{"id":121103,"date":"2020-05-21T04:24:28","date_gmt":"2020-05-21T04:24:28","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=121103"},"modified":"2020-05-21T04:24:28","modified_gmt":"2020-05-21T04:24:28","slug":"210520-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210520-afternoon-session-analysis\/","title":{"rendered":"210520 Afternoon Session Analysis"},"content":{"rendered":"

21 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 rebounds following market outlook recovery.<\/strong><\/span><\/p>\n

The dollar index which traded against a basket of six major currency pairs have limit its losses during late Asian session as investors weighing higher on a bright recovery from the COVID-19 pandemic. With the recent positive news such as positive vaccine trials data from Moderna and reopening economy in various countries, the market is expecting economic recovery sooner rather than later and boosting the risk appetite of investors. On top of that, Federal Reserve policymakers reaffirmed a pledge to keep interest rates near zero until they are confident the U.S. economy is on track to recovery, a detailed summary of their most recent policy-setting meeting showed. Thus, the pledge also help nurses some losses on the greenback. At the time of writing, dollar index edge higher 0.23% to 99.34.<\/p>\n

 <\/p>\n

At the time of writing, crude oil rose 0.70% to $11.54 as of writing following production cut continue to show effects. According to initial shipping data, it showed that compliance to the agreed cuts by OPEC and its allies has so far been strong. Besides that, easing lockdowns in some U.S. states and countries has also increased demand, supporting the sentiment towards the black commodity. On the other hand, gold price fell 0.22% to $1743.66 a troy ounce at the time of writing amid dollar rebound.<\/p>\n

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 <\/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 CHF\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\u00a0 Ascension 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

02:30\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 Speaks<\/p>\n

(22th<\/sup>)<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\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
15:30<\/td>\nEUR \u2013 German Manufacturing PMI(May)<\/td>\n34.5<\/td>\n39.2<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Composite PMI<\/td>\n13.8<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manufacturing PMI<\/td>\n32.6<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Services PMI<\/td>\n13.4<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n2,981K<\/td>\n2,400K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Philadelphia Fed Manufacturing Index (May)<\/td>\n-56.6<\/td>\n-41.5<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Existing Home Sales (Apr)<\/td>\n5.27M<\/td>\n4.30M<\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H1: <\/strong>Dollar index was traded higher following prior rebound from the support level at 99.05. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 99.75.<\/p>\n

 <\/p>\n

Resistance level: 99.75, 100.40<\/p>\n

Support level: 99.05, 98.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2190. 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: 1.2245, 1.2280<\/p>\n

Support level: 1.2190, 1.2155<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.0980. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.0890.<\/p>\n

 <\/p>\n

Resistance level: 1.0980, 1.1080<\/p>\n

Support level: 1.0890, 1.0785<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 107.80. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.10.<\/p>\n

 <\/p>\n

Resistance level: 107.80, 108.50<\/p>\n

Support level: 107.10, 106.10<\/p>\n

 <\/p>\n

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\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded lower while currently near the support level at 0.6545. 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: 0.6600, 0.6680<\/p>\n

Support level: 0.6545, 0.6440<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6155. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses toward support level at 0.6015.<\/p>\n

 <\/p>\n

Resistance level: 0.6155, 0.6260<\/p>\n

Support level: 0.6015, 0.5920<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3890. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.4085.<\/p>\n

 <\/p>\n

Resistance level: 1.4085, 1.4230<\/p>\n

Support level: 1.3890, 1.3765<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9635. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9735.<\/p>\n

 <\/p>\n

Resistance level: 0.9735, 0.9840<\/p>\n

Support level: 0.9635, 0.9505<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily<\/strong>: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 29.00. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 36.00, 42.85<\/p>\n

Support level: 29.00, 20.40<\/p>\n

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


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

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

GOLD_, H1: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1749.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1730.75.<\/p>\n

 <\/p>\n

Resistance level: 1749.35, 1763.55<\/p>\n

Support level: 1730.75, 1717.90<\/p>\n

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

21 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 rebounds following market outlook recovery. The dollar index which traded against a basket of six major currency pairs have limit its losses during late Asian session as investors weighing higher on a bright recovery from the COVID-19 pandemic. With the recent positive news such as positive vaccine trials […]<\/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\/121103"}],"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=121103"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/121103\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=121103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=121103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=121103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}