{"id":195101,"date":"2021-09-01T05:50:38","date_gmt":"2021-09-01T05:50:38","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=195101"},"modified":"2021-09-01T05:50:38","modified_gmt":"2021-09-01T05:50:38","slug":"010921-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/010921-afternoon-session-analysis\/","title":{"rendered":"010921 Afternoon Session Analysis"},"content":{"rendered":"

01 September 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

 <\/p>\n

Canadian Loonie slips following downbeat data.<\/strong><\/span><\/p>\n

The Canadian dollar which traded against the US dollar and other currency pair have fell over the backdrop of downbeat economic data. According to the Statistics Canada, Canada\u2019s Gross Domestic Product (GDP) Annualized have eased in second quarter from the previous reading of 5.5% to -1.1%, lower than the forecasted reading of 2.5%. The data suggested that the Canada economy have contracted largely due to the Covid-19 woes. According to latest development, Canada reported 2909 new coronavirus cases yesterday. Nevertheless, the losses experienced by the Loonie may be limited following recent hurricane-led halt in crude oil production and the depleting oil inventories. The strike of hurricane Ida in Gulf of Mexico had forced numerous oil producers to cut their production followed by the better-than-expected API Weekly Crude Oil Stock figures. These have acted as a catalyst to keep the crude oil price stable hence supporting the commodity-linked Canadian dollar. As of writing, the USD\/CAD rose 0.11% to 1.2623.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price rose 0.68% to $68.97 per barrel as of writing while traders counting down to OPEC meeting and its decision. OPEC are expected to meet on Wednesday to decide whether to stick to a plan to add 400,000 barrels per day (bpd) each month through December. According to OPEC sources, the market to be in deficit at last until the end of 2021. On the other hand, gold price fell 0.03% to $1815.15 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\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 Manufacturing PMI (Aug)<\/td>\n62.7<\/td>\n62.7<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP – Manufacturing PMI (Aug)<\/td>\n60.1<\/td>\n60.1<\/td>\n–<\/td>\n<\/tr>\n
20:15<\/td>\nUSD – ADP Nonfarm Employment Change (Aug)<\/td>\n330K<\/td>\n638K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – ISM Manufacturing PMI (Aug)<\/td>\n59.5<\/td>\n58.5<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-2.979M<\/td>\n-2.683M<\/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 while currently testing the resistance level 92.70. MACD which illustrate bullish bias signal with the formation of golden cross suggest the dollar to extend its rebound after it breaks above the resistance level 92.70.<\/p>\n

 <\/p>\n

Resistance level: 92.70, 92.10<\/p>\n

Support level: 92.15, 91.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level 1.3760. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3600.<\/p>\n

 <\/p>\n

Resistance level: 1.3760, 1.3885<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level 1.1830. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.1765.<\/p>\n

 <\/p>\n

Resistance level: 1.1830, 1.1880<\/p>\n

Support level: 1.1765, 1.1705<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY remain traded in a sideway channel while currently testing the support level 110.15. However, 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: 110.15, 110.75<\/p>\n

Support level: 109.60, 109.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level 0.7330. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.7250.<\/p>\n

 <\/p>\n

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

Support level: 0.7250, 0.7150<\/p>\n

\u00a0<\/strong><\/p>\n

\"\"<\/strong><\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6990.<\/p>\n

 <\/p>\n

Resistance level: 0.7075, 0.7135<\/p>\n

Support level: 0.6990, 0.6920<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD remain traded in a sideway channel following recent rebound form the support level 1.2585. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2675.<\/p>\n

 <\/p>\n

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

Support level: 1.2585, 1.2440<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF remain traded in sideway channel following recent rebound from its low level. However, MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9200.<\/p>\n

 <\/p>\n

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

Support level: 0.9100, 0.9025<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support level 68.35. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 71.00.<\/p>\n

 <\/p>\n

 <\/p>\n

Resistance level: 71.00, 74.60<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GOLD, H4: <\/strong>Gold price was traded flat following recent retracement from its high level. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower in short term towards the support level 1792.35.<\/p>\n

 <\/p>\n

Resistance level: 1831.85, 1866.85<\/p>\n

Support level: 1792.35, 1760.35<\/p>\n","protected":false},"excerpt":{"rendered":"

01 September 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   Canadian Loonie slips following downbeat data. The Canadian dollar which traded against the US dollar and other currency pair have fell over the backdrop of downbeat economic data. According to the Statistics Canada, Canada\u2019s Gross Domestic Product (GDP) Annualized have eased in second quarter from the previous reading […]<\/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\/195101"}],"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=195101"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/195101\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=195101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=195101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=195101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}