{"id":50786,"date":"2019-03-26T02:14:10","date_gmt":"2019-03-26T02:14:10","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=50786"},"modified":"2019-03-26T02:14:10","modified_gmt":"2019-03-26T02:14:10","slug":"260319-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/260319-morning-session-analysis\/","title":{"rendered":"260319 Morning Session Analysis"},"content":{"rendered":"

26 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

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Dollar remained pressured by signs of recession.<\/strong><\/span><\/p>\n

Dollar index measuring against a basket of six major currencies was under pressured by growing concerns of an economic recession. Recent inversion of US treasury yield curves spiraled fears onto the market that the economy cycle is slowly phasing into recession, with further confirmation from the slowdown in its economy as stated in the previous FOMC statement. However, poorer sentiment from riskier market such as Brexit uncertainties kept a strong appeal for the dollar while supporting its fall. Recent Brexit developments advanced to the extension of Article 50 until 22nd<\/sup> May only if the UK Parliament approves Prime Minister Theresa May withdrawal agreement later today. Otherwise, a rejection in today\u2019s vote will force UK to decide by 12th<\/sup> April whether to leave the EU without a deal or participate in the next European elections to obtain a longer delay of Article 50. However, the pound held its grounds on Monday after British lawmakers voted to take over control of the Brexit process from May for a day, but remained pressured as market worries that no significant changes can be made towards the Brexit process. Investors will now focus on today\u2019s third-time Brexit vote to further gauge the market movements. As of writing, dollar index fell by 0.08% to 95.95 while pair of GBP\/USD edged lower by 0.02% to 1.3195.<\/p>\n

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For the commodities market, crude oil price rose by 0.32% to $59.25 per barrel amid continuous effort in OPEC\u2019s production cut and also US sanctions on both Venezuelan and Iranian oil. In addition to that, recent oil inventory level further supported the oil price as reports from both API and EIA recorded declining inventories level. However, fear of economic slowdown had recently limited the gains of crude oil while investors await further signal from US-Sino trade war which may affect global oil demand. Likewise, gold price retraced by 0.07% to $1320.75 per troy ounce after hitting one-month high amid Brexit uncertainties and fear of economic recession in the US.<\/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


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

Today\u2019s Highlight Economic Data<\/u><\/p>\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
20:30<\/td>\nUSD \u2013 Building Permits (Feb)<\/td>\n1.317M<\/td>\n1.320M<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 CB Consumer Confidence (Mar)<\/td>\n131.4<\/td>\n132.0<\/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 lower following prior retracement from the resistance level at 96.20. MACD which illustrate diminishing bullish momentum suggest index to extend its losses toward the support level at 95.70.<\/p>\n

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Resistance level: 96.20, 96.40<\/p>\n

Support level: 95.70, 95.45
\n<\/strong><\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level 1.3220. MACD which display diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3130.<\/p>\n

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

Support level: 1.3130, 1.3065<\/p>\n

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EURUSD, H4:<\/strong> EURUSD was traded higher while currently testing near the resistance level 1.1320. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout the resistance level.<\/p>\n

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Resistance level: 1.1320, 1.1355<\/p>\n

Support level: 1.1280, 1.1225<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 109.70 MACD which display bullish signals suggest the pair to extend its gains towards the resistance level 110.35.<\/p>\n

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Resistance level: 110.35, 110.85<\/p>\n

Support level: 109.70, 109.20<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level 0.7120. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breaking above the resistance level.<\/p>\n

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Resistance level: 0.7120, 0.7145<\/p>\n

Support level: 0.7070, 0.7005<\/p>\n

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NZDUSD, H1: <\/strong>NZDUSD was traded higher following prior breakout above the resistance level at 0.6895. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level at 0.6935.<\/p>\n

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Resistance level: 0.6935, 0.6970<\/p>\n

Support level: 0.6895, 0.6870<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3390. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after successfully close the candle below support level at 1.3390.<\/p>\n

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Resistance level: 1.3460, 1.3540<\/p>\n

Support level: 1.3390, 1.3345<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9930. MACD which display diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9895.<\/p>\n

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Resistance level: 0.9930, 0.9965<\/p>\n

Support level: 0.9895, 0.9855<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above previous resistance level at 59.05. MACD which display bullish momentum suggest the commodity to extend its gains towards the resistance level 59.70.<\/p>\n

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Resistance level: 59.70, 60.25<\/p>\n

Support level: 59.05, 58.25<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded higher while currently testing near the resistance level at 1323.00. MACD which illustrate bullish momentum and the formation of golden cross suggest gold to extend its gains after successfully breakout the resistance level at 1323.00.<\/p>\n

 <\/p>\n

Resistance level: 1323.00, 1331.35<\/p>\n

Support level: 1315.00, 1308.15<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

26 March 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis     Dollar remained pressured by signs of recession. Dollar index measuring against a basket of six major currencies was under pressured by growing concerns of an economic recession. Recent inversion of US treasury yield curves spiraled fears onto the market that the economy cycle is slowly phasing into […]<\/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\/50786"}],"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=50786"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/50786\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=50786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=50786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=50786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}