1.1440<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded higher following prior rebound form the support level at 1.0715. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.0790.<\/p>\n

 <\/p>\n

Resistance level: 1.0790, 1.0835<\/p>\n

Support level: 1.0715, 1.0650<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 111.35. MACD which illustrate bearish bias momentum signal suggests the pair to be extend its losses toward the support level at 110.10.<\/p>\n

 <\/p>\n

Resistance level: 111.35, 112.25<\/p>\n

Support level: 110.10, 109.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.5740. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.5985.<\/p>\n

 <\/p>\n

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

Support level: 0.5740 0.5375<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.5595. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.5865.<\/p>\n

 <\/p>\n

Resistance level: 0.5865, 0.6075<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.4535. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 1.4325.<\/p>\n

 <\/p>\n

Resistance level: 1.4535, 1.4605<\/p>\n

Support level: 1.4325, 1.4175<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9840. MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 0.9785.<\/p>\n

 <\/p>\n

Resistance level: 0.9840, 0.9905<\/p>\n

Support level: 0.9785, 0.9735<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 21.50. MACD which illustrate bullish momentum and the formation of golden cross suggest the commodity to extend its gains toward the resistance level at 25.75.<\/p>\n

 <\/p>\n

Resistance level: 25.75, 30.50<\/p>\n

Support level: 21.50, 19.10<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"
\nGOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1536.95. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1579.00<\/p>\n

 <\/p>\n

Resistance level: 1579.00, 1606.15<\/p>\n

Support level: 1536.95, 1503.40<\/p>\n","protected":false},"excerpt":{"rendered":"

24 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   The release of massive expansionary plan swept off dollar\u2019s gains. Dollar index which gauge its value against a basket of six major currencies sinks after Federal Reserve unveiled an extensive new measure\u2019s plan to support the US economy from the pandemic of coronavirus. In latest FOMC statement, Fed […]<\/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\/107855"}],"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=107855"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/107855\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=107855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=107855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=107855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}