{"id":68776,"date":"2019-07-16T06:22:49","date_gmt":"2019-07-16T06:22:49","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=68776"},"modified":"2019-07-16T06:22:49","modified_gmt":"2019-07-16T06:22:49","slug":"160719-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160719-afternoon-session-analysis\/","title":{"rendered":"160719 Afternoon Session Analysis"},"content":{"rendered":"

16 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 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

 <\/p>\n

Sterling pressured by Brexit risks.<\/strong><\/span><\/p>\n

Pound sterling struggled near prior low level against the US dollar following persistent Brexit risks in the region. As of writing, pair of GBP\/USD ticked down 0.02% to 1.2513. Sterling remains under pressure as investors were nervous with the prospect of Brexit-hardliner Boris Johnson winning the Conservative party leadership contest and elected to become the next UK Prime Minister. Prior, Boris reiterated to call for a Brexit regardless of its outcome by 31st<\/sup> October deadline, fuming higher prospect for a possible hard Brexit in the region. Likewise, poor economic data and signals from Bank of England to cut its interest rates has dialed down market optimism towards the region. On the other hand, pair of AUD\/USD depreciates by 0.06% to 0.7035. Australian dollar continues to hover near one-week high after receiving some bullish support from yesterday\u2019s release of China economic data. However, gains were limited as trade war risk in between US and China continues to persist due to the lack of developments between both countries.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price rose 0.17% to $59.38 per barrel. However, overall sentiment towards the commodity remains bleak as US production facilities near the Gulf of Mexico resumes their production after Hurricane Barry swept through over the weekends. Likewise, investors began to cast doubt over the ability of OPEC to rebalance the global oil market as supply glut continues to persist. On the other hand, gold price ticked down 0.02% to $1,413.76 a troy ounce while market participants wait for further signals with regards to US economic performance in the near-term.<\/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

20.00\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 BoE Gov Carney Speaks<\/p>\n

01.00(17th<\/sup>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 Fed Chair Powell Speaks<\/p>\n

 <\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\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
16.30<\/td>\nGBP – Average Earnings Index +Bonus (May)<\/td>\n3.1%<\/td>\n3.1%<\/td>\n–<\/td>\n<\/tr>\n
16.30<\/td>\nGBP – Claimant Count Change (Jun)<\/td>\n23.2K<\/td>\n18.9K<\/td>\n–<\/td>\n<\/tr>\n
16.30<\/td>\nGBP – Unemployment Rate (May)<\/td>\n3.8%<\/td>\n3.8%<\/td>\n–<\/td>\n<\/tr>\n
17.00<\/td>\nEUR – German ZEW Economic Sentiment (Jul)<\/td>\n-21.1<\/td>\n-22.1<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nUSD \u2013 Core Retail Sales (MoM) (Jun)<\/td>\n0.5%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nUSD \u2013 Retail Sales (MoM) (Jun)<\/td>\n0.5%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
04.30(17th<\/sup>)<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL – API Weekly Crude Oil Stock<\/td>\n-8.129M<\/td>\n–<\/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 while currently testing both 20 moving average line (Red) and 50 moving average line (Blue). MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains after successfully breakout above the moving average lines.<\/p>\n

 <\/p>\n

Resistance level: 96.90, 97.35
\nSupport level: 96.50, 96.20<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2500. MACD which display bearish momentum suggest the pair to extend its losses after successfully breakout below the support level at 1.2500.<\/p>\n

 <\/p>\n

Resistance level: 1.2575, 1.2610
\nSupport level: 1.2500, 1.2435<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n


\n<\/strong><\/p>\n

\u00a0\"\"<\/strong><\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the channel top level. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the channel bottom level at 1.1245.<\/p>\n

 <\/p>\n

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

Support level: 1.1245, 1.1210<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 107.75. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 108.20.<\/p>\n

 <\/p>\n

Resistance level: 108.20, 108.70
\nSupport level: 107.75, 107.40<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7030. MACD which display bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7055.<\/p>\n

 <\/p>\n

Resistance level: 0.7055, 0.7090
\nSupport level: 0.7030, 0.7000<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6725. MACD which display bullish bias momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout above the resistance level at 0.6725.<\/p>\n

 <\/p>\n

Resistance level: 0.6725, 0.6780
\nSupport level: 0.6660, 0.6600<\/p>\n

 <\/p>\n

 <\/p>\n


\n<\/strong><\/p>\n

\u00a0\"\"<\/strong><\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3050.\u00a0 MACD which display bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 1.3050.<\/p>\n

 <\/p>\n

Resistance level: 1.3050, 1.3095
\nSupport level: 1.2990, 1.2900<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9840. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.9885.<\/p>\n

 <\/p>\n

Resistance level: 0.9885, 0.9925
\nSupport level: 0.9840, 0.9805<\/p>\n

 <\/p>\n

 <\/p>\n


\n<\/strong><\/p>\n

\u00a0\"\"<\/strong><\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the 50 moving average line (Blue). MACD which illustrate diminishing bearish momentum suggest the commodity to extend its rebound toward the resistance level at 60.35.<\/p>\n

 <\/p>\n

Resistance level: 60.35, 61.30
\nSupport level: 58.60, 57.85<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded flat near the 20 moving average line (Red). Due to lack of signal from MACD, a rebound from or breakout below 20 moving average line (Red) is required to attain further confirmation before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1424.05, 1436.35
\nSupport level: 1403.00, 1383.60<\/p>\n","protected":false},"excerpt":{"rendered":"

16 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 Afternoon Session Analysis     Sterling pressured by Brexit risks. Pound sterling struggled near prior low level against the US dollar following persistent Brexit risks in the region. As of writing, pair of GBP\/USD ticked down 0.02% to 1.2513. Sterling remains under pressure as investors were nervous with the prospect of Brexit-hardliner […]<\/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\/68776"}],"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=68776"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/68776\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=68776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=68776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=68776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}