{"id":135336,"date":"2020-08-11T03:58:26","date_gmt":"2020-08-11T03:58:26","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=135336"},"modified":"2020-08-11T03:58:26","modified_gmt":"2020-08-11T03:58:26","slug":"110820-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/110820-afternoon-session-analysis\/","title":{"rendered":"110820 Afternoon Session Analysis"},"content":{"rendered":"

11 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

Pound surged while Post-Brexit talk stills ongoing.<\/strong><\/span><\/p>\n

Pound Sterling which act as one of the major currencies climbed higher during Asian trading session while market participants are still eyeing on the negotiation between EU and UK. According to Reuters, Britain top minister revealed that the possibility of reaching consensus between EU and UK has increased substantially amid distinct changes of tone from EU can be seen in recent talks. As of now, UK has entered into transition period where the nation can remain in the European Union single market, membership of EU remains in place until the end of transition period 31th<\/sup> December. On the other side, a pool from Express has showed that part of the UK voters are bias to form a new alliance after UK officially dismissed from EU bloc. In details, UK Prime Minister Boris Johnson has been told to form \u2018superpower\u2019 alliance with Canada, Australia and New Zealand. Nonetheless, the members of this new alliance are set ready to negotiate with UK over the coming weeks. As of writing, the pair of GBP\/USD rose 0.18% to 1.3095.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price inched up by 0.62% to $42.20 per barrel after OPEC+ reaffirm its commitment of compliance toward their oil production cut. Last week, OPEC+ held a phone call meeting to reassure each of the OPEC+ members have fully committed to their respective oil cut amount. Iraq revealed that it will cut another 400k barrels per day throughout the months of August and September. Besides, gold price depreciated by 0.43% to $2018.75 a troy ounce amid latest positive progress in development of vaccines ignited up the market risk behavior.<\/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

20:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EIA Short-Term Energy Outlook<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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 – Average Earnings Index +Bonus (Jun)<\/td>\n-0.3%<\/td>\n-1.1%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP – Claimant Count Change (Jul)<\/td>\n-28.1K<\/td>\n10.0K<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR – German ZEW Economic Sentiment (Aug)<\/td>\n59.3<\/td>\n58.0<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 PPI (MoM) (Jul)<\/td>\n-0.2%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Weekly: <\/strong>Dollar index was traded lower while currently testing the support level at 93.30. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 95.55, 97.65<\/p>\n

Support level: 93.30, 91.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3095. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3095, 1.3175<\/p>\n

Support level: 1.3010, 1.2925<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.1780. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.1780, 1.1900<\/p>\n

Support level: 1.1685, 1.1590<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 105.35. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 106.40, 107.35<\/p>\n

Support level: 105.35, 104.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.7120. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7245.<\/p>\n

 <\/p>\n

Resistance level: 0.7245, 0.7335<\/p>\n

Support level: 0.7120, 0.7020<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6575. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6625.<\/p>\n

 <\/p>\n

Resistance level: 0.6625, 0.6690<\/p>\n

Support level: 0.6575, 0.6530<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3325. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3390, 1.3445<\/p>\n

Support level: 1.3325, 1.3255<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently near the resistance level at 0.9195. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.9195, 0.9330<\/p>\n

Support level: 0.9060, 0.8860<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 42.25. 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: 42.25, 43.05<\/p>\n

Support level: 40.95, 40.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower while currently testing the support level at 2013.35. 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: 2049.60, 2074.60<\/p>\n

Support level: 2013.35, 1973.70<\/p>\n

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

11 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Pound surged while Post-Brexit talk stills ongoing. Pound Sterling which act as one of the major currencies climbed higher during Asian trading session while market participants are still eyeing on the negotiation between EU and UK. According to Reuters, Britain top minister revealed that the possibility of reaching consensus […]<\/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\/135336"}],"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=135336"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/135336\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=135336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=135336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=135336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}