{"id":50881,"date":"2019-03-26T05:52:06","date_gmt":"2019-03-26T05:52:06","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=50881"},"modified":"2019-03-26T05:52:06","modified_gmt":"2019-03-26T05:52:06","slug":"260319-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/260319-afternoon-session-analysis\/","title":{"rendered":"260319 Afternoon 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 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Greenback flattens, recession risks brews.<\/strong><\/span><\/p>\n

Greenback was tangled within a tight range while market participants continues to adopt a \u201cwait-and-see\u201d approach. Most traders continue to scrutinize further developments in the United States with regards to economic performance and trade negotiation in order to gain further signal on US dollar\u2019s near-term direction. Prior, US Federal Reserve have stunned the financial market by threatening to halt any further interest rate hikes if the US economy head towards a possible recession. In addition, the narrowing of yield spread between 2-years and 10-years Treasury has sparked further recession fears as long-term yields diminishes and hovers lower than short-term yields.\u00a0 On the other hand, New Zealand dollar received higher demand in the FX market as market participant digests bullish economic data from the region. For the month of February, New Zealand recorded a lower than expected deficit with only -$6,620 million versus forecast of -$6,675 million. However, gains on the kiwi currency were limited by growing uncertainty in US-China trade talks which is bound to kickstart in Beijing later this week. As of writing, the dollar index ticked down 0.05% to 95.96 while pair of NZD\/USD rose 0.10% to 0.6914.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price rose 0.20% to $58.95 per barrel. Oil prices rebounds from its lower level following ongoing supply cut from OPEC while US sanction against Iran and Venezuela helps to curb global oil production levels. On the other hand, gold price depreciates by 0.10% to $1,320.64 a troy ounce following a shift in market demand towards riskier assets.<\/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

\u00a0<\/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

 <\/p>\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 96.25. MACD which illustrate diminishing bullish momentum suggest the dollar to extend its retracement towards the support level 95.65.<\/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 near the support level 1.3180. Due to lack of momentum and clear signal from MACD, a breakout above the resistance level 1.3250 or below the support level 1.3180 is required to attain further confirmation before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1.3250, 1.3350<\/p>\n

Support level: 1.3180, 1.3095<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4:<\/strong> EURUSD was traded higher following prior rebound from the support level 1.1295. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.1360.<\/p>\n

 <\/p>\n

Resistance level: 1.1360, 1.1395<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded flat following recent rebound from low levels. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher towards the resistance level 110.35.<\/p>\n

 <\/p>\n

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

Support level: 109.60, 108.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing near the resistance level 0.7130. MACD which display bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 0.7130.<\/p>\n

 <\/p>\n

Resistance level: 0.7130, 0.7155<\/p>\n

Support level: 0.7085, 0.7050<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following recent breakout above the resistance level 0.6905. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.6935.<\/p>\n

 <\/p>\n

Resistance level: 0.6935, 0.6965<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from high level. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.3350.<\/p>\n

 <\/p>\n

Resistance level: 1.3460, 1.3570<\/p>\n

Support level: 1.3350, 1.3290<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded flat while currently testing near the support level 0.9915. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher towards the resistance level 0.9965.<\/p>\n

 <\/p>\n

Resistance level: 0.9965, 1.0000<\/p>\n

Support level: 0.9915, 0.9855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following recent rebound from its low level. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the commodity to extend its gains towards the resistance level 60.20.<\/p>\n

 <\/p>\n

Resistance level: 60.20, 63.10<\/p>\n

Support level: 57.90, 55.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following recent retracement from the resistance level 1323.10. MACD which display bearish momentum signal suggest the pair to extend its losses towards the support level 1315.80.<\/p>\n

 <\/p>\n

Resistance level: 1323.10, 1331.95<\/p>\n

Support level: 1315.80, 1308.10<\/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 Afternoon Session Analysis   Greenback flattens, recession risks brews. Greenback was tangled within a tight range while market participants continues to adopt a \u201cwait-and-see\u201d approach. Most traders continue to scrutinize further developments in the United States with regards to economic performance and trade negotiation in order to gain further signal on US […]<\/p>\n","protected":false},"author":25,"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\/50881"}],"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\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=50881"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/50881\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=50881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=50881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=50881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}