{"id":183921,"date":"2021-07-07T06:07:40","date_gmt":"2021-07-07T06:07:40","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=183921"},"modified":"2021-07-07T06:07:40","modified_gmt":"2021-07-07T06:07:40","slug":"070721-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070721-afternoon-session-analysis\/","title":{"rendered":"070721 Afternoon Session Analysis"},"content":{"rendered":"

7 July 2021\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

Euro slumped on downbeat economic reading.<\/strong><\/span><\/p>\n

The Euro extends its losses over the backdrop of bearish economic data from European region yesterday, which spurring negative prospect on the economic momentum in Europe countries and diminishing market demand on the Euro. According to ZEW, Germany ZEW Economic sentiment notched down significantly from the previous reading of 79.8 to 63.3, missing the market forecast at 75.2. Besides, resurgence of Covid-19 in Asia-Pacific region and the outbreak of various variants, which do resist vaccines, had also stoked a shift in sentiment toward safe-haven currencies, which dragging down the appeal of the Euro. Recent chatters highlight Epsilon and Lambda virus as the key challenges to the economic outlook in the global economy. Nonetheless, investors would continue to scrutinize the key weekly events of FOMC meeting minutes as well as meeting of the European Central Bank (ECB) to gauge the likelihood movement for the currencies. As of writing, EUR\/USD depreciated by 0.01% to 1.1825.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price extends its losses 0.51% to $73.60 per barrel as of writing. The crude oil price slumped over the concerns of the spiking numbers of the Covid-19 cases in Asia-Pacific countries and the variation of the virus, which dialed down the market optimism toward the future oil demand. On the other hand, the gold price depreciated by 0.09% to $1798.55 per troy ounces amid investors speculated that the Federal Reserve would unleash its dovish tone in the FOMC meeting minutes report tomorrow.<\/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

02:00\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 FOMC Meeting Minutes (8th<\/sup>)<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
22:00<\/td>\nUSD \u2013 JOLTs Job Openings (May)<\/td>\n9.286M<\/td>\n9.388M<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD \u2013 Ivey PMI (Jun)<\/td>\n64.7<\/td>\n–<\/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 a rebound from the lower levels. MACD which illustrated bullish momentum suggest the index to extend its gains in short-term.<\/p>\n

 <\/p>\n

Resistance level: 92.55, 92.85<\/p>\n

Support level: 92.20, 91.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from higher level. MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1.3805, 1.3860<\/p>\n

Support level: 1.3750, 1.3690<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retrace from 1.1870. MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1.1840, 1.1870<\/p>\n

Support level: 1.1810, 1.1770<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from higher levels. MACD which illustrated bearish momentum suggests the pair to be traded lower after closing below 110.45.<\/p>\n

 <\/p>\n

Resistance level: 110.70, 110.95<\/p>\n

Support level: 110.45, 110.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following a retracement from higher levels. MACD which shows diminished bullish momentum suggests the pair to extend its losses in short-term.<\/p>\n

 <\/p>\n

Resistance level: 0.7510, 0.7560<\/p>\n

Support level: 0.7475, 0.7450<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.7015. MACD which illustrate bearish momentum suggests the pair to extend its losses after closing below 0.7015.<\/p>\n

 <\/p>\n

Resistance level: 0.7070, 0.7115<\/p>\n

Support level: 0.7015, 0.6975<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.2320. MACD which illustrated bullish momentum suggest the pair to extend its gains after closing above 1.2470.<\/p>\n

 <\/p>\n

Resistance level: 1.2470, 1.2510<\/p>\n

Support level: 1.2400, 1.2320<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following a rebound near 0.9200. MACD which illustrate diminished bullish momentum suggests the pair to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 0.9270, 0,9205<\/p>\n

Support level: 0.9230, 0.9200<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the higher level. MACD which shows increasing bearish momentum suggests its price to extend losses after breaking the support level of 73.25.<\/p>\n

 <\/p>\n

Resistance level: 74.00, 74.70<\/p>\n

Support level: 73.25, 72.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the higher level. MACD which illustrate diminished bullish momentum suggests its price to extend its losses after closing below 1795.00.<\/p>\n

 <\/p>\n

Resistance level: 1813.00, 1830.00<\/p>\n

Support level: 1795.00, 1783.00<\/p>\n

 <\/p>\n

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

7 July 2021\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 Euro slumped on downbeat economic reading. The Euro extends its losses over the backdrop of bearish economic data from European region yesterday, which spurring negative prospect on the economic momentum in Europe countries and diminishing market demand on the Euro. According to ZEW, Germany ZEW Economic sentiment notched down […]<\/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\/183921"}],"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=183921"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/183921\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=183921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=183921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=183921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}