{"id":108850,"date":"2020-03-27T01:03:43","date_gmt":"2020-03-27T01:03:43","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=108850"},"modified":"2020-03-27T01:03:43","modified_gmt":"2020-03-27T01:03:43","slug":"270320-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/270320-morning-session-analysis\/","title":{"rendered":"270320 Morning Session Analysis"},"content":{"rendered":"

27 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

Dollar dips following the announcement of downbeat data.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies unsuccessfully return to its previous upward trend, shattering the record of 4 days low in a row following unexpected hike in US jobless claim amount. According to the Department of Labor, US Initial Jobless Claims data came in at 3,283K, blowing the estimates of 1,650k while indicating the pandemic of Covid-19 drives the US economy into recession. Since the virus start spreading over the states of US, widespread of pandemic virus has bring devasting impact toward the US economy especially the US labour market, unleashing a wave of layoff among the local businesses. The spike in claiming unemployment benefits are foreseeably to rise even higher in the upcoming weeks as the spread of coronavirus are still sweeping the entire US, prompting the unemployment rate rising in a lightning pace. During early Asian trading session, dollar index notched down 1.57% to 99.50. On the other hand, the pair of GBP\/USD quoted down 0.32% to 1.2160 after hitting the 10 days high level following BoE decided to maintain its cash rate at 0.1% as widely expected. Besides, BoE board members also unanimously voted to keep its quantitative easing program at \u00a3645 billion after injecting \u00a3200 million last week. However, BoE are ready to further loosening their monetary policy if stimulus is needed to cure the economy from virus\u2019s outbreak.<\/p>\n

 <\/p>\n

In commodities market, crude oil prices depreciated by 0.05% to $23.00 per barrel after Iran intends to increase the capacity of its oil fields in West Karoun during this suppressing period. By implementing this strategy, it enables Iran to gains higher income even in the low oil price environment. Besides, gold price inched down by 0.02% to $1630.00 a troy ounce as heightening of market risk appetite.<\/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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core PCE Price Index (MoM)<\/td>\n0.1%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Michigan Consumer Sentiment (Mar)<\/td>\n95.9<\/td>\n90.0<\/td>\n–<\/td>\n<\/tr>\n
01:00<\/p>\n

(28th<\/sup>)<\/td>\n

CrudeOIL \u2013 U.S. Baker Hughes Oil Rig Count<\/td>\n664<\/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 while currently testing the support level at 99.35. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses after it successfully breakout below the support level at 99.35.<\/p>\n

 <\/p>\n

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

Support level: 99.35, 97.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2230. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2115.<\/p>\n

 <\/p>\n

Resistance level: 1.2230, 1.2390<\/p>\n

Support level: 1.2115, 1.1975<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.1040. However, MACD which illustrate bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.1120.<\/p>\n

 <\/p>\n

Resistance level: 1.1120, 1.1200<\/p>\n

Support level: 1.1040, 1.0970<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level at 109.25. MACD which illustrate bearish bias momentum signal suggests the pair to extend its losses after it successfully breakout below the support level at 109.25.<\/p>\n

 <\/p>\n

Resistance level: 110.10, 111.35<\/p>\n

Support level: 109.25, 108.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6035. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.5865. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6075.<\/p>\n

 <\/p>\n

Resistance level: 0.6075, 0.6250<\/p>\n

Support level: 0.5865, 0.5620<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the support level at 1.4175. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.3990.<\/p>\n

 <\/p>\n

Resistance level: 1.4175, 1.4335<\/p>\n

Support level: 1.3990, 1.3805<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9625. MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 0.9580.<\/p>\n

 <\/p>\n

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

Support level: 0.9580, 0.9520<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 23.05. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 23.05.<\/p>\n

 <\/p>\n

Resistance level: 25.00, 27.65<\/p>\n

Support level: 23.05, 21.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1634.90. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.<\/p>\n

 <\/p>\n

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

Support level: 1602.55, 1579.00<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

27 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar dips following the announcement of downbeat data. Dollar index which gauge its value against a basket of six major currencies unsuccessfully return to its previous upward trend, shattering the record of 4 days low in a row following unexpected hike in US jobless claim amount. According to […]<\/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\/108850"}],"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=108850"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/108850\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=108850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=108850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=108850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}