{"id":133960,"date":"2020-08-03T07:00:07","date_gmt":"2020-08-03T07:00:07","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=133960"},"modified":"2020-08-03T07:00:07","modified_gmt":"2020-08-03T07:00:07","slug":"030820-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030820-afternoon-session-analysis\/","title":{"rendered":"030820 Afternoon Session Analysis"},"content":{"rendered":"

03 August 2020\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

Japanese Yen slips following the release of Q1 GDP.<\/strong><\/span><\/p>\n

The Japanese Yen have fell against the dollar and other currency pairs during late Asian session after the recent release of Japan GDP in the first quarter. According to Japan\u2019s Cabinet Office, Japan\u2019s first quarter GDP remain shrinking at 0.6% and 2.2% for annual which both readings are unchanged compared to the previous results. The data also showed that Japan was already in a recession before the pandemic took its heaviest toll. Following a rare finance ministry move to update its capital spending data last week due to previous low response rate which deemed insufficient, the revision was much lesser than expected. At the same time, Prime Minister Shinzo Abe already facing spiralling budget deficits after pledging about $2 trillion in stimulus and weak recovery could force his administration to increase more, according to reports. He also stated that it now see completely no chance of balancing the budgeting before the year ending March 2030. At the time of writing, USD\/JPY rose 0.08% to 105.90.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price extend losses and fell 0.10% to $39.90 per barrel at the time of writing following OPEC boost production. The production increase that will start this month will see about 1.5 million barrels added to global supply per day. However, fuel demand has yet to recover due to the COVID-19 pandemic, thus continue to affect the price of the commodity. On the other hand, gold price remains steady and edge higher 0.11% to $1972.94 a troy ounce at the time of writing as risk of COVID-19 and uncertainties of U.S congress to pass new COVID stimulus bill continue to boost demand for the 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

All Day\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 CAD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Civic Holiday<\/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
15:55<\/td>\nEUR \u2013 German Manufacturing PMI (Jul)<\/td>\n45.2<\/td>\n50.0<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manfucturing PMI (Jul)<\/td>\n50.1<\/td>\n53.6<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Manufacturing PMI (Jul)<\/td>\n52.6<\/td>\n53.6<\/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 breakout above the previous resistance level 93.15. MACD which illustrate ongoing bullish momentum suggest the dollar to extend its gains towards the resistance level 94.35.<\/p>\n

 <\/p>\n

Resistance level: 94.35, 95.70<\/p>\n

Support level: 93.15, 92.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from its high level. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.3005.<\/p>\n

 <\/p>\n

Resistance level: 1.3200, 1.3320<\/p>\n

Support level: 1.3005, 1.2810<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level 1.1795. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.1690.<\/p>\n

 <\/p>\n

Resistance level: 1.1795, 1.1895<\/p>\n

Support level: 1.1690, 1.1575<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing near the resistance level 106.05. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 105.25.<\/p>\n

 <\/p>\n

Resistance level: 106.05, 106.70<\/p>\n

Support level: 105.25, 104.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level 0.7185. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards support level 0.7040.<\/p>\n

 <\/p>\n

Resistance level: 0.7185, 0.7290<\/p>\n

Support level: 0.7040, 0.6935<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing near the support level 0.6600. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short term technical correction towards the resistance level 0.6685.<\/p>\n

 <\/p>\n

Resistance level: 0.6685, 0.6750<\/p>\n

Support level: 0.6600, 0.6510<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded flat near the MA lines. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term towards the support level 1.3330.<\/p>\n

 <\/p>\n

Resistance level: 1.3485, 1.3635<\/p>\n

Support level: 1.3330, 1.3195<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level 0.9065. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9230.<\/p>\n

 <\/p>\n

Resistance level: 0.9230, 0.9365<\/p>\n

Support level: 0.9065, 0.8985<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded flat after recent breakout below the previous support level 41.00. MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher in short term towards the resistance level 41.00.<\/p>\n

 <\/p>\n

Resistance level: 41.00, 42.45<\/p>\n

Support level: 39.10, 37.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level 1966.50. However, MACD which illustrate bearish momentum signal suggest the pair to experience a technical correction in short term back to 1966.50.<\/p>\n

 <\/p>\n

Resistance level: 2010.85, 2075.15<\/p>\n

Support level: 1966.50, 1908.55<\/p>\n","protected":false},"excerpt":{"rendered":"

03 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Japanese Yen slips following the release of Q1 GDP. The Japanese Yen have fell against the dollar and other currency pairs during late Asian session after the recent release of Japan GDP in the first quarter. According to Japan\u2019s Cabinet Office, Japan\u2019s first quarter GDP remain shrinking at […]<\/p>\n","protected":false},"author":54,"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\/133960"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=133960"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/133960\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=133960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=133960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=133960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}