{"id":134409,"date":"2020-08-05T04:11:39","date_gmt":"2020-08-05T04:11:39","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=134409"},"modified":"2020-08-06T03:25:46","modified_gmt":"2020-08-06T03:25:46","slug":"050820-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/050820-afternoon-session-analysis\/","title":{"rendered":"050820 Afternoon Session Analysis"},"content":{"rendered":"

05 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

Dollar extend retreat amid ongoing recovery concerns.<\/strong><\/span><\/p>\n

The dollar index which traded against a basket of six major currency pair remains weak and fell during late Asian session as hopes of U.S recovery from the COVID-19 pandemic continue to falter. On top of that, the failure of reaching a consensus over the country\u2019s latest stimulus measure from U.S Congress also added further worries for the market. According to reports, U.S. Treasury Secretary Steven Mnuchin warned that \u201cwe\u2019re not going anywhere close\u201d to the $3.4 trillion price tag sought by Democrats, despite with White House negotiators vowed to work \u201caround the clock\u201d in order to reach a consensus by the end of this week. Following latest progress, both sides are still seem far apart on the $600 per week unemployment benefits. Besides that, adding further selling pressure for the greenback was the falling yields where U.S yields went further to negative territory and record lows. At the time of writing, dollar index slips 0.27% to 93.04.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price soars 0.37% to $41.63 per barrel at the time of writing following explosion in Lebanon stoking feats of instability in the region. According to reports, an explosion emerged in the area around the Port of Beirut. Authorities stated that it was caused by highly explosive materials at the port, but didn\u2019t immediately say whether it was an accident or an attack. On the other hand, gold price extend gains and rose 0.15% to $2015.42 a troy ounce at the time of writing following dollar weakness and various geopolitical risk.<\/p>\n

 <\/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\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 – Composite PMI (Jul)<\/td>\n47.7<\/td>\n57.1<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP – Services PMI (Jul)<\/td>\n47.1<\/td>\n56.6<\/td>\n–<\/td>\n<\/tr>\n
20:15<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD – ADP Nonfarm Employment Change (Jul)<\/td>\n2,369K<\/td>\n1,500K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – ISM Non-Manufacturing PMI (Jul)<\/td>\n57.1<\/td>\n55.0<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-10.612M<\/td>\n0.357M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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 levle at 92.55. MACD whic illustrate diminishing bearish momentum suggest the index to be traded higher in short term.<\/p>\n

 <\/p>\n

Resistance level: 94.10, 95.95<\/p>\n

Support level: 92.55, 91.45<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3060. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance levle at 1.3150.<\/p>\n

 <\/p>\n

Resistance level: 1.3150, 1.3245<\/p>\n

Support level: 1.3060, 1.2985<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.1775. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.1830.<\/p>\n

 <\/p>\n

Resistance level: 1.1830, 1.1900<\/p>\n

Support level: 1.1775, 1.1695<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 106.15. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 105.00.<\/p>\n

 <\/p>\n

Resistance level: 106.15, 106.95<\/p>\n

Support level: 105.00, 104.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7175. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.7175, 0.7205<\/p>\n

Support level: 0.7120, 0.7080<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior rebound from the support level. MACD which illustrate diminishing bearish momentum 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 1.3335. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3210.<\/p>\n

 <\/p>\n

Resistance level: 1.3335, 1.3505<\/p>\n

Support level: 1.3210, 1.3045<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9125. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9125.<\/p>\n

 <\/p>\n

Resistance level: 0.9170, 0.9220<\/p>\n

Support level: 0.9125, 0.9065<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil was traded higher while currently testing the resistance level at 41.70. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 41.70, 42.45<\/p>\n

Support level: 41.15, 40.45<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the commodity to undergo technical correction toward the lower level.<\/p>\n

 <\/p>\n

Resistance level: 2040.60, 2090.10<\/p>\n

Support level: 1984.10, 1939.50<\/p>\n","protected":false},"excerpt":{"rendered":"

05 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Dollar extend retreat amid ongoing recovery concerns. The dollar index which traded against a basket of six major currency pair remains weak and fell during late Asian session as hopes of U.S recovery from the COVID-19 pandemic continue to falter. On top of that, the failure of reaching […]<\/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\/134409"}],"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=134409"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/134409\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=134409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=134409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=134409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}