{"id":118103,"date":"2020-05-08T05:38:14","date_gmt":"2020-05-08T05:38:14","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=118103"},"modified":"2020-05-08T05:38:45","modified_gmt":"2020-05-08T05:38:45","slug":"080520-morning-session-analysis-2","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080520-morning-session-analysis-2\/","title":{"rendered":"080520 Afternoon Session Analysis"},"content":{"rendered":"

08 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

 <\/p>\n

Dollar slips on negative rate prospect.<\/strong><\/span><\/p>\n

The dollar index which traded against its basket of six major currency pairs have fell as investors expecting a broader sense of doom ahead U.S employment data. Recently, initial unemployment claims which released on Thursday showed 3.169 million initial unemployment claims for the week ended May 2, higher than market expectation of 3 million, and bringing total claims since late March to 33.5 million, or about one in every five workers. The upcoming Non-Farm Payroll is also expected to show a disappointing figure later in the day. On top of that, the greenback was also pressured by U.S. short-term bond yields hit record low where markets starting to price in negative U.S. interest rates for the first time. Despite Fed officials stated that they do not see negative rates as appropriate, some investors see a much worse downturn that could force the Fed to become more experimental with its crisis response. At the time of writing, dollar index slips 0.19% to 99.69.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 1.88% to $23.87 per barrel at the time of writing amid Saudi Arabia raise its price. According to Reuters, the state oil giant of Saudi Arabia, Aramco have raised its official selling price by $1.40 per barrel. In the other hand, gold price edge 0.06% to $1715.61 a troy ounce as of writing amid weakening dollar.<\/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><\/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
20:30<\/td>\nUSD – Nonfarm Payrolls (Apr)<\/td>\n-701K<\/td>\n-22,000K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Unemployment Rate (Apr)<\/td>\n4.4%<\/td>\n16.0%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Employment Change (Apr)<\/td>\n-1,010.7K<\/td>\n-4,000.0K<\/td>\n–<\/td>\n<\/tr>\n
01:00<\/p>\n

(9th<\/sup>)<\/td>\n

CrudeOIL \u2013 U.S. Baker Hughes Oil Rig Count<\/td>\n325<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level at 99.75. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 100.85, 102.90<\/p>\n

Support level: 99.75, 98.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2370. MACD which illustrates diminishing bearish momentum suggest the pair to extend gains toward the resistance level at 1.2435.<\/p>\n

 <\/p>\n

Resistance level: 1.2435, 1.2520<\/p>\n

Support level: 1.2370, 1.2305<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.0830. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 1.0940.<\/p>\n

 <\/p>\n

Resistance level: 1.0940, 1.1025<\/p>\n

Support level: 1.0830, 1.0765<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower while currently testing the support level at 106.25. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 107.20, 108.20<\/p>\n

Support level: 106.25, 104.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.6370. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6705.<\/p>\n

 <\/p>\n

Resistance level: 0.6705, 0.7005<\/p>\n

Support level: 0.6370, 0.6180<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6120. MACD which illustrates bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.6120, 0.6205<\/p>\n

Support level: 0.6065, 0.5995<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.3980. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3855.<\/p>\n

 <\/p>\n

Resistance level: 1.3980, 1.4120<\/p>\n

Support level: 1.3855, 1.3670<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9710. MACD which illustrates bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.9750, 0.9795<\/p>\n

Support level: 0.9710, 0.9660<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the 20 moving average line (Red). However, MACD which illustrate bearish bias momentum suggest the commodity to undergo technical correction toward the lower level.<\/p>\n

 <\/p>\n

Resistance level: 26.40, 28.75<\/p>\n

Support level: 21.80, 18.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1718.20. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1718.20, 1726.05<\/p>\n

Support level: 1711.25, 1699.75<\/p>\n

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

08 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   Dollar slips on negative rate prospect. The dollar index which traded against its basket of six major currency pairs have fell as investors expecting a broader sense of doom ahead U.S employment data. Recently, initial unemployment claims which released on Thursday showed 3.169 million initial unemployment claims for […]<\/p>\n","protected":false},"author":25,"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\/118103"}],"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\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=118103"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/118103\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=118103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=118103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=118103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}