{"id":162195,"date":"2021-03-18T00:43:19","date_gmt":"2021-03-18T00:43:19","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=162195"},"modified":"2021-03-18T00:52:48","modified_gmt":"2021-03-18T00:52:48","slug":"180321-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/180321-morning-session-analysis\/","title":{"rendered":"180321 Morning Session Analysis"},"content":{"rendered":"

18 March 2021\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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Dollar plunged amid dovish statement from Federal Reserve.<\/strong><\/span><\/p>\n

The dollar index which gauges its value against a basket of six major currencies failed to extend its rally while being threw-off by market participants tremendously as Federal Reserve reiterated their view of no rate hikes in next two years. After the two days meeting, Federal Reserve decided to remain its interest rate unchanged near zero while maintaining its asset purchase program at $120 billion bonds a month. Besides, Federal Reserve also projected a significant jump for economic growth and inflation as Covid-19 crisis winds down, where forecasting the US economy growing at 6.5% this year and unemployment rate fall from previous estimates of 5.0% to 4.5% before the end of year 2021. Other than that, the central bank also sees the inflation to run at 2.4% this year, far above its previous forecast at 1.8%. The improvement of economic health in US economy has shifted the US central bank\u2019s view with regards to the future economic outlook, becoming more optimistic amid the progress of vaccination program and the recent laid out of $1.9 trillion stimulus plan. Nonetheless, Federal Reserve reaffirmed the market participants that there are no interest rate hikes likely through 2023 despite an improving outlook. As of writing, dollar index dropped by 0.53% to $91.38.<\/p>\n

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In the commodities market, the crude oil price up by 0.12% to $64.50 per barrel as the International Energy Agency (IEA) revealed their view of estimating no super cycle for oil in near term as supply glut issue remained. Moreover, the EIA has also reported a surprise build of 2.396M barrel as of last week, slightly lower than the economist forecast at 2.964M, yet still increased the market worries over the equilibrium of oil market. Besides, the gold price rose by 0.20% to $1748.80 a troy ounce amid dovish stance from the Federal Reserve pushed up the demand of safe-haven asset.<\/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 Market\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 Market\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

16:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB President Lagarde Speaks<\/p>\n

20:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoE MPC Meeting Minutes<\/p>\n

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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
20:00<\/td>\nGBP \u2013 BoE Interest Rate Decision (Mar)<\/td>\n0.10%<\/td>\n0.10%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n712K<\/td>\n700K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Philadephia Fed Manufacturing Index (Mar)<\/td>\n23.1<\/td>\n23.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior breakout below the previous support level at 91.55. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 91.25.<\/p>\n

 <\/p>\n

Resistance level: 91.55, 92.10<\/p>\n

Support level: 91.25, 90.90<\/p>\n

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\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.3845. MACD which illustrated bullish bia momentum suggest the pair to extend its gains toward the resistance level at 1.3990.<\/p>\n

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Resistance level: 1.3990, 1.4085<\/p>\n

Support level: 1.3945, 1.3845<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.1950. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2025.<\/p>\n

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Resistance level: 1.2025, 1.2105<\/p>\n

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

 <\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 109.15. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the lower level.<\/p>\n

 <\/p>\n

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

Support level: 108.35, 107.85<\/p>\n

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\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7780. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7835.<\/p>\n

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Resistance level: 0.7835, 0.7900<\/p>\n

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

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7225. MACD which illustrated bullish bias momentum suggests the pair to extend its gains toward the resistance level at 0.7290.<\/p>\n

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Resistance level: 0.7290, 0.7335<\/p>\n

Support level: 0.7225, 0.7175<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.2400. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 1.2340.<\/p>\n

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Resistance level: 1.2400, 1.2485<\/p>\n

Support level: 1.2345, 1.2255<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9225. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 0.9280, 0.9370<\/p>\n

Support level: 0.9225, 0.9180<\/p>\n

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CrudeOIL, H4: <\/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

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

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

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\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1738.10. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1765.20.<\/p>\n

 <\/p>\n

Resistance level: 1765.20, 1786.55<\/p>\n

Support level: 1738.10, 1718.15<\/p>\n","protected":false},"excerpt":{"rendered":"

18 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar plunged amid dovish statement from Federal Reserve. The dollar index which gauges its value against a basket of six major currencies failed to extend its rally while being threw-off by market participants tremendously as Federal Reserve reiterated their view of no rate hikes in next two years. […]<\/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\/162195"}],"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=162195"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/162195\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=162195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=162195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=162195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}