{"id":129945,"date":"2020-07-07T04:12:27","date_gmt":"2020-07-07T04:12:27","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=129945"},"modified":"2020-07-07T04:12:27","modified_gmt":"2020-07-07T04:12:27","slug":"070720-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070720-afternoon-session-analysis\/","title":{"rendered":"070720 Afternoon Session Analysis"},"content":{"rendered":"

07 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

 <\/p>\n

Euro gains on upbeat Germany data.<\/strong><\/span><\/p>\n

The Euro which traded against the U.S dollar and other currency pairs continue to gains following recent signs of German economic recovery and hopes of further stimulus. According to Deutsche Bundesbank, German factory orders have rose by 10.4% in May. Despite it was lesser than market expectation of 15%, it is a complete turn against the previous reading of -26.2% which signalled a rebound in demand after the country loosened its restriction. It was also the largest monthly increase ever compared to the previous devastating two months, thus supporting the positive sentiment for the Euro. On the other hand, proposal of a multiannual financial framework fund worth 750 billion in euros by the EU have also taken in as a positive step and added further value for the Euro. At the time of writing, EUR\/USD rose 0.07% to 1.1313.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price retreats 0.17% to $40.42 as of writing due to surge of coronavirus cases that may affect the recovery in fuel demand. Despite the overall market remain supported by a bigger-than-expected drawdown in oil inventories, market remains cautious and monitor the prospect for U.S fuel demand where 16 states have reported increase in COVID-19 cases in the first five days of July. On the other hand, gold price rose 0.04% to $1784.05 a troy ounce at the time of writing amid increasing numbers of COVID-19 cases prompting investors to move towards safe-haven markets.<\/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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
22:00<\/td>\nUSD – JOLTs Job Openings (May)<\/td>\n5.046M<\/td>\n4.850M<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD – Ivey PMI (Jun)<\/td>\n39.1<\/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 following prior rebound from the support level at 96.55. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 96.85.<\/p>\n

 <\/p>\n

Resistance level: 96.85, 97.25<\/p>\n

Support level: 96.55, 96.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2525. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.<\/p>\n

 <\/p>\n

Resistance level: 1.2525, 1.2625<\/p>\n

Support level: 1.2435, 1.2335<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.1320. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement toward the support level at 1.1285.<\/p>\n

 <\/p>\n

Resistance level: 1.1320, 1.1390<\/p>\n

Support level: 1.1285, 1.1245<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 107.50. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.95.<\/p>\n

 <\/p>\n

Resistance level: 107.50, 107.95<\/p>\n

Support level: 106.95, 106.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.6810. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7115.<\/p>\n

 <\/p>\n

Resistance level: 0.7115, 0.7295<\/p>\n

Support level: 0.6810, 0.6500<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6580. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.6580, 0.6755<\/p>\n

Support level: 0.6480, 0.6380<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3500. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.3500.<\/p>\n

 <\/p>\n

Resistance level: 1.3675, 1.3865<\/p>\n

Support level: 1.3500, 1.3355<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9380. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9430.<\/p>\n

 <\/p>\n

Resistance level: 0.9430, 0.9475<\/p>\n

Support level:0.9380, 0.9325<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement near the resistance level at 41.35. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.<\/p>\n

 <\/p>\n

Resistance level: 41.35, 43.75<\/p>\n

Support level: 39.15, 37.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1788.05. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 1778.00.<\/p>\n

 <\/p>\n

Resistance level: 1788.05, 1794.30<\/p>\n

Support level: 1778.00, 1765.75<\/p>\n","protected":false},"excerpt":{"rendered":"

07 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   Euro gains on upbeat Germany data. The Euro which traded against the U.S dollar and other currency pairs continue to gains following recent signs of German economic recovery and hopes of further stimulus. According to Deutsche Bundesbank, German factory orders have rose by 10.4% in May. Despite it […]<\/p>\n","protected":false},"author":25,"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\/129945"}],"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\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=129945"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/129945\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=129945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=129945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=129945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}