{"id":79139,"date":"2019-09-19T06:47:15","date_gmt":"2019-09-19T06:47:15","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=79139"},"modified":"2019-09-19T06:47:15","modified_gmt":"2019-09-19T06:47:15","slug":"190919-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190919-afternoon-session-analysis\/","title":{"rendered":"190919 Afternoon Session Analysis"},"content":{"rendered":"

19 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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AUD surrenders as rate cut imminent.<\/strong><\/span><\/p>\n

Australian dollar extended its losses although recent economic data from the region fared better-than-expected. According to Australian Bureau of Statistics, the Employment Change for the month of August came in at 34,700 individuals, exceeding economist forecast for a reading up to 10,000 individuals. Similarly, Participation Rate of workforce notched up from 66.1% to 66.2% for the month of August. However, Australian dollar came under pressure as of recent due to internal and external fundamental factors. Most market participants speculate that the Reserve Bank of Australia may cut its interest rate further in order to provide more support towards its fragile economy. With trade war in between US and China remains unresolved, RBA may take precautionary measures in order to circumvent any possible downside risks which stems from their heavy reliance upon China as its main trading partner. Likewise, Aussie received further selloff following hawkish tones portrayed by US Federal Reserve. Although Fed cut its interest rates as expected, they continue to remain bullish upon future economic growth while reiterates to only seek further actions whenever necessary. As of writing, pair of AUD\/USD slumped 0.58% to 0.6788.<\/p>\n

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In terms of commodities market, crude oil price depreciates by 0.05% to $58.23 per barrel. Oil prices came under pressure after US President Donald Trump vows to enact more sanctions against Iran following last weekend\u2019s attack upon Saudi Arabia\u2019s oil facility. Such signal increases the tension in the Middle East which sparked higher risk aversion in the market. On the other hand, gold price ticks up 0.01% to $1,494.20 a troy ounce following risk aversion in 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

15:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CHF\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\u00a0 SNB Monetary Policy Assessment<\/p>\n

19:00\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\u00a0 BoE MPC Meeting Minutes<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
15:30<\/td>\nCHF \u2013 SNB Interest Rate Decision<\/td>\n-0.75%<\/td>\n-0.75%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Retail Sales (MoM) (Aug)<\/td>\n0.2%<\/td>\n-0.2%<\/td>\n–<\/td>\n<\/tr>\n
19:00<\/td>\nGBP \u2013 BoE Interest Rate Decision (Sep)<\/td>\n0.75%<\/td>\n0.75%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n204K<\/td>\n213K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Philadelphia Fed Manufacturing Index (Sep)<\/td>\n16.8<\/td>\n11.0<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Existing Home Sales (Aug)<\/td>\n5.42M<\/td>\n5.37M<\/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 lower following prior retracement from resistance level at 98.15. However, MACD which illustrated bullish momentum suggest the pair to be traded higher in short-run as technical correction.<\/p>\n

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Resistance level: 98.15, 99.00<\/p>\n

Support level: 97.65, 97.15<\/p>\n

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GBPUSD, Daily:<\/strong> GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2420. However, MACD which illustrate diminishing bullish signal suggests the pair to be traded lower as a short term technical correction toward the support at 1.2420.<\/p>\n

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Resistance level: 1.2565, 1.2725<\/p>\n

Support level: 1.2420, 1.2285<\/p>\n

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EURUSD, H4:<\/strong> EURUSD was traded lower following prior retracement from the resistance level at 1.1065. MACD which illustrated increasing bearish momentum suggests the pair to extend its losses toward the support level at 1.1015.<\/p>\n

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Resistance level: 1.1065, 1.1125<\/p>\n

Support level: 1.1015, 1.0940<\/p>\n

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USDJPY, Daily:<\/strong> USDJPY was traded lower following prior retracement from the resistance level at 108.35. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 107.35.<\/p>\n

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Resistance level: 108.35, 109.10<\/p>\n

Support level: 107.35, 106.45<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing near the support level 0.6775.MACD which illustrated increasing bearish momentum suggests the pair to extend its losses after it breaks below the support level.<\/p>\n

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Resistance level: 0.6825, 0.6860<\/p>\n

Support level: 0.6775, 0.6750
\n<\/strong><\/p>\n

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NZDUSD, H4:<\/strong> NZDUSD was traded lower following prior breakout below the previous support level 0.6330. MACD which illustrated bearish signal suggests the pair to extend its losses toward the support level at 0.6295.<\/p>\n

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Resistance level: 0.6330, 0.6355<\/p>\n

Support level: 0.6295, 0.6270<\/p>\n

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USDCAD, H4:<\/strong> USDCAD was traded higher following prior breakout above the previous resistance level at 1.3240. MACD which illustrates bullish bias suggests the pair to extend its gains towards the resistance level 1.3320.<\/p>\n

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Resistance level: 1.3320, 1.3380<\/p>\n

Support level: 1.3240, 1.3195<\/p>\n

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USDCHF, Daily:<\/strong> USDCHF was traded higher following prior breakout above the previous resistance level at 0.9930. MACD which illustrates persistent bullish momentum suggests the pair to extend its gains toward resistance level at 1.0010.<\/p>\n

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Resistance level: 1.0010, 1.0080<\/p>\n

Support level: 0.9930, 0.9815<\/p>\n

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CrudeOIL, H4<\/strong>: Crude oil was traded lower following prior breakout below its resistance level at 58.80. MACD which illustrated bearish signal suggests the commodity to extend its losses toward the support level at 57.00.<\/p>\n

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Resistance level: 58.80, 61.45<\/p>\n

Support level: 57.00, 55.25<\/p>\n

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GOLD_Daily:<\/strong> Gold price was traded lower following prior retracement from the resistance level at 1500.25. MACD which illustrates bearish signal suggests the commodity to be traded lower toward the support level at 1473.70.<\/p>\n

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Resistance level: 1500.25, 1526.35<\/p>\n

Support level: 1473.70, 1439.85<\/p>\n","protected":false},"excerpt":{"rendered":"

19 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     AUD surrenders as rate cut imminent. Australian dollar extended its losses although recent economic data from the region fared better-than-expected. According to Australian Bureau of Statistics, the Employment Change for the month of August came in at 34,700 individuals, exceeding economist forecast for a reading up to […]<\/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\/79139"}],"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=79139"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/79139\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=79139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=79139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=79139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}