{"id":114959,"date":"2020-04-23T05:53:32","date_gmt":"2020-04-23T05:53:32","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=114959"},"modified":"2020-04-23T05:53:32","modified_gmt":"2020-04-23T05:53:32","slug":"230420-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/230420-afternoon-session-analysis\/","title":{"rendered":"230420 Afternoon Session Analysis"},"content":{"rendered":"

23 April 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

Sterling slips amid coronavirus woes.<\/strong><\/span><\/p>\n

The pound sterling has fell against the greenback and other currency pairs during late Asian session following weak inflation data coupled with concerns of deeper coronavirus impact in the U.K. According to National Statistics, U.K consumer price index have slowed to 1.5% last month from 1.7% in February. The weak data was dragged down by clothing cost and lower energy price amid Covid-19 pandemic. On top of that, analyst have also warned of further economic impact in the U.K ahead. Following recent reports, investors have also begun to raise the probability of extended lockdown, which could continue to cause the pound sterling to struggle. At the time of writing, GBP\/USD edge lower 0.05% to 1.2331.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rebounds 2.24% to $14.84 per barrel as of writing following signs of producers are cutting production to cope with a collapse in demand for fuel. According to latest development, U.S Oklahoma’s energy regulator said companies could shut down digging rigs without losing their leases, an initial victory for struggling U.S. producers seeking relief from the market crash after a surge in production. The state is the fourth-largest oil producer in the U.S. In the other hand, gold price gains 0.13% to $1712.45 a troy ounce at the time of writing amid uncertainty towards global economic outlook continue to support the demand for the safe-haven commodity.<\/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\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
14:00<\/td>\nGBP \u2013 Retail Sales (MoM)(Mar)<\/td>\n-0.3%<\/td>\n-3.8%<\/td>\n–<\/td>\n<\/tr>\n
15:30<\/td>\nEUR \u2013 German Manufacturing PMI (Apr)<\/td>\n45.4<\/td>\n39.0<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Composite PMI<\/td>\n36.0<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manufacturing PMI<\/td>\n47.8<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Services PMI<\/td>\n34.5<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n5,245K<\/td>\n4,150K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 New Home Sales (Mar)<\/td>\n765K<\/td>\n645K<\/td>\n–<\/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 higher while currently near the resistance level at 100.75. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 100.75, 101.65<\/p>\n

Support level: 99.70, 98.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2385. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2385, 1.2620<\/p>\n

Support level: 1.2230, 1.2045<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level at 1.0795. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.0945, 1.1125<\/p>\n

Support level: 1.0795, 1.0660<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1<\/strong>: <\/strong>USDJPY was traded within a range while currently near the resistance level at 107.90. 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: 107.90, 108.40<\/p>\n

Support level: 107.30, 106.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.6280. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6335.<\/p>\n

 <\/p>\n

Resistance level: 0.6335, 0.6375<\/p>\n

Support level: 0.6280, 0.6230<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the support level at 0.5955. 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: 0.5955, 0.6075<\/p>\n

Support level: 0.5840, 0.5690<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.4120. 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: 1.4250, 1.4445<\/p>\n

Support level: 1.4120, 1.4005<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently near the resistance level at 0.9730. 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: 0.9730, 0.9775<\/p>\n

Support level: 0.9595, 0.9510<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded within a range while currently testing the support level at 13.90. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 18.05, 25.50<\/p>\n

Support level: 13.90, 10.75<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"
\nGOLD_, H1: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1718.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1687.95.<\/p>\n

 <\/p>\n

Resistance level: 1718.20, 1737.25<\/p>\n

Support level: 1687.95, 1672.80<\/p>\n

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

23 April 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Sterling slips amid coronavirus woes. The pound sterling has fell against the greenback and other currency pairs during late Asian session following weak inflation data coupled with concerns of deeper coronavirus impact in the U.K. According to National Statistics, U.K consumer price index have slowed to 1.5% last month […]<\/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\/114959"}],"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=114959"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/114959\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=114959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=114959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=114959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}