{"id":51234,"date":"2019-03-28T02:33:53","date_gmt":"2019-03-28T02:33:53","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=51234"},"modified":"2019-03-28T02:35:22","modified_gmt":"2019-03-28T02:35:22","slug":"190328-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190328-morning-session-analysis\/","title":{"rendered":"280319 Morning Session Analysis"},"content":{"rendered":"

28 <\/strong>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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Pound Sterling \u2018hit\u2019 heavily as Brexit deadlock remained.<\/strong><\/span><\/p>\n

The Pound tumbled against other major currencies after hitting one week high level amid Brexit still deadlocked following all the 8 alternatives plan that proposed by UK Lawmakers failed to get through the approval stage. Sterling market has been dented by the negative sentiment after the lawmakers voted down on every alternatives plan, but also disagreed with Theresa May draft idea.\u00a0 Prior to the votes, Theresa May \u2018threw a bomb\u2019 to the UK House of Common by saying that she would resigned if her Brexit deal was get to delivered by end of this week. On the other side, latest announcement from DUP also \u2018stabbed\u2019 on Sterling Pound as DUP has confirmed that they will not back Theresa May\u2019s Brexit deal despite the Prime Minister even promise to step down if MP\u2019s backed it, according to BBC news. DUP has also mentioned that as of now, the party does not see any progress in solving backstop issue by UK Lawmakers, and they will only back UK withdrawal draft once the Ireland backstop issue been unfolded. During the early Asian trading session, GBP\/USD quoted down 0.07% to 1.3180 while Dollar index inched up by 0.17% to 96.35.<\/p>\n

In the commodities market, crude oil price down 0.37% to $58.95 per barrel amid yesterday EIA crude oil inventories data which showed a huge amount of buildup in US inventories level continue to haunt the crude oil market. The data came in at 2.800M, missing economists\u2019 expectation of -1.100M and exceeding previous reading of -9.589M. However, losses on crude oil price limited by some upward pressure as there is a strong support from efforts by OPEC and non-affiliated allies to trim output. Besides, gold price rose 0.03% to $1309.85 a troy ounce amid deadlock in UK has pushed up the demand on this specific safe haven asset.<\/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

04:00 (29th<\/sup>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NZD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0RBNZ Gov Orr Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
20:30<\/td>\nUSD \u2013 GDP (QoQ) (Q4)<\/td>\n2.6%<\/td>\n2.4%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n221K<\/td>\n220K<\/td>\n–<\/td>\n<\/tr>\n
21:00<\/td>\nEUR – German CPI (MoM) (Mar)<\/td>\n0.4%<\/td>\n0.6%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – Pending Home Sales (MoM) (Feb)<\/td>\n4.6%<\/td>\n0.1%<\/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 higher following prior rebound from the support level 96.20. However, MACD which display diminishing bullish momentum suggest dollar to undergo short-term technical correction and retrace towards the support level.<\/p>\n

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Resistance level: 96.70, 97.05
\nSupport level: 96.20, 95.70<\/p>\n

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GBPUSD, Daily: <\/strong>GBPUSD was traded lower while currently testing near the support level 1.3180. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses after successfully closing below the support level.<\/p>\n

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Resistance level: 1.3300, 1.3415
\nSupport level: 1.3180, 1.3085<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below previous support level 1.1260. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound back to the resistance level 1.1260.<\/p>\n

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Resistance level: 1.1260, 1.1290
\nSupport level: 1.1215, 1.1175<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level 110.35. MACD which display bearish bias signal suggest the pair to extend its losses after successfully closing below the support level.<\/p>\n

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Resistance level: 110.95, 111.45
\nSupport level: 110.35, 109.75<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing near the support level 0.7070. However, MACD which display diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound towards the resistance level 0.7115.<\/p>\n

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Resistance level: 0.7115, 0.7150
\nSupport level: 0.7070, 0.7025<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing near the support level 0.6775. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound towards the resistance level 0.6820.<\/p>\n

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Resistance level: 0.6820, 0.6865
\nSupport level: 0.6775, 0.6730<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level 1.3400. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.3455.<\/p>\n

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Resistance level: 1.3455, 1.3500
\nSupport level: 1.3400, 1.3360<\/p>\n

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USDCHF, H4: <\/strong>USDCHF remains traded in a sideway-channel while currently testing near the top-level of the channel near 0.9950. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace towards the bottom-level of the channel at 0.9905.<\/p>\n

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Resistance level: 0.9950, 0.9980
\nSupport level: 0.9905, 0.9855<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil was traded lower following prior breakout below previous support level 59.35. MACD which display bearish momentum with the formation of death cross suggest the commodity to extend its losses towards the support level 58.40.<\/p>\n

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Resistance level: 59.35, 60.20
\nSupport level: 58.40, 57.50<\/p>\n

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GOLD, H4: <\/strong>Gold price was traded lower while currently testing near the bottom-level of the upward channel. MACD which illustrate diminishing bearish momentum suggest gold to rebound towards the top-level of the channel.<\/p>\n

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Resistance level: 1315.00, 1323.00
\nSupport level: 1305.50, 1294.50<\/p>\n

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

28 March 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis     Pound Sterling \u2018hit\u2019 heavily as Brexit deadlock remained. The Pound tumbled against other major currencies after hitting one week high level amid Brexit still deadlocked following all the 8 alternatives plan that proposed by UK Lawmakers failed to get through the approval stage. Sterling market has been […]<\/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\/51234"}],"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=51234"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/51234\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=51234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=51234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=51234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}