{"id":108359,"date":"2020-03-25T06:25:24","date_gmt":"2020-03-25T06:25:24","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=108359"},"modified":"2020-03-25T06:25:24","modified_gmt":"2020-03-25T06:25:24","slug":"250320-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/250320-afternoon-session-analysis\/","title":{"rendered":"250320 Afternoon Session Analysis"},"content":{"rendered":"

25 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

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Pound sterling soars despite mixed data.<\/strong><\/span><\/p>\n

The pound sterling soared against the dollar and its peer at late Asian session as trade shrugged off negative data. According to Markit Economics, service activity in the U.K have fell short to 35.7, lower than market expectation of 45. However, manufacturing activity in the U.K have surpassed market expectation with the reading of 48, higher than forecast of 45. Still, overall sentiment remains upbeat amid U.S Federal Reserve impose unlimited quantitative easing which have knock some confidence out of the U.S dollar and increasing the bid in pound sterling. At the same time, market also optimistic on recent decision of lockdown in the U.K where the currency was previously crushed by investors\u2019 concern over the lack of decisiveness from the UK leadership as to how best protect the public and UK economy from the spread of COVID-19. At the time of writing, GBP\/USD rose 0.44% to 1.1809 while dollar index slips 0.52% to 101.64.<\/p>\n

 <\/p>\n

In the commodities market, the price of crude oil jumped 1.63% to $24.71 per barrel as of writing amid increasing optimism of U.S stimulus. the U.S. Senate looked close to reaching an agreement on a massive stimulus package on Tuesday. Despite the talk would continue on Wednesday, the news has provided some boost for the commodity. Next, gold price also extended its gains and climbs 0.05% to $1617.97 a troy ounce following weakening dollar and U.S. Fed unprecedented measures of unlimited buying of bonds and securities also added further boost for the gold.<\/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

N\/A<\/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
15:00<\/td>\nGBP \u2013 CPI (YoY)(Feb)<\/td>\n1.8%<\/td>\n1.7%<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 German Ifo Business Climate Index (Mar)<\/td>\n96.0<\/td>\n87.7<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core Durable Goods Orders<\/td>\n0.8%<\/td>\n-0.4%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n1.954M<\/td>\n2.900M<\/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, Daily<\/strong>\uff1a<\/strong>Dollar index was traded lower while currently testing the support level at 101.40. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 102.95, 103.65<\/p>\n

Support level: 101.40, 100.40<\/p>\n

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\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.1805. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

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Resistance level: 1.1805, 1.1875<\/p>\n

Support level: 1.1705, 1.1595<\/p>\n

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\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.0810. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 1.0810, 1.0895<\/p>\n

Support level: 1.0730, 1.0650<\/p>\n

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\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 111.20. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 111.20, 112.15<\/p>\n

Support level: 110.05, 108.60<\/p>\n

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\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.5985. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 0.5985, 0.6105<\/p>\n

Support level: 0.5865, 0.5715<\/p>\n

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\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was higher while currently testing the resistance level at 0.5845. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 0.5845, 0.6045<\/p>\n

Support level: 0.5635, 0.5455<\/p>\n

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\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.4470. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.4225.<\/p>\n

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Resistance level: 1.4470, 1.4670<\/p>\n

Support level: 1.4225, 1.4000<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level 0.9830. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

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Resistance level: 0.9830, 0.9885<\/p>\n

Support level: 0.9715, 0.9625<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 25.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 25.05, 27.70<\/p>\n

Support level: 22.05, 20.15<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level at 1606.85. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1635.25, 1657.25<\/p>\n

Support level: 1606.85, 1586.25<\/p>\n","protected":false},"excerpt":{"rendered":"

25 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 soars despite mixed data. The pound sterling soared against the dollar and its peer at late Asian session as trade shrugged off negative data. According to Markit Economics, service activity in the U.K have fell short to 35.7, lower than market expectation of 45. However, […]<\/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\/108359"}],"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=108359"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/108359\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=108359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=108359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=108359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}