{"id":159824,"date":"2021-03-05T05:19:04","date_gmt":"2021-03-05T05:19:04","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=159824"},"modified":"2021-03-05T05:19:04","modified_gmt":"2021-03-05T05:19:04","slug":"050321-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/050321-afternoon-session-analysis\/","title":{"rendered":"050321 Afternoon Session Analysis"},"content":{"rendered":"

05 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

Euro slips amid downbeat Eurozone data.<\/strong><\/span><\/p>\n

During late Asian session, the Euro which traded against the dollar and other currency pairs have plunged to new lows following recent release of downbeat inflation data from Eurozone. According to Eurostat, the latest Eurozone Retail Sales data for January have fell to -5.9%, worst then market expectation of 1.1%. Following the result, EUR investors are becoming more concerned about the outlook for the Eurozone\u2019s economy, which appears to be heading for a double-dip recession. Added to this, EU\u2019s delay in COVID-19 vaccine rollout earlier this year also continue to dampen market confidence towards the recovery in EU in the coming months. On the other hand, the pair was also pressured heavily by surging dollar strength due to recent comments from Fed Chairman Jerome Powell and higher U.S yield. Following all these factors, the pair have already experience huge selling pressure and causing a sharp drop in value. At the time of writing, EUR\/USD fell 0.11% to 1.1960.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price soars 0.56% to $64.33 per barrel as of writing following market continue to digest news of OPEC decision to maintain supply curb. OPEC and its allies agreed to not increase supply in April as they await a more solid recovery in demand from the coronavirus pandemic. On the other hand, gold price fell 0.18% to $1694.51 a troy ounce at the time of writing amid rising dollar strength.<\/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
21:30<\/td>\nUSD \u2013 Nonfarm Payrolls (Feb)<\/td>\n49K<\/td>\n18K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Unemployment Rate (Feb)<\/td>\n6.3%<\/td>\n6.3%<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCAD \u2013 Ivey PMI (Feb)<\/td>\n48.4<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n


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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the support level at 90.95. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 92.05.<\/p>\n

 <\/p>\n

Resistance level: 92.05, 92.90<\/p>\n

Support level: 90.95, 90.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.3855. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3985, 1.4085<\/p>\n

Support level: 1.3855, 1.3775<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level at 1.1955. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.2030, 1.2090<\/p>\n

Support level: 1.1955, 1.1860<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 108.00. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 108.00, 109.05<\/p>\n

Support level: 106.95, 106.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7700. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.7755, 0.7800<\/p>\n

Support level: 0.7700, 0.7650<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.7165. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.7240, 0.7365<\/p>\n

Support level: 0.7165, 0.7105<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.2615. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2720.<\/p>\n

 <\/p>\n

Resistance level: 1.2720, 1.2785<\/p>\n

Support level: 1.2615, 1.2560<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9290. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.9290, 0.9385<\/p>\n

Support level: 0.9200, 0.9040<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 64.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 64.55, 70.20<\/p>\n

Support level: 59.40, 52.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower while currently testing the support level at 1685.85. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1711.70, 1737.55<\/p>\n

Support level: 1685.85, 1661.50<\/p>\n","protected":false},"excerpt":{"rendered":"

05 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Euro slips amid downbeat Eurozone data. During late Asian session, the Euro which traded against the dollar and other currency pairs have plunged to new lows following recent release of downbeat inflation data from Eurozone. According to Eurostat, the latest Eurozone Retail Sales data for January have fell to […]<\/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\/159824"}],"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=159824"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/159824\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=159824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=159824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=159824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}