{"id":161835,"date":"2021-03-16T04:10:32","date_gmt":"2021-03-16T04:10:32","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=161835"},"modified":"2021-03-16T04:10:32","modified_gmt":"2021-03-16T04:10:32","slug":"160321-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160321-afternoon-session-analysis\/","title":{"rendered":"160321 Afternoon Session Analysis"},"content":{"rendered":"

16 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

Dollar rose ahead of Fed decision and meeting.<\/strong><\/span><\/p>\n

During late Asian session, the dollar index which traded against a basket of six major currency pairs have holding onto small gains while market turning their attention towards Federal Reserve meeting that will start later in the day. The Fed\u2019s policy statement itself is expected to leave U.S. interest rates unchanged again at near zero as it has over the past year since the outbreak of the coronavirus pandemic. However, investors also expect that Fed Chairman Jerome Powell will at least express some concern over recent selloff in Treasury markets, which has consistently led the yield on the 10-year Treasury note to hit pre-pandemic highs above 1.6% over the past month. On the backdrop of U.S stimulus, vaccination and positive Fed expectation, market continue to price in while awaits for further signal. At the time of writing, dollar index edge higher 0.03% to 91.75.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell 0.61% to $64.86 per barrel as of writing following concerns of stockpiles and Europe vaccine woes. In the U.S, investors are worrying that the stockpiles are rising due to refining operations have taken time to fully return. At the same time, news of EU countries suspends usage of AstraZeneca vaccine also weigh heavily on the commodity which could poses further threat for crude demand. On the other hand, gold price slips 0.02% to $1733.19 a troy ounce at the time of writing following dollar gains.<\/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
18:00<\/td>\nEUR \u2013 German ZEW Economic Sentiment (Mar)<\/td>\n71.2<\/td>\n74.0<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core Retail Sales (MoM)(Feb)<\/td>\n5.9%<\/td>\n-0.1%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Retail Sales (MoM)(Feb)<\/td>\n5.3%<\/td>\n-0.5%<\/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 following prior rebound from the support level at 91.25. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 92.45.<\/p>\n

 <\/p>\n

Resistance level: 92.45, 93.35<\/p>\n

Support level: 91.25, 90.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower while currently near the support level at 1.3870. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.3925, 1.3990<\/p>\n

Support level: 1.3870, 1.3805<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level at 1.1900. 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: 1.1960, 1.2020<\/p>\n

Support level: 1.1900, 1.1845<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 109.20. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 109.20, 110.35<\/p>\n

Support level: 108.05, 106.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7735. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7800, 0.7880<\/p>\n

Support level: 0.7735, 0.7650<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.7180. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7240.<\/p>\n

 <\/p>\n

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

Support level: 0.7180, 0.7105<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2470. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2560, 1.2605<\/p>\n

Support level: 1.2470, 1.2395<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9275. 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: 0.9380, 0.9505<\/p>\n

Support level: 0.9275, 0.9150<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 66.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 63.45.<\/p>\n

 <\/p>\n

Resistance level: 66.10, 68.00<\/p>\n

Support level: 63.45, 61.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following prior rebound from the support level at 1679.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1771.30.<\/p>\n

 <\/p>\n

Resistance level: 1771.30, 1809.10<\/p>\n

Support level: 1679.55, 1644.75<\/p>\n

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

16 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Dollar rose ahead of Fed decision and meeting. During late Asian session, the dollar index which traded against a basket of six major currency pairs have holding onto small gains while market turning their attention towards Federal Reserve meeting that will start later in the day. The Fed\u2019s policy […]<\/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\/161835"}],"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=161835"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/161835\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=161835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=161835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=161835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}