{"id":53611,"date":"2019-04-11T05:55:49","date_gmt":"2019-04-11T05:55:49","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=53611"},"modified":"2019-04-11T05:55:49","modified_gmt":"2019-04-11T05:55:49","slug":"110419-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/110419-afternoon-session-analysis\/","title":{"rendered":"110419 Afternoon Session Analysis"},"content":{"rendered":"

11 April 2019\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 by poor sentiment; euro pared losses.<\/strong><\/p>\n

Dollar index which measures its strength against a basket of six major currencies inched lower by 0.02% to 96.48 ahead of European trading session while remain pressured by FOMC meeting minutes which reaffirmation of the Fed\u2019s previous dovish stance on Wednesday. In the meeting minutes, Fed decided to keep rate hike on pause throughout this year with the poor economic outlook. Further pressuring the dollar was a lower than expected CPI reading on Tuesday which provide further confirmation in the slowdown of US economic activity. While the news from FOMC are being digested, investors now focus on key economic data from China regarding their trade figures and first quarter growth to further gauge market sentiment. On the other hand, pair of EUR\/USD rose 0.06% to 1.1280 as of writing amid Brexit extension and ECB\u2019s continuous ultra-loose monetary policy. ECB President Mario Draghi highlighted the growing risks of the euro zone economy along with a set of weak economic data and noted that the bank will consider the impact of its negative rates as well as the new Targeted Longer-term Refinancing Operations (TLTRO) and to make any adjustments accordingly to help support its economy.<\/p>\n

 <\/p>\n

As for commodities, crude oil price depreciates by 0.28% to $64.25 per barrel amid build up in crude\u2019s inventory as well as pressure from Russia\u2019s comment on crude oil price. According to Russian official Kirill Dmitriev, situation in oil market are improving and the price reached a suitable level for Russia. Thus, they might consider to decide on abandoning its production cut during the OPEC meeting in June. Likewise, gold price fell by 0.07% to $1,307.00 a troy ounce due higher risk appetite in the market amid Brexit positive developments.<\/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

16:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL\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 IEA Monthly Report<\/p>\n

Tentative\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 CrudeOIL \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 OPEC Meeting<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
14:00<\/td>\nEUR \u2013 German CPI (MoM) (Mar)<\/td>\n0.4%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 PPI (MoM) (Mar)<\/td>\n0.1%<\/td>\n0.3%<\/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 remain traded in a sideway channel while currently testing the support level 96.45. However, MACD which illustrate diminishing bearish momentum suggest the dollar to experience a technical correction in short term towards the resistance level 97.00.<\/p>\n

 <\/p>\n

Resistance level: 97.00, 97.60<\/p>\n

Support level: 96.50, 96.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level. MACD which illustrate bullish momentum suggest the pair to extend its rebound towards the resistance level 1.3185.<\/p>\n

 <\/p>\n

Resistance level: 1.3185, 1.3350<\/p>\n

Support level: 1.3045, 1.2960<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level 1.1275. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a short term technical correction towards the support level 1.1245.<\/p>\n

 <\/p>\n

Resistance level: 1.1275, 1.1325
\nSupport level: 1.1245, 1.1215<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from support level 110.95. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 111.30.<\/p>\n

 <\/p>\n

Resistance level: 111.30, 111.75<\/p>\n

Support level: 110.95, 110.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level 0.7155. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.7190, 0.7225<\/p>\n

Support level: 0.7155, 0.7130<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following recent retracement from the resistance level 0.6770. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 0.6725.<\/p>\n

 <\/p>\n

Resistance level: 0.6770, 0.6815<\/p>\n

Support level: 0.6725, 0.6680<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD remain traded in a sideway channel following prior rebound from its low levels. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.3365.<\/p>\n

 <\/p>\n

Resistance level: 1.3365, 1.3460<\/p>\n

Support level: 1.3295, 1.3220<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing near the resistance level 1.0025. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards the support level 1.0000.<\/p>\n

 <\/p>\n

Resistance level: 1.0025, 1.0055<\/p>\n

Support level: 1.0000, 0.9965<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level 64.60. MACD which illustrate persistent bearish momentum suggest the pair commodity to extend its retracement towards the support level 62.75.<\/p>\n

 <\/p>\n

Resistance level: 64.60, 65.90<\/p>\n

Support level: 62.75, 61.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level 1310.70. MACD which illustrate diminishing bullish momentum suggest gold to extend its retracement towards the support level 1293.55.<\/p>\n

 <\/p>\n

Resistance level: 1310.70, 1323.10<\/p>\n

Support level: 1293.55, 1287.00<\/p>\n","protected":false},"excerpt":{"rendered":"

11 April 2019\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 by poor sentiment; euro pared losses. Dollar index which measures its strength against a basket of six major currencies inched lower by 0.02% to 96.48 ahead of European trading session while remain pressured by FOMC meeting minutes which reaffirmation of the Fed\u2019s previous dovish stance on […]<\/p>\n","protected":false},"author":20,"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\/53611"}],"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\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=53611"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/53611\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=53611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=53611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=53611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}