{"id":163155,"date":"2021-03-23T00:32:46","date_gmt":"2021-03-23T00:32:46","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=163155"},"modified":"2021-03-23T00:32:46","modified_gmt":"2021-03-23T00:32:46","slug":"230321-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/230321-morning-session-analysis\/","title":{"rendered":"230321 Morning Session Analysis"},"content":{"rendered":"

23 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

Euro surged despite Germany set to extend its lockdown measure.<\/strong><\/span><\/p>\n

Euro which act as the single currency of European Union was having mixed pattern yesterday but ending the last trading session at a higher level despite recent sharp increase in Europe\u2019s infection rate urged Germany to extend its lockdown restriction further. In the draft of proposal, Chancellor Angela Merkel office decided to continue its lockdown at least until 18th<\/sup> April and possible evening curfews on high infection areas, where the idea came after the virus infection rate crossed the critical mark of 100 cases per 100,000 people. Since the outbreak of pandemic, European Union economy has been struggling with the virus and tried to step out from the fallout of virus by increasing the pace of vaccination program, however the resurgence of third wave infection put the EU economy in the edge of recession once again. According to the Worldometer Statistics, France and Germany have reported over 30K and 11K cases on yesterday, while the death tolls were showing non-stop of rising pace. As of writing, the pair of EUR\/USD ticked up by 0.01% to 1.1933.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil dropped by 0.11% to $61.15 per barrel as of writing amid lockdown in European Union impacted the recovery hopes. With the backdrop of extending lockdown measure in European Union, the sentiment of oil market turned sour as the market participants are concerned about the outlook of this black commodity. Besides, the gold prices rose 0.01% to $1739.20 per troy ounce amid weakening of dollar index.<\/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 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

19:50 \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 Gov Bailey Speaks<\/p>\n

22:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Fed Chair Powell Testifies<\/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
15:00<\/td>\nGBP \u2013 Average Earnings Index+Bonus (Jan)<\/td>\n4.7%<\/td>\n4.9%<\/td>\n–<\/td>\n<\/tr>\n
15:00<\/td>\nGBP \u2013 Claimant Count Change (Feb)<\/td>\n-20.0K<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – New Home Sales (Feb)<\/td>\n923K<\/td>\n875K<\/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 following prior retracement from the resistance level at 92.10. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 91.55.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3850. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3990.<\/p>\n

 <\/p>\n

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

Support level: 1.3850, 1.3755<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior rebound from the support level at 1.1890. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1990.<\/p>\n

 <\/p>\n

Resistance level: 1.1990, 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 109.20. However, MACD which illustrated diminishing bearish momentum signal suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 109.20, 109.65<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7730. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7730.<\/p>\n

 <\/p>\n

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

Support level: 0.7730, 0.7700<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance 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

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.2485. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.2555.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 0.9280, 0.9310<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the higher level. However, MACD which illustrated bullish bias momentum suggest the commodity to undergo technical rebound toward higher level.<\/p>\n

 <\/p>\n

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

Support level: 60.65, 59.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the upward trendline. MACD which illustrated diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1750.60.<\/p>\n

 <\/p>\n

Resistance level: 1750.60, 1765.20<\/p>\n

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

23 March 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Euro surged despite Germany set to extend its lockdown measure. Euro which act as the single currency of European Union was having mixed pattern yesterday but ending the last trading session at a higher level despite recent sharp increase in Europe\u2019s infection rate urged Germany to extend its […]<\/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\/163155"}],"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=163155"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/163155\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=163155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=163155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=163155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}