{"id":136173,"date":"2020-08-17T03:41:04","date_gmt":"2020-08-17T03:41:04","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=136173"},"modified":"2020-08-17T03:41:27","modified_gmt":"2020-08-17T03:41:27","slug":"170820-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/170820-afternoon-session-analysis\/","title":{"rendered":"170820 Afternoon Session Analysis"},"content":{"rendered":"

17 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 gains despite downbeat GDP.<\/strong><\/span><\/p>\n

During late Asian session, the safe-haven Yen which traded against the dollar and other currency pair have failed to extend last Friday losses and bounce off despite with a weaker-than-expected inflation data. According to Japan\u2019s Cabinet Office, Japan GDP for the second quarter have dropped below -7.6%, missing market expectation of -7.8%. The data also marks the biggest economic contraction in the country. Despite that, the safe-haven yen manage to hold its ground as risk-off mood continue to support the demand. As of now, fears of COVID-19 and tension between U.S and China continue to restrict the market upbeat sentiment. On virus front, Japan have registered a fifth consecutive day of beyond 200 new cases, On the other hand, U.S President Donald Trump also continue to increase the tension as he stated that he is considering taking action against more China companies which includes Alibaba after he ordered ByteDance to remove TikTok\u2019s operation in the U.S within 90 days recently. At the time of writing, USD\/JPY fell 0.06% to 106.53.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 1.60% to $42.56 per barrel as of writing following China plans to import more crude oil. According to Reuters. Chinese state-owned oil firms have booked tankers to transport at least 20 million barrels of U.S. crude for August and September. At the same time, the number of oil rigs operating last week remain at a record low for consecutive 15th<\/sup> week which also help support the price. On the other hand, gold price slips 0.22% $1920.40 a troy ounce amid mixed sentiment while market awaits for further signal.<\/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\/A<\/p>\n


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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the dollar to be traded lower in short term towards the support level 92.45.<\/p>\n

 <\/p>\n

Resistance level: 94.00, 95.70<\/p>\n

Support level: 92.45, 90.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD remain traded in a sideway channel. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher towards the resistance level 1.3200.<\/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 remain traded in a sideway channel while currently testing near the resistance level 1.1895. However, MACD which illustrate ongoing bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.1895, 1.1985<\/p>\n

Support level: 1.1705, 1.1575<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level 106.95. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 106.25.<\/p>\n

 <\/p>\n

Resistance level: 106.95, 107.65<\/p>\n

Support level: 106.25, 105.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level 0.7190. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.7190, 0.7290<\/p>\n

Support level: 0.7075, 0.6970<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing near the support level 0.6510. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to experience a technical correction towards the resistance level 0.6590.<\/p>\n

 <\/p>\n

Resistance level: 0.6590, 0.6685<\/p>\n

Support level: 0.6510, 0.6395<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following recent rebound from the support level 1.3195. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3330.<\/p>\n

 <\/p>\n

Resistance level: 1.3330, 1.3485<\/p>\n

Support level: 1.3195, 1.3095<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing near the support level 0.9065. However, MACD which illustrate diminishing bearish bias signal suggest the pair to be traded higher as a technical correction towards the resistance level 0.9225.<\/p>\n

 <\/p>\n

Resistance level: 0.9225, 0.9365<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level 42.60. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 42.60, 43.55<\/p>\n

Support level: 41.05, 39.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its retracement towards the support level 1908.55.<\/p>\n

 <\/p>\n

Resistance level: 1970.60, 2016.10<\/p>\n

Support level: 1908.55, 1857.95<\/p>\n","protected":false},"excerpt":{"rendered":"

17 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Japanese Yen gains despite downbeat GDP. During late Asian session, the safe-haven Yen which traded against the dollar and other currency pair have failed to extend last Friday losses and bounce off despite with a weaker-than-expected inflation data. According to Japan\u2019s Cabinet Office, Japan GDP for the second […]<\/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\/136173"}],"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=136173"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/136173\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=136173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=136173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=136173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}