{"id":69474,"date":"2019-07-19T04:51:50","date_gmt":"2019-07-19T04:51:50","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=69474"},"modified":"2019-07-19T04:51:50","modified_gmt":"2019-07-19T04:51:50","slug":"190719-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190719-afternoon-session-analysis\/","title":{"rendered":"190719 Afternoon Session Analysis"},"content":{"rendered":"

19 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

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CAD rose as greenback slumps further.<\/strong><\/span><\/p>\n

Canadian dollar received higher bidding in the FX market following broad weakness experienced by the greenback since yesterday. As of writing, pair of USD\/CAD slumped 0.03% to 1.3028 during Asian trading session. Greenback received tremendous selloff pressure after New York Federal Reserve President John Williams argued to initiate pre-emptive measures in order to avoid dealing with low inflation. Although New York Fed representative subsequently commented that William\u2019s comments were academic and not an immediate policy direction, his comments came in parallel with similar comments from Fed Vice Chair Richard Clarida. When being compared to Bank of Canada, the chances for an interest rate cut as high as 50 basis points from the Federal Reserve rose following dovish comments from Fed officials. Likewise, Canadian dollar remains well in bid following a recovery in crude oil prices earlier this morning. For the time being, investors will place their attention upon the release of Retail Sales data from Canada in order to attain further market signals.<\/p>\n

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As for commodities market, crude oil price rebounds by 0.97% to $56.16 per barrel. Oil prices rebounds from its low level after Iran has reportedly seized a foreign oil tanker near the Persian Gulf which pushes geopolitical tension higher. On the other hand, gold price retraces from its prior high levels by 0.16% to $1,443.97 a troy ounce while market participants continue to monitor for signals with regards to Federal Reserve monetary policy meeting bound to be held at the end of the month.<\/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\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
14:00<\/td>\nEUR \u2013 German PPI (MoM) (Jun)<\/td>\n-0.1%<\/td>\n-0.1%<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nCAD \u2013 Core Retail Sales (Mom) (May)<\/td>\n0.1%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Michigan Consumer Sentiment<\/td>\n98.2<\/td>\n98.6<\/td>\n–<\/td>\n<\/tr>\n
01:00 (20th<\/sup>)<\/td>\nCrudeOIL \u2013 US Baker Hughes Oil Rig Count<\/td>\n784<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H1: <\/strong>Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains toward the resistance level at 96.50.<\/p>\n

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Resistance level: 96.50, 97.10
\nSupport level: 96.20, 95.85<\/p>\n

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GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retracement from the higher level. MACD which display diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.2500.<\/p>\n

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

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EURUSD, H1: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.1245. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 1.1245.<\/p>\n

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

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

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USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 107.40. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 107.75.<\/p>\n

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Resistance level: 107.75, 108.20
\nSupport level: 107.40, 106.80<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7055. MACD which display bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7090.<\/p>\n

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Resistance level: 0.7090, 0.7125
\nSupport level: 0.7055, 0.7030<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6780. MACD which display bullish momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 0.6780.<\/p>\n

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Resistance level: 0.6780, 0.6820
\nSupport level: 0.6725, 0.6660<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.3040. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.2990.<\/p>\n

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Resistance level: 1.3040, 1.3095
\nSupport level: 1.2990, 1.2900<\/p>\n

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USDCHF, H1: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9805. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9840.<\/p>\n

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Resistance level: 0.9840, 0.9880
\nSupport level: 0.9805, 0.9755<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 55.90. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 56.85.<\/p>\n

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Resistance level: 56.85, 57.85
\nSupport level: 55.90, 54.65<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1450.00. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its retracement toward the support level at 1436.35.<\/p>\n

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Resistance level: 1450.00, 1470.80
\nSupport level: 1436.35, 1424.05<\/p>\n","protected":false},"excerpt":{"rendered":"

19 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     CAD rose as greenback slumps further. Canadian dollar received higher bidding in the FX market following broad weakness experienced by the greenback since yesterday. As of writing, pair of USD\/CAD slumped 0.03% to 1.3028 during Asian trading session. Greenback received tremendous selloff pressure after New York Federal […]<\/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\/69474"}],"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=69474"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/69474\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=69474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=69474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=69474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}