{"id":177532,"date":"2021-06-04T06:36:38","date_gmt":"2021-06-04T06:36:38","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=177532"},"modified":"2021-06-04T06:36:38","modified_gmt":"2021-06-04T06:36:38","slug":"040621-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/040621-afternoon-session-analysis\/","title":{"rendered":"040621 Afternoon Session Analysis"},"content":{"rendered":"

04 June 2021\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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GBP\/USD weakens on strengthening Dollar.<\/strong><\/span><\/p>\n

The pair of GBP\/USD slumped on yesterday amid the strengthening US Dollar. Nonetheless, the overall prospect economic for the United Kingdom remained resilient over the backdrop of the string of upbeat economic data as well as positive development of Covid-19 vaccination program. According to Markit Economics, U.K. Composite Purchasing Managers\u2019 Index (PMI) notched up significantly from the previous reading of 62.0 to 62.9, exceeding the market forecast at 62.0. Meanwhile, U.K. Services Purchasing Managers Index (PMI) came in at 62.9, which also exceeding the market forecast at 61.8. Nonetheless, as for now investors would continue to scrutinize the G7 finance meeting in order to gauge the likelihood movement for the currency. According to Reuters, Ministers from U.S., Japan, France, Canada, Germany and Italy will attend the two-day meeting at Lancaster House in London to discuss measures to tackle climate change as well as efforts to secure an international agreement on how digital companies are taxed. As of writing, GBPUSD surged 0.03% to 1.4101.<\/p>\n

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In the commodities market, the crude oil price slumped 0.33% to $68.75 as of writing. The oil market edged lower amid the slow roll-out of vaccinations and high infections in countries like Brazil and India had spurred negative prospect for the crude oil demand. On the other hand, the gold price slumped 0.13% to $1868.30 per troy ounces as of writing amid appreciation of US Dollar.<\/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

15:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NZD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0RBNZ Gov Orr Speaks<\/p>\n

19:00\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 \u00a0Fed Chair Powell Speaks<\/p>\n

19:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0ECB President Lagarde Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\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
16:30<\/td>\nGBP – Construction PMI (May)<\/td>\n61.6<\/td>\n62.0<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Nonfarm Payrolls (May)<\/td>\n266K<\/td>\n650K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Unemployment Rate (May)<\/td>\n6.1%<\/td>\n5.9%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD – Employment Change (May)<\/td>\n-207.1K<\/td>\n-22.5K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD – Ivey PMI (May)<\/td>\n60.6<\/td>\n–<\/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 higher following prior breakout above the previous resistance level at 90.25. MACD which illustrated increasing bullish momentum suggest the dollar to extend its gains towards the resistance level 90.75.<\/p>\n

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Resistance level: 90.75. 91.40<\/p>\n

Support level: 90.25, 89.50<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level 1.4100. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.4015.<\/p>\n

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Resistance level: 1.4100, 1.4210<\/p>\n

Support level: 1.4015, 1.3920<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.2150. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2050.<\/p>\n

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Resistance level: 1.2150, 1.2255<\/p>\n

Support level: 1.20565 1.1995<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 110.10. However, MACD which illustrated diminsihing bullish momentum suggest the pair to experience a technical correction in short term back towards the level 110.10.<\/p>\n

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Resistance level: 110.50, 110.90<\/p>\n

Support level: 110.10, 109.70<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level 0.7865. MACD which illustrate increasing bearish momentum signal suggest the pair to extend its losses towards the support level 0.7590.<\/p>\n

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Resistance level: 0.7865, 0.7805<\/p>\n

Support level: 0.7590, 0.7515<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded flat while currently testing the resistance level 0.7150. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the level.<\/p>\n

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Resistance level: 0.7150, 0.7300<\/p>\n

Support level: 0.7065, 0.6965<\/p>\n

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USDCAD, H4: <\/strong>USDCAD remain traded in a sideway channel while currently testing near the resistance level 1.2140. However, MACD which illustrate ongoing bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.<\/p>\n

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Resistance level: 1.2140, 1.2265<\/p>\n

Support level: 1.2030, 1.1925<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level 0.9020. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9095.<\/p>\n

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Resistance level: 0.9095, 0.9165<\/p>\n

Support level: 0.9020, 0.8940<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded flat near the resistance level 69.40. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower towards the support level 66.45.<\/p>\n

 <\/p>\n

Resistance level: 69.40, 72.35<\/p>\n

Support level: 66.45, 64.25<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower following recent breakout below the previous support level of 1886.35. MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the support level 1853.85<\/p>\n

 <\/p>\n

Resistance level: 1886.35, 1911.05<\/p>\n

Support level: 1853.85, 1820.75<\/p>\n","protected":false},"excerpt":{"rendered":"

04 June 2021\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   GBP\/USD weakens on strengthening Dollar. The pair of GBP\/USD slumped on yesterday amid the strengthening US Dollar. Nonetheless, the overall prospect economic for the United Kingdom remained resilient over the backdrop of the string of upbeat economic data as well as positive development of Covid-19 vaccination program. According […]<\/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\/177532"}],"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=177532"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/177532\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=177532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=177532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=177532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}