{"id":162443,"date":"2021-03-18T06:04:20","date_gmt":"2021-03-18T06:04:20","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=162443"},"modified":"2021-03-18T06:04:20","modified_gmt":"2021-03-18T06:04:20","slug":"180321-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/180321-afternoon-session-analysis\/","title":{"rendered":"180321 Afternoon Session Analysis"},"content":{"rendered":"

18 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

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Aussie surged amid upbeat economic data.<\/strong><\/span><\/p>\n

Australian Dollar surged over the backdrop of a string of upbeat economic data from the Australian region. According to Australian Bureau of Statistics, Australia Employment Change had notched up significantly from the previous reading of 29.1K to 88.7K, exceeding the market forecast at 30.0K. Similarly, the Australia Unemployment rate declined from the previous reading of 6.4% to 5.8%, which also better than market expectation at 6.3%. As both economic data had fared better-than-expected, which dialled up the market optimism toward the economic progression in the Australia region while prompting investors to invest in Australia. On a short-term basis, the fluctuation of the Australian dollar would be highly correlated with the global risk sentiment, according to RBA latest bulletin. Hence, riskier currencies such as Australia Dollar received further bullish momentum yesterday amid the risk-on sentiment in the FX market following Federal Reserve signalled it was in no hurry to raise interest rates through all of 2023.In fact, the U.S. central bank speculated that the US economy would be growing at 6.5% in the year of 2021, which spurring further risk-on sentiment in the market. As of writing, AUD\/USD appreciated by 0.41% to 0.7825.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped 0.51% to $64.10 per barrel as of writing following major European nations suspended use of AstraZeneca\u2019s Covid-19 vaccine over the concern of its side-effects, which spurring negative prospect for the crude oil demand in future. On the other hand, gold price surged 0.26% to $1749.40 per troy ounces amid weakening US Dollar.<\/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

16:00\u00a0\u00a0\u00a0\u00a0\u00a0\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 \u00a0ECB President Lagarde Speaks<\/p>\n

20:00\u00a0\u00a0\u00a0\u00a0\u00a0\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 \u00a0BoE 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

 <\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently testing the support level at 91.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/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, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3990. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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

Support level: 1.3825, 1.3680<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.1960. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2020.<\/p>\n

 <\/p>\n

Resistance level: 1.2020, 1.2090<\/p>\n

Support level: 1.1960, 1.1890<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 109.20. However, MACD which illustrated increasing bearish 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 higher following prior breakout above the previous resistance level at 0.7795. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7880.<\/p>\n

 <\/p>\n

Resistance level: 0.7880, 0.7925<\/p>\n

Support level: 0.7795, 0.7710<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7240. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7305.<\/p>\n

 <\/p>\n

Resistance level: 0.7305, 0.7440<\/p>\n

Support level: 0.7240, 0.7160<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2375. 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: 1.2480, 1.2555<\/p>\n

Support level: 1.2375, 1.2300<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9220. 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: 0.9285, 0.9555<\/p>\n

Support level: 0.9220, 0.9150<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 63.55. 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: 66.25, 67.55<\/p>\n

Support level: 63.45, 61.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1735.75. 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: 1735.75, 1675.85<\/p>\n","protected":false},"excerpt":{"rendered":"

18 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Aussie surged amid upbeat economic data. Australian Dollar surged over the backdrop of a string of upbeat economic data from the Australian region. According to Australian Bureau of Statistics, Australia Employment Change had notched up significantly from the previous reading of 29.1K to 88.7K, exceeding the market forecast […]<\/p>\n","protected":false},"author":54,"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\/162443"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=162443"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/162443\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=162443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=162443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=162443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}