{"id":129521,"date":"2020-07-03T04:17:35","date_gmt":"2020-07-03T04:17:35","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=129521"},"modified":"2020-07-03T04:17:35","modified_gmt":"2020-07-03T04:17:35","slug":"030720-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030720-afternoon-session-analysis\/","title":{"rendered":"030720 Afternoon Session Analysis"},"content":{"rendered":"

03 July 2020\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

Aussie gains on strong data from China and Australia.<\/strong><\/span><\/p>\n

During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have rose after the better-than-expected data release from Australia and China. According to the Australian Bureau of Statistics, retails sales in the Australia have increased by 16.9%, higher than market expectation of 16.3%. Meanwhile on China, Caixin Services PMI have also improved significantly to 58.4, surpassing market expectation of 49.9. The data also signalled that the new business in China services firm are expanding on the fastest pace in 10 years, thus help boosting the sentiment for the Aussie. Both positive data managed to exert some demand for the pair, however fears of second case coronavirus may capped further potential gains. According to reports, Australian state of Victoria reported another 66 new cases on Thursday following Wednesday’s count of 77 while global coronavirus cases have increased by more than 50,000. At the time of writing, AUD\/USD edge higher 0.03% to 0.6925.<\/p>\n

 <\/p>\n

In the commodities market, crude oil remains solid and rose 0.09% to $40.44 as of writing despite concerns towards resurgence of coronavirus. U.S. cases jumped the most in almost eight weeks and Florida\u2019s new coronavirus infections rose by a record. However, recent decline in U.S crude inventories and OPEC output have outweigh the virus. A survey on Wednesday showed OPEC output fell to the least since 1991 in June, while Russia reached near total compliance with its OPEC+ quota. On the other hand, gold price gains 0.07% to $1775.70 a troy ounce at the time of writing amid weakening risk-appetite prompt demand for safe-haven assets.<\/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 USD\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 Independence Day<\/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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Composite PMI (Jun)<\/td>\n47.6<\/td>\n47.6<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Services PMI (Jun)<\/td>\n47.0<\/td>\n47.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n


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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the resistance level at 97.20. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 97.20, 97.65<\/p>\n

Support level: 96.80, 96.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2520. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2400.<\/p>\n

 <\/p>\n

Resistance level: 1.2520, 1.2590<\/p>\n

Support level: 1.2400, 1.2330<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.1275. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1190.<\/p>\n

 <\/p>\n

Resistance level: 1.1275, 1.1325<\/p>\n

Support level: 1.1190, 1.1140<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level at 107.35. 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: 107.90, 108.45<\/p>\n

Support level: 107.35, 106.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6935. 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: 0.6935, 0.6965<\/p>\n

Support level: 0.6885, 0.6855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6520. 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: 0.6520, 0.6585<\/p>\n

Support level: 0.6465, 0.6405<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the upward trend line. 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: 1.3690, 1.3805<\/p>\n

Support level: 1.3500, 1.3360<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9435. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9470.<\/p>\n

 <\/p>\n

Resistance level: 0.9470, 0.9530<\/p>\n

Support level: 0.9435, 0.9375<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 40.45. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 40.45, 41.00<\/p>\n

Support level: 39.70, 39.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded within a range while currently near the support level at 1772.80. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1781.30, 1788.05<\/p>\n

Support level: 1772.80, 1762.65<\/p>\n

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

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

03 July 2020\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 Aussie gains on strong data from China and Australia. During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have rose after the better-than-expected data release from Australia and China. According to the Australian Bureau of Statistics, retails sales in the Australia have […]<\/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\/129521"}],"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=129521"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/129521\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=129521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=129521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=129521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}