{"id":132408,"date":"2020-07-22T05:23:35","date_gmt":"2020-07-22T05:23:35","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=132408"},"modified":"2020-07-22T05:23:35","modified_gmt":"2020-07-22T05:23:35","slug":"220720-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/220720-afternoon-session-analysis\/","title":{"rendered":"220720 Afternoon Session Analysis"},"content":{"rendered":"

22 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

Dollar fell following disagreement on further stimulus.<\/strong><\/span><\/p>\n

During late Asian session, dollar index which traded against a basket of six major currency pairs continue to extend its downfall as U.S struggles to reach consensus on further stimulus measures. Following latest development, U.S Congress continue their discussion on extending unemployment benefits which due expire at the end of July, and provide more funding to schools. However, disagreement between Republicans and Democrats over the amount of money to spend on these measures have lower the possibility of the stimulus getting pass through. House Speaker Nancy Pelosi stated that the $1 trillion package the Republicans are considering is not sufficient. On the other hand, dollar was also continue to be pressured further following increasing risk appetite which caused by news of developing vaccine. At the time of writing, dollar index slips 0.05% to 95.01.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price retreats 0.10% to $41.66 per barrel as of writing as worsening COVID-19 conditions in U.S continue to weight on the market. U.S have recorded over 1,000 deaths for the first time since June in a 24-hour period while the number of death rose in 21 states. The worsening conditions could dampened further the demand outlook, thus exerting pressure for the commodity. On the other hand, gold price soars 0.72% to $1854.97 at the time of writing following dollar weakness continue to boost the demand of safe-haven gold.<\/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

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>\nCAD \u2013 Core CPI (MoM) (Jun)<\/td>\n-0.1%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Existing Home Sales (Jun)<\/td>\n3.91M<\/td>\n4.86M<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 EIA Crude Oil Inventories<\/td>\n-7.493M<\/td>\n-2.098M<\/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 lower while currently testing the support level at 95.05. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 95.65, 96.20<\/p>\n

Support level: 95.05, 94.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2730. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2665.<\/p>\n

 <\/p>\n

Resistance level: 1.2730, 1.2790<\/p>\n

Support level: 1.2665, 1.2580<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1555. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1555.<\/p>\n

 <\/p>\n

Resistance level: 1.1555, 1.1710<\/p>\n

Support level: 1.1365, 1.1175<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 106.95.<\/p>\n

 <\/p>\n

Resistance level: 106.95, 107.35<\/p>\n

Support level: 106.65, 106.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7115. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7115.<\/p>\n

 <\/p>\n

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

Support level: 0.7025, 0.6810<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6580. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6755.<\/p>\n

 <\/p>\n

Resistance level: 0.6755, 0.6920<\/p>\n

Support level: 0.6580, 0.6480<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.3505. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.3355.<\/p>\n

 <\/p>\n

Resistance level: 1.3505, 1.3675<\/p>\n

Support level: 1.3355, 1.3210<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9320. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction toward the resistance level at 0.9365.<\/p>\n

 <\/p>\n

Resistance level: 0.9365, 0.9430<\/p>\n

Support level: 0.9320, 0.9265<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 42.50. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 41.35.<\/p>\n

 <\/p>\n

Resistance level: 42.50, 43.55<\/p>\n

Support level: 41.35, 40.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1860.65. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1850.00.<\/p>\n

 <\/p>\n

Resistance level: 1860.65, 1865.65<\/p>\n

Support level: 1850.00, 1843.30<\/p>\n","protected":false},"excerpt":{"rendered":"

22 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   Dollar fell following disagreement on further stimulus. During late Asian session, dollar index which traded against a basket of six major currency pairs continue to extend its downfall as U.S struggles to reach consensus on further stimulus measures. Following latest development, U.S Congress continue their discussion on extending […]<\/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\/132408"}],"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=132408"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/132408\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=132408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=132408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=132408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}