{"id":48491,"date":"2019-03-04T06:25:08","date_gmt":"2019-03-04T06:25:08","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=48491"},"modified":"2019-03-04T06:25:08","modified_gmt":"2019-03-04T06:25:08","slug":"040319-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/040319-afternoon-session-analysis\/","title":{"rendered":"040319 Afternoon Session Analysis"},"content":{"rendered":"

4 March 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Greenback remains upbeat despite Trump comments.<\/strong><\/p>\n

Dollar index remains strong against a basket of six major currency pairs despite Trump\u2019s pessimism on dollar. In his renewed criticism, Trump stated that the dollar is too strong and criticize Powell for \u201clikes to increase rate\u201d. However, market sentiment remains positive following trade deal optimism where President Donald Trump recently have delayed the deadline for Chinese import tariff hikes. Besides that, US Donald Trump also stated a big progress has been made in trade meeting, hinting a closer step for a successful trade deal and also embolden Fed on rate hike course. Dollar index rose 0.06% to 96.30 as of writing. On the other hand, AUDUSD recovers 0.11% to 0.7090 at the time of writing as the news of a possible US-Sino trade deal in the near future lifted Chinese Yuan. As China is the largest trading partner of Australia, the Aussie also currently benefited from the positive sentiment.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price remains in pressure and slips 0.05% to $55.83 per barrel as of writing as market continue to react towards reports on Thursday’s announcement by the U.S. Energy Department that it was offering up to 6 million barrels of emergency stocks from the Strategic Petroleum Reserve, or SPR which many saw a hidden message within the offer that there could be more releases like this to counter OPEC’s production cuts or supplies tightening from U.S. sanctions against Venezuelan and Iranian oil, thus dragging the crude oil sentiment down. On the other hand, gold price also fell 0.11% to $1293.90 at the time of writing following strong dollar which currently supported by trade optimism.<\/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

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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

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n
Time<\/strong><\/td>\nMarket & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Construction PMI (Feb)<\/td>\n50.6<\/td>\n50.3<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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 <\/p>\n


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

\u00a0<\/u><\/strong><\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from the resistance level 96.40. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 96.05.<\/p>\n

 <\/p>\n

Resistance level: 96.40, 96.90<\/p>\n

Support level: 96.05, 95.55
\n<\/strong><\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level 1.3205. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.3285.<\/p>\n

 <\/p>\n

Resistance level: 1.3285, 1.3350<\/p>\n

Support level: 1.3205, 1.3065<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level 1.1355. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a short term technical correction towards the resistance level 1.1395.<\/p>\n

 <\/p>\n

Resistance level: 1.1395, 1.1445<\/p>\n

Support level: 1.1355, 1.1300<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing near the resistance level 112.10. However, MACD which illustrate bearish bias signal suggest the pair to undergo a technical correction in short term towards the support level 111.10.<\/p>\n

 <\/p>\n

Resistance level: 112.10, 112.70<\/p>\n

Support level: 111.10, 110.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level 0.7085. MACD which display bullish bias signal suggest the pair to extend its rebound towards the resistance level 0.7130.<\/p>\n

 <\/p>\n

Resistance level: 0.7130, 0.7155<\/p>\n

Support level: 0.7085,0.7055<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following recent rebound from the support level 0.6800. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6845.<\/p>\n

 <\/p>\n

Resistance level: 0.6845, 0.6875<\/p>\n

Support level: 0.6800, 0.6765<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following recent retracement from the resistance level 1.3310. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.3260.<\/p>\n

 <\/p>\n

Resistance level: 1.3310, 1.3360<\/p>\n

Support level: 1.3260, 1.3200<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level 0.9975. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.0025.<\/p>\n

 <\/p>\n

Resistance level: 1.0025, 1.0085<\/p>\n

Support level: 0.9975, 0.9910<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing near the support level 55.75. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a technical correction towards the resistance level 57.50.<\/p>\n

 <\/p>\n

Resistance level: 57.50, 59.20<\/p>\n

Support level: 55.75, 54.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price traded lower while currently testing the support level 1295.40. However, MACD which illustrate bullish bias signal suggest the pair to undergo a technical correction towards the resistance level 1303.50.<\/p>\n

 <\/p>\n

Resistance level: 1303.50, 1315.05<\/p>\n

Support level: 1295.40, 1287.05<\/p>\n

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

4 March 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Greenback remains upbeat despite Trump comments. Dollar index remains strong against a basket of six major currency pairs despite Trump\u2019s pessimism on dollar. In his renewed criticism, Trump stated that the dollar is too strong and criticize Powell for \u201clikes to increase rate\u201d. However, market sentiment remains positive […]<\/p>\n","protected":false},"author":20,"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\/48491"}],"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\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=48491"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/48491\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=48491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=48491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=48491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}