{"id":183359,"date":"2021-07-05T04:36:06","date_gmt":"2021-07-05T04:36:06","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=183359"},"modified":"2021-07-05T04:36:08","modified_gmt":"2021-07-05T04:36:08","slug":"050721-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/050721-afternoon-session-analysis\/","title":{"rendered":"050721 Afternoon Session Analysis"},"content":{"rendered":"\n

Aussie surged on upbeat economic data.<\/strong><\/span><\/p>\n

The Australian Dollar surged over the backdrop of string of upbeat economic data from Australia region. According to Australian Bureau of Statistics, Australia Retail Sales for last month notched up significantly from the previous reading of 0.1% to 0.4%, exceeding the market forecast at 0.1%, while dialed up the market optimism toward the economic recovery in Australia. Nonetheless, the gains experienced by the Aussie was limited following China reported negative economic data in early morning. China Caixin Services Purchasing Managers index (PMI) had declined significantly from the previous reading of 55.1 to 50.3, since Australia is China\u2019s sixth largest trading partners, negative data in China would be spurring some negative prospect for the economic momentum in Australia. As for now, market participants will scrutinize the latest updates with regards of RBA interest rates decision as well as FOMC meeting minutes in order to gauge the likelihood movement for the Australia Dollar. As of writing, AUD\/USD appreciated by 0.11% to 0.7515.<\/p>\n

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In the commodities market, the crude oil price depreciated by 0.02% to $75.30 per barrel as of writing. The crude oil price was traded lower amid investors are now anxiously waiting for the OPEC+\u2019s decision following the disagreement during the early meeting. On the other hand, the gold price was traded flat at $1787.05 per troy ounces as of writing following United States released mixed economic data last week.<\/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

N\/A<\/p>\n

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

Time<\/strong><\/p>\n<\/td>\n

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Nation & Data<\/strong><\/p>\n<\/td>\n

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Previous<\/strong><\/p>\n<\/td>\n

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Forecast<\/strong><\/p>\n<\/td>\n

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Actual<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

16:30<\/p>\n<\/td>\n

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GBP \u2013 Composite PMI (Jun)<\/p>\n<\/td>\n

\n

61.7<\/p>\n<\/td>\n

\n

61.7<\/p>\n<\/td>\n

\n

–<\/p>\n<\/td>\n<\/tr>\n

\n

16:30<\/p>\n<\/td>\n

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GBP \u2013 Services PMI (Jun)<\/p>\n<\/td>\n

\n

61.7<\/p>\n<\/td>\n

\n

61.7<\/p>\n<\/td>\n

\n

–<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently testing the support level at 92.30. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level. \u00a0<\/p>\n

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

Support level: 92.30, 91.30<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.3790. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3960.<\/p>\n

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Resistance level: 1.3960, 1.4100<\/p>\n

Support level: 1.3790, 1.3685<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded lower while currently near the support level at 1.1845. However, MACD which illustrated bearish momentum suggest the pair to be traded higher in short-term as technical correction. \u00a0\u00a0<\/p>\n

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Resistance level: 1.1955, 1.2065<\/p>\n

Support level: 1.1845, 1.1725<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level at 110.95. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level. \u00a0<\/p>\n

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Resistance level: 111.55, 112.15<\/p>\n

Support level: 110.95, 110.45<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.7465. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7590.<\/p>\n

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Resistance level: 0.7590, 0.7700<\/p>\n

Support level: 0.7465, 0.7365<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6940. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction. \u00a0\u00a0\u00a0\u00a0<\/p>\n

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Resistance level: 0.7120, 0.7300\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\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<\/p>\n

Support level: 0.6940, 0.6770<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.2360. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

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Resistance level: 1.2360, 1.2480<\/p>\n

Support level: 1.2275, 1.2165<\/p>\n

\u00a0<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9235. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction. \u00a0\u00a0\u00a0<\/p>\n

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Resistance level: 0.9235, 0.9305<\/p>\n

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

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CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing the support level at 74.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 75.85,76.70<\/p>\n

Support level: 74.90, 73.75<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1794.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction. \u00a0\u00a0\u00a0\u00a0<\/p>\n

\u00a0<\/p>\n

Resistance level: 1794.65, 1812.65<\/p>\n

Support level: 1773.75, 1751.20<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Aussie surged on upbeat economic data. The Australian Dollar surged over the backdrop of string of upbeat economic data from Australia region. According to Australian Bureau of Statistics, Australia Retail Sales for last month notched up significantly from the previous reading of 0.1% to 0.4%, exceeding the market forecast at 0.1%, while dialed up the […]<\/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":"off","_et_pb_old_content":"","_et_gb_content_width":"793","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/183359"}],"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=183359"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/183359\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=183359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=183359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=183359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}