{"id":49058,"date":"2019-03-08T06:05:58","date_gmt":"2019-03-08T06:05:58","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=49058"},"modified":"2019-03-08T06:05:58","modified_gmt":"2019-03-08T06:05:58","slug":"080319-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080319-afternoon-session-analysis\/","title":{"rendered":"080319 Afternoon Session Analysis"},"content":{"rendered":"

8 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

Safe-haven dominates market, supported by dovish ECB.<\/strong><\/p>\n

The safe-haven market preferably dollar, gold and Japanese Yen strengthened amid uncertainties spiraled from the European market when ECB Press Conference took a dovish stance towards their policy tightening which were expected during mid-autumn this year. After pushing the interest rate hike till at least end of this year and the introduction of ECB\u2019s stimulus Targeted Long-term Refinancing Operations (TLTROs) beginning September, both scenarios have caused investors to largely sell-off euro while escaping into safe dollar market. Yesterday\u2019s announcement of lower Jobless Claims data further supported the dollar, surging to its mid-December high. On the other hand, safe-haven Japanese Yen was also holding its stance amid market uncertainties while earlier announcement of Japan GDP which exceeds economists\u2019 expectations of 0.4% by 0.1% to 0.5% further supported the Yen. As of writing, dollar index retraced by 0.12% to 97.45 while pair of USD\/JPY was down by 0.29% to 111.25 while investors remained cautious ahead of today\u2019s NFP.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell by 0.23% to $56.25 per barrel amid uncertainties towards oil demand as China cuts its\u2019 economic growth target and slowdown in Europe economic growth. However, fall in oil prices was still limited due to OPEC\u2019s continuous glut cut. Otherwise, gold prices gained by 0.20% to $1,288.00 a troy ounce as market remained cautious ahead of NFP.<\/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

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


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

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

Today\u2019s Highlight Economic Data<\/u><\/p>\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
15:00<\/td>\nEUR \u2013 German Factory Orders (MoM) (Jan)<\/td>\n-1.6%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Average Hourly Earnings (MoM) (Feb)<\/td>\n0.1%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Nonfarm Payrolls (Feb)<\/td>\n304K<\/td>\n181K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Unemployment Rate (Feb)<\/td>\n4.0%<\/td>\n3.9%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Building Permits (Jan)<\/td>\n1.326M<\/td>\n1.289M<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD \u2013 Employment Change (Feb)<\/td>\n66.8K<\/td>\n0.3K<\/td>\n–<\/td>\n<\/tr>\n
02:00<\/p>\n

(9th<\/sup>)<\/td>\n

CrudeOIL \u2013 US Baker Hughes Oil Rig Count<\/td>\n843<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following recent retracement from the resistance level 97.60. MACD which display bearish bias signal suggest the pair to extend its retracement towards the support level 97.15.<\/p>\n

 <\/p>\n

Resistance level: 97.60, 98.25<\/p>\n

Support level: 97.15, 96.80
\n<\/strong><\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level 1.3090. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short term technical correction and rebound from the support level towards the resistance level 1.3205.<\/p>\n

 <\/p>\n

Resistance level: 1.3205, 1.3285<\/p>\n

Support level: 1.3090, 1.2975<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following recent rebound from the support level 1.1175. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.1215.<\/p>\n

 <\/p>\n

Resistance level: 1.1215, 1.1260<\/p>\n

Support level: 1.1175, 1.1125<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing near the support level 111.10. MAC which display persistent bearish momentum suggest the pair to extend its losses after it breaks below the support level.<\/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 lower while currently testing the support level 0.7005. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it successfully breaks below the support level.<\/p>\n

 <\/p>\n

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

Support level: 0.7005, 0.6950<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following recent retracement from the resistance level 0.6765. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.6725.<\/p>\n

 <\/p>\n

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

Support level: 0.6725, 0.6680<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level 1.3440. However, MACD which illustrate diminishing bullish momentum with the formation of death cross suggest the pair to be traded lower as a short term technical correction back below the support level 1.3375.<\/p>\n

 <\/p>\n

Resistance level: 1.3505, 1.3570<\/p>\n

Support level: 1.3440, 1.3375<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following recent retracement from the resistance level 1.0115. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 1.0085.<\/p>\n

 <\/p>\n

Resistance level: 1.0115, 1.0170<\/p>\n

Support level: 1.0085, 1.0055<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price remains traded in sideway channel. Due to lack of momentum and clear signal from MACD, it is suggested to wait until further signal appear such as breakout above the resistance level or below the support level for further confirmation before entering the market.<\/p>\n

 <\/p>\n

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

Support level: 55.60, 54.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded flat in sideway channel. Due to lack of momentum from MACD, a breakout above the resistance level or below the support level is required for further confirmation before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1289.35, 1295.15<\/p>\n

Support level: 1284.10, 1278.90<\/p>\n","protected":false},"excerpt":{"rendered":"

8 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   Safe-haven dominates market, supported by dovish ECB. The safe-haven market preferably dollar, gold and Japanese Yen strengthened amid uncertainties spiraled from the European market when ECB Press Conference took a dovish stance towards their policy tightening which were expected during mid-autumn this year. After pushing the interest rate […]<\/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\/49058"}],"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=49058"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/49058\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=49058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=49058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=49058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}