{"id":189231,"date":"2021-08-02T04:31:37","date_gmt":"2021-08-02T04:31:37","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=189231"},"modified":"2021-08-02T04:31:37","modified_gmt":"2021-08-02T04:31:37","slug":"020821-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/020821-afternoon-session-analysis\/","title":{"rendered":"020821 Afternoon Session Analysis"},"content":{"rendered":"

02 August 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Aussie slips amid poor China data.<\/strong><\/span><\/p>\n

The Australian dollar which traded against the dollar and other currency pairs remains pressured and fell after recent release of weaker-than-expected China data. According to Markit Economics, China Caixin Manufacturing PMI have fell to 50.3, weaker than market expectation of 51 and also previous reading of 51.3. According to a business survey, demand contracted for the first time in over a year due to high product prices, thus causing China factory activity growth to slipped sharply in June. With China being Australia\u2019s biggest trading partner, the data also exert pressure for the Aussie. At the same time, coronavirus woes in the Australia also continue to pressure the pair. The third-largest city of Brisbane and other parts of Queensland have entered a snap lockdown Saturday after six new cases were detected. At the time of writing, AUD\/USD fell 0.03% to 0.7339.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell 1.01% to $72.97 per barrel as of writing following concerns over China economy that may affect fuel consumption and also higher output. China’s factory activity expanded in July at the slowest pace in nearly a year and a half, adding to concerns about a slowdown in the world’s second-biggest economy. On top of that, a Reuters survey found that oil output from the Organization of the Petroleum Exporting Countries (OPEC) rose in July to its highest since April 2020. At the time of writing, gold price fell 0.12% to $1811.82 a troy ounce at the time of writing following dollar rebound.<\/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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
15:55<\/td>\nEUR \u2013 German Manufacturing PMI (Jul)<\/td>\n65.6<\/td>\n65.6<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP – Manufacturing PMI (Jul)<\/td>\n60.4<\/td>\n60.4<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – ISM Manufacturing PMI (Jul)<\/td>\n60.6<\/td>\n60.9<\/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 while currently testing the resistance level 92.05. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 92.05, 92.65<\/p>\n

Support level: 91.60, 91.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level 1.3890. MACD which illustrate bearish momentum signal with the recent formation of death cross suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3990, 1.4105<\/p>\n

Support level: 1.3890, 1.3735<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level 1.1885. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.1810.<\/p>\n

 <\/p>\n

Resistance level: 1.1880, 1.1950<\/p>\n

Support level: 1.1810, 1.1755<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level 109.70. 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

 <\/p>\n

Resistance level: 109.70, 110.40<\/p>\n

Support level: 109.20, 108.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level 0.7330. MACD which illustrate bearish momentum signal with the recent formation of death cross suggest the pair to extend its losses after it breaks below the support level 0.7330.<\/p>\n

 <\/p>\n

Resistance level: 0.7415, 0.7485<\/p>\n

Support level: 0.7330, 0.745<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level 0.7000. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.6925.<\/p>\n

 <\/p>\n

Resistance level: 0.7000, 0.7075<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level 1.2440. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2520.<\/p>\n

 <\/p>\n

Resistance level: 1.2520, 1.2595<\/p>\n

Support level: 1.2440, 1.2350<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded flat while currently testing near the support level 0.9040. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 0.9090.<\/p>\n

 <\/p>\n

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

Support level: 0.9040, 0.8990<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level 74.60. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 70.85.<\/p>\n

 <\/p>\n

Resistance level: 74.60, 76.90<\/p>\n

Support level: 70.85, 68.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior breakout below the previous support level 1815.80. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its losses towards the support level 1792.10.<\/p>\n

 <\/p>\n

Resistance level: 1814.80, 1831.85<\/p>\n

Support level: 1792.10, 1762.20<\/p>\n","protected":false},"excerpt":{"rendered":"

02 August 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Aussie slips amid poor China data. The Australian dollar which traded against the dollar and other currency pairs remains pressured and fell after recent release of weaker-than-expected China data. According to Markit Economics, China Caixin Manufacturing PMI have fell to 50.3, weaker than market expectation of 51 and […]<\/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\/189231"}],"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=189231"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/189231\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=189231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=189231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=189231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}