{"id":193337,"date":"2021-08-23T05:21:54","date_gmt":"2021-08-23T05:21:54","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=193337"},"modified":"2021-08-23T05:22:19","modified_gmt":"2021-08-23T05:22:19","slug":"230821-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/230821-afternoon-session-analysis\/","title":{"rendered":"230821 Afternoon Session Analysis"},"content":{"rendered":"

20 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

Dollar slips following market cautious ahead of Jackson Hole Symposium.<\/strong><\/span><\/p>\n

The dollar index which traded against a basket of six major currency pairs have fell following cautiousness ahead of Jackson Hole Symposium this week. The continuous surge in COVID-19 will see the U.S. Federal Reserve conduct its annual Jackson Hole symposium online beginning Aug. 26. Fed Chairman Jerome Powell has maintained his dovish stance to date. However, Dallas Fed President Robert Kaplan provided a potential clue before the symposium\u2019s start, saying that his view of beginning asset tapering soon could be adjusted should the COVID-19 Delta variant continue to spread and impact the economic recovery. Despite that, U.S currency remained supported overall by concerns that the coronavirus Delta variant could derail global economic recovery. Therefore, market will now look to Jackson Hole Symposium for further clues. At the time of writing, dollar index fell 0.18% to $93.33.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell 0.11% to $63.15 per barrel as of writing amid ongoing concerns over Delta variant continues. As of now, the spread of COVID-19’s Delta variant continues, with South Korea and Vietnam among the nations tightening restrictive measures. Japan tripled COVID-19 tests, changing its strategy after daily new infections reached record levels on Friday. On China, the world\u2019s top oil importer, China remains ‘zero tolerance’ on COVID-19 policy, meaning tight restrictive measures to curb the country\u2019s latest outbreak. The restriction means disruptions in shipping and global supply chains as ports were ordered closed. On the other hand, gold price held steady and rose 0.34% to $1787.16 a troy ounce at the time of writing following dollar weakness.<\/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\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
15:30<\/td>\nEUR – German Manufacturing PMI (Aug)<\/td>\n0.50%<\/td>\n65.0<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP – Composite PMI (Aug)<\/td>\n59.2<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP – Manufacturing PMI (Aug)<\/td>\n60.4<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP – Services PMI (Aug)<\/td>\n59.6<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – Existing Home Sales (Jul)<\/td>\n5.86M<\/td>\n5.81M<\/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 lower following prior breakout below the previous support level 93.45. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 93.10.<\/p>\n

 <\/p>\n

Resistance level: 93.45, 93.80<\/p>\n

Support level: 93.10, 92.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level 1.3600. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3745.<\/p>\n

 <\/p>\n

Resistance level: 1.3745, 1.3885<\/p>\n

Support level: 1.3600, 1.3460<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level 1.1705. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.1765.<\/p>\n

 <\/p>\n

Resistance level: 1.1765, 1.1830<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level 109.70. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 110.50.<\/p>\n

 <\/p>\n

Resistance level: 110.50, 111.00<\/p>\n

Support level: 109.70, 109.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level 0.7150. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7245.<\/p>\n

 <\/p>\n

Resistance level: 0.7245, 0.7330<\/p>\n

Support level: 0.7150, 0.7075<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level 0.6820. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6925.<\/p>\n

 <\/p>\n

Resistance level: 0.6925, 0.7000<\/p>\n

Support level: 0.6820, 0.6725<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level 1.2770. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level 1.2770.<\/p>\n

 <\/p>\n

Resistance level: 1.2870, 1.2955<\/p>\n

Support level: 1.2770, 1.2675<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following recent retracement from the resistance level 0.9200. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.9135.<\/p>\n

 <\/p>\n

Resistance level: 0.9200, 0.9245<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 65.35.<\/p>\n

 <\/p>\n

Resistance level: 65.35, 68.35<\/p>\n

Support level: 61.00, 57.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD, H4: <\/strong>Gold price was traded flat while currently testing near the resistance level 1792.35. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1792.35, 1831.85<\/p>\n

Support level: 1760.35, 1725.50<\/p>\n","protected":false},"excerpt":{"rendered":"

20 August 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Dollar slips following market cautious ahead of Jackson Hole Symposium. The dollar index which traded against a basket of six major currency pairs have fell following cautiousness ahead of Jackson Hole Symposium this week. The continuous surge in COVID-19 will see the U.S. Federal Reserve conduct its annual […]<\/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\/193337"}],"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=193337"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/193337\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=193337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=193337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=193337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}