{"id":220950,"date":"2022-01-06T03:56:15","date_gmt":"2022-01-06T03:56:15","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=220950"},"modified":"2022-01-06T03:56:15","modified_gmt":"2022-01-06T03:56:15","slug":"060122-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060122-afternoon-session-analysis\/","title":{"rendered":"060122 Afternoon Session Analysis"},"content":{"rendered":"

06 January 2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

Euro surged amid hawkish tone from ECB.
\n<\/strong><\/span><\/p>\n

The Euro surged over the backdrop of hawkish sentiment from the European Central Bank. According to Reuters, European Central Bank (ECB) governing council member Martins Kazaks claimed that the ECB is ready to increase interest rates and reduce aggressive stimulus plan in order to combat the high inflation risk. The central bank also expected that the Euro zone inflation rate will take longer to fall back to target than earlier thought. According to latest data, the Euro zone inflation ate hit 4.9% last month, a record high and most economist do not see it back under the ECB\u2019s target until very late 2022. High inflation risk in future will prompt the central bank to implement contractionary monetary policy in future, insinuating market demand on the Euro. As of writing, EUR\/USD appreciated by 0.01% to 1.1315.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price depreciated by 0.28% to $77.20 per barrel as of writing following OPEC+ agreed on Tuesday to increase another 400,000 barrels per day (bpd) of supply on February. On the other hand, the gold price depreciated by 0.15% to $1808.00 per troy ounces as of writing amid rate hike expectation for the global central bank.<\/p>\n

 <\/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
17:30<\/td>\nGBP – Composite PMI (Dec)<\/td>\n57.6<\/td>\n53.2<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP – Services PMI (Dec)<\/td>\n58.5<\/td>\n53.2<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n198K<\/td>\n200K<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD – ISM Non-Manufacturing PMI (Dec)<\/td>\n69.1<\/td>\n67.2<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

 <\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the support level at 95.65. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 96.90.<\/p>\n

 <\/p>\n

Resistance level: 96.90, 97.50<\/p>\n

Support level: 95.65, 94.90<\/p>\n

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

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.3615. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3475.<\/p>\n

 <\/p>\n

Resistance level: 1.3615, 1.3690<\/p>\n

Support level: 1.3475, 1.3350<\/p>\n

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

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.1345. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1235.<\/p>\n

 <\/p>\n

Resistance level: 1.1345, 1.1440<\/p>\n

Support level: 1.1235, 1.1175<\/p>\n

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

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 116.25. 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: 116.25, 118.40<\/p>\n

Support level: 112.85, 110.85<\/p>\n

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

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7175. 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: 0.7365, 0.7535<\/p>\n

Support level: 0.7175, 0.6995<\/p>\n

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

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6840. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6710.<\/p>\n

 <\/p>\n

Resistance level: 0.6840, 0.6920<\/p>\n

Support level: 0.6710, 0.6570<\/p>\n

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

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.2625. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2825.<\/p>\n

 <\/p>\n

Resistance level: 1.2825, 1.2940<\/p>\n

Support level: 1.2625, 1.2520<\/p>\n

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

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9175. 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: 0.9175, 0.9260<\/p>\n

Support level: 0.9105, 0.9035<\/p>\n

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

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 78.40. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 75.35.<\/p>\n

 <\/p>\n

Resistance level: 78.40, 80.60<\/p>\n

Support level: 75.35, 72.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1806.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1830.55, 1850.40<\/p>\n

Support level: 1806.90, 1786.30<\/p>\n

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

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

06 January 2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Euro surged amid hawkish tone from ECB. The Euro surged over the backdrop of hawkish sentiment from the European Central Bank. According to Reuters, European Central Bank (ECB) governing council member Martins Kazaks claimed that the ECB is ready to increase interest rates and reduce aggressive stimulus plan in […]<\/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\/220950"}],"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=220950"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/220950\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=220950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=220950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=220950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}