{"id":65259,"date":"2019-06-21T06:01:08","date_gmt":"2019-06-21T06:01:08","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=65259"},"modified":"2019-06-21T06:01:08","modified_gmt":"2019-06-21T06:01:08","slug":"210619-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210619-afternoon-session-analysis\/","title":{"rendered":"210619 Afternoon Session Analysis"},"content":{"rendered":"

21 June 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

Safe-haven dominates market, trade talks resumed.<\/strong><\/p>\n

Dollar index measuring against a basket of six major currency pairs continues to fall as investors flee into safe-haven markets following dovish Fed statement and geopolitical issues. Recently, Fed removed its \u2018wait and see\u2019 approach from its statement and hinting a rate cut during its July policy meeting. Furthermore, US President Donald Trump stated in his Twitter in regards to Iran\u2019s attack on US spy drone that \u2018Iran made a very big mistake\u2019 and when questioned on whether US will strike back, Trump told reporters that they will soon find out. The heightened tensions between the two countries had spiraled uncertainties in the market, causing investors to seek protection in safe-haven assets. Right now, market participants are focusing on the G20 summit in Japan next week after China confirmed to meet with US counterparts to further trade talks. Recently, President Xi Jinping confirmed to resume negotiations with President Trump during the G20 meeting over a phone call, possibly to end a year-long trade war. Some argued that a deal will most likely be impossible, however some still sees hope that the two largest economy will meet a consensus to end the prolonged war which had since dampened global economy. For the moment, investors are placing their bets on safe-haven assets while waiting for further signal from the market. As of writing, dollar index was falling by 0.09% to 96.00 while pair of USD\/JPY fell 0.21% to 107.06.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price retraced by 0.30% to $56.96 per barrel after investors took profit from the oil price hike amid geopolitical tensions. However, sentiment remains cloudy while investors wait for further signal from the G20 summit where President Trump and Xi will meet to further trade talks. On the other hand, gold price skyrocketed by 1.17% to $1,404.50 a troy ounce due to investors\u2019 risk aversion.<\/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

N\/A<\/p>\n

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

Today\u2019s Highlight Economic Data<\/u><\/p>\n\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
15:30<\/td>\nEUR \u2013 German Manufacturing PMI (Jun)<\/td>\n44.3<\/td>\n44.6<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Core Retail Sales (MoM) (Apr)<\/td>\n1.7%<\/td>\n0.6%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Existing Home Sales (May)<\/td>\n5.19M<\/td>\n5.29M<\/td>\n–<\/td>\n<\/tr>\n
01:00<\/p>\n

(22nd<\/sup>)<\/td>\n

CrudeOIL \u2013 US Baker Hughes Oil Rig Count<\/td>\n788<\/td>\n–<\/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 following prior breakout below the previous support level at 96.15. However, MACD which illustrate diminishing bearish momentum suggest index to undergo technical correction in short term toward the resistance level at 96.15.<\/p>\n

 <\/p>\n

Resistance level: 96.15, 96.35
\nSupport level: 95.85, 95.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2695. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term toward the support level at 1.2695.<\/p>\n

 <\/p>\n

Resistance level: 1.2745, 1.2795
\nSupport level: 1.2695, 1.2610<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.1280. MACD which display diminishing bullish momentum suggest the pair to undergo short term technical correction in short term toward the support level at 1.1280.<\/p>\n

 <\/p>\n

Resistance level: 1.1320, 1.1355
\nSupport level: 1.1280, 1.1245<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 107.45. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 106.80.<\/p>\n

 <\/p>\n

Resistance level: 107.45, 107.85
\nSupport level: 106.80, 106.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6935. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 0.6935.<\/p>\n

 <\/p>\n

Resistance level: 0.6935, 0.6960
\nSupport level: 0.6910, 0.6865<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6600. MACD which illustrate bullish signal suggest the pair to extend its gains after successfully closing above the resistance level at 0.6600.<\/p>\n

 <\/p>\n

Resistance level: 0.6600, 0.6635
\nSupport level: 0.6570, 0.6540<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level 1.3175. MACD which display bearish momentum with the formation of death cross suggest the pair to extend its losses after successfully breaking below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3215, 1.3255
\nSupport level: 1.3175, 1.3130<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9810. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 0.9855.<\/p>\n

 <\/p>\n

Resistance level: 0.9855, 0.9895
\nSupport level: 0.9810, 0.9755<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing the support level 57.05. MACD which illustrate bearish momentum with the formation of death cross suggest the commodity to extend its losses after successfully breaking below the support level.<\/p>\n

 <\/p>\n

Resistance level: 58.25, 59.70
\nSupport level: 57.05, 55.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold was traded higher following prior breakout above the previous resistance level at 1400.00. MACD which display bullish signal suggest gold to extend its gains towards the resistance level at 1415.00.<\/p>\n

 <\/p>\n

Resistance level: 1415.00, 1432.45
\nSupport level: 1400.00, 1386.40<\/p>\n","protected":false},"excerpt":{"rendered":"

21 June 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   Safe-haven dominates market, trade talks resumed. Dollar index measuring against a basket of six major currency pairs continues to fall as investors flee into safe-haven markets following dovish Fed statement and geopolitical issues. Recently, Fed removed its \u2018wait and see\u2019 approach from its statement and hinting a rate […]<\/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\/65259"}],"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=65259"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/65259\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=65259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=65259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=65259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}