{"id":120073,"date":"2020-05-18T06:06:28","date_gmt":"2020-05-18T06:06:28","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=120073"},"modified":"2020-05-18T06:12:35","modified_gmt":"2020-05-18T06:12:35","slug":"180520-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/180520-afternoon-session-analysis\/","title":{"rendered":"180520 Afternoon Session Analysis"},"content":{"rendered":"

18 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

Pound rose following BoE negative rate rejection.<\/strong><\/span><\/p>\n

The pound sterling which traded against the greenback and other currency pairs have gained some support during late Asian session following confirmation from BoE Governor Andrew Bailey. According to reports, Bank of England (BoE) Governor Andrew Bailey have stated that the central bank would not take its interest rates below zero. Besides that, BOE\u2019s Chief Economist Andrew Haldane have also suggested that the central bank is currently examining unconventional monetary policy measures to limit the impact caused by coronavirus. Bank of England (BoE) Governor Andrew Bailey also hinting that the BoE might ramping up its stimulus programme. Still, due to the rising uncertainty of Brexit talk, investors remain wary while continue to focus on the ongoing development between the UK and EU. At the time of writing, GBP\/USD rose 0.06% to 1.2109.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price soars 3.74% to $30.66 per barrel as of writing following signs of rebound in gasoline demand help the commodity to gain momentum. According to fuel-price tracker GasBuddy, demand in the last week of April rebounded by 22% from the lowest overall week of gasoline demand on April 5 to April 11 after some states have re-open their economy. On the other hand, gold price also climbs 1.08% to $1761.92 a troy ounce following rising tension between U.S and China.<\/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\u00a0 CAD\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 Victoria 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\/A<\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded flat near the MA line. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to be traded lower in short term towards the support level 99.50.<\/p>\n

 <\/p>\n

Resistance level: 100.80, 101.70<\/p>\n

Support level: 99.50, 98.65<\/p>\n

 <\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing near the support level 1.1995. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction towards the resistance level 1.2225.<\/p>\n

 <\/p>\n

Resistance level: 1.2225, 1.2425<\/p>\n

Support level: 1.1995, 1.1760<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD remain traded in a sideway channel following recent rebound from the support level 1.0785. However, MACD which illustrate bullish momentum signal with the formation of death cross suggest the pair to extend its rebound in short term towards the resistance level 1.0885.<\/p>\n

 <\/p>\n

Resistance level: 1.0885, 1.1000<\/p>\n

Support level: 1.0785, 1.0680<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level 107.35. MACD which illustrate bearish bias signal suggest the pair to extend its retracement in short term towards the support level 106.75.<\/p>\n

 <\/p>\n

Resistance level: 107.35, 107.90<\/p>\n

Support level: 106.75, 106.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level 0.6390. MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 0.6470.<\/p>\n

 <\/p>\n

Resistance level: 0.6470, 0.6550<\/p>\n

Support level: 0.6390, 0.6290<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level 0.5910. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6015.<\/p>\n

 <\/p>\n

Resistance level: 0.6015, 0.6135<\/p>\n

Support level: 0.5910, 0.5830<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from its high level. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses in short term towards the support level 1.3990.<\/p>\n

 <\/p>\n

Resistance level: 1.4135, 1.4265<\/p>\n

Support level: 1.3990, 1.3860<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level 0.9740. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.9475.<\/p>\n

 <\/p>\n

Resistance level: 0.9740, 0.9800.<\/p>\n

Support level: 0.9675, 0.9600<\/p>\n

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level 28.15. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 35.05.<\/p>\n

 <\/p>\n

Resistance level: 35.05, 39.25<\/p>\n

Support level: 28.15, 23.10<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level 1761.25. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1761.25, 1795.80<\/p>\n

Support level: 1732.95, 1684.80<\/p>\n

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

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

18 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 Pound rose following BoE negative rate rejection. The pound sterling which traded against the greenback and other currency pairs have gained some support during late Asian session following confirmation from BoE Governor Andrew Bailey. According to reports, Bank of England (BoE) Governor Andrew Bailey have stated that the central […]<\/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\/120073"}],"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=120073"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/120073\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=120073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=120073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=120073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}