{"id":126145,"date":"2020-06-12T06:01:54","date_gmt":"2020-06-12T06:01:54","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=126145"},"modified":"2020-06-12T06:01:54","modified_gmt":"2020-06-12T06:01:54","slug":"120620-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/120620-afternoon-session-analysis\/","title":{"rendered":"120620 Afternoon Session Analysis"},"content":{"rendered":"

12 June 2020\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 sterling slumped amid Brexit concerns.<\/strong><\/span><\/p>\n

The pound sterling which traded against the U.S dollar and other currency pairs have fell during late Asian session as bearish bets against the pound sterling increased due to ongoing Brexit concerns. Due to the lack of progression on Brexit talks, risk of the U.K leaving the E.U without any trade deal have increased. UK and EU officials are trying to agree new terms of trade after Brexit took effect in January, but the progress has been painfully slow and time is running out to prevent a rupture when transitional arrangements expire at the end of 2020. CBI director general, Carolyn Fairbairn have pleaded with the government not to walk away from Brexit talks without a deal as she stated that the country leaving the EU without a deal will be a \u201cmajor block\u201d to recovery. Following the worsening Brexit outlook, currency speculators have increased their bets against sterling to their highest level since Novembers, according to ING. At the time of writing, GBP\/USD fell 0.29% to 1.2562.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price extend its losses and slips 1.15% to $35.60 per barrel as of writing following lingering concerns of second wave coronavirus. As United States had surpassed 2 million COVID-19 cases on Friday, market hopes of recovery dashed, exerting selling prospect for the black commodity. On the other hand, gold price remains steady and edge higher 0.03% to $1727.61 at the time of writing due to heightening risk-off mood.<\/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\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
14:00<\/td>\nGBP \u2013 GDP(MoM)<\/td>\n-5.8%<\/td>\n-18.7%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP \u2013 Manufacturing Production (MoM)(Apr)<\/td>\n-4.6%<\/td>\n-15.8%<\/td>\n–<\/td>\n<\/tr>\n
01:00<\/p>\n

(13th<\/sup>)<\/td>\n

CrudeOIL \u2013 U.S Baker Hughes Oil Rig Count<\/td>\n206<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently near the resistance level at 97.00. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 97.00, 97.60<\/p>\n

Support level: 96.00, 95.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.2625. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2490.<\/p>\n

 <\/p>\n

Resistance level: 1.2625, 1.2725<\/p>\n

Support level: 1.2490, 1.2385<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower while currently near the support level at 1.1245. 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: 1.1405, 1.1555<\/p>\n

Support level: 1.1245, 1.1140<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 107.20. 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: 107.20, 107.55<\/p>\n

Support level: 106.70, 106.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level at 0.6905. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6905, 0.7015<\/p>\n

Support level: 0.6755, 0.6650<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level 0.6435. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6435, 0.6545<\/p>\n

Support level: 0.6350, 0.6275<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3670. 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: 1.3670, 1.3800<\/p>\n

Support level: 1.3480, 1.3355<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9450. 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: 0.9450, 0.9505<\/p>\n

Support level: 0.9380, 0.9320<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently near the support level at 34.75. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 37.55, 40.25<\/p>\n

Support level: 34.75, 31.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower while currently testing the support level at 1723.25. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1738.70, 1752.05<\/p>\n

Support level: 1723.25, 1706.00<\/p>\n

 <\/p>\n

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

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

12 June 2020\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 sterling slumped amid Brexit concerns. The pound sterling which traded against the U.S dollar and other currency pairs have fell during late Asian session as bearish bets against the pound sterling increased due to ongoing Brexit concerns. Due to the lack of progression on Brexit talks, risk of […]<\/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\/126145"}],"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=126145"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/126145\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=126145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=126145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=126145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}