{"id":103764,"date":"2020-02-27T04:23:45","date_gmt":"2020-02-27T04:23:45","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=103764"},"modified":"2020-02-27T04:23:45","modified_gmt":"2020-02-27T04:23:45","slug":"270220-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/270220-afternoon-session-analysis\/","title":{"rendered":"270220 Afternoon Session Analysis"},"content":{"rendered":"

27 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

GBP slumped ahead of trade talks.<\/strong><\/span><\/p>\n

Pound sterling recovered some losses this morning after experiencing deep selloff on yesterday as investors brace ahead of rocky EU-UK trade talks starting next week. Both UK and EU have agreed to begin their trade talks on 2nd<\/sup> March while investors worried that tough rhetoric and hard stance in between both sides may led to a fallout. Prior, EU\u2019s Chief Negotiator Michel Barnier said that EU would not agree to a deal \u201cat any price\u201d and while rebuffing the idea of offering UK with a Canada-style trade agreement. A Canada-style trade agreement aims to reduce or demolish tariffs on certain types of products while also increases purchase quotas in between both countries. In the other region, US dollar was opened lower this morning following speculations over possibilities for more rate cuts later this year. According to Wall Street Journal, the probability of US Federal Reserve cutting its interest rates three times for the year has rose to 80%. The odds have risen significantly over the past two weeks as coronavirus began to spread outside of China while raising the possibility of inducing large scale of economic slowdown globally. As of writing, pair of GBP\/USD rose 0.09% to 1.2917 while the dollar index ticked down 0.02% to 98.88.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price slumped 1.30% to $47.87 per barrel. Price of crude oil hits 13-months low as coronavirus continues to spread outside of China, spurring fears for a global economic slowdown that could jeopardize oil demand significantly. On the other hand, gold price rose 0.62% to $1,649.84 a troy ounce due to risk aversion in the 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 \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 \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\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
21.30<\/td>\nUSD \u2013 Core Durable Goods Orders (MoM) (Jan)<\/td>\n-0.1%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
21.30<\/td>\nUSD \u2013 GDP (QoQ) (Q4)<\/td>\n2.1%<\/td>\n2.1%<\/td>\n–<\/td>\n<\/tr>\n
23.00<\/td>\nUSD \u2013 Pending Home Sales (MoM) (Jan)<\/td>\n-4.9%<\/td>\n2.2%<\/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 breakout below the previous support level at 98.95. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 98.25.<\/p>\n

 <\/p>\n

Resistance level: 98.95, 99.80<\/p>\n

Support level: 98.25, 97.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.2905. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2945, 1.2980<\/p>\n

Support level: 1.2905, 1.2865<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.0915. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.0915, 1.1005<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower while currently testing the support level at 110.15. 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: 112.25, 113.55<\/p>\n

Support level: 110.15, 108.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior retracement from the resistance 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, 0.6915<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6285. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.6355, 0.6420<\/p>\n

Support level: 0.6285, 0.6240<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following prior breakout above the resistance level at 1.3305. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3410.<\/p>\n

 <\/p>\n

Resistance level: 1.3410, 1.3460<\/p>\n

Support level: 1.3305, 1.3215<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9750. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9710.<\/p>\n

 <\/p>\n

Resistance level: 0.9750, 0.9790<\/p>\n

Support level: 0.9710, 0.9675<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level at 49.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 45.60.<\/p>\n

 <\/p>\n

Resistance level: 49.75, 55.55<\/p>\n

Support level: 45.60, 42.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daiy: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1674.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1561.80.<\/p>\n

 <\/p>\n

Resistance level: 1674.70, 1764.20<\/p>\n

Support level: 1561.80, 1449.30<\/p>\n

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

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

27 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 GBP slumped ahead of trade talks. Pound sterling recovered some losses this morning after experiencing deep selloff on yesterday as investors brace ahead of rocky EU-UK trade talks starting next week. Both UK and EU have agreed to begin their trade talks on 2nd March while investors worried that […]<\/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\/103764"}],"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=103764"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/103764\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=103764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=103764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=103764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}