{"id":135751,"date":"2020-08-13T06:39:29","date_gmt":"2020-08-13T06:39:29","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=135751"},"modified":"2020-08-13T06:39:29","modified_gmt":"2020-08-13T06:39:29","slug":"130820-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/130820-afternoon-session-analysis\/","title":{"rendered":"130820 Afternoon Session Analysis"},"content":{"rendered":"

13 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

Greenback plunged amid stimulus plan hopes faded.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies failed to revive from its downward trend despite yesterday inflation linked data show a little sign of recovery in US economy. According to the US Bureau of Labor Statistics, US Core CPI data came in at 0.6%, higher than the market forecast at 0.2%, showing that the underlying inflation pressure in US started to recover after it been hampered tremendously amid fallout of Covid-19. Nonetheless, market confidence toward the greenback market was undermined further after US two biggest parties fail to reach a consensus in the talk of new round stimulus. In the latest talk, House speaker Nancy Pelosi and Steven Mnuchin failed to break through the stalemate as Democratic Party rejected the offer of $1 trillion proposal from Republican Party while insisting the new stimulus plan should be amounted to $3 trillion. In an interview, Steven Mnuchin also revealed that the Democrats have no interest in negotiating further, leaving the negotiation in deadlock as of now. As of writing, dollar index inched down by 0.17% to $93.28.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price depreciated by 0.26% to $42.60 per barrel amid OPEC adjusted their demand expectation downward in the latest monthly report. In details, OPEC forecast the oil demand will decrease by 9.1 million barrel per day to 90.6 million barrel per day, missing the last month projection by 100K barrel per day. Besides, gold price appreciated by 1.10% to $1937.40 a troy ounce as market risk behaviour reduced as market doubt Russia vaccine.<\/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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n1186K<\/td>\n1120K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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 93.05. 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: 93.05, 91.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher while currently near the resistance level at 1.3075. 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: 1.3075, 1.3175<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1810. 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: 1.1810, 1.1900<\/p>\n

Support level: 1.1725, 1.1605<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the resistance level at 107.35. 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: 107.35, 108.40<\/p>\n

Support level: 106.40, 105.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.7105. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7230.<\/p>\n

 <\/p>\n

Resistance level: 0.7230, 0.7330<\/p>\n

Support level: 0.7105, 0.7015<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing 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, 0.6625<\/p>\n

Support level: 0.6530, 0.6465<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3235. 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: 1.3340, 1.3405<\/p>\n

Support level: 1.3235, 1.3160<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.9195. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9060.<\/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, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 42.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward the resistance level at 43.05.<\/p>\n

 <\/p>\n

Resistance level: 43.05, 44.55<\/p>\n

Support level: 42.00, 40.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher while currently testing the resistance level at 1940.95. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1940.95, 1973.70<\/p>\n

Support level: 1910.05, 1870.30<\/p>\n

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

13 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Greenback plunged amid stimulus plan hopes faded. Dollar index which gauges its value against a basket of six major currencies failed to revive from its downward trend despite yesterday inflation linked data show a little sign of recovery in US economy. According to the US Bureau of Labor Statistics, […]<\/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\/135751"}],"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=135751"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/135751\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=135751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=135751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=135751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}