{"id":48558,"date":"2019-03-05T01:10:04","date_gmt":"2019-03-05T01:10:04","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=48558"},"modified":"2019-03-05T01:10:04","modified_gmt":"2019-03-05T01:10:04","slug":"050319-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/050319-morning-session-analysis\/","title":{"rendered":"050319-Morning Session Analysis"},"content":{"rendered":"

5 March 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

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Euro dips, ECB doves around the corner?<\/strong><\/span><\/p>\n

US dollar extended its gains against other major peers as euro fails to hold its gains while slumping to two-weeks low. The dollar index rose 0.11% to 94.48 while pair of EUR\/USD ticked down 0.01% to 1.1336 as of writing. Earlier yesterday, Sentix Investor Confidence in the EU zone improved from 3.7% in February to -2.2% in March while wholesale Inflation for 12 months through January topped expectation. However, euro failed to take advantage of the upbeat data as investors are currently trimming their bullish bets ahead of this week\u2019s European Central Bank monetary policy meeting. Likewise, recent economic data from the EU zone remains skewed towards recessive, further dialing down market\u2019s expectation upon ECB which may adopt a \u201cwait-and-see\u201d approach and refrain from tightening their policy further this year. In addition, economist is expecting the central bank to reiterate the short-term weakness in economic data and may signal to stimulate the economy when needed. Nevertheless, there is possibility for ECB to dial down their economic projection in tandem with the recent diminished economic momentum.<\/p>\n

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In the commodities market, crude oil price tumbled 0.12% to $56.16 per barrel. Oil prices was traded in a choppy fashion while investors await further market signal from the release of crude oil inventories data from EIA this coming Wednesday. Otherwise, gold price extended its losses on yesterday by 0.73% to $1,286.92 a troy ounce following large buyback on the greenback.<\/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

11:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AUD\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 RBA Rate Statement<\/p>\n

23:35\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 Carney Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Time<\/strong><\/td>\nMarket & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
11:30<\/td>\nAUD \u2013 RBA Interest Rate Decision (Mar)<\/td>\n1.50%<\/td>\n1.50%<\/td>\n–<\/td>\n<\/tr>\n
15:30<\/td>\nCHF \u2013 CPI (MoM) (Feb)<\/td>\n-0.3%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
16:55<\/td>\nEUR \u2013 German Services PMI (Feb)<\/td>\n55.1<\/td>\n55.1<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 Markit Composite PMI (Feb)<\/td>\n51.4<\/td>\n51.4<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 Services PMI (Feb)<\/td>\n52.3<\/td>\n52.3<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Services PMI (Feb)<\/td>\n50.1<\/td>\n49.9<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 ISM Non-Manufacturing Employment (Feb)<\/td>\n57.8<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 ISM Non-Manufacturing PMI (Feb)<\/td>\n56.7<\/td>\n57.3<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 New Home Sales (Dec)<\/td>\n657K<\/td>\n600K<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nCAD \u2013 Ivey PMI (Feb)<\/td>\n54.7<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
05:30<\/p>\n

(6th<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n-4.200M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the index to advance further up, towards the direction of 96.65.<\/p>\n

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Resistance level: 96.65, 97.00<\/p>\n

Support level: 96.00, 95.50
\n<\/strong><\/p>\n

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\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower following prior retracement from the top level. MACD which illustrate diminished bullish momentum suggests the pair to extend its losses following a successful closure below 1.3170.<\/p>\n

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Resistance level: 1.3235, 1.3350<\/p>\n

Support level: 1.3170, 1.3010<\/p>\n

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EURUSD, H1: <\/strong>EURUSD was traded lower following prior retracement from the 20-MA line (red). MACD which illustrate diminished upward momentum suggests the pair to advance further down, towards the direction of 1.1310.<\/p>\n

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Resistance level: 1.1360, 1.1400<\/p>\n

Support level: 1.1310, 1.1280<\/p>\n

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USDJPY, H1: <\/strong>USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggest the pair to extend its gains after closing above the 20-MA line (red).<\/p>\n

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Resistance level: 112.20, 112.80<\/p>\n

Support level: 111.45, 111.00<\/p>\n

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\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD remains traded within a sideways channel following prior rebound from the bottom level. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.<\/p>\n

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Resistance level: 0.7105, 0.7145<\/p>\n

Support level: 0.7070, 0.7055<\/p>\n

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\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD remains traded within a sideways channel following prior retrace from the top. Stochastic Oscillator which illustrate retracement signal suggests the pair to be traded lower in short-term.<\/p>\n

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Resistance level: 0.6820, 0.6850<\/p>\n

Support level: 0.6800, 0.6780<\/p>\n

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\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance at 1.3325. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

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Resistance level: 1.3325, 1.3360<\/p>\n

Support level: 1.3280, 1.3220<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retrace from the resistance of 1.0005. MACD which illustrate diminished upward momentum suggests the pair to be traded lower, towards the direction of 0.9975.<\/p>\n

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Resistance level: 1.0005, 1.0040<\/p>\n

Support level: 0.9975, 0.9950<\/p>\n

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\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price remains traded within a narrowing triangle following prior retrace from the top. MACD which illustrate diminished upward momentum suggests its prices to be traded lower in short-term, towards the lower level of the triangle.<\/p>\n

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Resistance level: 56.45, 57.45<\/p>\n

Support level: 55.60, 55.15<\/p>\n

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\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded in a downtrend following prior closure below 1294.00. MACD which illustrate diminished upward momentum suggests its prices to extend its losses, towards the direction of 1280.20.<\/p>\n

 <\/p>\n

Resistance level: 1294.00, 1305.60<\/p>\n

Support level: 1280.20, 1267.30<\/p>\n","protected":false},"excerpt":{"rendered":"

5 March 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis     Euro dips, ECB doves around the corner? US dollar extended its gains against other major peers as euro fails to hold its gains while slumping to two-weeks low. The dollar index rose 0.11% to 94.48 while pair of EUR\/USD ticked down 0.01% to 1.1336 as of writing. […]<\/p>\n","protected":false},"author":54,"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\/48558"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=48558"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/48558\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=48558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=48558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=48558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}