{"id":312837,"date":"2023-03-28T00:28:28","date_gmt":"2023-03-28T00:28:28","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=312837"},"modified":"2023-03-28T00:28:28","modified_gmt":"2023-03-28T00:28:28","slug":"280323-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/280323-morning-session-analysis\/","title":{"rendered":"280323 Morning Session Analysis"},"content":{"rendered":"

28 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

US dollar retreated as bank <\/strong>contagion fears eased.<\/strong><\/span><\/p>\n

The dollar index, which traded against a basket of six major currencies, failed to extend its rally yesterday as the market worries around the Deutsche Bank eased following a large sell-off in the later of last week. Yesterday, the share price of Deutsche Bank rebounded sharply alongside the slide in cost of insuring its debt against default as the majority of the analysts reassured that the financial health of the largest bank in Germany was strong. According to the CMAQ pricing, the spreads on five-year senior credit default swaps (CDS) fell from as high as 226.9 bps to 198.6 bps on Monday. With that, it reignited the market confidence toward the future prospect of the bank and slacked up the market speculation over the possibility of happening crisis. As a result, the investors moved back their capital from the US dollar market to Euro market. At the same time, the news released early Monday that First Citizens BancShares agreed to acquire Silicon Valley Bank’s deposits and loans has calmed down the market concerns surrounding the health of smaller US banks. According to the Federal Deposit Insurance Corporation (FDIC) statement, the takeover transaction covers US$119 billion in deposits and $72 billion in assets, and SVB\u2019s 17 branches will open as First Citizens starting from now onward. The takeover deal boosted the market sentiment of dollar index yesterday. As of writing, the dollar index -dipped 0.27% to 102.85.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices was traded higher by 5.22% to $72.70 per barrel as the market fears over the banking crisis subsided following the significant drop in Deutsche Bank\u2019s CDS spread.\u00a0 Besides, gold prices ticked up by 0.06% to $1957.75 per troy ounce after falling significantly yesterday amid banking fears eased.<\/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

16:45\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 BoE Gov Bailey Speaks<\/p>\n

21:15\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

 <\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
22:00<\/td>\nUSD – CB Consumer Confidence (Mar)<\/td>\n102.9<\/td>\n101.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following the prior retracement from the resistance level at 103.15. MACD which illustrated bearish bias momentum suggests the index to extend its losses toward the support level at 101.25.<\/p>\n

 <\/p>\n

Resistance level: 103.15, 105.00<\/p>\n

Support level: 101.25, 99.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded higher following the prior breakout above the previous resistance level at 1.2200. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2345.<\/p>\n

 <\/p>\n

 <\/p>\n

Resistance level: 1.2345, 1.2470<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following the prior rebound from the support level at 1.0770. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.0915.<\/p>\n

 <\/p>\n

Resistance level: 1.0915, 1.1010<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following the prior rebound from the support level at 130.70. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 133.05.<\/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 lower following the prior breakout below the previous support level at 0.6675. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6565.<\/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 lower following the prior retracement from the resistance level at 0.6290. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6150.<\/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 retracement from the resistance 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 0.9225. 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 higher while currently testing the resistance level at 71.65. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance 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 lower while currently testing the support level at 1944.60. MACD which illustrated diminishing bullish momentum suggests the commodity to extend its losses after it successfully breakout below the support level at 1944.60.<\/p>\n

 <\/p>\n

Resistance level: 1985.90, 2024.90<\/p>\n

Support level: 1944.60, 1900.00<\/p>\n","protected":false},"excerpt":{"rendered":"

28 March 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   US dollar retreated as bank contagion fears eased. The dollar index, which traded against a basket of six major currencies, failed to extend its rally yesterday as the market worries around the Deutsche Bank eased following a large sell-off in the later of last week. Yesterday, the share […]<\/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\/312837"}],"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=312837"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/312837\/revisions"}],"predecessor-version":[{"id":312885,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/312837\/revisions\/312885"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=312837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=312837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=312837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}