{"id":117883,"date":"2020-05-07T05:32:38","date_gmt":"2020-05-07T05:32:38","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=117883"},"modified":"2020-05-07T05:32:38","modified_gmt":"2020-05-07T05:32:38","slug":"070520-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070520-afternoon-session-analysis\/","title":{"rendered":"070520 Afternoon Session Analysis"},"content":{"rendered":"

07 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

Euro remains weak as ECB court ruling weigh.<\/strong><\/span><\/p>\n

The euro which traded against the greenback and other currency pairs have fell during late Asian session after a surprise ruling by German court have challenge the ECB\u2019s ability to manage the economic recovery in the region. Recently, ECB have prepared and left its door open to increasing stimulus. However, the plan is now facing scepticism after Germany\u2019s constitutional court recently ruled that the ECB must justify the necessity of its bond-buying program, despite Europe\u2019s top court has ruled in favor of it. The argument about the legality of bond buying have create unnecessary unease, thus pressuring further the euro to the downside. Market will now shift their attention towards the ECB whether that it is able to resist the pressure from the German court in order to determine the future direction for the currency. At the time of writing, EUR\/USD fell 0.03% to 1.0799.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price remains stable and edge higher 0.55% to $23.90 per barrel as of writing following recovery of demand outlook. Following easing coronavirus lockdowns in some states, fuel demand is picking up, with parts of Florida reporting gasoline consumption is down just 25-30%, from 50% previously. Besides that, Refiner Delek U.S. Holdings Inc. also stated that it saw its demand improve in rural areas of Texas and Arkansas. On the other hand, gold price fell 0.09% to $1689.30 a troy ounce at the time of writing following dollar strength and increasing market risk appetite.<\/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

19:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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 BoE Inflation Report<\/p>\n

19:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoE MPC Meeting Minutes<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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 BoE Interest Rate Decision (May)<\/td>\n0.10%<\/td>\n0.10%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n3,839K<\/td>\n3,000K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level at 99.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 100.65.<\/p>\n

 <\/p>\n

Resistance level: 100.65, 101.55<\/p>\n

Support level: 99.85, 98.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2315. 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: 1.2370, 1.2425<\/p>\n

Support level: 1.2315, 1.2245<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently near the support level at 1.0780. 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: 1.0825, 1.0875<\/p>\n

Support level: 1.0780, 1.0740<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4<\/strong>: <\/strong>USDJPY was traded lower while currently testing the support level at 106.05. 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: 107.10, 107.85<\/p>\n

Support level: 106.05, 104.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.6405. 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: 0.6540, 0.6680<\/p>\n

Support level: 0.6405, 0.6235<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6000. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6070.<\/p>\n

 <\/p>\n

Resistance level: 0.6070, 0.6130<\/p>\n

Support level: 0.6000, 0.5940<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.4155. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.4015.<\/p>\n

 <\/p>\n

Resistance level: 1.4155, 1.4230<\/p>\n

Support level: 1.4015, 1.3875<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently near the resistance level at 0.9780. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.9780, 0.9880<\/p>\n

Support level: 0.9585, 0.9495<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 25.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 20.40.<\/p>\n

 <\/p>\n

Resistance level: 25.90, 29.95<\/p>\n

Support level: 20.40, 15.10<\/p>\n

 <\/p>\n

\"\"
\nGOLD_, H4: <\/strong>Gold price was traded lower following prior breakout below the previous support level at 1696.75. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1696.75, 1712.25<\/p>\n

Support level: 1673.75, 1644.05<\/p>\n

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

07 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 Euro remains weak as ECB court ruling weigh. The euro which traded against the greenback and other currency pairs have fell during late Asian session after a surprise ruling by German court have challenge the ECB\u2019s ability to manage the economic recovery in the region. Recently, ECB have prepared […]<\/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\/117883"}],"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=117883"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/117883\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=117883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=117883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=117883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}