{"id":273777,"date":"2022-09-26T05:49:30","date_gmt":"2022-09-26T05:49:30","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=273777"},"modified":"2022-09-26T05:49:30","modified_gmt":"2022-09-26T05:49:30","slug":"260922-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/260922-afternoon-session-analysis\/","title":{"rendered":"260922 Afternoon Session Analysis"},"content":{"rendered":"

26 September 2022\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

Pound dived after UK government announced for tax cuts.<\/strong><\/span><\/p>\n

The GBP\/USD slumped significantly on last Friday trading session after UK government announced to apply tax cut to tackle recession. According to CNBC, the new UK government that leaded by Liz Truss was targeting a medium-term 2.5% trend rate in economic growth, while they believe that high taxes rate would diminish incentives to work as well as disrupt investment and corporate development. Based on the announcement, a reduction in the basic rate of income tax from 20% to 19% has implemented. Also, they have cancelled a planned rise in corporation tax to 25% and keeping it at 19%, the tax paid on incomes over high income groups would take a top rate of 40%. Tax cuts would increase consumer spending in nation. However, in the perspective of investors, the move from the UK government would likely to reduce nation income, which make the economic progression in UK become pessimistic. As of writing, GBP\/USD dropped by 2.86% to 1.0546.<\/p>\n

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In the commodities market, the crude oil price depreciated by 0.37% to $78.44 per barrel as of writing following the market feared that showing global economic activity recession will dent demand for oil. On the other hand, the gold price eased by 0.52% to $1639.85 per troy ounce as of writing following the value of US Dollar heightened.<\/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

14:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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\u00a0 ECB President Lagarde Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
14:00<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR – German GDP (QoQ) (Q3)<\/td>\n-0.25%<\/td>\n0.50%<\/td>\n–<\/td>\n<\/tr>\n
16:00<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR – German Ifo Business Climate Index (Sep)<\/td>\n1.75%<\/td>\n2.25%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the index to extend its gains if successfully breakout the resistance level.<\/p>\n

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Resistance level: 114.10, 115.65<\/p>\n

Support level: 112.35, 111.30<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.<\/p>\n

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Resistance level: 1.0655, 1.0895<\/p>\n

Support level: 1.0400, 1.0170<\/p>\n

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EURUSD, H4: <\/strong>EURUSD 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: 0.9730, 0.9810<\/p>\n

Support level: 0.9650, 0.9565<\/p>\n

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

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Resistance level: 144.05, 145.60<\/p>\n

Support level: 142.35, 140.70<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the previous 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: 0.6555, 0.6650<\/p>\n

Support level: 0.6470, 0.6370<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

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Resistance level: 0.5770, 0.5850<\/p>\n

Support level: 0.5680, 0.5615<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains if successfullt breakout the resistance level.<\/p>\n

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Resistance level: 1.3635, 1.3820<\/p>\n

Support level: 1.3455, 1.3320<\/p>\n

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USDCHF, H4: <\/strong>USDCHF 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: 0.9900, 1.0020<\/p>\n

Support level: 0.9785, 0.9715<\/p>\n

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CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing the support level. MACD which illustrated decreasing bullish momentum suggest the commodity to extend its losses if successfully breakout the support level.<\/p>\n

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Resistance level: 79.50, 81.20<\/p>\n

Support level: 78.20, 76.30<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses.<\/p>\n

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Resistance level: 1641.55, 1661.60<\/p>\n

Support level: 1621.85, 1600.30<\/p>\n","protected":false},"excerpt":{"rendered":"

26 September 2022\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 Pound dived after UK government announced for tax cuts. The GBP\/USD slumped significantly on last Friday trading session after UK government announced to apply tax cut to tackle recession. According to CNBC, the new UK government that leaded by Liz Truss was targeting a medium-term 2.5% trend rate 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\/273777"}],"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=273777"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/273777\/revisions"}],"predecessor-version":[{"id":273888,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/273777\/revisions\/273888"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=273777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=273777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=273777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}