{"id":85711,"date":"2019-10-31T06:29:46","date_gmt":"2019-10-31T06:29:46","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=85711"},"modified":"2019-10-31T06:29:46","modified_gmt":"2019-10-31T06:29:46","slug":"311019-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/311019-afternoon-session-analysis\/","title":{"rendered":"311019 Afternoon Session Analysis"},"content":{"rendered":"

31 October 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\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

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Loonie plunged following BoC statement.<\/strong><\/span><\/p>\n

Canadian dollar slumped against the US dollar after the Bank of Canada (BoC) announced its interest rate decision. Earlier today, BoC announced to keep its interest rate unchanged at 1.75%. However, the central bank expressed a more cautious tone which sends Loonie into a sell-off frenzy. In the press conference, BoC Governor Stephen Poloz stated that the increasing uncertainty with regards to future trade policies had bring a significant negative impact upon business investment. Nonetheless, he reiterates that further loosening of monetary policy is not needed for the time being to address such issues. In addition, a slump in crude oil price has also provided additional bearish pressure upon the commodity-backed currency. As of writing, USD\/CAD ticks up 0.07% to 1.3163 while the dollar index fell 0.32% to 97.10.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price extended its losses by 0.08% to $55.03 per barrel as the commodity remain pressured by a surprise inventory build from Energy Information Administration (EIA). On the other hand, gold price rose 0.16% to $1498.17 a troy ounce due to current weakness of US dollar following recent rate cut decision from the Federal Reserve.<\/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

Tentative\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 JPY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoJ Monetary Policy Statement<\/p>\n

Tentative\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 JPY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoJ Outlook Report<\/p>\n

14:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 JPY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoJ Press Conference<\/p>\n


\n<\/u><\/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
11:00<\/td>\nJPY \u2013 BoJ Interest Rate Decision<\/td>\n-0.10%<\/td>\n-0.10%<\/td>\n–<\/td>\n<\/tr>\n
18:00<\/td>\nEUR \u2013 CPI (YoY) (Oct)<\/td>\n0.8%<\/td>\n0.7%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n212K<\/td>\n215K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 GDP (MoM) (Aug)<\/td>\n0.2%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 97.55. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 97.55, 98.15<\/p>\n

Support level: 96.90, 96.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.2845. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2980.<\/p>\n

 <\/p>\n

Resistance level: 1.2980, 1.3095<\/p>\n

Support level: 1.2845, 1.2750<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.1125. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward resistance level at 1.1185.<\/p>\n

 <\/p>\n

Resistance level: 1.1185, 1.1240<\/p>\n

Support level: 1.1125, 1.1075<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower following prior retracement form the resistance level at 109.00. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 108.40.<\/p>\n

 <\/p>\n

Resistance level: 109.00, 109.75<\/p>\n

Support level: 108.40, 107.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6905. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6965.<\/p>\n

 <\/p>\n

Resistance level: 0.6965, 0.7020<\/p>\n

Support level: 0.6905, 0.6860<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6435. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.6435, 0.6495<\/p>\n

Support level: 0.6355, 0.6285<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3145. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.3210, 1.3260<\/p>\n

Support level: 1.3145, 1.3085<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9895. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.9895, 0.9945<\/p>\n

Support level: 0.9840, 0.9805<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 54.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 55.50.<\/p>\n

 <\/p>\n

Resistance level: 55.50, 56.50<\/p>\n

Support level: 54.65, 53.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the MA line. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1502.60.<\/p>\n

 <\/p>\n

Resistance level: 1502.60, 1508.65<\/p>\n

Support level: 1494.80, 1487.30<\/p>\n","protected":false},"excerpt":{"rendered":"

31 October 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\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Loonie plunged following BoC statement. Canadian dollar slumped against the US dollar after the Bank of Canada (BoC) announced its interest rate decision. Earlier today, BoC announced to keep its interest rate unchanged at 1.75%. However, the central bank expressed a more cautious tone which sends Loonie into […]<\/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\/85711"}],"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=85711"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/85711\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=85711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=85711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=85711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}