{"id":66459,"date":"2019-07-02T06:54:14","date_gmt":"2019-07-02T06:54:14","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=66459"},"modified":"2019-07-02T06:54:14","modified_gmt":"2019-07-02T06:54:14","slug":"020719-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/020719-afternoon-session-analysis\/","title":{"rendered":"020719 Afternoon Session Analysis"},"content":{"rendered":"

2 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

Greenback remain stable, Aussie gains on rate cut.<\/strong><\/p>\n

Dollar index have slipped against its basket of six major currency pairs by 0.02% to 96.40 as of writing, however the momentum remain stable for the greenback as market continue to cheer on the positive truce between U.S and China. Despite weak manufacturing data was released by yesterday, market participant remain confident towards the greenback and both economic powerhouse could able to resolve the almost year-long trade dispute at the end. However, sentiment was kept in check by this month rate cut expectation where July rate cut was expected with the probability of 100%, according to the Fed Rate Monitor tool. Market will now anticipated for the upcoming release of employment data this week to gauge further momentum for the greenback. At the same time, AUD\/USD holds steady and gains 0.22% to 0.6975 at the time of writing despite rate cut. According to RBA, interest rate have reduced to new record low of 1.00% as expected by the market. However, sentiment was mixed as RBA Governor Phillip Lowe stated that the cut was to \u201csupport employment growth\u201d and was aimed to generate \u201cgreater confidence\u201d in the Australia economy. Market participant will now shift their focus on the next data to determine further direction.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price further its gains by 0.34% to $59.23 per barrel as of writing as market continue to cheered on the OPEC extension on supply cut. According to reports on Monday, OPEC have on Monday to extend oil supply cuts until March 2020 as the group’s members overcame their differences in order to prop up the price of crude following a weakening global economy and soaring U.S. production. On the other hand, gold price rebounds 0.39% to $1,390.00 a troy ounce at the time of writing as global uncertainty remain in grasp on risk appetite.<\/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

22:05\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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 BoE Gov Carney Speaks<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
16:30<\/td>\nGBP \u2013 Construction PMI (Jun)<\/td>\n48.6<\/td>\n49.3<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(3rd<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n-7.550M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the resistance level 96.35. However, MACD which display diminishing bullish momentum suggest index undergo short-term technical correction and retrace towards the support level 95.50.<\/p>\n

 <\/p>\n

Resistance level: 96.35, 97.00<\/p>\n

Support level: 95.50, 95.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below previous support level 1.2655. MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level 1.2610.<\/p>\n

 <\/p>\n

Resistance level: 1.2655, 1.2755<\/p>\n

Support level: 1.2610, 1.2555<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level 1.1305. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses towards the support level 1.1240.<\/p>\n

 <\/p>\n

Resistance level: 1.1305, 1.1360<\/p>\n

Support level: 1.1240, 1.1180<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level 108.20. However, MACD which illustrate diminishing bullish momentum suggest the pair to retrace towards the support level 108.20 as a short-term technical correction.<\/p>\n

 <\/p>\n

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

Support level: 108.20, 107.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing near the 20-MA line (green). MACD which illustrate bullish bias signal suggest the pair to be traded higher after successfully closing above the 20-MA line (green).<\/p>\n

 <\/p>\n

Resistance level: 0.7000, 0.7055<\/p>\n

Support level: 0.6970, 0.6930<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZUDSD, H4: <\/strong>NZDUSD was higher while currently testing the resistance level 0.6675. MACD which display diminishing bearish momentum suggest the pair to extend its gains after successfully breaking above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.6675, 0.6720<\/p>\n

Support level: 0.6635, 0.6580<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing near the 20-MA line (green). MACD which display diminishing bullish momentum suggest the pair to extend its losses after breaking below the 20-MA line (green) and the support level 1.3110.<\/p>\n

 <\/p>\n

Resistance level: 1.3160, 1.3240<\/p>\n

Support level: 1.3110, 1.3055<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level 0.9860. MACD which display diminishing bullish momentum suggest the pair to extend its losses after successfully breaking below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.9905, 0.9940<\/p>\n

Support level: 0.9860, 0.9805<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level 60.20. MACD which illustrate negative divergence suggest the commodity to extend its losses towards the support level 57.95.<\/p>\n

 <\/p>\n

Resistance level: 60.20, 61.80<\/p>\n

Support level: 57.95, 55.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level 1386.35. MACD which display diminishing bearish momentum suggest gold to extend its rebound towards the resistance level 1406.50.<\/p>\n

 <\/p>\n

Resistance level: 1406.50, 1421.40<\/p>\n

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

2 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   Greenback remain stable, Aussie gains on rate cut. Dollar index have slipped against its basket of six major currency pairs by 0.02% to 96.40 as of writing, however the momentum remain stable for the greenback as market continue to cheer on the positive truce between U.S and China. […]<\/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\/66459"}],"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=66459"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/66459\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=66459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=66459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=66459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}