{"id":173379,"date":"2021-05-12T05:27:51","date_gmt":"2021-05-12T05:27:51","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=173379"},"modified":"2021-05-12T05:28:35","modified_gmt":"2021-05-12T05:28:35","slug":"120521-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/120521-afternoon-session-analysis\/","title":{"rendered":"120521 Afternoon Session Analysis"},"content":{"rendered":"

12 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

Pound rose following easing concerns of Scotland exit.<\/strong><\/span><\/p>\n

During late Asian session, the pound sterling which traded against the dollar and other currency pairs held most of its gains after soared to 10-week high following fading worries of Scottish referendum on whether to leave the U.K. According to Action Economics, the Scottish National Party fell short on gaining an overall majority in national election last week and polling suggest that most people in Scotland doesn\u2019t want a new referendum on independence. Following the risk of Scotland exit receding, the pound sterling is likely to be supported by signs of recovery in U.K. On top of that, the pair is also likely to be supported by recent victory from U.K Prime Minster Boris Johnson\u2019s Conservative party in local elections. At the time of writing, GBP\/USD rose 0.06% to 1.4106.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 0.11% to 65.06 per barrel as of writing following OPEC remains positive on demand recovery. On Tuesday, OPEC remain stuck to its prediction of a strong recovery in global oil demand for 2021 following growth in China and U.S should counter India\u2019s Covid crisis. It expects that the demand will rise by 5.95 million barrels per day for this year. On the other hand, gold price fell 0.56% to $1827.09 a troy ounce at the time of writing following dollar rebound.<\/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

17:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 BoE Gov Bailey Speaks<\/p>\n

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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 – GDP (QoQ) (Q1)<\/td>\n1.3%<\/td>\n-1.7%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP – Manufacturing Production (MoM) (Mar)<\/td>\n1.3%<\/td>\n1.0%<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nGBP – BoE Gov Bailey Speaks<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Core CPI (MoM) (Apr)<\/td>\n0.3%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the support level 90.15. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its rebound towards the resistance level 90.65.<\/p>\n

 <\/p>\n

Resistance level: 90.65, 91.30<\/p>\n

Support level: 90.15, 89.65<\/p>\n

 <\/p>\n

 <\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing near the support level 1.4090. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.4190, 1.4280<\/p>\n

Support level: 1.4090, 1.4000<\/p>\n

 <\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the support level 1.2125. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.2065.<\/p>\n

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Resistance level: 1.2125, 1.2230<\/p>\n

Support level: 1.2065, 1.2000<\/p>\n

 <\/p>\n

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USDJPY, H4: <\/strong>USDJPY remain traded in a sideway channel following recent rebound from the support level. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 109.05.<\/p>\n

 <\/p>\n

Resistance level: 109.05, 109.75<\/p>\n

Support level: 108.45, 107.60<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower following recent breakout below the previous support level 0.7805. MACD which illustrate bearish momentum signal with recent formation of death cross suggest the pair to extend its losses toward the support 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 lower while currently testing the support level 0.7220. MACD which illustrate bearish bias signal with the recent formation of death cross suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.7280, 0.7330<\/p>\n

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

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USDCAD, H4: <\/strong>USDCAD was traded flat while currently testing near the resistance level 1.2150. However, MACD which display bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.<\/p>\n

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Resistance level: 1.2150, 1.2270<\/p>\n

Support level: 1.2030, 1.1915<\/p>\n

 <\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level 0.9020. MACD which illustrate persistent bullish bias signal suggest the pair to extend its gains towards the resistance level 0.9080.<\/p>\n

 <\/p>\n

Resistance level: 0.9080, 0.9135<\/p>\n

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

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support level 64.25. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 66.60.<\/p>\n

 <\/p>\n

Resistance level: 66.60, 67.85<\/p>\n

Support level: 64.40, 62.35<\/p>\n

 <\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower following prior breakout below the previous support level 1829.80. MACD which illustrate bearish bias signal with the recent formation of death cross suggest the commodity to extend its losses towards the support level 1813.85.<\/p>\n

 <\/p>\n

Resistance level: 1829.80, 1846.00<\/p>\n

Support level: 1813.85, 1795.25<\/p>\n","protected":false},"excerpt":{"rendered":"

12 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   Pound rose following easing concerns of Scotland exit. During late Asian session, the pound sterling which traded against the dollar and other currency pairs held most of its gains after soared to 10-week high following fading worries of Scottish referendum on whether to leave the U.K. According to […]<\/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\/173379"}],"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=173379"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/173379\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=173379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=173379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=173379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}