{"id":326001,"date":"2023-05-29T07:00:28","date_gmt":"2023-05-29T07:00:28","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=326001"},"modified":"2023-05-29T07:46:34","modified_gmt":"2023-05-29T07:46:34","slug":"290523-afternoon-session-anlysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/290523-afternoon-session-anlysis\/","title":{"rendered":"290523 Afternoon Session Analysis"},"content":{"rendered":"

29 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 rebound after upbeat retail sales.<\/strong><\/span><\/p>\n

The Pound Sterling, which was traded against the greenback, rebounded after an upbeat UK retail sales release followed by a recent hawkish statement from the Bank of England (BoE). The UK released retail sales figures for April on Friday, confirming a statement from the UK’s official Office for National Statistics (ONS) the poor retail sales in March were caused by heavy rain. Retail sales in April recorded at 0.5%, from -1.2% in March, higher than 0.4% market expectations. It signaled that UK retailers regain some confidence in April. Overall sales volumes in April improved as Non-food store categories increased by 1.0% in April due to poor weather conditions affecting the March sales, followed by food stores sales volume rose by 0.7%. Nonetheless, automotive fuel sale volume reduced by 2.2% in April. Besides, the recently hawkish statement from the Bank of England (BoE) Governor support the Pound extended its gains. In the interview, BoE Bailey said if evidence of more persistent inflation pressure, then further tightening would be required by BoE. However, the gains of the pair GBPUSD were limited due to the greenback strengthened after a series of upbeat economic data. As of writing, the pair of GBPUSD gained 0.06% to $1.2348.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices appreciated by 0.83% to $73.27 per barrel amid investors’ optimism on US economy. Besides, gold prices ticked down -0.01% to $1945.74 per troy ounce following a prior investors’ increased risk appetitive, amid a tentative deal was made to increase the debts limits.<\/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

All Day\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 \u00a0Memorial Day<\/p>\n

All Day\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 \u00a0Bank Holiday<\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CHF\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Pentecost<\/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

 <\/p>\n

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

N\/A<\/p>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following the prior retracement from the previous higher level. MACD which illustrated bullish increasing momentum suggests the index extended its losses toward the support level at 103.75<\/p>\n

 <\/p>\n

Resistance level: 104.45, 105.20<\/p>\n

Support level: 103.75, 102.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD 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: 1.2445, 1.2590<\/p>\n

Support level: 1.2300, 1.2145<\/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: 1.0790, 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 diminishing bullish momentum suggests the pair extended its losses toward the support level at 139.80.<\/p>\n

 <\/p>\n

Resistance level: 141.60, 143.80<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following the prior breakout above the previous resistance level at 0.6525. MACD which illustrated increasing bullish momentum suggests the pair extended its gains toward the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.6600, 0.6675<\/p>\n

Support level: 0.6525, 0.6440<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following the prior breakout above the previous resistance level at 0.6050. MACD which illustrated increasing bullish momentum suggests the pair extended its gains toward the resistance level.<\/p>\n

 <\/p>\n

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

Support level: 0.6050, 0.5980<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing for the support level at 1.3600. MACD which illustrated increasing bearish momentum suggests the pair extended its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3685, 1.3785<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following the prior retracement from the higher level. MACD which illustrated bearish momentum suggests the pair extended its losses toward 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 while currently testing for the resistance level at 73.20. MACD which illustrated increasing bullish momentum suggests the commodity extended its gains after it successfully break above the resistance level.<\/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 lower following the prior retracement from the higher level. However, MACD which illustrated diminishing bearish momentum suggests the commodity undergoes a technical correction in a short term.<\/p>\n

 <\/p>\n

Resistance level: 1954.90, 1985.50<\/p>\n

Support level: 1928.15, 1900.20<\/p>\n","protected":false},"excerpt":{"rendered":"

29 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 rebound after upbeat retail sales. The Pound Sterling, which was traded against the greenback, rebounded after an upbeat UK retail sales release followed by a recent hawkish statement from the Bank of England (BoE). The UK released retail sales figures for April on Friday, confirming a […]<\/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\/326001"}],"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=326001"}],"version-history":[{"count":3,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/326001\/revisions"}],"predecessor-version":[{"id":326179,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/326001\/revisions\/326179"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=326001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=326001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=326001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}