{"id":185331,"date":"2021-07-14T05:58:48","date_gmt":"2021-07-14T05:58:48","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=185331"},"modified":"2021-07-14T06:02:28","modified_gmt":"2021-07-14T06:02:28","slug":"140721-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/140721-afternoon-session-analysis\/","title":{"rendered":"140721 Afternoon Session Analysis"},"content":{"rendered":"

14 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 Afternoon Session Analysis<\/strong><\/p>\n

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Pound sterling slips following bleak U.K data.<\/strong><\/span><\/p>\n

The pound sterling which traded against the dollar and other currency pairs was traded lower over the backdrop of negative retail data from United Kingdom yesterday. According to British Retail Consortium (BRC), Retail Sales Monitor in June recorded a disappointing drop from previous 18.5% to 6.7%, indicating that the UK economy remained subdued while spurring further bearish momentum on the pound sterling. In addition, Pound sterling extended its losses amid the coronavirus pandemic outbreak remains unsolved in UK region, along with tussle between the U.K and EU surrounding the Brexit issue. On the other hand, the US dollar surged following the release of the latest upbeat US consumer inflation figures. The latest CPI report has further fueled market speculations that Fed to be tightening its monetary policy, hence prompting investors to shift their portfolio from pound sterling to US Dollar. As of writing, GBP\/USD depreciated by 0.05% to 1.3787.<\/p>\n

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In the commodities market, the crude oil price surged 0.33% to $73.65 per barrel as of writing. The oil price gains as investors anticipated shortage in oil supply and higher draw in global crude oil inventory later. The risk concerning spread of Delta-variant had also spurred negative prospect for the crude oil demand.\u00a0 On the other hand, the gold price surged 0.26% to $1811.06 per troy ounces amid spiking numbers of the Covid-19 cases had diminished the risk appetite in the global financial market, which insinuating market demand on the safe-haven gold.<\/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 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 CAD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 BoC Monetary Policy Report<\/p>\n

Tentative\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 CAD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 BOC Press Conference<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
14:00<\/td>\nGBP – CPI (YoY) (Jun)<\/td>\n2.10%<\/td>\n2.20%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – PPI (MoM) (Jun)<\/td>\n0.80%<\/td>\n0.50%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD – BoC Interest Rate Decision<\/td>\n0.25%<\/td>\n0.25%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-6.866M<\/td>\n–<\/td>\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 higher while currently testing the resistance level 92.70. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains after it breaks the resistance level.<\/p>\n

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Resistance level: 92.25, 92.70<\/p>\n

Support level: 91.65, 91.30<\/p>\n

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\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level 1.3890. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.3750.<\/p>\n

 <\/p>\n

Resistance level: 1.3890, 1.3990<\/p>\n

Support level: 1.3750, 1.3675<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level 1.1790. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.1705.<\/p>\n

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Resistance level: 1.1790, 1.1880<\/p>\n

Support level: 1.1705, 1.1625<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level 110.45. MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.<\/p>\n

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Resistance level: 111.00, 111.60<\/p>\n

Support level: 110.45, 109.75<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower following recent breakout below the previous support level 0.7475. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.7415.<\/p>\n

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Resistance level: 0.7475, 0.7545<\/p>\n

Support level: 0.7415, 0.7330<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level 0.7010. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.<\/p>\n

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Resistance level: 0.7010, 0.7075<\/p>\n

Support level: 0.6925, 0.6825<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following recent rebound from the support level 1.2470. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.2565.<\/p>\n

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Resistance level: 1.2565, 1.2640<\/p>\n

Support level: 1.2470, 1.2350<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing near the resistance level 0.9195. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 0.9135.<\/p>\n

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Resistance level: 0.9195, 0.9245<\/p>\n

Support level: 0.9135, 0.9090<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following recent breakout above the resistance level 74.20. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 76.35.<\/p>\n

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Resistance level: 76.35, 78.75<\/p>\n

Support level: 74.20, 71.15<\/p>\n

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GOLD_, H4: <\/strong>Gold price remain traded in a sideway channel while currently testing the resistance level 1814.00. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower in short term towards the support level 1767.55.<\/p>\n

 <\/p>\n

Resistance level: 1814.00, 1853.00<\/p>\n

Support level: 1767.55, 1725.50<\/p>\n","protected":false},"excerpt":{"rendered":"

14 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 Afternoon Session Analysis   Pound sterling slips following bleak U.K data. The pound sterling which traded against the dollar and other currency pairs was traded lower over the backdrop of negative retail data from United Kingdom yesterday. According to British Retail Consortium (BRC), Retail Sales Monitor in June recorded a disappointing drop […]<\/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\/185331"}],"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=185331"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/185331\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=185331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=185331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=185331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}