{"id":50141,"date":"2019-03-20T02:38:20","date_gmt":"2019-03-20T02:38:20","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=50141"},"modified":"2019-03-20T02:38:20","modified_gmt":"2019-03-20T02:38:20","slug":"200319-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/200319-morning-session-analysis\/","title":{"rendered":"200319 Morning Session Analysis"},"content":{"rendered":"

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

 <\/p>\n

Dollar under pressure ahead of FOMC Meeting Minutes.<\/strong><\/p>\n

Dollar index measuring against a basket of six major currencies recovered by 0.08% to 95.88 while remained pressured as investors expect a slight dovish signal from FOMC Meeting Minutes later today. Recent statement from Fed included their patience approach towards the interest rate following poor economic conditions shown by US data last week. As interest rate are expected to be kept unchanged, investors await further confirmation regarding Fed\u2019s dot plot which signaled two rate hikes for year 2019. However, with a slowdown in the economy, economists expect the rate hikes on the dot plot to be only once this year while market wait for Fed\u2019s economic prospect for clearer signal. In other news, pair of EUR\/USD fell by 0.04% to 1.1345 as of writing despite a higher than expected reading in German ZEW Economic Sentiment. Recent economic outlook for the Eurozone remained dovish while EU lawmakers are struggling with Brexit issues. Investors will now place their focus on today release of German PPI data to further gauge the market sentiment for euro.<\/p>\n

 <\/p>\n

For the commodities market, crude oil price fell by 0.34% to $59.05 per barrel amid concerns of recent trade talks development. Recent reports stated that Beijing might walk away from talks due to lack of trust towards the US regarding the lifting of tariffs imposed on their goods. Investors fear that the impasse in trade talks will affect the demand for crude oil in the long run. Likewise, gold price decreased by 0.17% to $1304.10 per troy ounce following stronger dollar.<\/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

02:00 (21st<\/sup>)\u00a0\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 FOMC Economic Projections<\/p>\n

02:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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 FOMC Statement<\/p>\n

02:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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 FOMC Press Conference<\/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
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 PPI (MoM) (Feb)<\/td>\n0.4%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 CPI (YoY) (Feb)<\/td>\n1.8%<\/td>\n1.8%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n-3.862M<\/td>\n0.309M<\/td>\n–<\/td>\n<\/tr>\n
02:00 (21th)<\/td>\nUSD \u2013 Fed Interest Rate Decision<\/td>\n2.50%<\/td>\n2.50%<\/td>\n–<\/td>\n<\/tr>\n
05:45<\/td>\nNZD \u2013 GDP (QoQ) (Q4)<\/td>\n0.3%<\/td>\n0.6%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following recent rebound from the support level 95.65. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 96.25<\/p>\n

 <\/p>\n

Resistance level: 96.25, 96.80<\/p>\n

Support level: 95.65, 95.15
\n<\/strong><\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded flat while currently testing the support level 1.3250. However, MACD which illustrate bearish momentum suggest the pair to be traded lower after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3350, 1.3475<\/p>\n

Support level: 1.3250, 1.3180<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4:<\/strong> EURUSD was traded lower following recent retracement from the resistance level 1.1355. MACD which illustrate bearish momentum with the starting formation of death cross suggest the pair to extend its retracement towards the support level 1.1295.<\/p>\n

 <\/p>\n

Resistance level: 1.1355, 1.1395<\/p>\n

Support level: 1.1295, 1.1260<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level 111.10. MACD which display bullish momentum signal with the starting formation of death cross suggest the pair to extend its gains towards the resistance level 111.75.<\/p>\n

 <\/p>\n

Resistance level: 111.75, 112.10<\/p>\n

Support level: 111.10, 110.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level 0.7085. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.7050<\/p>\n

 <\/p>\n

Resistance level: 0.7085, 0.7130<\/p>\n

Support level: 0.7050, 0.7005<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD remains traded in a sideway channel following recent retracement from the resistance level 0.6875. However, MACD which display bearish momentum signal suggest the pair to extend its retracement towards the support level 0.6815.<\/p>\n

 <\/p>\n

Resistance level: 0.6875, 0.6905<\/p>\n

Support level: 0.6815, 0.6770<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level 1.3295. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.3350.<\/p>\n

 <\/p>\n

Resistance level: 1.3350, 1.3460<\/p>\n

Support level: 1.3295, 1.3220<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following recent breakout below the previous support level 1.0000. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to experience a short term technical correction back above the previous level 1.0000.<\/p>\n

 <\/p>\n

Resistance level: 1.0000, 1.0025<\/p>\n

Support level: 0.9965, 0.9915<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level 59.35. MACD which illustrate bearish momentum with the formation of death cross suggest the commodity to extend its retracement towards the support level 57.50.<\/p>\n

 <\/p>\n

Resistance level: 59.35, 61.25<\/p>\n

Support level: 57.50, 55.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following recent retracement from the resistance level 1308.10. MACD which illustrate bearish bias signal suggest the commodity to extend its retracement towards the support level 1299.15.<\/p>\n

 <\/p>\n

Resistance level: 1308.10, 1315.80<\/p>\n

Support level: 1299.15, 1289.35<\/p>\n","protected":false},"excerpt":{"rendered":"

20 March 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar under pressure ahead of FOMC Meeting Minutes. Dollar index measuring against a basket of six major currencies recovered by 0.08% to 95.88 while remained pressured as investors expect a slight dovish signal from FOMC Meeting Minutes later today. Recent statement from Fed included their patience approach towards […]<\/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\/50141"}],"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=50141"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/50141\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=50141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=50141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=50141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}