{"id":118745,"date":"2020-05-12T04:58:54","date_gmt":"2020-05-12T04:58:54","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=118745"},"modified":"2020-05-12T04:58:54","modified_gmt":"2020-05-12T04:58:54","slug":"120520-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/120520-afternoon-session-analysis\/","title":{"rendered":"120520 Afternoon Session Analysis"},"content":{"rendered":"

12 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

Dollar surge amid fears of \u2018second wave\u2019.<\/strong><\/span><\/p>\n

The dollar index which traded against a basket of six major currency pairs have reach two-week peak and soared during late Asian session as growing fears of \u2018second wave\u2019 of coronavirus driven up the bid for safe-haven. According to reports, South Korea have emerged a new cluster of coronaviruses in its country\u2019s capital city Seoul, which already sparks fear of a second wave of infection right after the government just ease its restriction recently. Other country such as France and Germany have also witnessed its infection cases uptick as lockdown eased. These examples have also causing fear in the U.S where the world biggest economy also plans to re-open its economies, thus sparking aggressive bid towards the greenback as safe-haven. On top of that, the greenback was buoyed by a rising U.S. yield curve following Federal Reserve officials talked down the prospect of negative rates. At the time of writing, dollar index rose 0.06% to 100.28.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price remains resilient and edge higher 0.04% to $25.27 per barrel as of writing. An unexpected further production cut up to 1 million barrels per day from Saudi Arabia have help support the price for the commodity. However, sentiment was mixed due to increasing fears of second wave coronavirus. Investors will now look for further confirmation to determine the direction for the commodity. In the other hand, gold price slipped 0.06% to $1700.43 a troy ounce at the time of writing following the strengthening of dollar and its characteristic as a safe-haven currency exceeds the yellow 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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core CPI (MoM) (Apr)<\/td>\n-0.1%<\/td>\n-0.2%<\/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 MA lines. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains towards the resistance level 100.95.<\/p>\n

 <\/p>\n

Resistance level: 100.95, 103.75<\/p>\n

Support level: 98.85, 96.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing near the support level 1.2245. 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.<\/p>\n

 <\/p>\n

Resistance level: 1.2435, 1.2630<\/p>\n

Support level: 1.2245, 1.1975<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the MA lines. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.0745.<\/p>\n

 <\/p>\n

Resistance level: 1.0885, 1.0995<\/p>\n

Support level: 1.0745, 1.0615<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 107.05.<\/p>\n

 <\/p>\n

Resistance level: 107.95, 109.20<\/p>\n

Support level: 107.05, 105.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level 0.6560. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6390.<\/p>\n

 <\/p>\n

Resistance level: 0.6560, 0.6685<\/p>\n

Support level: 0.6390, 0.6265<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following recent retracement from the resistance level 0.6140. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6005.<\/p>\n

 <\/p>\n

Resistance level: 0.6140, 0.6250<\/p>\n

Support level: 0.6005, 0.5910<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level 1.4025. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.4235.<\/p>\n

 <\/p>\n

Resistance level: 1.4235, 1.4465<\/p>\n

Support level: 1.4025, 1.3845<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level 0.9695. MACD which illustrate diminishing bearish momentum signal with the starting formation of death cross suggest the pair to extend its gains towards the resistance level 0.9790.<\/p>\n

 <\/p>\n

Resistance level: 0.9790, 0.9890<\/p>\n

Support level: 0.9695, 0.9595<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded flat near the MA line. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower in short term towards the support level 21.35.<\/p>\n

 <\/p>\n

Resistance level: 28.00, 35.20<\/p>\n

Support level: 21.35, 15.00<\/p>\n


\n<\/strong><\/p>\n

\u00a0\"\"<\/strong><\/p>\n

GOLD_, H4: <\/strong>Gold price remain traded in a sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher towards the resistance level 1717.55.<\/p>\n

 <\/p>\n

Resistance level: 1717.55, 1800.35<\/p>\n

Support level: 1672.85, 1607.55<\/p>\n

 <\/p>\n

 <\/p>\n

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

12 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 surge amid fears of \u2018second wave\u2019. The dollar index which traded against a basket of six major currency pairs have reach two-week peak and soared during late Asian session as growing fears of \u2018second wave\u2019 of coronavirus driven up the bid for safe-haven. According to reports, South Korea […]<\/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\/118745"}],"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=118745"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/118745\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=118745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=118745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=118745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}