{"id":138280,"date":"2020-08-31T06:30:52","date_gmt":"2020-08-31T06:30:52","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=138280"},"modified":"2020-08-31T06:30:52","modified_gmt":"2020-08-31T06:30:52","slug":"310820-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/310820-afternoon-session-analysis\/","title":{"rendered":"310820 Afternoon Session Analysis"},"content":{"rendered":"

31 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

Fed\u2019s average inflation target, weighing on US Dollar.<\/strong><\/span><\/p>\n

The Dollar index which gauge against a basket of six major currency extend its losses on Monday amid investors still digesting the U.S Federal Reserve Chairman Jerome Powell\u2019s statement during the Jackson Hole symposium in last week. The Federal Reserve Chairman Jerome Powell fuelled expectations that the U.S. Interest rates could remain low for a long time to come by signalling that the U.S. Central Bank would aim or inflation rates to average 2%. The latest central bank\u2019s approach had triggered market worries toward the economic progression from the United States, while spurring significant selloff for the US Dollar. As for now, investors would continue to scrutinize the speeches from a new other Federal Officials, with Vice Chairman Richard Clarida and Atlanda Fed President Raphael Bostic which held later in the day in order to gauge the likelihood movement for the pair. As of writing, the Dollar Index slumped 0.14% to 92.19.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged 1.84% to $43.10 per barrel as of writing. The oil market higher amid the hurricane threat in the Gulf of Mexico, which prompting the Laura oil energy company to shut in 84% of offshore oil production. The supply shock destruction had spurred bullish momentum toward the crude oil price. Besides, the U.S. Baker Hughes Oil Rig Count had reduced from the previous reading of 183 to 180, which sparkling positive prospect for the crude oil price in future. On the other hand, the gold price appreciated by 0.29% to $1969.90 per troy ounces as of writing amid weakening US Dollar.<\/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

All Day\u00a0\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bank Holiday<\/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

 <\/p>\n

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

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DOLLAR_INDX, <\/strong>H4: <\/strong>Dollar index was traded lower while currently testing the support level at 92.10. MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 92.50, 92.95<\/p>\n

Support level: 92.10, 91.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3365. 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: 1.3365, 1.3475<\/p>\n

Support level: 1.3250, 1.3155<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1915. 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: 1.1915, 1.2040<\/p>\n

Support level: 1.1785, 1.1710<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded higher following prior rebound from the support level at 105.30. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 105.85.<\/p>\n

 <\/p>\n

Resistance level: 105.85, 106.40<\/p>\n

Support level: 105.30, 104.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7380. 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: 0.7380, 0.7570<\/p>\n

Support level: 0.7130, 0.6820<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6735. 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: 0.6735, 0.6810<\/p>\n

Support level: 0.6690, 0.6640<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.3140. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3045.<\/p>\n

 <\/p>\n

Resistance level: 1.3140, 1.3225<\/p>\n

Support level: 1.3045, 1.2950<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9000. 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: 0.9195, 0.9365<\/p>\n

Support level: 0.9000, 0.8775<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 43.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 43.40.<\/p>\n

 <\/p>\n

Resistance level: 43.40, 43.75<\/p>\n

Support level: 42.65, 42.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1956.60. 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: 2005.65, 2034.15<\/p>\n

Support level: 1956.60, 1911.40<\/p>\n","protected":false},"excerpt":{"rendered":"

31 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Fed\u2019s average inflation target, weighing on US Dollar. The Dollar index which gauge against a basket of six major currency extend its losses on Monday amid investors still digesting the U.S Federal Reserve Chairman Jerome Powell\u2019s statement during the Jackson Hole symposium in last week. The Federal Reserve […]<\/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\/138280"}],"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=138280"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/138280\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=138280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=138280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=138280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}