{"id":25335,"date":"2018-03-07T02:08:52","date_gmt":"2018-03-07T02:08:52","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=25335"},"modified":"2018-03-07T02:08:52","modified_gmt":"2018-03-07T02:08:52","slug":"070318-daily-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070318-daily-analysis\/","title":{"rendered":"070318 Daily Analysis"},"content":{"rendered":"

07 March 2018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Daily Analysis<\/strong><\/p>\n

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Trade jitters hit on dollar.<\/strong><\/p>\n

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Dollar index fell against its major peers by 0.40% to 89.44 as of writing following increased concern by market participants that economic adviser Gary Cohn could resign from the White House if President Trump decides to proceed with his plans to impose tariffs on steel and aluminium. The former Wall Street banker was known as a defender against protectionist forces within the Trump administration. Thus, his leaving could cast greater fears over tariff hawks. Moreover, risk sentiment in the market subsided on yesterday following reports that North and South Korea have agreed to hold a summit next month, a sign of easing tension in the peninsula. The report has spurred higher risk taking among investors, shifting their focus towards other major currencies while selling off US dollar in relation to trade war risk arising from Washington. On the contrary, EUR\/USD was traded higher by 0.07% to $1.2412 as of writing following speculation that European Central Bank (ECB) could drop its easing bias at a policy meeting this week.<\/p>\n

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In the commodities market, crude oil price rose by 3 cents to $62.15 per barrel following increased market sentiment towards Energy Information Administration (EIA) to show an increase in crude stockpiles by about 2.7 million barrels. Likewise, gold price rose 0.10% to $1334.90 following an ongoing dollar weakness.<\/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\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

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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\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

09:30\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/strong>USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 FOMC Member Kaplan Speaks<\/p>\n

20:30\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0GBP\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Annual Budget Release<\/p>\n

21:00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 FOMC Member Bostic Speaks<\/p>\n

21:20\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 FOMC Member Dudley Speaks<\/p>\n

23:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 BoC Rate Statement<\/p>\n

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Today\u2019s Highlight Economy Data<\/u><\/p>\n\n\n\n\n\n\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
08:30<\/td>\nAUD \u2013 GDP (QoQ) (Q4)<\/td>\n0.7%<\/td>\n0.5%<\/td>\n0.4%<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Halifax House Price Index (YoY) (Feb)<\/td>\n-0.6%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
18:00<\/td>\nEUR \u2013 GDP (QoQ) (Q4)<\/td>\n0.6%<\/td>\n0.6%<\/td>\n–<\/td>\n<\/tr>\n
21:15<\/td>\nUSD \u2013 ADP Nonfarm Employment Change (Feb)<\/td>\n234K<\/td>\n194K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 ADP Nonfarm Productivity (QoQ) (Q4)<\/td>\n-0.1%<\/td>\n-0.1%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD \u2013 Trade Balance (Jan)<\/td>\n-3.19B<\/td>\n-2.50B<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nCAD \u2013 BoC Interest Rate Decision<\/td>\n1.25%<\/td>\n1.25%<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n3.019M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL \u2013 Gasoline Inventories<\/td>\n2.483M<\/td>\n-0.190M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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GBPUSD<\/u><\/strong><\/p>\n

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GBPUSD, Daily: <\/strong>GBPUSD was traded higher after it breaks resistance level at 1.3860. MACD histogram that portrays diminishing bearish momentum would suggest the pair to extend its gains towards the resistance level at 1.4070.<\/p>\n

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Resistance level: 1.4070, 1.4370<\/p>\n

Support level: 1.3860, 1.3750<\/p>\n


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EURUSD<\/u><\/strong><\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded higher following successful breakout at resistance level 1.2390. Arrangement of bullish candlesticks and MACD histogram that displays ongoing bullish momentum would suggest the pair to extend its gains towards the resistance level at 1.2450.<\/p>\n

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Resistance level: 1.2450, 1.2540<\/p>\n

Support level: 1.2390, 1.2340<\/p>\n


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USDJPY<\/u><\/strong><\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded higher prior rebound from support level at 105.20. However, MACD histogram that portrays diminishing bullish momentum would suggest the pair to extend its losses towards the previous low.<\/p>\n

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Resistance level: 106.70, 107.80<\/p>\n

Support level: 105.20, 103.60<\/p>\n

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\u00a0<\/strong><\/p>\n


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CrudeOIL<\/u><\/strong><\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower following failure to break resistance by 200-MA line. MACD histogram that displays diminishing bullish momentum would suggest the commodity price to extend its losses if breakout at the support level 61.80 is successful.<\/p>\n

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Resistance level: 63.20, 64.60<\/p>\n

Support level: 61.80, 60.90<\/p>\n

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\u00a0<\/strong><\/p>\n


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\u00a0<\/strong><\/p>\n

GOLD<\/u><\/strong><\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded higher following breakout at resistance level 1335.20. However, MACD histogram that shows diminishing bullish momentum would suggest the safe-haven asset price to extend its losses if breakout at its previous high is successful.<\/p>\n

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Resistance level: 1345.00, 1354.50<\/p>\n

Support level: 1335.20, 1326.80<\/p>\n

 <\/p>\n

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

07 March 2018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Daily Analysis   Trade jitters hit on dollar.   Dollar index fell against its major peers by 0.40% to 89.44 as of writing following increased concern by market participants that economic adviser Gary Cohn could resign from the White House if President Trump decides to proceed with his plans to impose tariffs […]<\/p>\n","protected":false},"author":1,"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\/25335"}],"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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=25335"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/25335\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=25335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=25335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=25335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}