{"id":172547,"date":"2021-05-07T05:35:47","date_gmt":"2021-05-07T05:35:47","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=172547"},"modified":"2021-05-07T05:36:14","modified_gmt":"2021-05-07T05:36:14","slug":"070521-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070521-afternoon-session-analysis\/","title":{"rendered":"070521 Afternoon Session Analysis"},"content":{"rendered":"

07 May 2021\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

 <\/p>\n

Aussie recovers following RBA statement.<\/strong><\/span><\/p>\n

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have manage to recover its losses and record gains following RBA stance. In recent development, Reserve Bank of Australia (RBA) remained committed to maintain a highly accommodative monetary policy until 2024 and may not raise interest rates to ease soaring house prices. According to RBA Deputy Governor Guy Debelle, he stated that house price growth was encouraging spending and it should be tacked with other policy levels. Besides that, the central bank also expected a pick-up in inflation and wage growth. It also revised GDP higher to 4.34 for 2021 and 3.05 for 2022. At the time of writing, AUD\/USD rose 0.04% to 0.7774.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price slips 0.09% to $65.09 per barrel as of writing following Saudi Arabia reduce the selling price of its crude oil and India\u2019s Covid situation. According to sources, June official selling price for the flagship Arab light crude was dropped by 10 cents from May to $1.70 a barrel. Meanwhile, India has reported more than 300,000 new cases daily in the last two weeks, and overtook Brazil in April to become the second-worst infected country in the world. On the other hand, gold price soars 0.32% to $1820.88 a troy ounce at the time of writing following a sharp drop 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

N\/A<\/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
16:30<\/td>\nGBP – Construction PMI (Apr)<\/td>\n61.7<\/td>\n62.5<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Nonfarm Payrolls (Apr)<\/td>\n916K<\/td>\n978K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Unemployment Rate (Apr)<\/td>\n6.0%<\/td>\n5.7%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD – Employment Change (Apr)<\/td>\n303.1K<\/td>\n-187.5K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD – Ivey PMI (Apr)<\/td>\n72.9<\/td>\n60.5<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently testing near the support level 90.65. MACD which illustrate persistent bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 91.30, 91.75<\/p>\n

Support level: 90.65, 90.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD remain traded in a sideway channel while currently testing the resistance level 1.3915. However, MACD which display bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3915, 1.4000<\/p>\n

Support level: 1.3835, 1.3725<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level 1.2065. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.2065, 1.2135<\/p>\n

Support level: 1.2000, 1.1920<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level 109.05. MACD which illustrate bearish momentum suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 109.75, 110.45<\/p>\n

Support level: 109.05, 108.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following recent breakout above the previous resistance level 0.7760. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term back to the level 0.7760.<\/p>\n

 <\/p>\n

Resistance level: 0.7805, 0.7860<\/p>\n

Support level: 0.7760, 0.7700<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following recent breakout above the previous resistance level 0.7220. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower once break back below the level.<\/p>\n

 <\/p>\n

Resistance level: 0.7275, 0.7330<\/p>\n

Support level: 0.7220, 0.7145<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level 1.2150. MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.2270.<\/p>\n

 <\/p>\n

Resistance level: 1.2270, 1.2385<\/p>\n

Support level: 1.2150, 1.2030<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level 0.9080. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses towards the next support level 0.9020.<\/p>\n

 <\/p>\n

Resistance level: 0.9135, 0.9195<\/p>\n

Support level: 0.9020, 0.8950<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level 64.90. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher towards the resistance level 66.40.<\/p>\n

 <\/p>\n

Resistance level: 66.40, 67.85<\/p>\n

Support level: 64.90, 62.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level 1813.85. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1832.80.<\/p>\n

 <\/p>\n

Resistance level: 1832.80, 1851.00<\/p>\n

Support level: 1813.85, 1794.05<\/p>\n","protected":false},"excerpt":{"rendered":"

07 May 2021\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   Aussie recovers following RBA statement. During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have manage to recover its losses and record gains following RBA stance. In recent development, Reserve Bank of Australia (RBA) remained committed to maintain a highly accommodative […]<\/p>\n","protected":false},"author":54,"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\/172547"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=172547"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/172547\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=172547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=172547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=172547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}