{"id":101165,"date":"2020-02-11T03:30:39","date_gmt":"2020-02-11T03:30:39","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=101165"},"modified":"2020-02-11T03:30:39","modified_gmt":"2020-02-11T03:30:39","slug":"110220-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/110220-afternoon-session-analysis\/","title":{"rendered":"110220 Afternoon Session Analysis"},"content":{"rendered":"

11 February 2020\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 Afternoon Session Analysis<\/strong><\/p>\n

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Safe-haven stumbles, all eyes on coronavirus.<\/strong><\/span><\/p>\n

Japanese yen remains under pressure as market participants digests the latest development in coronavirus epidemic as well as recent bullish data from the United States. Pair of USD\/JPY rose 0.09% to 109.84 during Asian trading session. Last Friday, Nonfarm Payrolls report for the month of January confounded forecast, cementing the course for a strong restart in hiring process after experiencing some shortage last December. The data has increased speculation that Federal Reserve may held off from loosening their monetary policy later this year if overall economic momentum picks up consistently. However, gains on the pair of USD\/JPY were limited as coronavirus continues to spread largely in Asian region. According to South China Morning Post, China has reported 2,478 new cases while death toll reaches 1,018. Investors fear that coronavirus epidemic may bring significant impact upon global economic momentum, spurring higher risk aversion in the financial market. For the time being, investors will continue to monitor upcoming economic data from the US as well as coronavirus developments in order to gain market signals.<\/p>\n

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In the commodities market, crude oil price rose 1.13% to $50.20 per barrel. Oil futures received some bullish momentum after Azerbaijan announces their plans to lower oil production due to existing level of reserves. Otherwise, gold price depreciates by 0.18% to $1,569.12 a troy ounce due to stronger greenback.<\/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

22.00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 ECB President Lagarde Speaks<\/p>\n

23.00\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 Fed Chair Powell Testifies<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
17.30<\/td>\nGBP – GDP (MoM)<\/td>\n-0.3%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
17.30<\/td>\nGBP – Manufacturing Production (MoM) (Dec)<\/td>\n-1.7%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n
23.00<\/td>\nUSD – JOLTs Job Openings (Dec)<\/td>\n6.800M<\/td>\n7.000M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

\u00a0<\/u><\/strong><\/p>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level at 98.65. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward the resistance level at 99.05.<\/p>\n

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Resistance level: 99.05, 99.55<\/p>\n

Support level: 98.65, 98.20<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2920. However, MACD which illustrated bullish bias momentum suggest the pair to be traded higher in short term as technical correction.<\/p>\n

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Resistance level: 1.2920, 1.2975<\/p>\n

Support level: 1.2870, 1.2820<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.0935. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.0895.<\/p>\n

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Resistance level: 1.0935, 1.0960<\/p>\n

Support level: 1.0895, 1.0855<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 109.60. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 110.20.<\/p>\n

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Resistance level: 110.20, 110.55<\/p>\n

Support level: 109.60, 109.25<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6705.\u00a0 MACD which illustrated diminishing bearish momentum with the formation of positive divergence suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6705.<\/p>\n

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Resistance level: 0.6705, 0.6720<\/p>\n

Support level: 0.6680, 0.6665<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6405. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo short term technical correction toward the resistance level at 0.6405.<\/p>\n

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Resistance level: 0.6405, 0.6455<\/p>\n

Support level: 0.6365, 0.6325<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.3265. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.3265.<\/p>\n

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Resistance level: 1.3335, 1.3395<\/p>\n

Support level: 1.3265, 1.3210<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9780. However, MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9780.<\/p>\n

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Resistance level: 0.9780, 0.9810<\/p>\n

Support level: 0.9750, 0.9720<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 49.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 50.65.<\/p>\n

 <\/p>\n

Resistance level: 50.65, 51.75<\/p>\n

Support level: 49.65, 48.80<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower following prior breakout below the previous support level at 1571.35. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1564.15.<\/p>\n

 <\/p>\n

Resistance level: 1571.35, 1578.25<\/p>\n

Support level: 1564.15, 1558.00<\/p>\n

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

11 February 2020\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 Afternoon Session Analysis   Safe-haven stumbles, all eyes on coronavirus. Japanese yen remains under pressure as market participants digests the latest development in coronavirus epidemic as well as recent bullish data from the United States. Pair of USD\/JPY rose 0.09% to 109.84 during Asian trading session. Last Friday, Nonfarm Payrolls report for […]<\/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\/101165"}],"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=101165"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/101165\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=101165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=101165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=101165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}