{"id":49915,"date":"2019-03-18T06:15:58","date_gmt":"2019-03-18T06:15:58","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=49915"},"modified":"2019-03-18T06:15:58","modified_gmt":"2019-03-18T06:15:58","slug":"190318-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190318-afternoon-session-analysis\/","title":{"rendered":"190318-Afternoon Session Analysis"},"content":{"rendered":"

18 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

 <\/p>\n

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Dollar tumbled as economy rumbled.<\/strong><\/span><\/p>\n

Greenback extended its losses during mid-Asian trading session over the backdrop of soft economic data from the United States. Last Friday, a slew of weaker-than-expected data such as manufacturing output and New York factory activity has further cemented the expectation for Federal Reserve to strike a dovish stance this week. According to reports, US 10-year Treasury yields fell to as low as 2.580%, its lowest threshold since January 4th<\/sup>. Likewise, Federal fund futures are currently pricing in at only 40% chance for a rate hike this year due to diminishing optimism towards US economy progression. Majority of investors expects the Fed to keep their interest rate unchanged while revealing a plan to end its balance sheet tapering during this week\u2019s monetary policy meeting. Overall, market focus will be placed upon how dovish the Fed could get while risks surrounding the US economy such as trade war and global economic recession continues to increase. As of writing, the dollar index fell 0.12% to 95.88. On the other hand, pair of AUD\/USD rose 0.36% to 0.7113. Australian dollar received higher demand in the market following weaker greenback while coupled with appreciating iron ore prices \u2013 one of Australia\u2019s main exports.<\/p>\n

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As for commodities market, crude oil price depreciates by 0.10% to $58.60 per barrel. Oil prices slipped on Monday amid market concerns over an economic downturn which may reduce global fuel consumption and its demand. Similarly, gold price fell by 0.25% to $1,299.00 a troy ounce following a shift in market focus towards riskier assets such as Australian dollar and Euro.<\/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

N\/A<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently testing near the support level at 95.90. MACD which illustrate bearish signal suggests the index to be traded lower following a successful close below 95.90.<\/p>\n

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Resistance level: 96.20, 96.55<\/p>\n

Support level: 95.90, 95.70<\/p>\n

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\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retracement from its higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term, towards the direction of 1.3240.<\/p>\n

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Resistance level: 1.3350, 1.3400<\/p>\n

Support level: 1.3240, 1.3170<\/p>\n

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EURUSD, H1: <\/strong>EURUSD remains traded within a sideways channel while currently testing near the resistance 1.1340. Stochastic Oscillator which illustrate retracement signal suggests the pair to be traded lower following a retrace from the target 1.1340.<\/p>\n

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Resistance level: 1.1340, 1.1365<\/p>\n

Support level: 1.1300, 1.1260<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from its higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.<\/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, H4: <\/strong>AUDUSD was traded higher following prior closure above 0.7100. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 0.7120.<\/p>\n

 <\/p>\n

Resistance level: 0.7120, 0.7155<\/p>\n

Support level: 0.7100, 0.7075<\/p>\n

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\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD remains traded within a narrowing triangle following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.<\/p>\n

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Resistance level: 0.6910, 0.7020<\/p>\n

Support level: 0.6795, 0.6650<\/p>\n

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\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower following prior retracement from the resistance of 1.3345. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 1.3300.<\/p>\n

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Resistance level: 1.3345, 1.3370<\/p>\n

Support level: 1.3300, 1.3270<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior closure below 1.0040. However, MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.<\/p>\n

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Resistance level: 1.0040, 1.0070<\/p>\n

Support level: 0.9995, 0.9945<\/p>\n

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\"\"<\/p>\n

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

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Resistance level: 58.85, 59.65<\/p>\n

Support level: 58.00, 57.45<\/p>\n

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\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower while currently testing near the support level at 1299.00. MACD which illustrate bearish signal suggests its prices to extend its losses after closing below 1299.00.<\/p>\n

 <\/p>\n

Resistance level: 1305.60, 1311.00<\/p>\n

Support level: 1299.00, 1294.00<\/p>\n","protected":false},"excerpt":{"rendered":"

18 March 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis     Dollar tumbled as economy rumbled. Greenback extended its losses during mid-Asian trading session over the backdrop of soft economic data from the United States. Last Friday, a slew of weaker-than-expected data such as manufacturing output and New York factory activity has further cemented the expectation for Federal […]<\/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\/49915"}],"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=49915"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/49915\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=49915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=49915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=49915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}