{"id":67384,"date":"2019-07-08T06:31:05","date_gmt":"2019-07-08T06:31:05","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=67384"},"modified":"2019-07-08T06:31:05","modified_gmt":"2019-07-08T06:31:05","slug":"080719-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080719-afternoon-session-analysis\/","title":{"rendered":"080719 Afternoon Session Analysis"},"content":{"rendered":"

8 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

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All eyes on Powell\u2019s testimony.<\/strong><\/span><\/p>\n

US dollar retraces slightly from its prior high levels while investors shift their focus towards this week\u2019s testimonial delivered by Federal Reserve Chair Jerome Powell. Powell is expected to reinforce market expectation for a late July rate cut or to rein them altogether when he delivers his testimony in front of US Congress later this week. His testimony comes after a strong Nonfarm Payrolls report for the month of June which raised questions whether Fed would initiate a rate cut later this month. Thus, market participants will seek for further clues during his testimony as Fed previously signaled to loosen up their monetary policy if necessary, in order to sustain US economic growth momentum. On the other hand, pound sterling continues to hover near six-months low following a large selloff last Friday due to optimistic Nonfarm Payrolls report. Likewise, recent sluggishness in terms of economy has also raised prospect for an interest rate cut from the Bank of England, which in return places bearish sentiment upon the pound sterling. As of writing, the dollar index was quoted down 0.06% to 96.76 while pair of GBP\/USD ticks up 0.02% to 1.2525.<\/p>\n

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In the commodities market, crude oil price depreciates by 0.21% to $57.49 per barrel. Traders began to question the ability of OPEC\u2019s oil production cut after Organization for Economic Cooperation and Development (OECD) reported that crude oil stocks still overhang at 10 times more than previous levels during 2010-2014. On the other hand, gold price was flat at $1,399.08 a troy ounce as market participants wait for further signals from the market.<\/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\/A<\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 96.90. MACD which illustrate diminishing bullish momentum suggest the index to extend its retracement toward the support level at 96.50.<\/p>\n

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Resistance level: 96.90, 97.35<\/p>\n

Support level: 96.50, 96.15<\/p>\n

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GBPUSD, H1: <\/strong>GBPUSD was traded higher while currently testing the 20 moving average line (red). MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breakout above the 20 moving average line (Red).<\/p>\n

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

Support level: 1.2490, 1.2435<\/p>\n

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EURUSD, H1: <\/strong>EURUSD was traded higher while currently testing the 20 moving average line (Red). MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breakout above the 20 moving average line (Red).<\/p>\n

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

Support level: 1.1210, 1.1170<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 108.20.<\/p>\n

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

Support level: 108.20, 107.85<\/p>\n

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\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.6965. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7000.<\/p>\n

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Resistance level: 0.7000, 0.7025<\/p>\n

Support level: 0.6965, 0.6935<\/p>\n

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\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6635. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6665.<\/p>\n

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Resistance level: 0.6665, 0.6705<\/p>\n

Support level: 0.6635, 0.6600<\/p>\n

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USDCAD, H1: <\/strong>USDCAD was traded lower following prior breakout below the 50 moving average line (Blue). MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3045.<\/p>\n

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Resistance level: 1.3095, 1.3135<\/p>\n

Support level: 1.3050, 1.2990<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing at the support level near 0.9895. MACD which illustrate bearish signal suggests the pair to extend its losses after successfully breakout below the support level at 0.9895.<\/p>\n

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Resistance level: 0.9925, 0.9965<\/p>\n

Support level: 0.9895, 0.9840<\/p>\n

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\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing 20 moving average line (Red). MACD which illustrate bearish signal suggests its price to extend its losses after successfully breakout below the 20 moving average line (Red).<\/p>\n

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Resistance level: 57.85, 58.60<\/p>\n

Support level: 56.85, 55.90<\/p>\n

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\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the 50 moving average line (Blue). MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after successfully breakout above the 50 moving average line (Blue).<\/p>\n

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Resistance level: 1401.50, 1436.00<\/p>\n

Support level: 1383.60, 1354.60<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

8 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     All eyes on Powell\u2019s testimony. US dollar retraces slightly from its prior high levels while investors shift their focus towards this week\u2019s testimonial delivered by Federal Reserve Chair Jerome Powell. Powell is expected to reinforce market expectation for a late July rate cut or to rein them […]<\/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\/67384"}],"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=67384"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/67384\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=67384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=67384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=67384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}