{"id":138055,"date":"2020-08-28T03:47:03","date_gmt":"2020-08-28T03:47:03","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=138055"},"modified":"2020-08-28T03:47:03","modified_gmt":"2020-08-28T03:47:03","slug":"280820-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/280820-afternoon-session-analysis\/","title":{"rendered":"280820 Afternoon Session Analysis"},"content":{"rendered":"

28 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 plummet amid downbeat CPI.<\/strong><\/span><\/p>\n

The Japanese Yen which traded against the greenback and other currency pairs have fell during late Asian session following the release of Tokyo CPI earlier today. According to Japan\u2019s Statistic Bureau, the headline CPI deteriorate to 0.3%, missing market expectation of 0.8%. At the same time, core CPI which exclude fresh food also fell to 0.3% which is also weaker than market expectation of 0.3%. The downbeat results have join into the risk-on mood which diminished the value of the safe-haven currency. On top of that, market also continue to react towards hopes of further easy money from Fed Chairman Jerome Powell which he mention that the Fed is ready to offer Average Inflation Targeting (AIT), a move that will result in prolonged low-interest. At the time of writing, USD\/JPY rose 0.20% to 106.73.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price slips 0.11% to $43.05 per barrel as of writing following producers seems to avoided the storm. Hurricane Laura hit Louisiana which damaging buildings, knocking down trees and cutting power to more than 650,000 people in Louisiana and Texas, but refineries were spared from feared massive flooding. At the same time, the Port of Houston which is U.S top crude oil export hub was in the process of reopening to commercial shipping. On the other hand, gold price dips 0.05% to $1934.13 a troy ounce at the time of writing amid increasing risk-on mood.<\/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

21:05\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoE Gov Bailey Speaks<\/p>\n

\u00a0<\/strong><\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
20:30<\/td>\nCAD – GDP (MoM) (Jun)<\/td>\n4.5%<\/td>\n5.3%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – Michigan Consumer Sentiment (Aug)<\/td>\n72.5<\/td>\n72.8<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from the 20 and 50 moving average line. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to undergo technical correction toward higher level.<\/p>\n

 <\/p>\n

Resistance level: 93.25, 94.10<\/p>\n

Support level: 92.60, 92.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3140. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3255.<\/p>\n

 <\/p>\n

Resistance level: 1.3255, 1.3320<\/p>\n

Support level: 1.3140, 1.3045<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1840. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.1840, 1.1900<\/p>\n

Support level: 1.1775, 1.1705<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the top level of upward channel. MACD which display bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the upward channel.<\/p>\n

 <\/p>\n

Resistance level: 106.95, 107.90<\/p>\n

Support level: 106.15, 105.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7265. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7330.<\/p>\n

 <\/p>\n

Resistance level: 0.7330, 0.7375<\/p>\n

Support level: 0.7265, 0.7205<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6615. MACD which illustrate bullish bias momentum and the formation of golden cross signal 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: 0.6615, 0.6535<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.3140. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3025.<\/p>\n

 <\/p>\n

Resistance level: 1.3140, 1.3235<\/p>\n

Support level: 1.3025, 1.2950<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.9120. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.<\/p>\n

 <\/p>\n

Resistance level: 0.9120, 0.9200<\/p>\n

Support level: 0.9050, 0.8975<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 42.75. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 43.40, 44.35<\/p>\n

Support level: 42.75, 42.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following prior rebound from the support level at 1905.85. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 2069.75.<\/p>\n

 <\/p>\n

Resistance level: 2069.75, 2147.50<\/p>\n

Support level: 1905.85, 1761.65<\/p>\n","protected":false},"excerpt":{"rendered":"

28 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Japanese Yen plummet amid downbeat CPI. The Japanese Yen which traded against the greenback and other currency pairs have fell during late Asian session following the release of Tokyo CPI earlier today. According to Japan\u2019s Statistic Bureau, the headline CPI deteriorate to 0.3%, missing market expectation of 0.8%. […]<\/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\/138055"}],"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=138055"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/138055\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=138055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=138055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=138055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}