{"id":120771,"date":"2020-05-20T05:41:29","date_gmt":"2020-05-20T05:41:29","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=120771"},"modified":"2020-05-20T05:41:29","modified_gmt":"2020-05-20T05:41:29","slug":"200520-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/200520-afternoon-session-analysis\/","title":{"rendered":"200520 Afternoon Session Analysis"},"content":{"rendered":"

20 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 rallied following the positive data was released.<\/strong><\/span><\/p>\n

The Euro surged over the backdrop of positive economic data from the Europe region yesterday. According to ZEW organization, the Germany ZEW Economic Sentiment unexpectedly spiked up from the previous reading of 28.2 to 51.0, exceeding the market forecast at 32.0, which dialled up the market optimism toward the economic progression in the European countries. Besides that, the euro extend its gains over the proposals of the economic stimulus from France and Germany in order to combat the economic damage from the coronavirus pandemic. According to Reuters, France and Germany proposed on Monday a 500-billion-euro Recovery Fund to enhance the liquidity and solvency problem for the regions and sectors which hit hardest by the coronavirus pandemic. If this stimulus plan is backed by member states, the European Commission would able to raise the fund through public markets. In fact, the commission is expected to outline their proposals before a European summit which scheduled on 27th<\/sup> May. Nonetheless, at this time, investors would continue to scrutinize the EU Finance Minister\u2019 meeting today in order to gauge the likelihood movement for the pair. As of writing, the EUR\/USD appreciated by 0.16% to 1.0939.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged 0.54% to $31.87 per barrels. The oil market edged higher following the positive oil inventory data was released. According to American Petroleum Institute, the U.S. API Weekly Crude Oil Stock had notched down from the previous reading of 7.580M to -4.800M, better than the market forecast at 2.400M while diminishing the fears upon the supply glut issue in the market. On the other hand, the gold market appreciated by 0.20% to $1748.15 per troy ounces due to the risk-off sentiment following a report from medical news website STAT claimed that the early data from Moderna Inc\u2019s COVID-19 vaccine was inefficient.<\/p>\n

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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

02:00\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 FOMC Meeting Minutes<\/p>\n

(21th<\/sup>)<\/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 CPI (YoY)(Apr)<\/td>\n1.5%<\/td>\n0.9%<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 CPI (YoY)(Apr)<\/td>\n0.5%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Core CPI (MoM)(Apr)<\/td>\n0.7%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n1.350M<\/td>\n1.000M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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 <\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently testing the support level 99.40. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 99.40, 98.40<\/p>\n

Support level: 100.25, 100.95<\/p>\n

 <\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level 1.2265. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend to experience a technical correction in short term towards the support level 1.2080.<\/p>\n

 <\/p>\n

Resistance level: 1.2265, 1.2435<\/p>\n

Support level: 1.2080, 1.1870<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded higher following recent breakout above the previous resistance level 1.0885. However, MACD which illustrate diminishing bullish bias signal suggest the pair to experience a short-term technical correction towards the current support level 1.0885.<\/p>\n

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Resistance level: 1.0995, 1.1140<\/p>\n

Support level: 1.0885, 1.0805<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing near the resistance level 107.95. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 107.35.<\/p>\n

 <\/p>\n

Resistance level: 107.95, 108.55<\/p>\n

Support level: 107.35, 106.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level 0.6560. However, MACD which illustrate diminishing bullish momentum signal suggest the pair may experience a short-term technical correction 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

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following recent breakout above the previous resistance level 0.6070. However, MACD which display diminishing bullish bias signal suggest the pair to be traded lower as a technical correction in short term towards the current support level 0.6070.<\/p>\n

 <\/p>\n

Resistance level: 0.6150, 0.6250<\/p>\n

Support level: 0.6070, 0.6005<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level 1.3875. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.4015.<\/p>\n

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Resistance level: 1.4015, 1.4130<\/p>\n

Support level: 1.3875, 1.3685<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing near the support level 0.9680. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

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

Support level: 0.9680, 0.9595<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing near the resistance level 33.60. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to be traded lower as a technical correction towards the support level 28.00.<\/p>\n

 <\/p>\n

Resistance level: 33.60, 38.45<\/p>\n

Support level: 28.00, 21.35<\/p>\n

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

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

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level 1728.95. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1768.05.<\/p>\n

 <\/p>\n

Resistance level: 1768.05, 1800.00<\/p>\n

Support level: 1728.95, 1672.85<\/p>\n

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

20 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 rallied following the positive data was released. The Euro surged over the backdrop of positive economic data from the Europe region yesterday. According to ZEW organization, the Germany ZEW Economic Sentiment unexpectedly spiked up from the previous reading of 28.2 to 51.0, exceeding the market forecast at 32.0, […]<\/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\/120771"}],"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=120771"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/120771\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=120771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=120771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=120771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}