{"id":324461,"date":"2023-05-22T06:48:40","date_gmt":"2023-05-22T06:48:40","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=324461"},"modified":"2023-05-22T07:52:20","modified_gmt":"2023-05-22T07:52:20","slug":"220523-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/220523-afternoon-session-analysis\/","title":{"rendered":"220523 Afternoon Session Analysis"},"content":{"rendered":"

22 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

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The Loonie fluctuated after retails sales softened.<\/strong><\/span><\/p>\n

The CAD\/USD trade continued to be volatile on Friday after retail sales deteriorated but the losses were offset by a pullback in the U.S. dollar.\u00a0 The retail sale data in March rose to -1.4% MoM in March from -0.2% in Feb, in line with market expectations. Core retails sales which excluded gasoline stations, fuel vendors, motor vehicle, and parts dealers increased by 0.3%, above the market expectations by -0.8%. Further details of publications revealed that the retail sales in 5 of the 9 subsectors, accounting for 55.5% of retail traded fallen. The figure was driven by lower motor vehicle and parts dealers sales at -4.4%, and 3.9% at gasoline stations and fuel vendors. The retail sales suggest expectations for interest rates paused for the Bank of Canada as consumer spending slowed. Besides, the Canadian dollar weakened against its counterpart as oil prices fell and Bank of Canada (BoC) Governor Makclem resists validating rate hikes bet by investors.\u00a0 Macklem said that the April inflation increase in the first in 10 months was an anomaly and insisted on his view that inflation will continue to fall. The Loonie falls as Governor\u2019s dovish comments knock investors out of favor. However, the losses of the Canadian dollar were offset by the pullback of the greenback. Fed Governor Powell said that tightening credit conditions due to stresses in the banking sector.\u00a0 The Fed might not need to raise its policy rates to achieve its 2% targets. As a result, the pair of USDCAD continues to be volatile and traded up by 0.04% to 1.3511.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices were tickled down by -1.38% to $70.70 per barrel as investors remain cautious ahead of debt ceiling talks. Besides, gold prices traded down by -0.18% to $1974.15 per troy ounce amid strengthening in the dollar index.<\/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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Victoria Day<\/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

N\/A<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following the prior breakout below from the previous support level at 103.00. MACD which illustrated increasing bearish momentum suggests the index extended its losses toward the support level.<\/p>\n

 <\/p>\n

Resistance level: 103.00, 103.75<\/p>\n

Support level: 101.90, 100.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following the prior rebound from the support level at 1.2445. MACD which illustrated increasing bullish momentum suggests the pair extended its gains toward the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.2590, 1.2735<\/p>\n

Support level: 1.2445, 1.2300<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following the prior rebound from the lower level. MACD which illustrated increasing bullish momentum suggests the pair extended its gains toward the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.0930, 1.1070<\/p>\n

Support level: 1.0790, 1.0635<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following the prior breaks below the previous support level at 138.15. MACD which illustrated increasing bearish momentum suggests the pair extended its losses toward the support level.<\/p>\n

 <\/p>\n

Resistance level: 138.15, 139.80<\/p>\n

Support level: 136.30, 134.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following the prior retracement from the higher level. However, MACD which illustrated bullish momentum suggests the pair undergo technical correction in the short term.<\/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 lower following the prior retracement from the higher level. However, MACD which illustrated diminishing bullish momentum suggests the pair extended losses toward the support level at 0.6265.<\/p>\n

 <\/p>\n

Resistance level: 0.6325, 0.6400<\/p>\n

Support level: 0.6265, 0.6195<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following the prior breakout below the previous support level at 0.9005. MACD which illustrated increasing bearish momentum suggests the pair extended its losses toward the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.9005, 0.9090<\/p>\n

Support level: 0.8925, 0.8855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following the prior retracement from the resistance level at 73.20. MACD which illustrated increasing bearish momentum suggests the commodity extended losses toward the support level at 70.65.<\/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 increasing bullish momentum suggests the commodity extended its gains toward the resistance level at 1985.50.<\/p>\n

 <\/p>\n

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

Support level: 1954.90, 1928.15<\/p>\n

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

22 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 Loonie fluctuated after retails sales softened. The CAD\/USD trade continued to be volatile on Friday after retail sales deteriorated but the losses were offset by a pullback in the U.S. dollar.\u00a0 The retail sale data in March rose to -1.4% MoM in March from -0.2% in Feb, […]<\/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\/324461"}],"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=324461"}],"version-history":[{"count":3,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/324461\/revisions"}],"predecessor-version":[{"id":324633,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/324461\/revisions\/324633"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=324461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=324461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=324461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}