{"id":108750,"date":"2020-03-26T05:44:21","date_gmt":"2020-03-26T05:44:21","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=108750"},"modified":"2020-03-26T05:44:21","modified_gmt":"2020-03-26T05:44:21","slug":"260320-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/260320-afternoon-session-analysis\/","title":{"rendered":"260320 Afternoon 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 Afternoon Session Analysis<\/strong><\/p>\n

Pound sterling climbs following recent upbeat CPI.<\/strong><\/span><\/p>\n

The pound sterling which traded against the greenback and other pairs have extend its gains during late Asian session following recent upbeat data and market continue to digest the impact of U.K. government’s measures to contain the coronavirus pandemic. From data perspective, U.K CPI remains strong as the data have came in at 1.7%, hitting market expectation despite with the ongoing outbreak. On the other hand, the plunge in dollar have also help the pound sterling getting a bid as Federal Reserve continue to expand its quantitative easing program to avert a financial crisis in markets. As the Monetary Policy Committee of the Bank of England are expected to announce its decision and release its meeting minutes on today, traders will continue to focus on the development of the coronavirus and waiting for the decision from BoE to determine further momentum for the pound sterling. At the time of writing, GBP\/USD edge higher 0.15% to 1.1860 while dollar index fell 0.32% to 100.79.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell 0.71% to $23.80 per barrel as of writing following fears of weak demand continue to rattle the market. As the coronavirus continue to spread and more countries started to impose lockdown, oil demand is continuing to take a hit. Next, gold price retreats 0.79% to $1604.40 a troy ounce at the time of writing amid massive relief package from U.S Senate.<\/p>\n

 <\/p>\n

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

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4<\/strong>\uff1a<\/strong>Dollar index was traded lower while currently near the support level at 100.40. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 101.45, 102.95<\/p>\n

Support level: 100.40, 99.60<\/p>\n

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

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.1875. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.1875, 1.1975<\/p>\n

Support level: 1.1805, 1.1705<\/p>\n

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

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.8095. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.0960, 1.1025<\/p>\n

Support level: 1.0895 1.0810<\/p>\n

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

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 110.80. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 110.80, 111.40<\/p>\n

Support level: 110.25, 109.45<\/p>\n

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

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.5865. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

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

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

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

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was higher while currently testing the resistance level at 0.5865. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.5865, 0.6045<\/p>\n

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

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

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.4210. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.4340, 1.4470<\/p>\n

Support level: 1.4210, 1.4005<\/p>\n

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

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9725. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

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

Support level: 0.9725, 0.9625<\/p>\n

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

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing the support level at 24.00. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 25.05, 26.15<\/p>\n

Support level: 24.00, 23.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1603.80. 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: 1635.25, 1657.25<\/p>\n

Support level: 1606.85, 1586.25<\/p>\n

\u00a0<\/strong><\/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 Afternoon Session Analysis Pound sterling climbs following recent upbeat CPI. The pound sterling which traded against the greenback and other pairs have extend its gains during late Asian session following recent upbeat data and market continue to digest the impact of U.K. government’s measures to contain the coronavirus pandemic. From data perspective, […]<\/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\/108750"}],"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=108750"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/108750\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=108750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=108750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=108750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}