{"id":119064,"date":"2020-05-13T05:12:37","date_gmt":"2020-05-13T05:12:37","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=119064"},"modified":"2020-05-13T05:12:37","modified_gmt":"2020-05-13T05:12:37","slug":"130520-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/130520-afternoon-session-analysis\/","title":{"rendered":"130520 Afternoon Session Analysis"},"content":{"rendered":"

13 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

Kiwi plummets amid RBNZ dovish statement.<\/strong><\/span><\/p>\n

The New Zealand Kiwi which traded against the dollar and other currency pairs have experience a huge sell-off and fell during late Asian session after a dovish note from Governor of RBNZ Adrian Orr. According to report, despite with the central bank kept the official cash rate unchanged at 0.25% on early Wednesday, it has expanded the bond purchase program from $30 billion to $60 billion. Besides that, the central bank also stated that negative rates could potentially become an option in the future which validating Westpac’s forecast for below-zero rates by November. RBNZ Governor Adrian Orr have said that the central bank would do whatever it takes to support the economy. Meanwhile, central bank policymaker Geoff Bascand also added that commercial banks have been asked to prepare for negative rates by the end of the year. With the RBNZ reinforcing the expectation of negative rates, the economic outlook for New Zealand remains uncertain, thus dragging the kiwi. At the time of writing, NZD\/USD fell 1.05% to 0.6013.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price remains resilient and edge higher 0.43% to $25.98 per barrel at the time of writing despite with a rise in inventory level. According to API, U.S. crude oil inventories for the week ending May 8 have rose by 7.58 million barrels, higher than market expectation of 5 million barrels. However, a surprise announcement from Saudi Arabia which stated that it will cut a further 1 million bpd in June on top of its cuts agreed to with OPEC+ in early April have help support the market. In the other hand, gold price rose 0.03% to $1703.10 a troy ounce amid greenback weakness.<\/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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
14:00<\/td>\nGBP \u2013 GDP(QoQ)(Q1)<\/td>\n0.0%<\/td>\n-2.5%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP \u2013 Manufacturing Production (MoM)(Mar)<\/td>\n0.5%<\/td>\n-6.0%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 PPI (MoM)(Apr)<\/td>\n-0.2%<\/td>\n-0.5%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n4.590M<\/td>\n4.295M<\/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 at 99.60. However, MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 100.25, 100.85<\/p>\n

Support level: 99.60, 98.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.2245. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2285.<\/p>\n

 <\/p>\n

Resistance level: 1.2285, 1.2335<\/p>\n

Support level: 1.2245, 1.2195<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.0780. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.0975.<\/p>\n

 <\/p>\n

Resistance level: 1.0975, 1.1080<\/p>\n

Support level: 1.0780, 1.0655<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4<\/strong>: <\/strong>USDJPY was traded lower while currently testing the support level at 107.05. 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: 107.75, 108.45<\/p>\n

Support level: 107.05, 106.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.6560. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6405.<\/p>\n

 <\/p>\n

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

Support level: 0.6405, 0.6230<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6015. 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: 0.6135, 0.6255<\/p>\n

Support level: 0.6015, 0.5905<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.4015. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4155.<\/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, Daily: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.9760. 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: 0.9760, 0.9880<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded within a range while currently testing the resistance level at 26.15. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 26.15, 29.95<\/p>\n

Support level: 22.80, 19.30<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"
\nGOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1706.95. 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: 1706.95, 1720.70<\/p>\n

Support level: 1693.90, 1683.45<\/p>\n

 <\/p>\n

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

13 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 Kiwi plummets amid RBNZ dovish statement. The New Zealand Kiwi which traded against the dollar and other currency pairs have experience a huge sell-off and fell during late Asian session after a dovish note from Governor of RBNZ Adrian Orr. According to report, despite with the central bank kept […]<\/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\/119064"}],"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=119064"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/119064\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=119064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=119064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=119064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}