{"id":54276,"date":"2019-04-16T05:33:52","date_gmt":"2019-04-16T05:33:52","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=54276"},"modified":"2019-04-16T05:36:30","modified_gmt":"2019-04-16T05:36:30","slug":"160419-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160419-afternoon-session-analysis\/","title":{"rendered":"160419 Afternoon Session Analysis"},"content":{"rendered":"

16 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

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AUD collapse after RBA signals rate cut.<\/strong><\/span><\/p>\n

Aussie dollar slips further, reacting to dovish meeting minutes from the Reserve Bank of Australia earlier today. According to the minutes, RBA stated that the likelihood for a near-term interest rate hike remains low due to subdued economic performance in the region. However, the board remains open for an interest rate cut if underlying inflation remains low while coupled with upward trend of unemployment rate. In addition, RBA projected that the inflationary pressure is likely to remain muted for the time being despite robust performance in the employment market. Following the release, market participants reacted negatively towards the dovish outlook from RBA and thus knee-jerking the pair of AUD\/USD to slip 0.37% to 0.7147. On the other hand, other major currencies in the market remained confined in a tight range as they await the release of economic data from European and Chinese counterpart to gain more signals. Most investors remained fixated upon the global economy due to recent sluggish economic performance and lower forecasted growth rate. As of writing, the dollar index was flat at 96.51 while pair of EUR\/USD ticked down 0.04% to 1.1303.<\/p>\n

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In terms of commodities, crude oil price depreciates by 0.38% to $63.30 per barrel. Oil futures was dumped in the financial market after Russian minister said that the nation and OPEC may increase their crude output in order to fight for market share with the US. Otherwise, gold price slipped 0.18% to $1,285.55 a troy ounce after US Treasury Steven Mnuchin noted that Washington and Beijing are inching closer to \u201cthe final round\u201d of their trade negotiation. Such hints have dialed down market\u2019s risk aversion and thus reducing the appeal of safe-haven assets.<\/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

N\/A<\/p>\n

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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
16:30<\/td>\nGBP \u2013 Average Earnings Index +Bonus (Feb)<\/td>\n3.4%<\/td>\n3.5%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Claimant Count Change (Mar)<\/td>\n27.0K<\/td>\n20.0K<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Unemployment Rate (Feb)<\/td>\n3.9%<\/td>\n3.9%<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 German ZEW Economic Sentiment (Apr)<\/td>\n-3.6<\/td>\n0.8<\/td>\n–<\/td>\n<\/tr>\n
21:15<\/td>\nUSD \u2013 Industrial Production (MoM) (Mar)<\/td>\n0.1%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
04:30 (17th<\/sup>)<\/td>\nCrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n4.091M<\/td>\n–<\/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, H4: <\/strong>Dollar index was traded higher following prior rebound from the support level at 96.35. MACD which illustrate diminishing bearish momentum and the formation of golden cross suggest index to extend its gains toward the resistance level at 97.05.<\/p>\n

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Resistance level: 97.05, 97.60<\/p>\n

Support level: 96.35, 96.15
\n<\/strong><\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.3105. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.3065.<\/p>\n

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Resistance level: 1.3105, 1.3140<\/p>\n

Support level: 1.3065, 1.3020<\/p>\n

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EURUSD, H4:<\/strong> EURUSD was traded lower following prior retracement from the resistance level at 1.1320. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.1280.<\/p>\n

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Resistance level: 1.1320, 1.1355<\/p>\n

Support level: 1.1280, 1.1255<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 112.00. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 111.40.<\/p>\n

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Resistance level: 112.00, 112.35<\/p>\n

Support level: 111.40, 110.85<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7145. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses after successfully breakout the support level at 0.7145.<\/p>\n

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Resistance level: 0.7175, 0.7195<\/p>\n

Support level: 0.7145, 0.7125<\/p>\n

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NZDUSD, H1: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6740.\u00a0 MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 0.6780.<\/p>\n

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Resistance level: 0.6780, 0.6820<\/p>\n

Support level: 0.6740, 0.6715<\/p>\n

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USDCAD, H1: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.3390. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3345.<\/p>\n

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Resistance level: 1.3390, 1.3440<\/p>\n

Support level: 1.3345, 1.3290<\/p>\n

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USDCHF, H1: <\/strong>USDCHF was traded lower following prior retracement from the higher level. MACD which display bearish bias momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.0030.<\/p>\n

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Resistance level: 1.0065, 1.0090<\/p>\n

Support level: 1.0030, 1.0005<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 64.50. MACD which display bearish bias momentum suggest the commodity to extend its losses toward the support level at 62.85.<\/p>\n

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Resistance level: 64.50, 65.95<\/p>\n

Support level: 62.85, 61.80<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded lower while currently testing the support level at 1284.05.\u00a0 MACD which illustrate diminishing bullish momentum and the formation of death cross suggest gold to extend losses after successfully breakout below the support level at 1284.05.<\/p>\n

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Resistance level: 1293.20, 1300.25<\/p>\n

Support level: 1284.05, 1277.05<\/p>\n","protected":false},"excerpt":{"rendered":"

16 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     AUD collapse after RBA signals rate cut. Aussie dollar slips further, reacting to dovish meeting minutes from the Reserve Bank of Australia earlier today. According to the minutes, RBA stated that the likelihood for a near-term interest rate hike remains low due to subdued economic performance in […]<\/p>\n","protected":false},"author":54,"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\/54276"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=54276"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/54276\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=54276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=54276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=54276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}