{"id":313499,"date":"2023-03-30T00:38:43","date_gmt":"2023-03-30T00:38:43","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=313499"},"modified":"2023-03-30T00:38:43","modified_gmt":"2023-03-30T00:38:43","slug":"300323-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/300323-morning-session-analysis\/","title":{"rendered":"300323 Morning Session Analysis"},"content":{"rendered":"

30 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

US Dollar firmed as Fed official ensured US banking condition.<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currencies found its ground on yesterday amid the background of easing fears on bank collapse. As the Silicon Valley Bank (SVB) has been takeover by First Citizen Bank, it diminished the market expectations of a financial crisis. Besides, the speech from Fed official might signaled that the banking system in the US was remaining in a healthy condition. Michael Barr, the Fed’s vice chairman for supervision claimed on Wednesday that the bankruptcy of SVB was led by its own risk management fault, while it would likely to be an isolated case. With that, it could cause investors to shift their views and start thinking the Fed may have more room to keep raising rates. On the economic data front, the upbeat economic data has brought US Dollar higher. According to National Association of Realtors, the US Pending Home Sales MoM in February came in at the reading of 0.8%, which exceeding the market expectation of -2.3%. Though, investors are also awaiting for the announcement of upcoming essential economic data, such as GDP and Core PCE Price Index, in order to gauge the next move of Fed. Thus, the gains of Dollar Index was limited following investors decided to step back from the market. As of writing, the Dollar Index appreciated by 0.19% to 102.30.<\/p>\n

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In the commodity market, the crude oil price eased by 0.12% to $72.92 per barrel as of writing following the Russia output cut was lesser than market anticipation. On the other hand, the gold price depreciated by 0.19% to $1962.80 per troy ounce as of writing over the strengthening of US Dollar.<\/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

Tentative\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 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 BOE Inflation Letter<\/p>\n

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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
20:00<\/td>\nEUR – German CPI (YoY) (Mar)<\/td>\n8.70%<\/td>\n7.30%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – GDP (QoQ) (Q4)<\/td>\n2.70%<\/td>\n2.70%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n191K<\/td>\n196K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level. However, MACD which illustrated decreasing bearish momentum suggest the index to be traded higher as technical correction.<\/p>\n

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Resistance level: 103.20, 104.70<\/p>\n

Support level: 102.05, 100.90<\/p>\n

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GBPUSD, Daily: <\/strong>GBPUSD was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

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Resistance level: 1.2345, 1.2595<\/p>\n

Support level: 1.2120, 1.1905<\/p>\n

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\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following prior rebound from the support level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

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Resistance level: 1.0890, 1.1100<\/p>\n

Support level: 1.0740, 1.0600<\/p>\n

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\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.<\/p>\n

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Resistance level: 135.20, 139.05<\/p>\n

Support level: 131.15, 127.80<\/p>\n

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\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

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Resistance level: 0.6775, 0.6910<\/p>\n

Support level: 0.6605, 0.6435<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.<\/p>\n

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Resistance level: 0.6225, 0.6360<\/p>\n

Support level: 0.6080, 0.5960<\/p>\n

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\"\"<\/strong><\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following prior breakout below the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.<\/p>\n

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Resistance level: 1.3675, 1.3865<\/p>\n

Support level: 1.3500, 1.3330<\/p>\n

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USDCHF, Daily: <\/strong>USDCHF was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.<\/p>\n

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Resistance level: 0.9235, 0.9400<\/p>\n

Support level: 0.9070, 0.8920<\/p>\n

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CrudeOIL, Daily: <\/strong>Crude oil price was traded lower following prior breakout below the support level. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher as technical correction.<\/p>\n

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Resistance level: 73.10, 76.80<\/p>\n

Support level: 69.75, 66.40<\/p>\n

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\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded lower following prior retracement from the resistance level. MACD which illustrated decreasing bullish momentum suggest the commodity to extend its losses.<\/p>\n

 <\/p>\n

Resistance level: 1987.85, 2025.70<\/p>\n

Support level: 1948.50, 1897.85<\/p>\n","protected":false},"excerpt":{"rendered":"

30 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 firmed as Fed official ensured US banking condition. The Dollar Index which traded against a basket of six major currencies found its ground on yesterday amid the background of easing fears on bank collapse. As the Silicon Valley Bank (SVB) has been takeover by First Citizen Bank, […]<\/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\/313499"}],"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=313499"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/313499\/revisions"}],"predecessor-version":[{"id":313593,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/313499\/revisions\/313593"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=313499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=313499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=313499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}