{"id":132015,"date":"2020-07-20T04:19:27","date_gmt":"2020-07-20T04:19:27","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=132015"},"modified":"2020-07-20T04:19:27","modified_gmt":"2020-07-20T04:19:27","slug":"200720-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/200720-afternoon-session-analysis\/","title":{"rendered":"200720 Afternoon Session Analysis"},"content":{"rendered":"

20 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

Euro surged over the hopes upon the economic recovery plan.<\/strong><\/span><\/p>\n

The Euro surged against the US Dollar on Monday as investors expected that the European leaders would able to achieve the consensus with regards of an economic rescue deal in order to combat the economic damage which caused by the coronavirus. Nonetheless, the EU leaders were at an impasse over a proposed 750-billion-euro recovery fund, which is supposed to be raised in order to provide liquidity in the financial markets by the EU\u2019S executive European Commission. In fact, according to Reuters, the EU diplomats said it was possible that they would abandon the EU summit negotiation while restarting another meeting for next month. Nonetheless, market participants are still expecting the bloc would able to reach an effective economic stimulus plans in future even they fail to do this time. On the economic data front, the Euro received further bullish momentum over the backdrop of the positive economic data on last Friday. According to Eurostat, the Eurozone Consumer Price Index (CPI) for last week notched up from the previous reading of 0.1% to 0.3%, which dialled up the market optimism toward the consumer spending from the Euro region. As of writing, EUR\/USD surged 0.04% to 1.1423.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price appreciated by 0.94% to $40.50 per barrels as of writing. However, the oil market edged lower in the early trading hours as the spiking number of the coronavirus infections had spurred negative sentiment toward the market demand on this black-commodity. On the other hand, the gold price appreciated by 0.14% to $1807.75 per troy ounces amid diminishing risk appetite in the FX market following the coronavirus infections hit record high, which stoked a shift in sentiment toward safe-haven commodity.<\/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\/A<\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level 95.85. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 97.65, 99.00<\/p>\n

Support level: 95.85, 94.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2515. 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: 1.2670, 1.2800<\/p>\n

Support level: 1.2515, 1.2340<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD traded lower following prior retracement from the resistance level at 1.1430. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1370.<\/p>\n

 <\/p>\n

Resistance level: 1.1430, 1.1495<\/p>\n

Support level: 1.1370, 1.1305<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 107.40. 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: 107.40, 107.95<\/p>\n

Support level: 106.75, 106.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7020. 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: 0.7020, 0.7180<\/p>\n

Support level: 0.6810, 0.6610<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently near the resistance level at 0.6575. 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: 0.6575, 0.6635<\/p>\n

Support level: 0.6510, 0.6465<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.3555. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3630.<\/p>\n

 <\/p>\n

Resistance level: 1.3630, 1.3685<\/p>\n

Support level: 1.3555, 1.3510<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9375. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9435.<\/p>\n

 <\/p>\n

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

Support level: 0.9375, 0.9320<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing the support level at 40.40. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 40.95, 41.40<\/p>\n

Support level: 40.40, 39.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1813.15. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1813.15, 1845.10<\/p>\n

Support level: 1792.60, 1770.25<\/p>\n

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

20 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 surged over the hopes upon the economic recovery plan. The Euro surged against the US Dollar on Monday as investors expected that the European leaders would able to achieve the consensus with regards of an economic rescue deal in order to combat the economic damage which caused by […]<\/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\/132015"}],"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=132015"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/132015\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=132015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=132015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=132015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}