{"id":110481,"date":"2020-04-03T06:02:43","date_gmt":"2020-04-03T06:02:43","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=110481"},"modified":"2020-04-03T06:02:43","modified_gmt":"2020-04-03T06:02:43","slug":"030420-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030420-afternoon-session-analysis\/","title":{"rendered":"030420 Afternoon Session Analysis"},"content":{"rendered":"

03 April 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Pound sterling remain stable following aid package.<\/strong><\/span><\/p>\n

The pound sterling which traded against the greenback and its peers remain standing on high ground in overall during late Asian session following hopes of coronavirus aid packages. During early Asia, UK Chancellor Rishi Sunak unveils a new measure to SME loan scheme which extended the state-backed aid packages to medium-sized firms with turnovers as high as \u00a3500 million. The government is also stopping lenders from requesting personal guarantees for loans under \u00a3250,000 and making changes to speed up lending approvals. On the other hand, Health Secretary Matt Hancock also suggested the idea of issuing certificates for people who have built up immunity to the coronavirus to return to normal life. At the same time, he has also a new target of carrying out 100,000 Covid-19 tests a day in England by the end of April. The combination of good news has continued to support the strength for the currency. However, potential upside may be limited as market continue to assess the condition after Centre for Business and Economic Research (CEBR) predicted that the UK\u2019s GDP could plummet by 15% between this year\u2019s first and second quarters due to the impact of the coronavirus. Market will now focus on upcoming data such as UK Service PMI to determine further confirmation for the pair. At the time of writing, GBP\/USD edge higher 0.06% to 1.2383 as of writing.<\/p>\n

In the commodities market, crude oil price retreats 2.94% to $23.98 per barrel as of writing amid rising doubts on Saudi Arabia and Russia deal. Despite U.S. President Donald Trump tweeted that Saudi Arabia and Russia had agreed to a potential cut of 10 million barrels or more, investors express towards the deal that is too little and too late. At the same time, analysts also doubted that the two producers will reduce supply without a coordinated cut from other big suppliers such as the U.S. and Canada. In the other hand, gold price jumped 0.09% to $1613.35 a troy ounce at the time of writing as investors flocked to the yellow metal amid ongoing risk of coronavirus.<\/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\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Services PMI (Mar)<\/td>\n35.7<\/td>\n34.8<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Nonfarm PAyrolls (Mar)<\/td>\n273K<\/td>\n-100K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Unemployment Rate (Mar)<\/td>\n3.5%<\/td>\n3.8%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – ISM Non-Manufacturing PMI (Mar)<\/td>\n57.3<\/td>\n44.0<\/td>\n–<\/td>\n<\/tr>\n
01:00 (4th<\/sup>)<\/td>\nCrudeOIL – U.S. Baker Hughes Oil Rig Count<\/td>\n624<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level at 99.75. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains toward the resistance level at 101.20.<\/p>\n

 <\/p>\n

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

Support level: 99.75, 98.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded flat within the sideway channel. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout or rebound before entering into market.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level at 1.0835. MACD which illustrate bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level at 1.0835.<\/p>\n

 <\/p>\n

Resistance level: 1.0900, 1.1000<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 107.15. MACD which illustrate bullish bias momentum signal suggests the pair to extend its gains toward the resistance level at 108.30.<\/p>\n

 <\/p>\n

Resistance level: 108.30, 109.25<\/p>\n

Support level: 107.15, 106.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.6035. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6035.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower while currently testing near the support level at 0.5865. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.5685.<\/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, H1: <\/strong>USDCAD was traded higher following prior rebound from the upward trendline. MACD which illustrate bullish momentum signal and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.4190.<\/p>\n

 <\/p>\n

Resistance level: 1.4190, 1.4335<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.9745. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 0.9685.<\/p>\n

 <\/p>\n

Resistance level: 0.9745, 0.9825<\/p>\n

Support level: 0.9685, 0.9650<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior retracement from the higher level. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses toward the support level at 23.15.<\/p>\n

 <\/p>\n

Resistance level: 24.95, 25.85<\/p>\n

Support level: 23.15, 21.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1602.55. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1634.90.<\/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":"

03 April 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Pound sterling remain stable following aid package. The pound sterling which traded against the greenback and its peers remain standing on high ground in overall during late Asian session following hopes of coronavirus aid packages. During early Asia, UK Chancellor Rishi Sunak unveils a new measure to SME […]<\/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\/110481"}],"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=110481"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/110481\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=110481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=110481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=110481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}