{"id":243326,"date":"2022-05-06T05:30:54","date_gmt":"2022-05-06T05:30:54","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=243326"},"modified":"2022-05-06T05:30:54","modified_gmt":"2022-05-06T05:30:54","slug":"060522-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060522-afternoon-session-analysis\/","title":{"rendered":"060522 Afternoon Session Analysis"},"content":{"rendered":"

6 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 dived following the sharp drop in UK bond yield<\/strong><\/span><\/p>\n

The Pound Sterling received significant bearish momentum as the UK government bond yields fell sharply despite the Bank of England increased their interest rate by 1%, lifting the cost of borrowing to the highest level in 13 years. Nonetheless, the BoE warned the UK economy was at risk of recession, sparkling further concerns for stagflation in future. Annual UK inflation hit a 30-year high of 7% in March, exceeding the BoE target level as food and energy prices continue to surged significantly. UK Consumer confidence, meanwhile plunged to a near record low in April amid negative prospect for economic growth. Currently, the BoE expects UK inflation to rise to roughly 10% this year as a result of Russia-Ukraine war and lockdowns in China, which spurring further concerns on supply disruption. Nonetheless, investors would continue to scrutinize further updates with regards of crucial economic data to receive further trading signal. As of writing, the pair of GBP\/USD rebounded by 0.08% to 1.2375.<\/p>\n

In commodities market, the crude oil price rose by 0.21% to $109.25 per barrel as the market worried about the balance between the supply and demand of oil following the EU laid out the sanction against Russia. On the other hand, gold price down by 0.01% to $1876.95 per troy ounce amid the strengthening of dollar index.<\/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>\n59.1<\/td>\n58<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Nonfarm Payrolls (Apr)<\/td>\n431K<\/td>\n391K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Unemployment Rate (Apr)<\/td>\n3.60%<\/td>\n3.50%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD – Employment Change (Apr)<\/td>\n72.5K<\/td>\n55.0K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD – Ivey PMI (Apr)<\/td>\n74.2<\/td>\n60<\/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 higher while currently testing the resistance level at 103.75. MACD which illustrated bullish bias momentum suggest the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 103.75, 104.25<\/p>\n

Support level: 102.90, 101.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.2320. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2425.<\/p>\n

 <\/p>\n

Resistance level: 1.2425,1.2585<\/p>\n

Support level: 1.2320, 1.2235<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement near the resistance level at 1.0560. MACD which illustrated death cross signal suggest the pair to extend its losses toward the support level at 1.0490.<\/p>\n

 <\/p>\n

Resistance level: 1.0560, 1.0640<\/p>\n

Support level: 1.0490, 1.0445<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 130.95. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after breakout happens.<\/p>\n

 <\/p>\n

Resistance level: 130.95, 133.15<\/p>\n

Support level: 128.85, 126.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7100. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.7140, 0.7180<\/p>\n

Support level: 0.7100, 0.7055<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level. However, MACD which illustrated bearish bias momentum suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 0.6430, 0.6520<\/p>\n

Support level: 0.6365, 0.6305<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.2835. MACD which illustrated golden cross signal suggest the pair to extend its gains after its candle successfully closes above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.2835, 1.2910<\/p>\n

Support level: 1.2785, 1.2715<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 0.9890.<\/p>\n

 <\/p>\n

Resistance level: 0.9890, 0.9950<\/p>\n

Support level: 0.9825, 0.9725<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 109.05, 113.55<\/p>\n

Support level: 99.50, 93.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while retesting the previous support level at 1879.05. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 1879.05, 1906.40<\/p>\n

Support level: 1850.00, 1829.35<\/p>\n

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

6 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 dived following the sharp drop in UK bond yield The Pound Sterling received significant bearish momentum as the UK government bond yields fell sharply despite the Bank of England increased their interest rate by 1%, lifting the cost of borrowing to the highest level in 13 years. […]<\/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\/243326"}],"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=243326"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/243326\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=243326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=243326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=243326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}