{"id":108555,"date":"2020-03-26T00:52:32","date_gmt":"2020-03-26T00:52:32","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=108555"},"modified":"2020-03-26T00:52:32","modified_gmt":"2020-03-26T00:52:32","slug":"260320-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/260320-morning-session-analysis\/","title":{"rendered":"260320 Morning Session Analysis"},"content":{"rendered":"

26 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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Greenback plunged following a stimulus plan been approved.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies dipped as US stimulus plan has been approved in the vote of Senate level. After facing two tumbles of voting down by the Democrats in a row since the beginning of this week, US politician has finally nodded their head on the latest stimulus plan which act as a new catalyst to boost up the nation economy. In details, the stimulus consists of providing a lump sum of payment to taxpayer, jobless benefits and a $500 billion fund to underpin the local business which are being suppressed by this pandemic. As a result, stimulus package has temporarily steadied the market nerves toward the outbreak of coronavirus, prompted the market participants to sell off their holding on safe haven dollar while fleeing into riskier market. Moreover, pessimistic economic data from US region also further dragged down the appeal of greenback. According to the Census Bureau, U.S. Core Durable Goods Orders data for the month of February came in at -0.6%, missing the estimate of economist at -0.4%. However, the reading of this data does not fully reflect the fallout of virus yet and it is expected to decline substantially as the pandemic has brought the economy to a sudden halt. During early Asian trading session, dollar index notched down by 1.07% to 100.90.<\/p>\n

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In commodities market, crude oil prices depreciated by 0.38% to $24.20 per barrel amid oil market sentiment still remain chaos as virus\u2019s pandemic continues to haunt the prospect of oil market. However, the losses of oil prices limited after US oil inventories data shows a smaller stockpile than market expectation. According to EIA, US crude oil inventories data came in at 1.623M, lower than the forecast of 2.774M. Besides, gold price dropped by 0.30% to $1,613.50 a troy ounce as market fled into riskier asset after a stimulus plan to pump up the market liquidity has been approved by the US government.<\/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

20:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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 BoE MPC Meeting Minutes<\/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 Retail Sales (MoM)(Feb)<\/td>\n0.9%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
20:00<\/td>\nGBP \u2013 BoE Interest Rate Decision<\/td>\n0.10%<\/td>\n0.25%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 GDP (QoQ)(Q4)<\/td>\n2.1%<\/td>\n2.1%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n281K<\/td>\n1,000K<\/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 lower following prior breakout below the previous support level at 101.20. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses toward the support level at 99.35.<\/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, H1: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.1785. However, MACD which illustrate bearish momentum suggest the pair to undergo technical correction toward the support level at 1.1785.<\/p>\n

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Resistance level: 1.1900, 1.1975<\/p>\n

Support level: 1.1785, 1.1700<\/p>\n

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EURUSD, H1: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.0835. However, MACD which illustrate diminishing bullish momentum suggests the pair to undergo technical correction toward the support level at 1.0835.<\/p>\n

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Resistance level: 1.0900, 1.0970<\/p>\n

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

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USDJPY, H1: <\/strong>USDJPY was traded lower following prior breakout below the upward wedge\u2019s bottom level. MACD which illustrate bearish bias momentum signal suggests the pair to extend its losses toward the support level at 110.10.<\/p>\n

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

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

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AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.6035. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.5720.<\/p>\n

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Resistance level: 0.6035, 0.6350<\/p>\n

Support level: 0.5720, 0.5375<\/p>\n

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

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

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

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USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.4175. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.4175.<\/p>\n

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Resistance level: 1.4335, 1.4535<\/p>\n

Support level: 1.4175, 1.3990<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9785. MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 0.9735.<\/p>\n

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Resistance level: 0.9785, 0.9815<\/p>\n

Support level: 0.9735, 0.9680<\/p>\n

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CrudeOIL, Daily: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 21.50. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 25.75.<\/p>\n

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

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

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GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level at 1602.55. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction toward the support level at 1602.55.<\/p>\n

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Resistance level: 1634.90, 1664.70<\/p>\n

Support level: 1602.55, 1579.00<\/p>\n","protected":false},"excerpt":{"rendered":"

26 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis     Greenback plunged following a stimulus plan been approved. Dollar index which gauge its value against a basket of six major currencies dipped as US stimulus plan has been approved in the vote of Senate level. After facing two tumbles of voting down by the Democrats in a […]<\/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\/108555"}],"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=108555"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/108555\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=108555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=108555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=108555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}