{"id":325681,"date":"2023-05-26T07:13:20","date_gmt":"2023-05-26T07:13:20","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=325681"},"modified":"2023-05-26T07:13:20","modified_gmt":"2023-05-26T07:13:20","slug":"260523-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/260523-afternoon-session-analysis\/","title":{"rendered":"260523 Afternoon Session Analysis"},"content":{"rendered":"

26 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

Euro slumped as Germany entered recession.<\/strong><\/span><\/p>\n

The Euro, which acts as the single currency of the European Union, teetered near the brink of collapse as the strongest economy in the EU entered the stage of recession.\u00a0 According to the Federal Statistical Office of Germany, the German GDP posted a reading at -0.3%, lower than the consensus forecast of -0.1%, mirroring that the German economy has been in the negative territory of growth for the 2nd consecutive quarter.\u00a0 Comparing Germany with other highly developed countries, the German economy was losing its potential for growth which prompted investors to move away their investments from the country.\u00a0 In detail, the main contribution causing negative growth in the recent month came from the significant drop in government spending and household consumption, about -4.9% and -1.2% on QoQ basis respectively.\u00a0 In fact, sky-high inflation was the main factor pressuring consumer spending in recent months, as the high price of goods and services reduce the spending power of the consumer.\u00a0 As of writing, the pair of EUR\/USD edged up by 0.06% to 1.0735.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices edged down -0.21% to $71.65 per barrel as the prospect of no further oil cut plan weighed on the black commodity price.\u00a0 Besides, gold prices edged up by 0.26% to $1946.10 per troy ounce after hitting the lowest level in 2 months\u2019 time.<\/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

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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 – Retail Sales (MoM) (Apr)<\/td>\n-0.9%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Core Durable Goods Orders (MoM) (Apr)<\/td>\n0.3%<\/td>\n0.0%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Core PCE Price Index (MoM) (Apr)<\/td>\n0.3%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following the prior breakout above the previous resistance level at 103.00. MACD which illustrated bullish bias momentum suggests the index to extend its gains toward the resistance level at 105.00.<\/p>\n

 <\/p>\n

Resistance level: 105.00, 106.65<\/p>\n

Support level: 103.00, 100.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2300. 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

 <\/p>\n

Resistance level: 1.2405, 1.2525<\/p>\n

Support level: 1.2300, 1.2200<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower following the prior breakout below the previous support level at 1.0770. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.0665.<\/p>\n

 <\/p>\n

Resistance level: 1.0770, 1.0915<\/p>\n

Support level: 1.0665, 1.0575<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following the prior breakout above the previous resistance level at 138.95. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 141.60.<\/p>\n

 <\/p>\n

Resistance level: 141.60, 144.85<\/p>\n

Support level: 138.95, 137.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following the prior breakout below the previous support level at 0.6565. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6425.<\/p>\n

 <\/p>\n

Resistance level: 0.6565, 0.6675<\/p>\n

Support level: 0.6425, 0.6285<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6040. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6040.<\/p>\n

 <\/p>\n

Resistance level: 0.6150, 0.6290<\/p>\n

Support level: 0.6040, 0.5925<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3635. MACD which illustrated bullish bias momentum suggests the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3635, 1.3730<\/p>\n

Support level: 1.3565, 1.3485<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9075. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.9075, 0.9160<\/p>\n

Support level: 0.9000, 0.8865<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded lower while currently testing the upward trend line. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the upward trend line.<\/p>\n

 <\/p>\n

Resistance level: 73.90, 77.15<\/p>\n

Support level: 70.15, 66.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher while currently testing the resistance level at 1951.60. MACD which illustrated diminishing bearish momentum suggests the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1951.60, 1980.00<\/p>\n

Support level: 1889.55, 1839.40<\/p>\n

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

26 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   Euro slumped as Germany entered recession. The Euro, which acts as the single currency of the European Union, teetered near the brink of collapse as the strongest economy in the EU entered the stage of recession.\u00a0 According to the Federal Statistical Office of Germany, the German GDP posted […]<\/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\/325681"}],"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=325681"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/325681\/revisions"}],"predecessor-version":[{"id":325725,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/325681\/revisions\/325725"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=325681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=325681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=325681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}