{"id":141551,"date":"2020-09-21T03:45:15","date_gmt":"2020-09-21T03:45:15","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=141551"},"modified":"2020-09-21T03:45:15","modified_gmt":"2020-09-21T03:45:15","slug":"210920-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210920-afternoon-session-analysis\/","title":{"rendered":"210920 Afternoon Session Analysis"},"content":{"rendered":"

21 September 2020\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 Afternoon Session Analysis<\/strong><\/p>\n

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Japanese Yen surged amid geopolitical uncertainty heightened. \u00a0\u00a0<\/strong><\/span><\/p>\n

Japanese Yen, a major safe haven currency in the world soared significantly in the early trading session as resurgence of Covid-19 in Europe and Brexit turmoil continued to underpin the safe haven demand. Last Friday, large parts of Europe countries have decided to reimpose new restrictions in order to limit the spread of Coronavirus, after worldwide infection break the level of 30 million cases while World Health Organization (WHO) warned the world should remain cautious toward the virus. In yesterday, France health authorities even reported more than 10K new confirmed cases, lifting up the market worries over the resurgence of Covid-19. Besides, negotiation deadlock between EU and UK also sparked up the market preference toward the safe haven asset. As of now, both countries are showing no tolerance in the latest round of trade talk, which eventually increased the possibility of Hard-Brexit. On EU side, EU also revealed that they are pessimistic whether a deal could be reached while they are well-prepared for a no deal Brexit now. Investors are now continue to eye on the development of these major geopolitical issue in order to gauge the further direction of safe haven currency \u2013 Japanese Yen. As of writing, the pair of USD\/JPY edged down 0.18% to 104.35.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rebounded by 0.36% to $41.50 per barrel amid the new incoming tropical storm \u2013 Beta is drifting toward the Gulf of Mexico, which forecasted will affect the oil drilling activity tremendously. Besides, gold price inched up 0.14% to $1953.20 a troy ounce as uncertainty over the world lifted up the market\u2019s safe haven sentiment.<\/p>\n

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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

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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

22:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 Fed Chair Powell Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

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

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DOLLAR_INDX, <\/strong>H4: <\/strong>Dollar index was traded lower following prior retracement from the 20 (Red) and 50(Blue) moving average line. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 92.60.<\/p>\n

 <\/p>\n

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

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

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GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3045.<\/p>\n

 <\/p>\n

Resistance level: 1.3045, 1.3255<\/p>\n

Support level: 1.2840, 1.2715<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.1840. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1890.<\/p>\n

 <\/p>\n

Resistance level: 1.1890, 1.1950<\/p>\n

Support level: 1.1840, 1.1775<\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded lower while currently testing the support level at 104.30. MACD which illustrates bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

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

Support level: 104.30, 103.05<\/p>\n

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\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7330.<\/p>\n

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Resistance level: 0.7330, 0.7405<\/p>\n

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

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6780. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term toward lower level.<\/p>\n

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Resistance level: 0.6780, 0.6835<\/p>\n

Support level: 0.6685, 0.6615<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3140.<\/p>\n

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Resistance level: 1.3235, 1.3315<\/p>\n

Support level: 1.3140, 1.3030<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.9120. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9050.<\/p>\n

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

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

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 41.50. However, MACD which illustrate bearish bias momentum suggest the commodity to undergo technical correction toward the support level at 40.45.<\/p>\n

 <\/p>\n

Resistance level: 41.50, 42.60<\/p>\n

Support level: 40.45, 38.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following prior rebound from the support level at 1926.40. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its rebound toward the resistance level at 2069.75.<\/p>\n

 <\/p>\n

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

Support level: 1926.40, 1761.65<\/p>\n","protected":false},"excerpt":{"rendered":"

21 September 2020\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 Afternoon Session Analysis   Japanese Yen surged amid geopolitical uncertainty heightened. \u00a0\u00a0 Japanese Yen, a major safe haven currency in the world soared significantly in the early trading session as resurgence of Covid-19 in Europe and Brexit turmoil continued to underpin the safe haven demand. Last Friday, large parts of Europe countries […]<\/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\/141551"}],"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=141551"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/141551\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=141551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=141551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=141551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}