{"id":120386,"date":"2020-05-19T04:39:04","date_gmt":"2020-05-19T04:39:04","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=120386"},"modified":"2020-05-19T04:39:04","modified_gmt":"2020-05-19T04:39:04","slug":"190520-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190520-afternoon-session-analysis\/","title":{"rendered":"190520 Afternoon Session Analysis"},"content":{"rendered":"

19 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 retreats following ECB Lagarde defiance.<\/strong><\/span><\/p>\n

During late Asian session, the Euro which traded against the greenback and other currency pairs have retreat from its higher after ECB President Christine Lagarde defies Germany\u2019s top court ruling on QE and plans to continue with the institution\u2019s bond-buying programs. Germany\u2019s top court have ruled this month that the 2015 asset purchase program, which has bought 2.7 trillion euros ($3 trillion) of debt and is still running, might not be proportionate to the risk of adverse side effects and so might be illegal. It gave the ECB three months to justify the policy or the Bundesbank will have to drop out. However, according to the latest development, Christine Lagarde have signalled the ECB is ready to defy that prospect. On top of that, she also emphasized that the central bank will not hesitate to expand further if necessary. The news has triggered some anxiety in the market, the weakness dollar helped support the Euro value in overall while investors looking for further signal to determine future direction for the pair. At the time of writing, EUR\/USD edge lower 0.01% to 1.0909.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price remains strong and rose 0.09% to $32.04 per barrel as of writing following increasing optimism on output cut and also demand recovery. According to reports, OPEC+ has cut its oil exports sharply in the first half of May, companies that track the shipments said, suggesting a strong start in complying with a new production cut agreement. On other hand, gold price rebounds 0.44% to $1740.19 a troy ounce following weakness in 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

22:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Fed Chair Powell Testifies<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\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 Average Earnings Index + Bonus (Mar)<\/td>\n2.8%<\/td>\n2.6%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP \u2013 Claimant Count Change (Apr)<\/td>\n12.1K<\/td>\n676.5K<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 German ZEW Economic Sentiment (May)<\/td>\n28.2<\/td>\n32.0<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Building Permits (MoM)(Apr)<\/td>\n1.350M<\/td>\n1.000M<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(20th<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n7.580M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n


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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently testing the support level at 99.60. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 100.45, 100.85<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.2095. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2305.<\/p>\n

 <\/p>\n

Resistance level: 1.2305, 1.2510<\/p>\n

Support level: 1.2095, 1.1830<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.0915. 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: 1.0915, 1.0945<\/p>\n

Support level: 1.0875, 1.0845<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded within a range while currently testing the resistance level at 107.35. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 107.35, 107.80<\/p>\n

Support level: 106.75, 106.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6560. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6005. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6065.<\/p>\n

 <\/p>\n

Resistance level: 0.6065, 0.6150<\/p>\n

Support level: 0.6005, 0.5925<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.3970. 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: 1.3970, 1.4010<\/p>\n

Support level: 1.3935, 1.3905<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded within a range while currently testing the resistance level at 0.9755 MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.9755, 0.9880<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 32.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 28.85.<\/p>\n

 <\/p>\n

Resistance level: 32.75, 35.70<\/p>\n

Support level: 28.85, 25.90<\/p>\n


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

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

GOLD_, H1: <\/strong>Gold price was traded higher while currently testing the resistance level at 1739.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1739.65, 1749.95<\/p>\n

Support level: 1731.30, 1721.65<\/p>\n

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

19 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 retreats following ECB Lagarde defiance. During late Asian session, the Euro which traded against the greenback and other currency pairs have retreat from its higher after ECB President Christine Lagarde defies Germany\u2019s top court ruling on QE and plans to continue with the institution\u2019s bond-buying programs. Germany\u2019s top […]<\/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\/120386"}],"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=120386"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/120386\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=120386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=120386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=120386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}