{"id":160640,"date":"2021-03-10T04:43:00","date_gmt":"2021-03-10T04:43:00","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=160640"},"modified":"2021-03-10T04:43:00","modified_gmt":"2021-03-10T04:43:00","slug":"100321-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/100321-afternoon-session-analysis\/","title":{"rendered":"100321 Afternoon Session Analysis"},"content":{"rendered":"

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

 <\/p>\n

Aussie slips even with upbeat China data.<\/strong><\/span><\/p>\n

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs despite with recent release of positive China inflation data during earlier today. According to the National Bureau of Statistics of China, China\u2019s CPI grew 0.6%, higher than market expectation of 0.4%. At the same time, China\u2019s PPI also improved to 1.7%, surpassed market forecast of 1.5%. Despite that, the positive data unable to convince buyers as market sentiment turned sluggish. Earlier in the day, Reserve Bank of Australia (RBA) Governor Philip Lowe gave out downbeat comments while raising doubts on the future rate hikes and bond purchases. He stated that there is still a long way to go before the bank would consider a rate hike. At the time of writing, AUD\/USD slips 0.37% to $0.7680.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell 0.47% to $63.49 as of writing following EIA cutting 2021 demand forecast and concerns over recent rally going too fast. The US Energy Information Administration (EIA) has said in its latest report just released to the markets that it was cutting the crude oil demand growth forecast for 2021 to 5.32 million barrels per day (bpd), a drop of 60,000 barrels. On the other hand, technical indicators showed crude oil rallied too fast and too far which starting to raise concerns of potential price collapse in near term. On the other hand, gold price rose 0.11% to $1712.76 a troy ounce at the time of writing following dollar retreat.<\/p>\n

\u00a0<\/u><\/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 Market\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 Market\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 – Core CPI (MoM) (Jan)<\/td>\n0.1%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nCAD – BoC Interest Rate Decision<\/td>\n0.25%<\/td>\n0.25%<\/td>\n <\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-0.994M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the resistance level at 92.10. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 92.10, 92.60<\/p>\n

Support level: 91.55, 90.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3845.<\/p>\n

 <\/p>\n

Resistance level: 1.3945, 1.4085<\/p>\n

Support level: 1.3845, 1.3755<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.1890. However, MACD which illustrated bullish bias momentum suggest the pair to undergo technical correction in short term toward higher level.<\/p>\n

 <\/p>\n

Resistance level: 1.1890, 1.1950<\/p>\n

Support level: 1.1830, 1.1755<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 108.50. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 109.15.<\/p>\n

 <\/p>\n

Resistance level: 109.15, 109.65<\/p>\n

Support level: 108.55, 107.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.7730. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7660.<\/p>\n

 <\/p>\n

Resistance level: 0.7730, 0.7780<\/p>\n

Support level: 0.7660, 0.7600<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement near the resistance level at 0.7165. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7105.<\/p>\n

 <\/p>\n

Resistance level: 0.7165, 0.7225<\/p>\n

Support level: 0.7105, 0.7075<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.2610. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.2685.<\/p>\n

 <\/p>\n

Resistance level: 1.2685, 1.2770<\/p>\n

Support level: 1.2610, 1.2555<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9280. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9370.<\/p>\n

 <\/p>\n

Resistance level: 0.9370, 0.9430<\/p>\n

Support level: 0.9280, 0.9225<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 63.70. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 64.55, 66.10<\/p>\n

Support level: 63.70, 62.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1712.45. 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: 1738.10, 1765.20<\/p>\n

Support level: 1712.45, 1694.05<\/p>\n","protected":false},"excerpt":{"rendered":"

10 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Aussie slips even with upbeat China data. During late Asian session, the Australian dollar which traded against the greenback and other currency pairs despite with recent release of positive China inflation data during earlier today. According to the National Bureau of Statistics of China, China\u2019s CPI grew 0.6%, […]<\/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\/160640"}],"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=160640"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/160640\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=160640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=160640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=160640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}