{"id":49187,"date":"2019-03-11T05:33:30","date_gmt":"2019-03-11T05:33:30","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=49187"},"modified":"2019-03-11T05:33:30","modified_gmt":"2019-03-11T05:33:30","slug":"110319-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/110319-afternoon-session-analysis\/","title":{"rendered":"110319-Afternoon Session Analysis"},"content":{"rendered":"

11 March 2019\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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All eyes on sedated US-China trade talk.<\/strong><\/span><\/p>\n

Greenback extended its gains on Monday while investors continue to monitor the progression of US-China trade negotiation. As of writing, the dollar index notched up 0.13% to 97.32. According to reports, People\u2019s Bank of China Governor Yi Gang stated that the trade negotiation in between US and China have reached consensus on a number of crucial issues while discussing previous commitments made by Group of 20 nations on avoiding competitive devaluation of currencies. He mentioned that both countries have discussed about respecting the \u201cautonomy\u201d of each other\u2019s monetary policy. Although Yi\u2019s comment address US concerns over China\u2019s potential depreciation of yuan to blunt the impact of tariffs, he avoided any mention of one-sided pledge by Beijing to hold its currency stable. Currency stability has been the key points in talks in the recent week, as President Donald Trump pushes to seal a deal between both countries. On the other hand, pair of AUD\/USD depreciates by 0.13% to 0.7035 during Asian trading session.<\/p>\n

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As for commodities market, crude oil price extended gains by 0.61% to $56.30 per barrel. Oil futures remains well in bid following OPEC-led supply cuts which will unlikely to end anytime soon. In addition, US Baker Hughes shows that last week\u2019s oil rig count fell by 9 to 834, its third weekly drop since mid-February. On the other hand, gold price slumped by 0.11% to $1,296.65 a troy ounce following a rebound in 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

07:00 (12th<\/sup>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 Fed Chair Powell Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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 Industrial Production (MoM) (Jan)<\/td>\n-0.4%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core Retail Sales (MoM) (Jan)<\/td>\n-1.8%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Retail Sales (MoM) (Jan)<\/td>\n-1.2%<\/td>\n0.0%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the support level at 97.20. However, MACD which shows bearish momentum and the formation of death cross suggests the index to experience technical correction in short-term.<\/p>\n

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Resistance level: 97.60, 98.00<\/p>\n

Support level: 97.20, 97.05
\n<\/strong><\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing near the support level at 1.2965. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after successfully breakout the support level at 1.2965.<\/p>\n

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Resistance level: 1.3070, 1.3185<\/p>\n

Support level: 1.2965, 1.2895<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from its lower level. MACD which illustrate upward momentum and the formation of golden cross suggests the pair to extend its gains toward the resistance level at 1.1260.<\/p>\n

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Resistance level: 1.1260, 1.1290<\/p>\n

Support level: 1.1220, 1.1180<\/p>\n

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USDJPY, H1: <\/strong>USDJPY remains traded within a sideway channel while currently testing the upper level. MACD which continues to illustrate bullish signal suggests the pair to extend its gains after breaking the resistance level at 111.15.<\/p>\n

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Resistance level: 111.15, 111.50<\/p>\n

Support level: 110.90, 110.60<\/p>\n

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AUDUSD, H1: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.7025. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.7045.<\/p>\n

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Resistance level: 0.7045, 0.7070<\/p>\n

Support level: 0.7025, 0.7000<\/p>\n

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NZDUSD, H1: <\/strong>NZDUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 0.6805<\/p>\n

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Resistance level: 0.6805, 0.6845<\/p>\n

Support level: 0.6760, 0.6705<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3410. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher towards 1.3495.<\/p>\n

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Resistance level: 1.3495, 1.3570<\/p>\n

Support level: 1.3410, 1.3370<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the bottom level. However, MACD which illustrate downward momentum suggests the pair to undergo technical correction in short term toward the support level at 1.0055.<\/p>\n

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Resistance level: 1.0090, 1.0125<\/p>\n

Support level: 1.0055, 1.0015<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 55.85. MACD which illustrate bullish momentum and the formation of golden cross suggest the commodity to extend its gain toward the resistance level at 56.80.<\/p>\n

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Resistance level: 56.80, 57.75<\/p>\n

Support level: 55.85, 55.10<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1296.90. \u00a0MACD which illustrate diminished upward momentum suggests its prices to extend its losses after successfully breakout the support level at 1296.90.<\/p>\n

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Resistance level: 1305.40, 1314.95<\/p>\n

Support level: 1296.90, 1283.90<\/p>\n","protected":false},"excerpt":{"rendered":"

11 March 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis     All eyes on sedated US-China trade talk. Greenback extended its gains on Monday while investors continue to monitor the progression of US-China trade negotiation. As of writing, the dollar index notched up 0.13% to 97.32. According to reports, People\u2019s Bank of China Governor Yi Gang stated that […]<\/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\/49187"}],"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=49187"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/49187\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=49187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=49187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=49187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}