{"id":77886,"date":"2019-09-10T07:06:35","date_gmt":"2019-09-10T07:06:35","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=77886"},"modified":"2019-09-10T07:06:35","modified_gmt":"2019-09-10T07:06:35","slug":"100919-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/100919-afternoon-session-analysis\/","title":{"rendered":"100919 Afternoon Session Analysis"},"content":{"rendered":"

10 September 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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Aussie tumble after poor data released.<\/strong><\/span><\/p>\n

AUD\/USD tumble from the session high after dismal Australia Business Confident Index and China Producer price Index (PPI) was released. A weak Producer Price Index (PPI) in China will undoubtedly trigger the economy growth in one of its largest trade partner, Australia and lead to a deprecation in Aussie dollar. In fact, according to Australian NAB business data, the business confidence index drop to 1 in August from July\u2019s print of 4, despite the Reserve Bank of Australia (RBA) applied expansionary monetary policy in June and July. The business conditions index also deteriorated to 1 from 3. These poor data indicates that rate cuts have failed to boost the business sentiment and enhance economy in the Australia, which might additionally trigger a further drop in Aussie dollar. On the other hand, USD\/JPY climbed up as investors have a positive prospect towards trade war truce between China and US while Brexit issue is likely to be settled down. The positive market sentiment reduces the desirability of safe havens, such as Yen and move USD\/JPY to a higher price. As of writing, AUD\/USD depreciated 0.10% to 0.6854 and USD\/JPY rose 0.18% to 107.403.<\/p>\n

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In the commodities market, crude oil rose 0.24% to $58.16 per barrel on hopes of extended OPEC production cuts. According to the statement of Prince Abdulaziz, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), he mentioned that the pillars of Saudi Arabia\u2019s policy would not adjust and global deal to reduce oil production by 1.2 million barrels per day would be continued. On the other hand, gold price depreciates by 0.65% to $1489.26 a troy ounce after rising U.S. bond yields pushed investors toward risky assets.<\/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

\u00a0<\/strong><\/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
16.30<\/td>\nGBP – Average Earnings Index +Bonus (Jul)<\/td>\n3.7%<\/td>\n3.7%<\/td>\n–<\/td>\n<\/tr>\n
16.30<\/td>\nGBP – Claimant Count Change (Aug)<\/td>\n28.0K<\/td>\n29.3K<\/td>\n–<\/td>\n<\/tr>\n
16.30<\/td>\nGBP \u2013 Unemployment Rate<\/td>\n3.9%<\/td>\n3.9%<\/td>\n–<\/td>\n<\/tr>\n
22.00<\/td>\nUSD – JOLTs Job Openings (Jul)<\/td>\n7.348M<\/td>\n7.311M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Technical Analysis<\/u><\/strong>\u00a0\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the 20 moving average line (Red). MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains after successfully breakout above the 20 moving average line (Red).<\/p>\n

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Resistance level: 98.35, 98.65<\/p>\n

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

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\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.2345. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.2285.<\/p>\n

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Resistance level: 1.2345, 1.2400<\/p>\n

Support level: 1.2285, 1.2220<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement near the resistance level at 1.1070. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses towards the support level 1.1030.<\/p>\n

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Resistance level: 1.1070, 1.1115<\/p>\n

Support level: 1.1030, 1.0985<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level 107.25. MACD which illustrate bullish 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, 108.25<\/p>\n

Support level: 107.25, 106.65<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.6875. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.6835.<\/p>\n

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Resistance level: 0.6875, 0.6910<\/p>\n

Support level: 0.6835, 0.6795<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6395. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6490.<\/p>\n

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Resistance level: 0.6490, 0.6595<\/p>\n

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

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3140. MACD which illustrate bullish signal suggest the pair to extend its rebound toward the resistance level 1.3185.<\/p>\n

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Resistance level: 1.3185, 1.3220<\/p>\n

Support level: 1.3140, 1.3095<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level 0.9890. MACD which illustrate diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 0.9890.<\/p>\n

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Resistance level: 0.9945, 1.0005<\/p>\n

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

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 57.85. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo short term technical correction toward the support level at 57.85.<\/p>\n

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Resistance level: 58.55, 60.35<\/p>\n

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

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GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1490.00. MACD which illustrate ongoing bearish momentum suggest the commodity to extend its losses after successfully breakout below the support level at 1490.00.<\/p>\n

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Resistance level: 1507.10, 1526.90<\/p>\n

Support level: 1490.00, 1457.80<\/p>\n","protected":false},"excerpt":{"rendered":"

10 September 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     Aussie tumble after poor data released. AUD\/USD tumble from the session high after dismal Australia Business Confident Index and China Producer price Index (PPI) was released. A weak Producer Price Index (PPI) in China will undoubtedly trigger the economy growth in one of its largest trade partner, […]<\/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\/77886"}],"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=77886"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/77886\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=77886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=77886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=77886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}