{"id":116919,"date":"2020-05-04T06:22:56","date_gmt":"2020-05-04T06:22:56","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=116919"},"modified":"2020-05-04T06:22:56","modified_gmt":"2020-05-04T06:22:56","slug":"040520-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/040520-afternoon-session-analysis\/","title":{"rendered":"040520 Afternoon Session Analysis"},"content":{"rendered":"

04 May 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

Aussie pressured amid U.S \u2013 China tension.<\/strong><\/span><\/p>\n

The Australian dollar which traded against the greenback and its peer remain weak during late Asian session as tension between U.S and China continue to weigh on the market. Previously, U.S President Donald Trump have been harshly criticizing China of mishandling the coronavirus outbreak. In his latest tweet, Donald Trump also threaten to break the trade deal between the two powerhouses and also impose new tariff on Beijing as a retaliatory measure over the outbreak. On top of that, US Secretary of State Mike Pompeo also suggest the intentional efforts of China behind the widespread of the deadly virus. The renewed tension has weighed heavily on the Aussie sentiment to be dragged down due to China being the biggest trade partner for Australia. Investors will focus on the ongoing development between U.S and China to gauge further direction. In the time of writing, AUD\/USD fell 0.38% to 0.6394.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price retreats 0.11% to $18.90 per barrel as of writing due to ongoing issue with oversupply. Producers currently continue to grapple with oversupply problems where there are already concerns that producers will struggle to meet their production cut quotas such OPEC\u2019s second-largest producer, Iraq is predicted to experience difficulty to cut output by nearly a quarter. In the other hand, gold price soars 0.15% to $1698.30 a troy ounce amid risk of U.S and China tension boosting the demand of 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

All Day \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 JPY\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\u00a0\u00a0 Greenery Day<\/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

N\/A<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
15:55<\/td>\nEUR \u2013 German Manufacturing PMI (Apr)<\/td>\n45.4<\/td>\n34.4<\/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 following prior rebound from the support level 98.70. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend it rebound towards the resistance level 99.85.<\/p>\n

 <\/p>\n

Resistance level: 99.85, 100.90<\/p>\n

Support level: 98.70, 97.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level 1.2450. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level 1.2450.<\/p>\n

 <\/p>\n

Resistance level: 1.2635, 1.2840<\/p>\n

Support level: 1.2450, 1.2205<\/p>\n

 <\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from resistance level 1.0995. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.0890.<\/p>\n

 <\/p>\n

Resistance level: 1.0995, 1.1080<\/p>\n

Support level: 1.0890, 1.0825<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4<\/strong>: <\/strong>USDJPY was traded lower following prior retracement from the resistance level 107.10. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 105.55.<\/p>\n

 <\/p>\n

Resistance level: 107.10, 109.10<\/p>\n

Support level: 105.55, 103.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level 0.6445. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.6265.<\/p>\n

 <\/p>\n

Resistance level: 0.6445, 0.6565<\/p>\n

Support level: 0.6265, 0.6125<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level 0.6060. MACD which illustrate ongoing bearish bias suggest the pair to extend its losses towards the support level 0.5840.<\/p>\n

 <\/p>\n

Resistance level: 0.6060, 0.6220<\/p>\n

Support level: 0.5840, 0.5610<\/p>\n

 <\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level 1.0445. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.4260.<\/p>\n

 <\/p>\n

Resistance level: 1.4260, 1.4550<\/p>\n

Support level: 1.3865, 1.3705<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level 0.9600. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9720.<\/p>\n

 <\/p>\n

Resistance level: 0.9720, 0.9795<\/p>\n

Support level: 0.9600, 0.9505<\/p>\n

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level 19.35. MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the commodity to extend its losses towards the support level 15.00.<\/p>\n

 <\/p>\n

Resistance level: 19.35, 24.85<\/p>\n

Support level: 15.00, 10.00<\/p>\n

 <\/p>\n

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\nGOLD_, H4: <\/strong>Gold price was traded higher following recent rebound from the support level 1672.90. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 1736.00.<\/p>\n

 <\/p>\n

Resistance level: 1736.00, 1789.10<\/p>\n

Support level: 1672.90, 1633.30<\/p>\n

 <\/p>\n

 <\/p>\n

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

04 May 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 Aussie pressured amid U.S \u2013 China tension. The Australian dollar which traded against the greenback and its peer remain weak during late Asian session as tension between U.S and China continue to weigh on the market. Previously, U.S President Donald Trump have been harshly criticizing China of mishandling the […]<\/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\/116919"}],"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=116919"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/116919\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=116919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=116919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=116919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}