{"id":99358,"date":"2020-01-30T05:20:40","date_gmt":"2020-01-30T05:20:40","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=99358"},"modified":"2020-01-30T05:20:40","modified_gmt":"2020-01-30T05:20:40","slug":"300120-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/300120-afternoon-session-analysis\/","title":{"rendered":"300120 Afternoon Session Analysis"},"content":{"rendered":"

30 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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Safe-haven rose as coronavirus spreads.<\/strong><\/span><\/p>\n

Safe-haven currencies such as Japanese yen remains received higher demand in the FX market following concerns over China\u2019s virus epidemic which could bring impact upon global economic momentum. As the new pneumonia-like disease spreads across China, investors worry that it may dampen down economic growth in the region which could subsequently affect its major trade partners in Asia and Europe. As such, traders continue to buy-into Japanese yen in order to safe-guard their capital while at the same time selling off risky assets. According to economists, China\u2019s economic growth may drop to 5% or lower due to the epidemic, pushing higher chances for policymakers in Beijing to introduce more stimulus measures. In the other region, pound sterling was traded steadily prior to Bank of England\u2019s policy decision later today. Prior, investors speculate that the central bank may cut its interest rates further as recent data shows diminishing consumer spending while Brexit risks continues to linger. As of writing, USD\/JPY was down 0.08% to 108.89 while GBP\/USD was traded flat near 1.3015.<\/p>\n

 <\/p>\n

As for commodities, crude oil price plunged by 0.49% to $52.80 per barrel. Oil futures received extensive selloff pressure following higher death tolls from the new coronavirus in China which may dampen global economic momentum as well as their demand towards crude oil. On the other hand, gold price rose 0.22% to $1,580.14 a troy ounce following higher risk aversion due to the spread of coronavirus.<\/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

20:00\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0GBP\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0BoE Inflation Report<\/p>\n

20:00\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0GBP\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0BoE MPC Meeting Minutes<\/p>\n

20:30\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0GBP\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0BoE Gov Carney Speaks<\/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
16:55<\/td>\nEUR \u2013 German Unemployment Change (Jan)<\/td>\n8K<\/td>\n5K<\/td>\n–<\/td>\n<\/tr>\n
20:00<\/td>\nGBP – BoE Interest Rate Decision (Jan)<\/td>\n0.75%<\/td>\n0.75%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – GDP (QoQ) (Q4))<\/td>\n2.1%<\/td>\n2.1%<\/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, 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

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

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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\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing near the support level at 108.80. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after it successfully breakout below the support level at 108.75.<\/p>\n

 <\/p>\n

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

Support level: 108.75, 108.00<\/p>\n

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\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.6760. MACD which illustrate diminished upward momentum suggests the pair to extend its losses toward the support level at 0.6705.<\/p>\n

 <\/p>\n

Resistance level: 0.6760, 0.6805<\/p>\n

Support level: 0.6705, 0.6665<\/p>\n

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6535. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.<\/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, Daily: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.3145. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3210.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.9735. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses toward the support level at 0.9690.<\/p>\n

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Resistance level: 0.9735, 0.9770<\/p>\n

Support level: 0.9690, 0.9665<\/p>\n

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 52.60. MACD which illustrate bearish signal suggests its price to be traded lower after it successfully breakout below the support level at 52.60.<\/p>\n

 <\/p>\n

Resistance level: 54.15, 55.25<\/p>\n

Support level: 52.60, 51.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1572.10. MACD which illustrate bullish signal suggests this commodity to extend its gains toward the resistance level at 1585.25.<\/p>\n

 <\/p>\n

Resistance level: 1585.25, 1599.90<\/p>\n

Support level: 1572.10, 1561.85<\/p>\n

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

30 January 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Safe-haven rose as coronavirus spreads. Safe-haven currencies such as Japanese yen remains received higher demand in the FX market following concerns over China\u2019s virus epidemic which could bring impact upon global economic momentum. As the new pneumonia-like disease spreads across China, investors worry that it may dampen down […]<\/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\/99358"}],"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=99358"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/99358\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=99358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=99358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=99358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}