{"id":41540,"date":"2018-12-19T05:16:02","date_gmt":"2018-12-19T05:16:02","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=41540"},"modified":"2018-12-19T06:09:10","modified_gmt":"2018-12-19T06:09:10","slug":"191218-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/191218-afternoon-session-analysis\/","title":{"rendered":"191218 Afternoon Session Analysis"},"content":{"rendered":"

19 December 2018\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 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar pressured amid expected dovish outlook.<\/strong><\/span><\/p>\n

note from Federal Reserve. According to reports, the Fed is expected to increase rate on Wednesday. However, due to increasing trade tensions between US and China and the slowdown in global growth, investors expected that the Federal Reserve will likely to adopt a dovish outlook on the monetary policy and could signaling ideas of fewer rate hikes for the upcoming year. Besides that, U.S President also criticized the Fed for even considering yet another interest rate hike despite current economy outlook. Dollar index was down 0.25% to 96.30 as of writing. Meanwhile, AUD\/USD inched higher 0.22% to 0.7190 at the time of writing as strong commodity sentiment has provide boost for the Aussie. The Aussie has found support from the increasing strength from commodity such as safe-haven gold due to trade tensions fears. In addition, investors are also eyeing on dovish note from Fed monetary statement on U.S counterpart which could provide further boost for the Aussie.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price recovers 0.85% to $46.95 per barrel as of writing after a major tumble following the increasing worries of oversupply which continues to pressure the oil market. Based on American Petroleum Institute statement on Tuesday, U.S crude oil stocks rose unexpectedly last week while at the same time, U.S government also stated that shale production is expected to increase to over 8 million bpd for the first time by the end of December. Thus, it has increase further pressure for the already weak oil sentiment and causing another major selloff. On the other hand, gold price inched higher 0.11% to $1250.60 at the time of writing amid dollar weakness which dragged by expected dovish monetary policy from the Fed this week.<\/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

03:00 (20th<\/sup>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 FOMC Economic Projections<\/p>\n

03:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 FOMC Statement<\/p>\n

03:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 FOMC Press Conference<\/p>\n

 <\/p>\n


\n<\/u><\/p>\n

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

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n\n\n\n
Time<\/strong><\/td>\nMarket & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
15:00<\/td>\nEUR \u2013 German PPI (MoM) (Nov)<\/td>\n0.3%<\/td>\n-0.1%<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 CPI (YoY) (Nov)<\/td>\n2.4%<\/td>\n2.3%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD \u2013 Core CPI (MoM) (Nov)<\/td>\n0.4%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 Existing Home Sales (Nov)<\/td>\n5.22M<\/td>\n5.20M<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL \u2013 EIA Crude Oil Inventories<\/td>\n-1.208M<\/td>\n-2.437M<\/td>\n–<\/td>\n<\/tr>\n
03:00<\/p>\n

(20th<\/sup>)<\/td>\n

USD \u2013 Fed Interest Rate Decision<\/td>\n2.25%<\/td>\n2.50%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently retest the support level 96.25. MACD which illustrate diminishing bearish momentum suggest the pair to undergo a short-term technical correction towards the resistance level 96.85.<\/p>\n

 <\/p>\n

Resistance level: 96.85, 97.45<\/p>\n

Support level: 96.25, 95.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently retest the resistance level 1.2675. MACD which illustrate diminishing bullish momentum suggest the pair to undergo a technical correction and retrace from the resistance level 1.2675.<\/p>\n

 <\/p>\n

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

Support level: 1.2610, 1.2550<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was trading higher following recent rebound from the support level 1.1355. MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term and retrace from the nearby resistance level 1.1395.<\/p>\n

 <\/p>\n

Resistance level: 1.1395, 1.1440<\/p>\n

Support level: 1.1355, 1.1310<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently retest the support level 112.25. MACD which illustrate diminishing bearish momentum suggest the pair to undergo short term technical correction towards the resistance level 112.70.<\/p>\n

 <\/p>\n

Resistance level: 112.70, 113.20<\/p>\n

Support level: 112.25, 111.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level 0.7160. MACD which display bullish momentum with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 0.7220.<\/p>\n

 <\/p>\n

Resistance level: 0.7220, 0.7265<\/p>\n

Support level: 0.7160, 0.7095<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level 0.6835. MACD which illustrate diminishing bullish momentum suggest the pair may undergo short term technical correction and retrace towards the support level 0.6835<\/p>\n

 <\/p>\n

Resistance level: 0.6880, 0.6920<\/p>\n

Support level: 0.6835, 0.6805<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance level 1.3500. MACD which illustrate bearish bias suggest the pair to extend its retracement towards the support level 1.3440.<\/p>\n

 <\/p>\n

Resistance level: 1.3500, 1.3565<\/p>\n

Support level: 1.3440, 1.3395<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following recent rebound from the support level 0.9905.MACD which illustrate bullish momentum suggest the pair to extend its rebound towards the resistance level 0.9955.<\/p>\n

 <\/p>\n

Resistance level: 0.9955, 1.0000<\/p>\n

Support level: 0.9905, 0.9860<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level 46.15. MACD which illustrate diminishing bearish momentum suggest the commodity to undergo a technical correction and rebound from the support level 46.15.<\/p>\n

 <\/p>\n

Resistance level: 48.45, 50.25<\/p>\n

Support level: 46.15, 44.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold was traded higher following recent breakout above the previous resistance level 1249.50. However, MACD which illustrate diminishing bearish momentum with the formation of bearish divergence suggest the commodity to be traded lower as a short-term technical correction towards back below previous resistance level 1249.50<\/p>\n

 <\/p>\n

Resistance level: 1258.00, 1265.00<\/p>\n

Support level: 1249.50, 1241.80<\/p>\n","protected":false},"excerpt":{"rendered":"

19 December 2018\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 Afternoon Session Analysis   Dollar pressured amid expected dovish outlook. note from Federal Reserve. According to reports, the Fed is expected to increase rate on Wednesday. However, due to increasing trade tensions between US and China and the slowdown in global growth, investors expected that the Federal Reserve will likely to adopt […]<\/p>\n","protected":false},"author":44,"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\/41540"}],"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\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=41540"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/41540\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=41540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=41540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=41540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}