{"id":310835,"date":"2023-03-20T00:20:02","date_gmt":"2023-03-20T00:20:02","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=310835"},"modified":"2023-03-20T00:20:02","modified_gmt":"2023-03-20T00:20:02","slug":"200323-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/200323-morning-session-analysis\/","title":{"rendered":"200323 Morning Session Analysis"},"content":{"rendered":"

20 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 sank amid Fed rate hikes expectation eased.<\/strong><\/span><\/p>\n

The dollar index, which traded against a basket of six major currencies, lost its ground as the recent bank jitters tumbled the possibility of the Fed\u2019s aggressive rate hike.\u00a0 Last week, the fallout of SVB and Signature Bank coaxed the market participants to rush into traditional safe-haven assets, in order to avoid market uncertainty.\u00a0 With the purpose of safeguarding the US banking sector, the Federal Reserve has implemented a new funding facility, which will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.\u00a0 As a result, cash-short banks have borrowed about $300 billion from the Federal Reserve in the past week.\u00a0 The plan has blunted the Fed\u2019s ongoing quantitative program and re-widened the Fed\u2019s balance sheet massively.\u00a0 Besides, the banking crisis urged investors to bet on a pause in hiking interest rates by the Federal Reserve in the upcoming meeting.\u00a0 Against this backdrop, the US dollar is likely to remain under pressure in the foreseeable future.\u00a0 As of writing, the dollar index edged up 0.04% to 103.75.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices were down by -0.02% to $66.35 per barrel as the banking turmoil in Europe and the US blurred the oil demand\u2019s prospect.\u00a0 Besides, gold prices ticked down by -0.59% to $1977.80 per troy ounce after skyrocketing more than 3% last Friday amid the market contagion fears.<\/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\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 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

22:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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 ECB President Lagarde Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

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

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower following the prior breakout below the previous support level at 133.05. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 130.70.<\/p>\n

 <\/p>\n

Resistance level: 133.05, 135.20<\/p>\n

Support level: 130.70, 127.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following the prior breakout above the previous resistance level at 0.6675. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6785.<\/p>\n

 <\/p>\n

Resistance level: 0.6785, 0.6925<\/p>\n

Support level: 0.6675, 0.6565<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6290. 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: 0.6290, 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 bearish bias 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 retracement from the resistance level at 0.9320. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term toward the higher level.<\/p>\n

 <\/p>\n

Resistance level: 0.9325, 0.9475<\/p>\n

Support level: 0.9225, 0.9070<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded lower while currently testing the support level at 66.10. 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: 71.65, 76.10<\/p>\n

Support level: 66.10, 61.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher while currently testing the resistance level at 1985.90. MACD which illustrated bullish bias momentum suggests the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1985.90, 2042.60<\/p>\n

Support level: 1944.60, 1900.00<\/p>\n

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

20 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Greenback sank amid Fed rate hikes expectation eased. The dollar index, which traded against a basket of six major currencies, lost its ground as the recent bank jitters tumbled the possibility of the Fed\u2019s aggressive rate hike.\u00a0 Last week, the fallout of SVB and Signature Bank coaxed the […]<\/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\/310835"}],"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=310835"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/310835\/revisions"}],"predecessor-version":[{"id":310867,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/310835\/revisions\/310867"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=310835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=310835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=310835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}