{"id":97606,"date":"2020-01-16T05:40:55","date_gmt":"2020-01-16T05:40:55","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=97606"},"modified":"2020-01-16T05:40:55","modified_gmt":"2020-01-16T05:40:55","slug":"160120-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160120-afternoon-session-analysis\/","title":{"rendered":"160120 Afternoon Session Analysis"},"content":{"rendered":"

16 January 2020\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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Pound slid amid downbeat economic data.<\/strong><\/span><\/p>\n

Pound sterling slumped amid pessimistic data from UK\u2019s region further proved that its economic performance is still being haunted by hard Brexit\u2019s uncertainties. According to Office for National Statistics, UK Consumer Price Index (CPI) data came in at 1.3%, missing the economist\u2019 forecast of 1.5%, hinting inflation\u2019s pressure has weakened and gradually away from Bank of England (BoE) target. Besides, feeble CPI data also further concreted UK Central bank policy setter\u2019s dovish statement where an expanding monetary policy should be implemented in order to support their economy\u2018s growth. In a speech by Michael Saunders on Wednesday, he emphasized that sluggish economy which shown by recent lackluster economic data is likely will lead to longer period of subdued growth, enlarged the gap between target inflation and current inflation. The dovish statement from Saunders rippled through the market while urging the investor to sell off their pound\u2019s holding. Michael Saunders has changed his point of view from keeping interest rate unchanged to a rate cut is necessary for current economic situation since the month of November year 2019. However, the pair of GBP\/USD managed to recover most of its losses amid trade optimism between US and China which dragged down the appearance of US dollar. As of writing, the pair of GBP\/USD notched up 0.12% to 1.3050.<\/p>\n

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In the commodities market, the crude oil price rose 0.17% to $58.15 per barrel amid a huge draw in crude oil inventories and signed off of phase 1 trade agreement continue to weigh on this black commodity market. Besides, gold price depreciated by 0.01% to $1556.10 a troy ounce as de-escalation of trade dispute pulled down the appealing of gold 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

20:30\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0EUR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0ECB Publishes Account of Monetary Policy Meeting<\/p>\n

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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
21:30<\/td>\nUSD \u2013 Core Retail Sales (MoM) (Dec)<\/td>\n0.1%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Philadelphia Fed Manufacturing Index (Jan)<\/td>\n2.4<\/td>\n3.8<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Retail Sales (MoM) (Dec)<\/td>\n0.2%<\/td>\n0.3%<\/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 breakout below the previous support level 96.95. MACD which illustrate ongoing bearish momentum suggest the dollar to extend its losses towards the support level 96.45.<\/p>\n

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Resistance level: 96.95, 97.40<\/p>\n

Support level: 96.45, 96.00<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level 1.2965. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3095.<\/p>\n

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Resistance level: 1.3095, 1.3225<\/p>\n

Support level: 1.2965, 1.2830<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level 1.1105. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1175.<\/p>\n

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Resistance level: 1.1175, 1.1250<\/p>\n

Support level: 1.1105, 1.1045<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded flat near the support level. However, MACD which illustrate bearish momentum signal with the recent formation of death cross suggest the pair to be traded lower after it breaks below the support level.<\/p>\n

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Resistance level: 110.20, 110.65<\/p>\n

Support level: 109.70, 109.25<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD remain traded in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.<\/p>\n

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Resistance level: 0.6930, 0.6990<\/p>\n

Support level: 0.6890, 0.6845<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from its low level. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6550.<\/p>\n

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Resistance level: 0.6550, 0.6740<\/p>\n

Support level: 0.6555, 0.6500<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance level 1.3065. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.3010.<\/p>\n

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Resistance level: 1.3065, 1.3125<\/p>\n

Support level: 1.3010, 1.2945<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level 0.9650. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short term towards the resistance level 0.9725.<\/p>\n

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Resistance level: 0.9725, 0.9780<\/p>\n

Support level: 0.9650, 0.9590<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support level 57.75. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 59.55.<\/p>\n

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Resistance level: 59.55, 61.05<\/p>\n

Support level: 57.75, 56.30<\/p>\n

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GOLD_, H4: <\/strong>Gold price remain traded in a sideway channel while currently testing near the resistance level 1561.90. MACD which illustrate bullish bias signal with the recent formation of golden cross suggest the commodity to be traded higher after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1561.90, 1613.35<\/p>\n

Support level: 1542.15, 1523.25<\/p>\n","protected":false},"excerpt":{"rendered":"

16 January 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis     Pound slid amid downbeat economic data. Pound sterling slumped amid pessimistic data from UK\u2019s region further proved that its economic performance is still being haunted by hard Brexit\u2019s uncertainties. According to Office for National Statistics, UK Consumer Price Index (CPI) data came in at 1.3%, missing the […]<\/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\/97606"}],"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=97606"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/97606\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=97606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=97606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=97606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}