{"id":262650,"date":"2022-08-04T04:06:23","date_gmt":"2022-08-04T04:06:23","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=262650"},"modified":"2022-08-04T04:06:23","modified_gmt":"2022-08-04T04:06:23","slug":"040822-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/040822-afternoon-session-analysis\/","title":{"rendered":"040822 Afternoon Session Analysis"},"content":{"rendered":"

4 August 2022\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 on pressure as economic data weakened.<\/strong><\/span><\/p>\n

The GBP\/USD which well known by majority of investors dropped on yesterday amid the bearish economic data has been unleashed. According to Markit Economics, the UK Composite Purchasing Managers’ Index (PMI) for July notched down from the previous reading of 53.7 to 52.1, missing the market forecast of 52.8. Besides that, the UK Services Purchasing Managers Index (PMI) had also given a pessimistic reading, which came in at the reading of 52.6 while lower than the consensus expectation of 53.3. The lower-than-expected reading indicated that the UK economy is at the risk of recession, which dragged down the appeal of Pound Sterling. At this juncture, investors would continue to scrutinize the interest rate decision from BoE which scheduled at 7pm tonight in order to gauge the likelihood movement of GBP\/USD. Market participants are predicting that BoE would likely to implement 50 basis point rate hike, the most since 1995 to suppress the spiking inflation. As of writing, GBP\/USD edged up by 0.06% to 1.2152.<\/p>\n

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In the commodities market, the crude oil price appreciated by 0.47% to $91.15 per barrel as of writing. Nonetheless, the overall trend of oil price remained bearish after OPEC+ claimed that it would increase its oil output. On the other hand, the gold price rallied by 0.45% to $1767.86 per troy ounce as of writing after it slumped throughout the overnight trading session over the strengthening of US Dollar.<\/p>\n

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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

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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

19:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoE Gov Bailey Speaks<\/p>\n

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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
16:30<\/td>\nGBP \u2013 Construction PMI (Jul)<\/td>\n52.6<\/td>\n52.0<\/td>\n–<\/td>\n<\/tr>\n
19:00<\/td>\nGBP – BoE Interest Rate Decision (Aug)<\/td>\n1.25%<\/td>\n1.75%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n256K<\/td>\n259K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the index to be traded lower as technical correction.<\/p>\n

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Resistance level: 106.30, 107.30<\/p>\n

Support level: 105.25, 104.45<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains if successfully breakout the resistance level.<\/p>\n

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Resistance level: 1.2170, 1.2320<\/p>\n

Support level: 1.2030, 1.1870<\/p>\n

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\"\"<\/p>\n

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

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Resistance level: 1.0230, 1.0315<\/p>\n

Support level: 1.0160, 1.0075<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

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Resistance level: 134.90, 136.65<\/p>\n

Support level: 133.40, 131.65<\/p>\n

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\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.<\/p>\n

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Resistance level: 0.7005, 0.7075<\/p>\n

Support level: 0.6930, 0.6850<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains if successfully breakout the resistance level.<\/p>\n

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Resistance level: 0.6295, 0.6350<\/p>\n

Support level: 0.6235, 0.6185<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.<\/p>\n

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Resistance level: 1.2935, 1.3030<\/p>\n

Support level: 1.2825, 1.2700<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses if successfully breakout the support level.<\/p>\n

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Resistance level: 0.9675, 0.9735<\/p>\n

Support level: 0.9595, 0.9520<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level. However, MACD which illustrated decreasing bearish momentum suggest the commodity to be traded higher as technical correction.<\/p>\n

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Resistance level: 93.25, 97.70<\/p>\n

Support level: 90.05, 86.15<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains.<\/p>\n

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Resistance level: 1777.70, 1787.50<\/p>\n

Support level: 1766.55, 1753.25<\/p>\n","protected":false},"excerpt":{"rendered":"

4 August 2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Pound on pressure as economic data weakened. The GBP\/USD which well known by majority of investors dropped on yesterday amid the bearish economic data has been unleashed. According to Markit Economics, the UK Composite Purchasing Managers’ Index (PMI) for July notched down from the previous reading of 53.7 to […]<\/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\/262650"}],"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=262650"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/262650\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=262650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=262650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=262650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}