{"id":109457,"date":"2020-03-31T00:24:01","date_gmt":"2020-03-31T00:24:01","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=109457"},"modified":"2020-03-31T00:24:01","modified_gmt":"2020-03-31T00:24:01","slug":"310320-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/310320-morning-session-analysis\/","title":{"rendered":"310320 Morning Session Analysis"},"content":{"rendered":"

31 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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Mnuchin positive view boosted dollar index higher.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies surged after hitting 13 days low level amid US Secretary of Treasury hawkish statement lifted up the investor\u2019s confidence toward greenback. Despite US economy is undergoing low underlying pressures since the outbreak of fast spreading virus, Mnuchin viewed US economic condition still remain good while predicting the economy growth will catch up the gap after virus disappeared. Besides, Mnuchin also emphasizes that unfolding monetary policy and government relief packages will successfully \u2018accompany\u2019 US to get through the hardship. Besides, upbeat housing data which released on yesterday night also acted as a catalyst, prompting the investors swarm into dollar market.\u00a0 According to National Association of Realtors, US Pending Home Sales for the month of February came in at 2.4%, blowing the estimates of economist at -1.0%, indicating housing sector remain resilient ahead of the major impact of coronavirus impact. During early Asian trading session, dollar index rose 0.69% to 99.05. On the other hand, the pair of EUR\/USD notched down 0.03% to 1.1040 as Europe virus toll surges, while no sign to loosen their existing control measures at the moment. Moreover, Germany lawmakers also predicted its nation economy will sink into fatal recession since the Lehman crisis in year 2008.<\/p>\n

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In the commodities market, crude oil price appreciated by 1.15% to $20.20 per barrel after US President Donald Trump revealed that he will speak to President Putin regarding to the oil fight between Russia and Saudi Arabia. However, Saudi Arabia signalled no discussion with Russia on stabilizing oil price despite Trump administration was pressuring on them to reach a compromise. Besides, gold price quoted down 0.18% to $1,618.75 a troy ounce amid strengthening of dollar.<\/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\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
14:00<\/td>\nGBP \u2013 GDP (YoY)(Q4)<\/td>\n1.1%<\/td>\n1.1%<\/td>\n–<\/td>\n<\/tr>\n
15:55<\/td>\nEUR \u2013 German Unemployment Change (Mar)<\/td>\n-10K<\/td>\n29K<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 CPI (YoY)(Mar)<\/td>\n1.2%<\/td>\n0.8%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 GDP (MoM)(Jan)<\/td>\n0.3%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 CB Consumer Confidence (Mar)<\/td>\n130.7<\/td>\n110.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 99.35. However, MACD which illustrate diminishing bearish momentum suggest the dollar to undergo technical correction toward the resistance level at 99.35.<\/p>\n

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Resistance level: 99.35, 101.20<\/p>\n

Support level: 97.60, 95.95<\/p>\n

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\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2340. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2340.<\/p>\n

 <\/p>\n

Resistance level: 1.2470, 1.2605<\/p>\n

Support level: 1.2340, 1.2230<\/p>\n

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\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.1040, MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.0970.<\/p>\n

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Resistance level: 1.1040, 1.1120<\/p>\n

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

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\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded higher following prior rebound from the support level at 107.65. MACD which illustrate bullish bias momentum signal suggests the pair to extend its gains toward the resistance level at 108.75.<\/p>\n

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

Support level: 107.65, 106.60<\/p>\n

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\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6035. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6350.<\/p>\n

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Resistance level: 0.6350, 0.6720<\/p>\n

Support level: 0.6035, 0.5720<\/p>\n

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6075. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 0.5865.<\/p>\n

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

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

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USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.4175. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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

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

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\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9580. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.9625.<\/p>\n

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

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

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CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 20.15. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 21.15.<\/p>\n

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Resistance level: 21.15, 23.15<\/p>\n

Support level: 20.15, 19.40<\/p>\n

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\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1634.90. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 1602.55.<\/p>\n

 <\/p>\n

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

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

31 March 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis     Mnuchin positive view boosted dollar index higher. Dollar index which gauge its value against a basket of six major currencies surged after hitting 13 days low level amid US Secretary of Treasury hawkish statement lifted up the investor\u2019s confidence toward greenback. Despite US economy is undergoing low […]<\/p>\n","protected":false},"author":25,"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\/109457"}],"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\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=109457"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/109457\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=109457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=109457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=109457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}