{"id":103078,"date":"2020-02-24T05:50:00","date_gmt":"2020-02-24T05:50:00","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=103078"},"modified":"2020-02-24T05:50:00","modified_gmt":"2020-02-24T05:50:00","slug":"240220-afternoon-session-analysis-2","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/240220-afternoon-session-analysis-2\/","title":{"rendered":"240220 Afternoon Session Analysis"},"content":{"rendered":"

24 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

Pound surged amid upbeat manufacturing data.<\/strong><\/span><\/p>\n

Pound Sterling surged on last Friday over a backdrop of the upbeat data from the UK region. According to Markit Economics, the UK Markit Manufacturing PMI for last month unexpectedly notched up from the preliminary reading of 50 to the reading of 51.9, exceeding the economist forecast at 49.7, which enhancing the market optimisms toward the business conditions in the UK manufacturing sector while insinuating the further demand for the Pound Sterling. However, the gains experienced by the Pound Sterling was limited following the release of the negative Market Services PMI Data from the UK region. The UK Market Services PMI for last month notched down from the preliminary reading of 53.9 to 53.3, which worse than the economist forecast at 53.4. Indeed, the geopolitical uncertainty with regards of the trade negotiation between the Europe and UK had also continually to provide some bearish momentum on the currency. Nonetheless, at this time, investors would continue to scrutinize the latest updates with regards of the Post-Brexit negotiations between United Kingdom and Europe in order to receive further trading signals. Any further signs that the UK could leave the EU without a deal later on this year would be dragging down the appeal of the Pound Sterling. As of writing, GBP\/USD slumped 0.24% to 1.2935.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped -2.65% to $51.95 per barrels. The oil market edged lower as the rapid spread of the coronavirus in several countries outside China, prompting the investors to fears that the virus could harm the global demand on this black-commodity in future. On the other hand, the gold price surged 1.07% to $1660.65 per troy ounces amid to the risk-off sentiment in the FX market.<\/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

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
17.00<\/td>\nEUR \u2013 German IFO Business Climate (Feb)<\/td>\n95.9<\/td>\n95.3<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 99.80. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 99.05.<\/p>\n

 <\/p>\n

Resistance level: 99.80, 100.45<\/p>\n

Support level: 99.05, 98.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level 1.2965. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2860.<\/p>\n

 <\/p>\n

Resistance level: 1.2965, 1.3105<\/p>\n

Support level: 1.2860, 1.2755<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.0780. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.0900.<\/p>\n

 <\/p>\n

Resistance level: 1.0900, 1.1005<\/p>\n

Support level: 1.0780, 1.0655<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 112.25. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 109.95<\/p>\n

 <\/p>\n

Resistance level: 112.25, 113.55<\/p>\n

Support level: 109.95, 108.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level at 0.6720. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6480.<\/p>\n

 <\/p>\n

Resistance level: 0.6720, 0.6975<\/p>\n

Support level: 0.6480, 0.6285<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level 0.6310. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.6350, 0.6400<\/p>\n

Support level: 0.6310, 0.6255<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3215. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3315.<\/p>\n

 <\/p>\n

Resistance level: 1.3315, 1.3425<\/p>\n

Support level: 1.3215 1.3135<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9780. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.9840, 0.9900<\/p>\n

Support level: 0.9780, 0.9730<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil was traded lower following prior retracement from the resistance level at 53.05. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 49.65.<\/p>\n

 <\/p>\n

Resistance level: 53.05, 55.75<\/p>\n

Support level: 49.65, 45.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher while currently testing the resistance level at 1676.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1676.30, 1724.90<\/p>\n

Support level: 1591.25, 1522.60<\/p>\n

 <\/p>\n

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

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

24 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 Pound surged amid upbeat manufacturing data. Pound Sterling surged on last Friday over a backdrop of the upbeat data from the UK region. According to Markit Economics, the UK Markit Manufacturing PMI for last month unexpectedly notched up from the preliminary reading of 50 to the reading of 51.9, […]<\/p>\n","protected":false},"author":61,"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\/103078"}],"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\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=103078"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/103078\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=103078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=103078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=103078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}