{"id":74962,"date":"2019-08-21T06:35:07","date_gmt":"2019-08-21T06:35:07","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=74962"},"modified":"2019-08-21T06:35:07","modified_gmt":"2019-08-21T06:35:07","slug":"210819-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210819-afternoon-session-analysis\/","title":{"rendered":"210819 Afternoon Session Analysis"},"content":{"rendered":"

21 August 2019\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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Slow FX market ahead of central banks meeting.<\/strong><\/span><\/p>\n

Dollar index which measures its value against a basket of six major currency pairs rebounds by 0.04% to 98.05 while market awaits further signal during the annual Jackson Hole Symposium this Friday. Prior to the world central banks meeting, market participants will also look at upcoming Federal Reserve (Fed) Meeting Minutes on late Wednesday to obtain insights of Fed\u2019s latest monetary policy stance. Recent rebound seen from US Treasury yield signaled investors that global policymakers are ready to provide further stimulus to support global economic downturn while heightening expectations for further Fed rate cut by the end of this year. However, comments from Fed\u2019s member Rosengren stated that although economies around the world are weakening, US is not obligated to further ease their monetary policy unless US economy itself is pressured by signs of recession. Mixed signals in the market caused investors\u2019 reluctance to enter the market while Fed Chairman Jerome Powell speech on Friday will be the main driver for market\u2019s movement. Elsewhere, pair of EUR\/USD was traded lower by 0.05% to 1.1092 as of writing. The single currency was little pressured by the resignation of Italy\u2019s Prime Minister Giuseppe Conte as some argued that the impact will not affect euro\u2019s movement in the long-run.<\/p>\n

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In the commodities market, crude oil price further its gains by 0.42% to $56.35 per barrel despite a buildup in US crude inventories reported by the American Petroleum Institute (API). As the API data is classified as unofficial for overall US inventory level, investors will wait for tonight\u2019s Crude Oil Inventories data to further gauge oil\u2019s movement. On the other hand, gold price fell by 0.32% to $1,502.35 a troy ounce due to dollar\u2019s rebound.<\/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

02:00 (22nd<\/sup>)\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\u00a0 FOMC Meeting Minutes<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
20:30<\/td>\nCAD \u2013 Core CPI (MoM) (Jul)<\/td>\n0.0%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Existing Home Sales (Jul)<\/td>\n5.27M<\/td>\n5.39M<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n1.580M<\/td>\n-1.889M<\/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, H4: <\/strong>Dollar index was traded higher following a rebound from 98.00. MACD which illustrate diminished downward momentum suggests the index to extend its gains toward the resistance level at 98.40.<\/p>\n

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Resistance level: 98.40, 98.65<\/p>\n

Support level: 98.00, 97.50<\/p>\n

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GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retracement from 1.2170. MACD which illustrate diminished upward momentum suggests the pair to extend its losses toward the support level at 1.2085.<\/p>\n

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Resistance level: 1.2170, 1.2220<\/p>\n

Support level: 1.2085, 1.2015<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the 20 moving average lien (Red). MACD which illustrate diminished upward momentum suggests the pair to be traded lower toward the support level at 1.1070.<\/p>\n

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Resistance level: 1.1115, 1.1155<\/p>\n

Support level: 1.1070, 1.1030<\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 106.60. MACD which forms bullish signal suggests the pair to extend its gains after successfully breakout above the resistance level at 106.60.<\/p>\n

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Resistance level: 106.60, 107.25<\/p>\n

Support level: 106.00, 105.60<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD remains traded within a descending channel while currently testing the top level. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout above the channel\u2019s top level.<\/p>\n

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Resistance level: 0.6830, 0.6865<\/p>\n

Support level: 0.6750, 0.6695<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6395. MACD which forms diminishing bearish signal suggests the pair to extend its gains towards the direction of 0.6465.<\/p>\n

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Resistance level: 0.6465, 0.6555<\/p>\n

Support level: 0.6395, 0.6330<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the 20 moving average line (Red). MACD which illustrate bearish momentum and the formation of death cross suggests the pair to extend its losses after successfully breakout below the 20 moving average line (Red).<\/p>\n

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Resistance level: 1.3335, 1.3385<\/p>\n

Support level: 1.3275, 1.3220<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following a rebound from 50 moving average line (Blue). MACD which illustrate diminished downward momentum suggests the pair to extend its gains toward the resistance level at 0.9840.<\/p>\n

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Resistance level: 0.9840, 0.9890<\/p>\n

Support level: 0.9780, 0.9755<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the downward trend line. MACD which illustrate bullish bias momentum suggests the commodity to extend its gains after successfully breakout above the downward trend line.<\/p>\n

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Resistance level: 56.80, 57.85<\/p>\n

Support 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 1507.10. MACD which illustrate bearish momentum suggests its price to extend its losses toward the support level at 1490.00.<\/p>\n

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Resistance level: 1507.10, 1526.60<\/p>\n

Support level: 1490.00, 1477.20<\/p>\n","protected":false},"excerpt":{"rendered":"

21 August 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis     Slow FX market ahead of central banks meeting. Dollar index which measures its value against a basket of six major currency pairs rebounds by 0.04% to 98.05 while market awaits further signal during the annual Jackson Hole Symposium this Friday. Prior to the world central banks meeting, […]<\/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\/74962"}],"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=74962"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/74962\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=74962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=74962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=74962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}