{"id":309939,"date":"2023-03-15T00:22:18","date_gmt":"2023-03-15T00:22:18","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=309939"},"modified":"2023-03-15T06:06:59","modified_gmt":"2023-03-15T06:06:59","slug":"150323-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/150323-morning-session-analysis\/","title":{"rendered":"150323 Morning Session Analysis"},"content":{"rendered":"

15 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 seesawed as CPI in-line with expectation.<\/strong><\/span><\/p>\n

The dollar index, which traded against a basket of six major currencies, experienced huge fluctuations following the release of the long-waited CPI data. According to the US Bureau of Labor Statistics, the Fed\u2019s preferred inflation gauge \u2013 Consumer Price Index (CPI) dropped sharply from the prior month reading at 6.4% to 6.0%, in line with the consensus expectation. Excluding the volatile items such as food and energy prices, the US Core CPI came in at 0.5%, higher than the consensus forecast at 0.4%. With that, it added conundrum of Fed on whether they should keep rising the interest rate in order to tame the persistent price pressures or hold back on tightening monetary policy further following the recent banking turmoil. Prior to the headline CPI report, majority of the investors bet that the Fed might consider pausing its rate hike plan as the collapse of Silicon Valley Bank (SVB) and Signature Bank exacerbated the risk of recession in the US. However, the still-high inflation figure paved the way for a restrictive monetary policy. Nonetheless, the final decision of the Fed would be revealed in next week\u2019s policy meeting. As of writing, the dollar index rose 0.08% to 103.65.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices were down by -0.10% to $71.00 per barrel as the US banking turmoil continued to weigh on the oil demand\u2019s prospect. Besides, gold prices dipped -0.02% to $1904.20 per troy ounce as the US dollar strengthened.<\/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

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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

17:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 IEA Monthly Report<\/p>\n

20:30\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Spring Statement<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
20:30<\/td>\nUSD – Core Retail Sales (MoM) (Feb)<\/td>\n2.3%<\/td>\n-0.1%<\/td>\n–<\/strong><\/td>\n<\/tr>\n
20:30<\/td>\nUSD – PPI (MoM) (Feb)<\/td>\n0.7%<\/td>\n0.3%<\/td>\n–<\/strong><\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Retail Sales (MoM) (Feb)<\/td>\n3.0%<\/td>\n-0.3%<\/td>\n–<\/strong><\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-1.694M<\/td>\n0.555M<\/td>\n–<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level at 103.15. MACD which illustrated bearish bias momentum suggests the index to extend its losses after it successfully breakout below the support level.<\/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 higher while currently testing the resistance level at 1.2200. 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

 <\/p>\n

Resistance level: 1.2200, 1.2345<\/p>\n

Support level: 1.2105, 1.1940<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following the prior breakout above the previous resistance level at 1.0665. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.0770.<\/p>\n

 <\/p>\n

Resistance level: 1.0770, 1.1010<\/p>\n

Support level: 1.0665, 1.0575<\/p>\n

 <\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded higher following the prior rebound from the support level at 133.05. However, MACD which illustrated bearish bias momentum suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 135.20, 136.30<\/p>\n

Support level: 133.05, 130.70<\/p>\n

 <\/p>\n

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AUDUSD, Daily: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6675. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6675.<\/p>\n

 <\/p>\n

Resistance level: 0.6675, 0.6785<\/p>\n

Support level: 0.6565, 0.6425<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following the prior breakout above the previous resistance level at 0.6150. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6290.<\/p>\n

 <\/p>\n

Resistance level: 0.6290, 0.6455<\/p>\n

Support level: 0.6150, 0.6040<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following the prior breakout below the previous support level at 1.3730. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses toward the support level at 1.3635.<\/p>\n

 <\/p>\n

Resistance level: 1.3730, 1.3830<\/p>\n

Support level: 1.3635, 1.3565<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following the prior breakout below the previous support level at 0.9225. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.9070.<\/p>\n

 <\/p>\n

Resistance level: 0.9225, 0.9325<\/p>\n

Support level: 0.9070, 0.8945<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded lower while currently testing the support level at 71.65. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 76.10, 81.70<\/p>\n

Support level: 71.65, 66.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following the prior breakout above the previous resistance level at 1900.00. MACD which illustrated bullish bias momentum suggests the commodity to extend its gains toward the resistance level at 1944.60.<\/p>\n

 <\/p>\n

Resistance level: 1944.60, 1985.90<\/p>\n

Support level: 1900.00, 1884.00<\/p>\n","protected":false},"excerpt":{"rendered":"

15 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Greenback seesawed as CPI in-line with expectation. The dollar index, which traded against a basket of six major currencies, experienced huge fluctuations following the release of the long-waited CPI data. According to the US Bureau of Labor Statistics, the Fed\u2019s preferred inflation gauge \u2013 Consumer Price Index (CPI) […]<\/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\/309939"}],"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=309939"}],"version-history":[{"count":2,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/309939\/revisions"}],"predecessor-version":[{"id":310079,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/309939\/revisions\/310079"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=309939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=309939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=309939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}