{"id":96148,"date":"2020-01-07T06:12:44","date_gmt":"2020-01-07T06:12:44","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=96148"},"modified":"2020-01-07T06:12:44","modified_gmt":"2020-01-07T06:12:44","slug":"070120-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070120-afternoon-session-analysis\/","title":{"rendered":"070120 Afternoon Session Analysis"},"content":{"rendered":"

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

Swiss franc in demand as geopolitical tension rises.<\/strong><\/span><\/p>\n

Swiss franc received higher demand in the FX market after traders flock into safe-haven assets amid heightened geopolitical tension in between US and Iran. US equities remains under pressure after Tehran vows that they would no longer abide by any limits on enriching its uranium after Washington assassinated General Qasem Soleimani last week. According to US government, Soleimani was actively developing plans to attack US interests in Iraq and Middle East. In retaliation towards Tehran\u2019s comment, US President Donald Trump said that they are ready to strike Iran \u201cin a disproportionate manner\u201d if they retaliate. Rising tension in between both countries has prompted investors to reassess their risk tolerance towards US assets and therefore shifted their focus towards other markets such as EU or Canada. On the other hand, euro extended its gains over the backdrop of optimistic data from the region. For the month of November, Germany\u2019s Retail Sales came in at 2.1%, significantly higher than forecast of 1.1%. Likewise, both its Services and Composite PMI fared better than expected which has provided additional bullish support for the currency. As of writing, pair of USD\/CHF ticked down 0.01% to 0.9689 while EUR\/USD notched up 0.02% to 1.1192.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price depreciates by 0.32% to $62.69 per barrel. Oil futures received some selloff as investors began to realize their profits from recent uptrend. On the other hand, gold price slumped by 0.49% to $1,558.03 a troy ounce following technical correction from its recent high.<\/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\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
18.00<\/td>\nEUR – CPI (YoY) (Dec)<\/td>\n1.0%<\/td>\n1.3%<\/td>\n–<\/strong><\/td>\n<\/tr>\n
23.00<\/td>\nUSD – ISM Non-Manufacturing PMI (Dec)<\/td>\n53.9<\/td>\n54.5<\/td>\n–<\/strong><\/td>\n<\/tr>\n
23:00<\/td>\nCAD – Ivey PMI (Dec)<\/td>\n60.0<\/td>\n53.8<\/td>\n–<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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 96.55. 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: 96.55, 97.20<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3125. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3210.<\/p>\n

 <\/p>\n

Resistance level: 1.3210, 1.3275<\/p>\n

Support level: 1.3125, 1.3060<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1195. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.1195, 1.1225<\/p>\n

Support level: 1.1160, 1.1120<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following prior rebound from the support level at 107.70. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 108.75.<\/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, H4: <\/strong>AUDUSD was traded lower following prior retracement from the previous resistance level at 0.6965. However, MACD which illustrated diminishing bearish 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: 0.6915, 0.6850<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6655. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6755, 0.6825<\/p>\n

Support level: 0.6655, 0.6590<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2955. 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: 1.3045, 1.3110<\/p>\n

Support level: 1.2955, 1.2870<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9670. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/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, Daily: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level at 62.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 60.75.<\/p>\n

 <\/p>\n

Resistance level: 62.70, 64.80<\/p>\n

Support level: 60.75, 58.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1588.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1550.10.<\/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":"

7 January 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Swiss franc in demand as geopolitical tension rises. Swiss franc received higher demand in the FX market after traders flock into safe-haven assets amid heightened geopolitical tension in between US and Iran. US equities remains under pressure after Tehran vows that they would no longer abide by any limits […]<\/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\/96148"}],"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=96148"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/96148\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=96148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=96148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=96148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}