{"id":243039,"date":"2022-05-05T05:40:23","date_gmt":"2022-05-05T05:40:23","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=243039"},"modified":"2022-05-05T05:40:23","modified_gmt":"2022-05-05T05:40:23","slug":"050522-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/050522-afternoon-session-analysis\/","title":{"rendered":"050522 Afternoon Session Analysis"},"content":{"rendered":"

5 May 2022\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 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Pound lingers ahead of BoE Meeting.<\/span><\/strong><\/p>\n

Pound, one of the major currencies hovered near the one-week high level as market participants are still eyeing on the upcoming BoE (Bank of England) meeting. As of now, market consensus is expecting the BoE members to vote for 25 basis point hike, which would lift the Official Bank Rate to 1.00%. Prior to that, Governor of BoE \u2013 Andrew Bailey hinted that they will continue to maintain its current rate hike pace to support the economy to tide through the post pandemic inflation surge, which has been exacerbated by the Russia\u2019s invasion of Ukraine. According to the latest data, UK annual inflation hit 7% in March as ongoing supply chain issue persists. Just like any other major central banks, BoE is facing the risk in curbing the overheated economy. At this juncture, the market participants and economist are waiting for the BoE meeting to gauge the further direction of the Pound. As of writing, the pair of GBP\/USD dropped by 0.20% to 1.2600.<\/p>\n

In commodities market, the crude oil price up by 0.44% to $108.45 per barrel despite oil inventories build unexpectedly. According to the EIA, U.S. Crude Oil Inventories up 1.302M, greater than the market expectation of -0.829M. On the other hand, gold price appreciated by 1.07% to $1901.35 per troy ounce amid dovish statement from Federal Reserve Chairman, Jerome Powell.<\/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

19:00\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\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 BoE Inflation Report<\/p>\n

19:00\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\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 BoE MPC Meeting Minutes<\/p>\n

21:15\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\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 BoE Gov Bailey Speaks<\/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
16:30<\/td>\nComposite PMI (Apr)<\/td>\n57.6<\/td>\n57.6<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nServices PMI (Apr)<\/td>\n58.3<\/td>\n58.3<\/td>\n–<\/td>\n<\/tr>\n
19:00<\/td>\nBoE Interest Rate Decision (May)<\/td>\n0.75%<\/td>\n1.00%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nInitial Jobless Claims<\/td>\n180K<\/td>\n182K<\/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 lower following prior retracement from the resistance level. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level.<\/p>\n

 <\/p>\n

Resistance level: 103.60, 105.95<\/p>\n

Support level: 100.85, 97.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after breakout.<\/p>\n

 <\/p>\n

Resistance level: 1.2625, 1.2745<\/p>\n

Support level: 1.2430, 1.2245<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it breakout the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.0635, 1.0775<\/p>\n

Support level: 1.0485, 1.0315<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 131.05, 132.65<\/p>\n

Support level: 128.95, 127.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher while currently testing the resistance level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after breakout.<\/p>\n

 <\/p>\n

Resistance level: 0.7260, 0.7510<\/p>\n

Support level: 0.7020, 0.6720<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after breakout.<\/p>\n

 <\/p>\n

Resistance level: 0.6550, 0.6720<\/p>\n

Support level: 0.6400, 0.6260<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after breakout.<\/p>\n

 <\/p>\n

Resistance level: 1.2890, 1.2960<\/p>\n

Support level: 1.2750, 1.2635<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after breakout.<\/p>\n

 <\/p>\n

Resistance level: 0.9850, 0.9930<\/p>\n

Support level: 0.9715, 0.9575<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after breakout.<\/p>\n

 <\/p>\n

Resistance level: 108.35, 112.05<\/p>\n

Support level: 104.20, 100.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1920.00, 1945.05<\/p>\n

Support level: 1883.95, 1850.60<\/p>\n","protected":false},"excerpt":{"rendered":"

5 May 2022\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 Afternoon Session Analysis   Pound lingers ahead of BoE Meeting. Pound, one of the major currencies hovered near the one-week high level as market participants are still eyeing on the upcoming BoE (Bank of England) meeting. As of now, market consensus is expecting the BoE members to vote for 25 basis point […]<\/p>\n","protected":false},"author":25,"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\/243039"}],"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\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=243039"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/243039\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=243039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=243039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=243039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}