{"id":307235,"date":"2023-03-02T23:52:28","date_gmt":"2023-03-02T23:52:28","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=307235"},"modified":"2023-03-02T23:52:28","modified_gmt":"2023-03-02T23:52:28","slug":"030323-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030323-morning-session-analysis\/","title":{"rendered":"030323 Morning Session Analysis"},"content":{"rendered":"

03<\/strong> March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Greenback buoyed amid decent labor data.<\/strong><\/span><\/p>\n

The dollar index, which is traded against a basket of six major currencies, regained its luster yesterday\u2019s night following the release of an upbeat labor data. According to the US Department of Labor, the number of American who filed for unemployment claims over the past one week dropped from 192K to 190K, beating the consensus forecast at 195K, mirroring that the US labor market remained resilient. The upbeat labor data missed the sharp increase in unemployment across the US economy, proved by the major layoff by the giant companies in the country. However, the buying momentum in the US dollar seemed limited as the market participants are waiting for the crucial labor data \u2013 NonFarm Payrolls, which will be announced on 10th<\/sup> March. Furthermore, the dollar index extended its bull rally, helped as US treasury yield hit the fresh high. With the persistent-high inflation, the markets have largely priced in a 25-basis point of rate hike in the upcoming meeting in March. At the meantime, the market expectations of a more aggressive rate hike are surging as well, as the recent strong economic data provided more room for the Federal Reserve to hike its rate further. As of writing, the dollar index rose 0.48% to 104.98.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices were up by 0.24% to $77.77 per barrel amid strong economic rebound in top crude importer China. Besides, gold prices edged down by -0.05% to $1835.75 per troy ounce as the US dollar retakes the crown amid strong labor data.<\/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\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

N\/A<\/p>\n

 <\/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
17:30<\/td>\nGBP – Composite PMI (Feb)<\/td>\n53.0<\/td>\n53.0<\/td>\n–<\/strong><\/td>\n<\/tr>\n
17:30<\/td>\nGBP – Services PMI (Feb)<\/td>\n53.3<\/td>\n53.3<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD – ISM Non-Manufacturing PMI (Feb)<\/td>\n55.2<\/td>\n54.5<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following the prior retracement from the resistance level at 105.00. MACD which illustrated diminishing bullish momentum suggests the index to undergo technical correction in short term.<\/p>\n

 <\/p>\n

 <\/p>\n

Resistance level: 105.00, 106.65<\/p>\n

Support level: 103.15, 101.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.1940. 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

 <\/p>\n

Resistance level: 1.2105, 1.2200<\/p>\n

Support level: 1.1940, 1.1820<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower while currently retesting the support level at 1.0575. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical rebound in short term.<\/p>\n

 <\/p>\n

Resistance level: 1.0665, 1.0770<\/p>\n

Support level: 1.0445, 1.0275<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 136.45. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 136.45, 139.05<\/p>\n

Support level: 135.20, 133.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.6725. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6725.<\/p>\n

 <\/p>\n

Resistance level: 0.6860, 0.6985<\/p>\n

Support level: 0.6725, 0.6640<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6230. However, MACD which illustrated increasing bullish momentum suggest the pair to undergo technical rebound in short term.<\/p>\n

 <\/p>\n

Resistance level: 0.6355, 0.6460<\/p>\n

Support level: 0.6230, 0.6160<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following the prior breakout below the previous support level at 1.3600. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses toward the support level at 1.3505.<\/p>\n

 <\/p>\n

Resistance level: 1.3600, 1.3740<\/p>\n

Support level: 1.3505, 1.3400<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9405. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.9405, 0.9550<\/p>\n

Support level: 0.9310, 0.9225<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded higher following the prior breakout above the previous resistance level at 76.10. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the next resistance level.<\/p>\n

 <\/p>\n

Resistance level: 81.80, 86.15<\/p>\n

Support level: 76.10, 73.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher while currently testing the resistance level at 1835.00 MACD which illustrated diminishing bearish momentum suggests the commodity to extend its gains after it successfully breakout above the resistance level at 1835.00.<\/p>\n

 <\/p>\n

Resistance level: 1835.00, 1859.90<\/p>\n

Support level: 1809.10, 1786.00<\/p>\n

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

03 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Greenback buoyed amid decent labor data. The dollar index, which is traded against a basket of six major currencies, regained its luster yesterday\u2019s night following the release of an upbeat labor data. According to the US Department of Labor, the number of American who filed for unemployment claims […]<\/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\/307235"}],"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=307235"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/307235\/revisions"}],"predecessor-version":[{"id":307279,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/307235\/revisions\/307279"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=307235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=307235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=307235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}