{"id":324159,"date":"2023-05-19T06:29:39","date_gmt":"2023-05-19T06:29:39","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=324159"},"modified":"2023-05-19T06:29:39","modified_gmt":"2023-05-19T06:29:39","slug":"190523-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190523-afternoon-session-analysis\/","title":{"rendered":"190523 Afternoon Session Analysis"},"content":{"rendered":"

19 May 2023\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

The kiwi corrective bounce despite mixed economic data.<\/strong><\/span><\/p>\n

The Kiwi index, which was traded against the greenback, revise its trend after the mixed economic data released recently. The April Trade Balance data infused some strength in the New Zealand dollar as the monthly trade balance improved to $427 million from $-1586 million in monthly reading, higher than the market expectation of -235M. However, the number in the annual reading eased to -16.8B versus -17.08B slightly lower than the prior reading. The monthly trade export rose by 10% to $641 million as China contributed the most in importing dairy goods, the Statistics New Zealand data showed. Aside from the New Zealand trade balance data, the Reserve Bank of New Zealand’s (RBNZ) recent hawkish forecasts were mainly due to yesterday’s release of the annual budget. New Zealand Prime Minister Chris Hipkins has focused his Budget on people’s livelihoods as many New Zealanders struggle to meet day-to-day expenses due to high inflation. To solve the problems of NZ\u2019s livelihood, more budgets are implemented by the government into the market, which will cause inflation to remain stubbornly high. Nonetheless, the gains of the Kiwi were limited by weakened consumer spending. Credit card spending growth was reduced to 11.4% versus 12.5% lower than prior readings of 19.7%. As of writing, the NZD\/USD was lifted by 0.19% to 0.6238.<\/p>\n

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In the commodities market, crude oil prices ticked up by 0.81% to $72.44 per barrel as optimism over raising the US debt ceiling. Besides, gold prices rebounded by 0.23% to $1961.99 per troy ounce following the prior experienced a massive sell-off by global investors.<\/p>\n

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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

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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

23:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Fed Chair Powell Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
20:30<\/td>\nCAD – Core Retail Sales (MoM) (Mar)<\/td>\n-0.7%<\/td>\n-0.8%<\/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 the prior breaks above the resistance level at 103.00. However, MACD which illustrated diminishing bullish momentum suggests the index traded lower as a technical correction.<\/p>\n

 <\/p>\n

Resistance level: 103.75, 104.45<\/p>\n

Support level: 103.00, 101.90<\/p>\n

 <\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following the prior breaks below the previous support level at 1.2445. MACD which illustrated increasing bearish momentum suggests the pair extended its losses toward the support level at 1.2300.<\/p>\n

 <\/p>\n

Resistance level: 1.2445, 1.2590<\/p>\n

Support level: 1.2300, 1.2145<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following the prior breaks below the previous support level at 1.0790. MACD which illustrated increasing bearish momentum suggests the pair extended its losses toward the support level at 1.0635.<\/p>\n

 <\/p>\n

Resistance level: 1.0790, 1.0935<\/p>\n

Support level: 1.0635, 1.0505<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following the prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggests the pair extended its losses toward the support level at 138.15.<\/p>\n

 <\/p>\n

Resistance level: 139.80, 141.60<\/p>\n

Support level: 138.15, 136.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following the prior rebound from the support level at 0.6600. MACD which illustrated diminishing bearish momentum suggests the pair extended its gains toward the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.6685, 0.6775<\/p>\n

Support level: 0.6600, 0.6525<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following the prior rebound from the lower level. However, MACD which illustrated diminishing bullish momentum suggests the pair undergo technical correction in the short term.<\/p>\n

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Resistance level: 0.6265, 0.6325<\/p>\n

Support level: 0.6195, 0.6120<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower following the prior retracement from the resistance level at 1.3515. However, MACD which illustrated diminishing bearish momentum undergo technical correction in the short term.<\/p>\n

 <\/p>\n

Resistance level: 1.3515, 1.3600<\/p>\n

Support level: 1.3420, 1.3330<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following the prior breakout above the previous resistance level at 0.9005. However, MACD which illustrated diminishing bullish momentum suggests the pair undergo technical correction in the short term.<\/p>\n

 <\/p>\n

Resistance level: 0.9090, 0.9180<\/p>\n

Support level: 0.9005, 0.8925<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following the prior rebound from the lower level. MACD which illustrated diminishing bullish momentum suggests the pair undergo technical correction in the short term.<\/p>\n

 <\/p>\n

Resistance level: 73.20, 76.05<\/p>\n

Support level: 70.65, 67.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following the prior rebound from the support level at 1954.90. MACD which illustrated diminishing bearish momentum suggests the commodity extended its gains toward the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1985.50, 2009.10<\/p>\n

Support level: 1954.90, 1828.15<\/p>\n

 <\/p>\n

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

19 May 2023\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   The kiwi corrective bounce despite mixed economic data. The Kiwi index, which was traded against the greenback, revise its trend after the mixed economic data released recently. The April Trade Balance data infused some strength in the New Zealand dollar as the monthly trade balance improved to $427 […]<\/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\/324159"}],"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=324159"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/324159\/revisions"}],"predecessor-version":[{"id":324207,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/324159\/revisions\/324207"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=324159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=324159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=324159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}