{"id":144419,"date":"2020-10-16T04:04:59","date_gmt":"2020-10-16T04:04:59","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=144419"},"modified":"2020-10-16T04:04:59","modified_gmt":"2020-10-16T04:04:59","slug":"161020-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/161020-afternoon-session-analysis\/","title":{"rendered":"161020 Afternoon Session Analysis"},"content":{"rendered":"

16 October 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

Dollar surged amid hopes of stimulus plan faded.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies soared amid McConnell disagrees with the Trump\u2019s idea on introducing larger Covid-19 stimulus aid. Yesterday, Trump revealed that he is willing to raise his previous offer of $1.8 trillion stimulus aid in order to fulfil the \u2018appetite\u2019 of Democrats. However, the idea was shot down by his mate from the same political party- Republican. Prior to now, White House brought an $1.8 trillion aid plan to the table in the House of Congress, however it was failed to get a \u2018yes\u2019 vote from the opposition party members as the amount of the plan is far below the expectation of Democrats. As a response to the impasses, Trump directed Treasury Secretary Steven Mnuchin to increase the amount of stimulus, with additional money to limit the slowdown of US economy. As of now, market participants will continue to eye on the further development of stimulus talks between Republican and Democrats. During Asian trading session, dollar index inched down by 0.04% to 93.80.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price declined by 1.00% to $40.80 per barrel after surging for more than 3% yesterday amid bigger-than-expected inventory draws boosted the oil price. However, market worries over the resurgence of Covid-19 continue suppressing this black commodity market\u2019s sentiment. Besides, gold price dropped by 0.16% to $1905.50 a troy ounce amid strengthening of dollar index.<\/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\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
17.00<\/td>\nEUR – CPI (YoY) (Sep)<\/td>\n-0.3%<\/td>\n-0.3%<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nUSD – Core Retail Sales (MoM) (Sep)<\/td>\n0.7%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nUSD – Retail Sales (MoM) (Sep)<\/td>\n0.6%<\/td>\n0.7%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level at 93.50. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 94.00, 94.65<\/p>\n

Support level: 93.50, 93.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2885. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.2995, 1.3060<\/p>\n

Support level: 1.2885, 1.2820<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.1725. 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: 1.1725, 1.1765<\/p>\n

Support level: 1.1675, 1.1635<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 105.45. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 105.10.<\/p>\n

 <\/p>\n

Resistance level: 105.45, 105.80<\/p>\n

Support level: 105.10, 104.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.7105. 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: 0.7105, 0.7195<\/p>\n

Support level: 0.7030, 0.6950<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6570. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6675.<\/p>\n

 <\/p>\n

Resistance level: 0.6675, 0.6725<\/p>\n

Support level: 0.6570, 0.6520<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3205. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3255.<\/p>\n

 <\/p>\n

Resistance level: 1.3255, 1.3315<\/p>\n

Support level: 1.3205, 1.3155<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9080. 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: 0.9175, 0.9295<\/p>\n

Support level: 0.9080, 0.9025<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 41.45. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 39.50.<\/p>\n

 <\/p>\n

Resistance level: 41.45, 43.05<\/p>\n

Support level: 39.50, 38.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher while currently testing the resistance level at 1909.45. 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: 1909.45, 1971.70<\/p>\n

Support level: 1854.50, 1798.35<\/p>\n","protected":false},"excerpt":{"rendered":"

16 October 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Dollar surged amid hopes of stimulus plan faded. Dollar index which gauge its value against a basket of six major currencies soared amid McConnell disagrees with the Trump\u2019s idea on introducing larger Covid-19 stimulus aid. Yesterday, Trump revealed that he is willing to raise his previous offer of $1.8 […]<\/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\/144419"}],"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=144419"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/144419\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=144419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=144419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=144419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}