{"id":66336,"date":"2019-07-02T02:15:04","date_gmt":"2019-07-02T02:15:04","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=66336"},"modified":"2019-07-02T02:15:04","modified_gmt":"2019-07-02T02:15:04","slug":"010719-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/010719-afternoon-session-analysis\/","title":{"rendered":"010719 Afternoon Session Analysis"},"content":{"rendered":"

1 July 2019\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

Investors risk appetite boost dollar, safe-haven falls.<\/strong><\/p>\n

Dollar index measuring against a basket of six major currency pairs was gaining by 0.42% to 96.02 during early European trading session following reports of resuming trade talks between US and China as well as agreement to put additional tariffs on halt. With trade talks resuming between the two economic powerhouse, market sentiment was lifted higher as investors sold off their safe-haven bets and enter into stronger dollar. With US Federal Reserve interest rate still high above 2%, diminishing risk in the market caused investors to invest in dollar instead of pound and euro market where uncertainties still haunt the market. For this week, investors will place their focus on the Nonfarm Payroll data to gauge US job conditions as well as the Average Hourly Earnings data to gauge consumer\u2019s spending power and inflationary status of US. In other news, pair of AUD\/USD fell by 0.38% to 0.6992 as of writing despite positive sentiment from trade talks. The Aussie dollar is expected to undergo larger fluctuations ahead of Reserve Bank of Australia (RBA) interest rate decision and statement. RBA is widely expected to cut their cash rate as much as 25 basis point from 1.25% to 1.00% which will record a new historical low for their rate.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price further its gains by 2.93% to $59.87 per barrel following diminishing tensions from the trade war as well as agreement between OPEC and Russia to further production cut throughout the year 2019. Investors will focus on further production cut details which is expected to be discussed during the OPEC meeting on 1st<\/sup> and 2nd<\/sup> of July. On the other hand, gold price further its losses by 1.54% to $1,387.65 a troy ounce due to investors heightened risk appetite as they sell off their safe-haven assets and enter into stronger dollar.<\/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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD\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 Canada Day<\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 HKD\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 SAR Region Establishment Day<\/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

15:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CNY\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 PBOC Gov Yi Speaks<\/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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
15:55<\/td>\nEUR \u2013 German Manufacturing PMI (Jun)<\/td>\n45.4<\/td>\n45.4<\/td>\n–<\/td>\n<\/tr>\n
15:55<\/td>\nEUR \u2013 German Unemployment Change (Jun)<\/td>\n60K<\/td>\n-3K<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manufacturing PMI (Jun)<\/td>\n49.4<\/td>\n49.2<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Manufacturing PMI (Jun)<\/td>\n52.1<\/td>\n51.0<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Manufacturing Employment (Jun)<\/td>\n53.7<\/td>\n52.5<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level 95.80. MACD which illustrate persistent bullish momentum signal suggest the dollar to extend its gains towards the resistance level 96.35.<\/p>\n

 <\/p>\n

Resistance level: 96.35, 96.90<\/p>\n

Support level: 95.80, 95.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded flat near the support level 1.2675. Due to lack of momentum and clear signal from MACD, it is suggested to wait until further signal appear such as breakout below the support level or rebound from the support level before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1.2750, 1.2810<\/p>\n

Support level: 1.2670, 1.2610<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level 1.1335. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses towards the support level 1.1280.<\/p>\n

 <\/p>\n

Resistance level: 1.1335, 1.1395<\/p>\n

Support level: 1.1280, 1.1235<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level 108.15. MACD which illustrate persistent bullish bias signal suggest the pair to extend its gains towards the resistance level 108.70<\/p>\n

 <\/p>\n

Resistance level: 108.70, 109.15<\/p>\n

Support level: 108.15, 107.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the support level 0.7000. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6965.<\/p>\n

 <\/p>\n

Resistance level: 0.7000, 0.7035<\/p>\n

Support level: 0.6965, 0.6930<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZUDSD, H4: <\/strong>NZDUSD was lower following prior retracement from the resistance level 0.6720. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6675.<\/p>\n

 <\/p>\n

Resistance level: 0.6720, 0.6770<\/p>\n

Support level: 0.6675, 0.6640<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level 1.3080. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.3160.<\/p>\n

 <\/p>\n

Resistance level: 1.3160, 1.3230<\/p>\n

Support level: 1.3080, 1.2970<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level 0.9800. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9855.<\/p>\n

 <\/p>\n

Resistance level: 0.9855, 0.9910<\/p>\n

Support level: 0.9800, 0.9750<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level 59.60. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the commodity to extend its gains towards the resistance level 61.05.<\/p>\n

 <\/p>\n

Resistance level: 61.05, 62.90<\/p>\n

Support level: 59.60, 57.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level 1386.35. MACD which illustrate persistent bearish momentum suggest the commodity to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1403.15, 1421.40<\/p>\n

Support level: 1386.35, 1370.00<\/p>\n","protected":false},"excerpt":{"rendered":"

1 July 2019\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   Investors risk appetite boost dollar, safe-haven falls. Dollar index measuring against a basket of six major currency pairs was gaining by 0.42% to 96.02 during early European trading session following reports of resuming trade talks between US and China as well as agreement to put additional tariffs 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\/66336"}],"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=66336"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/66336\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=66336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=66336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=66336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}