{"id":325113,"date":"2023-05-24T07:34:27","date_gmt":"2023-05-24T07:34:27","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=325113"},"modified":"2023-05-24T07:34:27","modified_gmt":"2023-05-24T07:34:27","slug":"240523-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/240523-afternoon-session-analysis\/","title":{"rendered":"240523 Afternoon Session Analysis"},"content":{"rendered":"

24 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 Pound slipped after PMI missed market expectations.<\/strong><\/span><\/p>\n

The Pound Sterling, which was traded against the greenback, extended its losses following the PMI missed market expectations.\u00a0 Composite UK data included an index of activity in the largest economy’s services PMI which fell to 55.1 from 55.9 in the previous month, below expectations for 55.5. A Service PMI that stood above the level of 50 indicated an expansion in service activities in the UK despite the reading being lower than market consensus. In a May survey on the service sector growth is fueling new inflationary pressures, as service providers struggle to meet demand not only by raising wages to attract labor but also by increasing fees for services to fulfill labor shortage. However, the business activities in the manufacturing sector showed divergence, as the actual figures fell to 46.9 from 47.8 in the previous month, below expectations for 48.0from the service sector in May as many companies winded down their inventories after the downturn in demand and driven by both output and prices lower. Hence, the pair of GBPUSD extended losses after the mixed economic data was released. Nonetheless, the losses of the Pound were limited by the hawkish statement from the Bank of England (BoE) Governor. The BoE Governor Bailey remarks that the labor market condition remains resilient conditions, although the data showed some signs of loosening. The central bank has underestimated food price inflation, if upcoming economic data continue to signal that inflation in a persistent level, BoE will further tightening in monetary policy would be required. As of writing, the pair of GBPUSD ticked up by 0.20% to $1.2439.<\/p>\n

\n

In the commodities market, crude oil prices ticked up by 1.21% to $73.78 per barrel after traders were concerned about tightening supply from OPEC+. Meanwhile, investors eyed on upcoming EIA weekly inventories report. Besides, gold prices traded up by 0.15% to $1978.08 per troy ounce after debt ceiling issues near the default date.<\/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

 <\/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

17:30\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 \u00a0BoE Gov Bailey Speaks<\/p>\n

21:00\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 \u00a0BoE Gov Bailey Speaks<\/p>\n

02:00\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 \u00a0FOMC Meeting Minutes<\/p>\n

(25th<\/sup>)<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
16:00<\/td>\nEUR – German Ifo Business Climate Index (May)<\/td>\n93.6<\/td>\n93.0<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n5.040M<\/td>\n-0.920M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following the prior rebound from the previous support level at 102.80. MACD which illustrated diminishing bearish momentum suggests the index extended its gains toward the resistance level at 103.75.<\/p>\n

 <\/p>\n

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

Support level: 102.85, 101.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following the prior breaks below the previous support level at 1. 0790. MACD which illustrated diminishing bullish momentum suggests the pair extended its losses toward the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.0790, 1.0930<\/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 increasing bearish 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 lower while currently testing the support level at 0.6600. MACD which illustrated increasing bearish momentum suggests the pair extended it losses if successfully breaks below the support 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 lower following the prior break below the previous support level at 0.6195. MACD which illustrated increasing bearish momentum suggests the pair extended it losses toward the support level.<\/p>\n

 <\/p>\n

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

Support level: 0.6120, 0.6050<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following the prior rebound above the lower level. MACD which illustrated bullish momentum suggests the pair extended its gains toward the resistance level at 1.3515.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9005. MACD which illustrated diminishing bullish momentum suggests the pair extended its losses after it successfully breakout below the support level.<\/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 breaks above the previous resistance level at 73.20. MACD which illustrated increasing bullish momentum suggests the commodity extended its gains toward the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 76.05, 79.15<\/p>\n

Support level: 73.20, 70.65<\/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. However, MACD which illustrated diminishing bullish momentum suggests the commodity undergoes a technical correction in the short term.<\/p>\n

 <\/p>\n

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

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

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

 <\/p>\n

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

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

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

\u00a0<\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

24 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 Pound slipped after PMI missed market expectations. The Pound Sterling, which was traded against the greenback, extended its losses following the PMI missed market expectations.\u00a0 Composite UK data included an index of activity in the largest economy’s services PMI which fell to 55.1 from 55.9 in 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\/325113"}],"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=325113"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/325113\/revisions"}],"predecessor-version":[{"id":325159,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/325113\/revisions\/325159"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=325113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=325113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=325113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}