{"id":188537,"date":"2021-07-29T06:43:02","date_gmt":"2021-07-29T06:43:02","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=188537"},"modified":"2021-07-29T06:43:02","modified_gmt":"2021-07-29T06:43:02","slug":"290721-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/290721-afternoon-session-analysis\/","title":{"rendered":"290721 Afternoon Session Analysis"},"content":{"rendered":"

29 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

Pound sterling surged amid positive signals.<\/strong><\/span><\/p>\n

Pound sterling appreciated against the US dollar amid positive development with regards to coronavirus pandemic. Recently, UK has recorded a downtrend in new coronavirus infection for six consecutive days whereby majority of them are from the Delta variant. According to UK\u2019s top epidemiologist Neil Ferguson, the pandemic in UK may end in the next few months. Positive outlook from Ferguson and decreasing infection rate has fueled up positive market sentiment towards the pound sterling. Likewise, EU\u2019s decision to pause legal action against the UK over Northern Ireland (NI) protocol provides additional bullish momentum on the currency. Previously, EU commented that they would remain open for renegotiation suggestion from UK, indicating that both UK and EU may enter into a win-win situation without jeopardizing trading activities between both parties. As of writing, GBP\/USD surged 0.13% to 1.3922.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price was up 0.46% to $72.21 per barrel as of writing. Oil price extended its gains amid rising oil demand in the US. According to Energy Information Administration (EIA), Crude Oil Inventories for last week decreased by -4.089M, significantly higher than forecast of -2.928M. On the other hand, gold price was up 0.51% to $1815.13 a troy ounce due to weaker US dollar.<\/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\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
15:55<\/td>\nEUR – German Unemployment Change (Jul)<\/td>\n-38K<\/td>\n-25K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – GDP (QoQ) (Q2)<\/td>\n6.40%<\/td>\n8.60%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n419K<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – Pending Home Sales (MoM) (Jun)<\/td>\n8.00%<\/td>\n0.50%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level at 92.00. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 92.75, 93.25<\/p>\n

Support level: 92.00, 91.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3900. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3980.<\/p>\n

 <\/p>\n

Resistance level: 1.3980, 1.4100<\/p>\n

Support level: 1.3900, 1.3830<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1850. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.1850, 1.1955<\/p>\n

Support level: 1.1725, 1.1635<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level at 109.70. 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: 110.55, 110.95<\/p>\n

Support level: 109.70, 109.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.7120. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7410.<\/p>\n

 <\/p>\n

Resistance level: 0.7410, 0.7495<\/p>\n

Support level: 0.7320, 0.7240<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.7120, 0.7305<\/p>\n

Support level: 0.6915, 0.6770<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.2535. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2440.<\/p>\n

 <\/p>\n

Resistance level: 1.2535, 1.2670<\/p>\n

Support level: 1.2440, 1.2275<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9035.<\/p>\n

 <\/p>\n

Resistance level: 0.9135, 0.9230<\/p>\n

Support level: 0.9035, 0.8940<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 72.25. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 74.80.<\/p>\n

 <\/p>\n

Resistance level: 74.80, 76.20<\/p>\n

Support level: 72.25, 69.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1813.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1832.25.<\/p>\n

 <\/p>\n

Resistance level: 1832.25, 1851.85<\/p>\n

Support level: 1813.05, 1788.95<\/p>\n

 <\/p>\n

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

29 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 surged amid positive signals. Pound sterling appreciated against the US dollar amid positive development with regards to coronavirus pandemic. Recently, UK has recorded a downtrend in new coronavirus infection for six consecutive days whereby majority of them are from the Delta variant. According to UK\u2019s top epidemiologist […]<\/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\/188537"}],"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=188537"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/188537\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=188537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=188537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=188537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}