{"id":48631,"date":"2019-03-05T06:21:31","date_gmt":"2019-03-05T06:21:31","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=48631"},"modified":"2019-03-05T06:21:31","modified_gmt":"2019-03-05T06:21:31","slug":"050319-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/050319-afternoon-session-analysis\/","title":{"rendered":"050319-Afternoon Session Analysis"},"content":{"rendered":"

5<\/strong> 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

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Aussie pressured by RBA rate decision, dollar remains solid.<\/strong><\/span><\/p>\n

Dollar index which measures its strength against its basket of six major currency pair continues to accelerate it bullish momentum as market sentiment remain positively strong over recent trade news. As news on Washington and Beijing is one step closer to reach a trade agreement, risk appetite remains strong in the market as positive sentiment continue to boost the greenback. Besides that, dollar also enjoyed support from higher Treasury Yields and recent upbeat data which ease investor\u2019s fear of a potential slowdown in economic health. Dollar index gains 0.08% to 96.60 as of writing. On the other hand, AUDUSD remains in struggle and slips 0.18% to 0.7072 at the time of writing after Reserve Bank of Australia (RBA) kept its interest rate unchanged. However, recent remarks from Governor Phillip Lowe which stated RBA is more likely adopt a dovish tone in this year dragged the sentiment down. Moreover, recent data such as China Services PMI missed estimate which further pushed the Aussie to the lowest since Feb 12.<\/p>\n

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In the commodities market, crude oil price fell 0.30% to 56.06 as of writing following China have lowered its growth target for the year and the uncertainty surrounding trade deal between U.S and China whether it could affect the growth in the demand for crude oil. On the other hand, gold price recovers 0.13% to 1288.60 as concerns about trade deal impact have provide some support for the safe-haven asset.<\/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

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
Time<\/strong><\/td>\nMarket & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing near the resistance level of 96.65. However, MACD which illustrate diminishing bullish momentum suggest index to undergo short-term technical correction and retrace towards the support level 96.00.<\/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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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.3180. MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level of 1.3085.<\/p>\n

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Resistance level: 1.3180, 1.3280<\/p>\n

Support level: 1.3085, 1.3000<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level 1.1325. However, MACD which display diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound towards the resistance level at 1.1365.<\/p>\n

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Resistance level: 1.1365, 1.1400<\/p>\n

Support level: 1.1325, 1.1275<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing near the resistance level 111.85. However, MACD which illustrate bearish momentum suggest the pair to undergo short-term technical correction and retrace towards the support level at 111.35.<\/p>\n

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Resistance level: 111.85, 112.35<\/p>\n

Support level: 111.35, 110.90<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD remains traded within a sideways channel following prior retracement from the mid-level channel near 0.7100. MACD which display bearish bias signal suggest the pair to extend its retracement towards the bottom-level of the channel at 0.7060.<\/p>\n

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Resistance level: 0.7100, 0.7170<\/p>\n

Support level: 0.7060, 0.7030<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing near the support level 0.6780. MACD which illustrate bearish bias signal suggest the pair to extend its losses after successfully breaking below the support level.<\/p>\n

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Resistance level: 0.6850, 0.6915<\/p>\n

Support level: 0.6780, 0.6715<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level 1.3325. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace from the resistance level.<\/p>\n

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Resistance level: 1.3325, 1.3400<\/p>\n

Support level: 1.3245, 1.3185<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower following prior retrace from the resistance of 1.0010. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 0.9980.<\/p>\n

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Resistance level: 1.0010, 1.0030<\/p>\n

Support level: 0.9980, 0.9950<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price remains traded within a sideway channel while currently testing near the mid-level of the channel and support level of 56.15. MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the bottom-level of the channel after successfully breaking below the support level.<\/p>\n

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Resistance level: 57.50, 58.70<\/p>\n

Support level: 56.15, 55.00<\/p>\n

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GOLD_, Daily: <\/strong>Gold price was traded lower while currently testing near the support level 1288.00. MACD which illustrate ongoing bearish momentum suggest gold to extend its losses after successfully breaking below the support level.<\/p>\n

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Resistance level: 1302.50, 1325.00<\/p>\n

Support level: 1288.00, 1275.30<\/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 Afternoon Session Analysis     Aussie pressured by RBA rate decision, dollar remains solid. Dollar index which measures its strength against its basket of six major currency pair continues to accelerate it bullish momentum as market sentiment remain positively strong over recent trade news. As news on Washington and Beijing is one […]<\/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\/48631"}],"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=48631"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/48631\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=48631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=48631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=48631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}