{"id":99145,"date":"2020-01-29T04:12:13","date_gmt":"2020-01-29T04:12:13","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=99145"},"modified":"2020-01-29T04:12:24","modified_gmt":"2020-01-29T04:12:24","slug":"290120-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/290120-afternoon-session-analysis\/","title":{"rendered":"290120 Afternoon Session Analysis"},"content":{"rendered":"

29 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 dip while market awaits for BoE interest rate decision.<\/strong><\/span><\/p>\n

Among all the major currencies market, pound sterling fall tremendously over the past month as market participants forecast the unfolding monetary policy will be twisted in the upcoming Bank of England\u2019s meeting. Prior to now, UK economy has been tampered significantly by the unsolved Brexit issue. Although Boris Johnson latest withdrawal bill has passed all the hurdles and successfully get the royal assent from The Queen, however investors are still seeing that UK might not be able to achieve a mutual consent with EU before the end of transition period. An exit bill without agreement may trigger huge sell off pressure on pound market as hard Brexit will definitely cool down the UK long term economy growth. Moreover, recent report which showed UK inflation rate has dropped to 1.3%, down from 1.5% in previous month also cemented the investors views toward UK central bank may further loosen their monetary policy, introducing more stimulus or adjusting the interest rate downward. As of writing, the pair of GBP\/USD notched down 0.09% to 1.3015.<\/p>\n

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In the commodities market, crude oil price appreciates by 0.30% to $54.10 per barrel as markets believe OPEC and its allies will further extend its oil production cut before the end of March. Besides, trade tensions eased also further supporting this black commodity from falling while market are still awaiting for more progress in trade talk between US and China. On the other hand, gold price inched down 0.04% to $1,565.20 a troy ounce as US dollar strengthen.<\/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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 China\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Spring Festival<\/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

03:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 FOMC Statement (30th<\/sup>)<\/p>\n

03:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 FOMC Press Conference (30th<\/sup>)<\/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
15:00<\/td>\nEUR \u2013 GfK German Consumer Climate (Feb)<\/td>\n9.6<\/td>\n9.6<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 Pending Home Sales (MoM) (Dec)<\/td>\n1.2%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n-0.405M<\/td>\n0.482M<\/td>\n–<\/td>\n<\/tr>\n
03:00 (30th<\/sup>)<\/td>\nUSD \u2013 Fed Interest Rate Decision<\/td>\n1.75%<\/td>\n1.75%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n


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

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level at 97.70. MACD which illustrate bullish bias momentum suggest the index to extend its gains toward the next resistance level at 98.20.<\/p>\n

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Resistance level: 98.20, 98.80<\/p>\n

Support level: 97.70, 97.25<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support of 1.2965. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.<\/p>\n

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Resistance level: 1.3035, 1.3100<\/p>\n

Support level: 1.2965, 1.2895<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.1000. MACD which has formed bullish signal suggests the pair to be traded higher in short-term.<\/p>\n

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Resistance level: 1.1035, 1.1075<\/p>\n

Support level: 1.1000, 1.0960<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 109.25. MACD which illustrate upward momentum suggests the pair to extend its gains after it successfully breakout above the resistance level at 109.25.<\/p>\n

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Resistance level: 109.25, 109.65<\/p>\n

Support level: 108.85, 108.00<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6770. MACD which illustrate diminished downward momentum suggests the pair to extend its gains after it successfully breakout above the resistance level at 0.6770.<\/p>\n

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Resistance level: 0.6770, 0.6805<\/p>\n

Support level: 0.6750, 0.6710<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6535. MACD which illustrate diminished downward momentum suggests the pair to extend its gains after it successfully breakout above the resistance level at 0.6535.<\/p>\n

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Resistance level: 0.6535, 0.6570<\/p>\n

Support level: 0.6490, 0.6460<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower following prior retrace from its higher level. MACD which begin to form bearish signal suggests the pair to extend its losses toward the support level at 1.3145.<\/p>\n

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Resistance level: 1.3210, 1.3265<\/p>\n

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

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9720. MACD which illustrate upward momentum suggests the pair to extend its gains toward the resistance level at 0.9770.<\/p>\n

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Resistance level: 0.9770, 0.9810<\/p>\n

Support level: 0.9720, 0.9690<\/p>\n

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CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 53.90. MACD which illustrate bullish signal suggests its price to be traded higher toward the resistance level at 55.25.<\/p>\n

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Resistance level: 55.25, 56.35<\/p>\n

Support level: 53.90, 52.20<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded lower following prior breakout below the previous support level at 1572.10. MACD which illustrate bearish signal suggests this commodity to extend its losses toward the support level at 1561.85.<\/p>\n

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Resistance level: 1572.10, 1585.25<\/p>\n

Support level: 1561.85, 1551.10<\/p>\n

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

29 January 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis     Pound dip while market awaits for BoE interest rate decision. Among all the major currencies market, pound sterling fall tremendously over the past month as market participants forecast the unfolding monetary policy will be twisted in the upcoming Bank of England\u2019s meeting. Prior to now, UK economy […]<\/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\/99145"}],"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=99145"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/99145\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=99145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=99145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=99145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}