{"id":95958,"date":"2020-01-06T07:26:24","date_gmt":"2020-01-06T07:26:24","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=95958"},"modified":"2020-01-06T07:26:24","modified_gmt":"2020-01-06T07:26:24","slug":"060120-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060120-afternoon-session-analysis\/","title":{"rendered":"060120 Afternoon Session Analysis"},"content":{"rendered":"

06 January 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

Sterling slumped following the release of negative data.<\/strong><\/span><\/p>\n

Pound Sterling slumped following the release of bleak data from the UK region. According to CIPS, U.K Construction Purchasing Managers Index (PMI) notched down from the preliminary 45.3 to 44.4, missing economists forecast of 45.9. The negative data had dialed down the market optimisms toward the economic progression in the United Kingdom, which may prompt an expectation for a further rate cut in future in order to boost the economic growth in UK. Besides that, pound sterling received additional bearish momentum amid to risk-off sentiment in the FX market. The escalation tensions between Iran and the United States has stoked a shift in sentiment toward safe-haven asset while spurring some significant selloff for the risk-sensitive currencies such as pound sterling. Nonetheless, investors would continue to scrutinize the latest updates with regards to the meeting between UK Prime Minister Boris Johnson and EU Commission President, Ursula Von Der Leyen this week in order to obtain further trading signal for the pair as investors believe that the leaders would be discussing the post-Brexit relationship between the two economies in the future during the meeting. As of writing, GBP\/USD slumped 0.02% to 1.3080.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 2.00% to $64.30 per barrel as of writing. The oil market edged higher following the U.S. crude oil inventories was released. According to Energy Information Administration (EIA), U.S. crude oil inventories came in at -11.463M, lower than the market forecast at -3.288M. Besides that, the crude oil price rose higher as many investors predicted that the escalation of geopolitical risk in the Middle East region is expected to disrupt the crude oil supplies in the future. On the other hand, gold price appreciated by 1.50% to $1574.45 per troy ounces amid diminishing of risk appetite in the FX market.<\/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

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
17:30<\/td>\nGBP \u2013 Composite PMI (Dec)<\/td>\n48.5<\/td>\n48.6<\/td>\n–<\/strong><\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Services PMI (Dec)<\/td>\n49.0<\/td>\n49.1<\/td>\n–<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded within a range while currently testing the resistance level at 96.55. MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 96.55, 97.20<\/p>\n

Support level: 95.95, 95.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.3060. 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: 1.3125, 1.3210<\/p>\n

Support level: 1.3060, 1.3000<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1160. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1160.<\/p>\n

 <\/p>\n

Resistance level: 1.1160, 1.1185<\/p>\n

Support level: 1.1120, 1.1075<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following prior rebound from the support level at 107.70. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 108.75, 109.65<\/p>\n

Support level: 107.70, 106.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level 0.6965. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6915.<\/p>\n

 <\/p>\n

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

Support level: 0.6915, 0.6855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level at 0.6665. 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: 0.6665, 0.6755<\/p>\n

Support level: 0.6615, 0.6560<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded within a range while currently testing the support level at 1.2970. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3045, 1.3110<\/p>\n

Support level: 1.2970, 1.2900<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9670. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9730.<\/p>\n

 <\/p>\n

Resistance level: 0.9730, 0.9790<\/p>\n

Support level: 0.9670, 0.9585<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 64.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 64.80, 66.40<\/p>\n

Support level: 62.70, 60.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1550.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1588.70.<\/p>\n

 <\/p>\n

Resistance level: 1588.70, 1629.75<\/p>\n

Support level: 1550.10, 1517.65<\/p>\n

 <\/p>\n

\u00a0<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

06 January 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Sterling slumped following the release of negative data. Pound Sterling slumped following the release of bleak data from the UK region. According to CIPS, U.K Construction Purchasing Managers Index (PMI) notched down from the preliminary 45.3 to 44.4, missing economists forecast of 45.9. The negative data had dialed down […]<\/p>\n","protected":false},"author":61,"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\/95958"}],"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\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=95958"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/95958\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=95958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=95958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=95958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}