{"id":121421,"date":"2020-05-22T05:28:42","date_gmt":"2020-05-22T05:28:42","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=121421"},"modified":"2020-05-22T05:28:42","modified_gmt":"2020-05-22T05:28:42","slug":"220520-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/220520-afternoon-session-analysis\/","title":{"rendered":"220520 Afternoon Session Analysis"},"content":{"rendered":"

22 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 sterling slips following negative rate talk escalate.<\/strong><\/span><\/p>\n

During late Asian session, the pound sterling which traded against the greenback and other currency pairs have fell after U.K. bonds continue to indicate the Bank of England could cut rates to below zero. Following latest stats, the United Kingdom 5-Year have fell below zero for the first time on Thursday as traders continue to price in the Bank of England cutting rates to below zero from 0.10%. Besides that, BoE Governor Andrew Bailey also recently stated that negative rates were being considered alongside other measures. Moreover, the ongoing concern in Brexit also exert further pressure for the pair where talks between the U.K and E.U continue to lack in progress.<\/p>\n

UK’s chief negotiator David Frost stated there had been very little progress on talks after both sides wrapped up the third round of Brexit talks last Friday. At the time of writing, GBPUSD fell 0.05% to 1.2213.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price retreats 2.13% to $33.16 per barrel as of writing amid escalating tension between U.S and China. Recently, President Trump has blamed China for meddling in US elections. The increasing tensions between the world\u2019s two major economies may curb market demand outlook, thus dragging the price down. On the other hand, gold price slips 0.05% to $1728.59 a troy ounce at the time of writing following dollar strength.<\/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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
14:00<\/td>\nGBP \u2013 Retail Sales (MoM)(Apr)<\/td>\n-5.8%<\/td>\n-22.2%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Core Retail Sales (MoM)(Mar)<\/td>\n-15.6%<\/td>\n-5.0%<\/td>\n–<\/td>\n<\/tr>\n
01:00<\/p>\n

(23th<\/sup>)<\/td>\n

CrudeOIL \u2013 U.S. Baker Hughes Oil Rig Count<\/td>\n258<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior rebound form the support level at 98.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 100.40.<\/p>\n

 <\/p>\n

Resistance level: 100.40, 101.20<\/p>\n

Support level: 98.85, 97.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2235. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2190.<\/p>\n

 <\/p>\n

Resistance level: 1.2235, 1.2280<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.0980. MACD which illustrated diminishing bullish 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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.6595. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6435.<\/p>\n

 <\/p>\n

Resistance level: 0.6595, 0.6765<\/p>\n

Support level: 0.6435, 0.6260<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level at 0.6105. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6060.<\/p>\n

 <\/p>\n

Resistance level: 0.6105, 0.6155<\/p>\n

Support level: 0.6060, 0.6015<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded higher following rebound from the support level at 1.3890. MACD which illustrated increasing bullish 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 while currently near the resistance level at 0.9735. 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: 0.9735, 0.9835<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing the support level at 31.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 32.65, 34.40<\/p>\n

Support level: 31.25, 29.05<\/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 1730.75. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1730.75, 1749.35<\/p>\n

Support level: 1717.90, 1709.00<\/p>\n

 <\/p>\n

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

22 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 sterling slips following negative rate talk escalate. During late Asian session, the pound sterling which traded against the greenback and other currency pairs have fell after U.K. bonds continue to indicate the Bank of England could cut rates to below zero. Following latest stats, the United Kingdom 5-Year […]<\/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\/121421"}],"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=121421"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/121421\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=121421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=121421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=121421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}