{"id":245362,"date":"2022-05-17T04:08:52","date_gmt":"2022-05-17T04:08:52","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=245362"},"modified":"2022-05-17T04:08:52","modified_gmt":"2022-05-17T04:08:52","slug":"170522-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/170522-afternoon-session-analysis\/","title":{"rendered":"170522 Afternoon Session Analysis"},"content":{"rendered":"

17 May 2022\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

Euro surged amid hawkish expectation upon ECB.<\/strong><\/span><\/p>\n

Euro rebounded significantly following the European Central Bank policymaker Francois Villeroy de Galhau claimed on Monday that the weakness of Euro in the currency markets could threaten the European Central Bank\u2019s efforts to combat its inflation risk. Market participants expected that the depreciation of Euro would likely to prompt the European Central Bank to manipulate the Euro market while spurring higher possibility for the rate hike in order to attract further foreign investment into the Euro market. Villeroy claimed that the ECB governing council meeting could be expected in June while further contractionary monetary policy decision will be discussed. The Euro zone government bond yields rebounded toward recent multi-year high. Germany\u2019s 10-year bond yield rose as much as 6.7 basis point to over 1%. Meanwhile, the money market pricing suggests investors speculated that the European Central Bank would likely to announce for a 25-basis point rate hike at ECB\u2019s July meeting. As of writing, EUR\/USD appreciated by 0.06% to 1.0440.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged 0.27% to $111.30 per barrel as of writing. The oil price extends its gains following the European Union\u2019s diplomats and officials expressed optimism about reaching a deal on a phased embargo Russian oil. On the other hand, the gold price appreciated by 0.03% to $1823.00 per barrel as of writing amid weakening US 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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
14:00<\/td>\nGBP – Average Earnings Index +Bonus (Mar)<\/td>\n5.4%<\/td>\n5.4%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP – Claimant Count Change (Apr)<\/td>\n-46.9K<\/td>\n-38.8K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Core Retail Sales (MoM) (Apr)<\/td>\n1.4%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Retail Sales (MoM) (Apr)<\/td>\n0.7%<\/td>\n0.8%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/u><\/strong><\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 104.95, 106.40<\/p>\n

Support level: 103.90, 102.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.2385, 1.2590<\/p>\n

Support level: 1.2200, 1.2010<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.0485, 1.0585<\/p>\n

Support level: 1.0355, 1.0205<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded within a range while currently testing the support level. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.<\/p>\n

 <\/p>\n

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

Support level: 129.10, 127.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 0.7055, 0.7260<\/p>\n

Support level: 0.6910, 0.6720<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 0.6400, 0.6550<\/p>\n

Support level: 0.6225, 0.6070<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.2890, 1.3050<\/p>\n

Support level: 1.2720, 1.2485<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded lower following prior retracement from the resistance level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.0075, 1.0185<\/p>\n

Support level: 0.9970, 0.9850<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower retracement from the resistance level. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level.<\/p>\n

 <\/p>\n

Resistance level: 113.05, 115.10<\/p>\n

Support level: 110.35, 108.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1829.40, 1863.25<\/p>\n

Support level: 1789.95, 1753.10<\/p>\n","protected":false},"excerpt":{"rendered":"

17 May 2022\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 Euro surged amid hawkish expectation upon ECB. Euro rebounded significantly following the European Central Bank policymaker Francois Villeroy de Galhau claimed on Monday that the weakness of Euro in the currency markets could threaten the European Central Bank\u2019s efforts to combat its inflation risk. Market participants expected that the […]<\/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\/245362"}],"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=245362"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/245362\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=245362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=245362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=245362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}