{"id":128158,"date":"2020-06-25T04:26:26","date_gmt":"2020-06-25T04:26:26","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=128158"},"modified":"2020-06-25T04:26:26","modified_gmt":"2020-06-25T04:26:26","slug":"250620-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/250620-afternoon-session-analysis\/","title":{"rendered":"250620 Afternoon Session Analysis"},"content":{"rendered":"

25 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

Loonie slips amid Fitch rating downgrade.<\/strong><\/span><\/p>\n

During late Asian session, the Canadian Lonnie which traded against the greenback and other currency pairs have plummeted after Fitch Ratings downgrades Canada\u2019s credit rating. According to reports, one of U.S big 3 credit agencies, Fitch Ratings have stripped Canada of its AAA status due to a spike in emergency spending for coronavirus, making it the first top-rated country to be downgraded by ratings agency during the pandemic. Fitch also forecasted that the Canada\u2019s pandemic response will increase its government debt to 115.1% of GDP in 2020, up from 88.3% in 2019. The Loonie was briefly weakened by the news which exert selling pressure towards the currency. On top of that, exhausted oil price also further adding pressure towards the commodity-backed currency. At the time of writing, USD\/CAD rose 0.09$ to $1.3643.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell 1.09% to $37.50 per barrel as of writing as U.S production making a comeback. According to official weekly data from the U.S government, drillers in U.S shale fields have added to production for the first time since March. It was also the first rise in U.S production in 13 weeks. Moreover, the ongoing concern of coronavirus also continue to weigh heavily on the market where at least 22 of 50 US states have reported a rise in Covid-19 cases. On the other hand, gold price retreats 0.05% to $1761.28 a troy ounce at the time of writing following dollar comeback.<\/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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CNY\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\u00a0\u00a0 Dragon Boat Festival<\/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
20:30<\/td>\nUSD \u2013 Core Durable Goods Orders (MoM)(May)<\/td>\n-7.7%<\/td>\n2.5%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 GDP (QoQ)(Q1)<\/td>\n-5.0%<\/td>\n-5.0%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n1,508K<\/td>\n1,300K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H1: <\/strong>Dollar index was traded higher while currently testing the resistance level at 97.25. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 97.25, 97.60<\/p>\n

Support level: 96.85, 96.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2405. 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: 1.2500, 1.2590<\/p>\n

Support level: 1.2405, 1.2335<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.1275. 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: 1.1275, 1.1340<\/p>\n

Support level: 1.1215, 1.1170<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 106.80. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 107.45.<\/p>\n

 <\/p>\n

Resistance level: 107.45, 107.95<\/p>\n

Support level: 106.80, 106.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.6965. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6775.<\/p>\n

 <\/p>\n

Resistance level: 0.6965, 0.7195<\/p>\n

Support level: 0.6775, 0.6605<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6395. 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: 0.6505, 0.6575<\/p>\n

Support level: 0.6395, 0.6320<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3650. 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: 1.3650, 1.3770<\/p>\n

Support level: 1.3490, 1.3360<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9470. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9530.<\/p>\n

 <\/p>\n

Resistance level: 0.9530, 0.9580<\/p>\n

Support level: 0.9470, 0.9435<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing the support level at 37.45. 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: 38.65, 39.85<\/p>\n

Support level: 37.45, 35.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower while currently testing the support level at 1758.50. 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: 1772.65, 1788.00<\/p>\n

Support level: 1758.50, 1746.50<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

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

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

25 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 Loonie slips amid Fitch rating downgrade. During late Asian session, the Canadian Lonnie which traded against the greenback and other currency pairs have plummeted after Fitch Ratings downgrades Canada\u2019s credit rating. According to reports, one of U.S big 3 credit agencies, Fitch Ratings have stripped Canada of its AAA […]<\/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\/128158"}],"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=128158"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/128158\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=128158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=128158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=128158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}