{"id":162573,"date":"2021-03-18T23:59:39","date_gmt":"2021-03-18T23:59:39","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=162573"},"modified":"2021-03-18T23:59:39","modified_gmt":"2021-03-18T23:59:39","slug":"190321-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190321-morning-session-analysis\/","title":{"rendered":"190321 Morning Session Analysis"},"content":{"rendered":"

19 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Pound dipped amid BoE warned the outlook remained unclear.<\/strong><\/span><\/p>\n

Pound sterling which act as one of the major currencies that being traded in the FX market was receiving huge sell-off pressure following Bank of England (BoE) released its dovish tilted stance during yesterday meeting. In the BoE\u2019s meeting, the Monetary Policy Committee (MPC) decided to maintain its interest rate at 0.10%, leaving the bond purchase program unchanged at \u00a3875 billion. Besides, BoE members have also stated that their unfolding monetary policy is appropriate in current economic condition. On the projection front, BoE revealed that the Covid-19 related restriction and spread of virus would continue to weigh on the economy in short term, but the government effort on vaccination program are expected to boost the economy recovery while forecasting the UK GDP back to pre-pandemic level. Nevertheless, BoE has also warned that virus spreading are still the main concern for them despite recent sign of slowing down. Hence, BoE will continue to monitor the progress of vaccination as well as the spread of virus closely, additional tools would be used to support the economy if the outlook of inflation weaken. As of writing , the pair of GBP\/USD dropped by 0.03% to 1.3900.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price down by 0.12% to $59.40 per barrel as of writing amid heightening of market worries over the equilibrium of oil market following recent surge in US crude oil inventories level. Moreover, the resurgence of virus in Europe further weigh on this black commodity market, tampering the demand outlook of oil product. Besides, gold price plunged by 0.13% to $1734.40 per troy ounce amid rising of US 10-year treasury yield pushed up the value of dollar and diminished the appeal of safe-haven asset.<\/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

10:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoJ Press Conference<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
10:30<\/td>\nJPY \u2013 BoJ Interest Rate Decision<\/td>\n-0.10%<\/td>\n-0.10%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Core Retail Sales (MoM)(Jan)<\/td>\n-4.1%<\/td>\n-2.6%<\/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 higher following prior breakout above the previous resistance level at 91.55. MACD which illustrated bearish bias momentum suggest the index to extend its gains toward the resistance level at 92.10.<\/p>\n

 <\/p>\n

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

Support level: 91.55, 91.25<\/p>\n

 <\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.3990. 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: 1.3990, 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 breakout below the previous support level at 1.1950. MACD which illustrated bearish momentum signal suggest the pair to extend its losses toward the support level at 1.1890.<\/p>\n

 <\/p>\n

Resistance level: 1.1950, 1.2025<\/p>\n

Support level: 1.1890, 1.1830<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level at 0.7780. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7730.<\/p>\n

 <\/p>\n

Resistance level: 0.7780, 0.7835<\/p>\n

Support level: 0.7730, 0.7660<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level at 0.7175. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 0.7105.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the higher level. However, MACD which illustrate bullish bias momentum signal suggest the pair to undergo technical correction toward higher level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9280. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9280.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 58.65. However, MACD which illustrated bearish bias momentum suggest the commodity to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 60.65, 62.60<\/p>\n

Support level: 58.65, 57.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1738.10. However, MACD which illustrated bearish bias momentum signal suggest the commodity to undergo technical correction toward a lower level.<\/p>\n

 <\/p>\n

Resistance level: 1738.10, 1765.20<\/p>\n

Support level: 1718.15, 1694.30<\/p>\n","protected":false},"excerpt":{"rendered":"

19 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Pound dipped amid BoE warned the outlook remained unclear. Pound sterling which act as one of the major currencies that being traded in the FX market was receiving huge sell-off pressure following Bank of England (BoE) released its dovish tilted stance during yesterday meeting. In the BoE\u2019s meeting, […]<\/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\/162573"}],"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=162573"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/162573\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=162573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=162573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=162573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}