{"id":56754,"date":"2019-05-01T06:14:09","date_gmt":"2019-05-01T06:14:09","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=56754"},"modified":"2019-05-01T06:14:09","modified_gmt":"2019-05-01T06:14:09","slug":"010519-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/010519-afternoon-session-analysis\/","title":{"rendered":"010519 Afternoon Session Analysis"},"content":{"rendered":"

1 May 2019\u00a0\u00a0\u00a0\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

Dollar flat ahead of FOMC meeting, Kiwi tumbles.<\/strong><\/p>\n

Dollar index extend its losses for a third consecutive sessions against a basket of six major currency pairs on Tuesday despite higher than expected housing data and consumer confidence. According to US Conference Board, consumer confidence index came in at 129.2, exceeding forecasted value of 126.0 which signals strong confidence towards the economic activity. However, recent inflationary data had caused uncertainties in the market while waiting for today\u2019s interest rate statement to obtain further confirmation. It is widely expected that the bank will keep their interest rate unchanged however market participants worry that recent weak inflation may lead to rate cuts by December this year. All in all, investors will still focus on today\u2019s key manufacturing and ADP employment data to further gauge the movement of greenback before looking into Fed\u2019s statement. In other news, this morning release of New Zealand\u2019s employment change for the first quarter had dragged the Kiwi lower. According to Statistics New Zealand, the employment change data came in at -0.2%, much lower than the forecasted value of 0.5%. The data which signaled a poor labor market caused investors to sell the single currency. As of writing, dollar index was edged higher by 0.03% to 97.17 while pair of NZD\/USD was down by 0.33% to 0.6648.<\/p>\n

 <\/p>\n

As for commodities, crude oil price fell 0.17% to $63.33 per barrel following the buildup in crude inventories. The oil market sentiment remained mixed amid political tensions the Venezuela and also fear of abandonment of OPEC\u2019s glut cut after June. Recent reports showed that Venezuela President Nicolas Maduro is currently in a stand-off with opposition leader Juan Guaido which may possible lead to large-scale violence and affecting crudes supply. On the other hand, gold price tumbled 0.26% to $1,279.85 a troy ounce due to heightened risk appetite for profitable pound and euro market.<\/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 Germany\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Labour Day<\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Hong Kong\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Labour Day<\/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

02:00 (2nd<\/sup>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 FOMC Statement<\/p>\n

02:30\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 FOMC Press Conference<\/p>\n

04:15\u00a0\u00a0\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoC Gov Poloz Speaks<\/p>\n

 <\/p>\n


\n<\/u><\/p>\n

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

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n\n\n
Time<\/strong><\/td>\nMarket & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manufacturing PMI (Apr)<\/td>\n55.1<\/td>\n53.2<\/td>\n–<\/td>\n<\/tr>\n
20:15<\/td>\nUSD \u2013 ADP Nonfarm Employment Change (Apr)<\/td>\n129K<\/td>\n181K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Manufacturing PMI (Apr)<\/td>\n55.3<\/td>\n55.0<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n5.479M<\/td>\n1.485M<\/td>\n–<\/td>\n<\/tr>\n
02:00 (2nd<\/sup>)<\/td>\nUSD \u2013 Fed Interest Rate Decision<\/td>\n2.50%<\/td>\n2.50%<\/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 lower while currently testing near the support level 97.05. However, MACD which illustrate diminishing bearish momentum suggest the dollar to experience a technical correction in short term towards the resistance level 97.55.<\/p>\n

 <\/p>\n

Resistance level: 97.55, 98.00<\/p>\n

Support level: 97.05, 96.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level 1.3015. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a short term technical correction towards the support level 1.3015.<\/p>\n

 <\/p>\n

Resistance level: 1.3105, 1.3190<\/p>\n

Support level: 1.3015, 1.2960<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level 1.1215. However, MACD which display diminishing bullish momentum suggest the pair to experience a technical correction in short term towards the support level 1.1180.<\/p>\n

 <\/p>\n

Resistance level: 1.1215, 1.1245<\/p>\n

Support level: 1.1180, 1.1115<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level 111.45. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its gains towards the resistance level 111.80.<\/p>\n

 <\/p>\n

Resistance level: 111.80, 112.10<\/p>\n

Support level: 111.45, 110.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded flat while currently testing the resistance level 0.7050. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.7050, 0.7085<\/p>\n

Support level: 0.7005, 0.6950<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing near the support level 0.6640. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its gains after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.6675, 0.6720<\/p>\n

Support level: 0.6640, 0.6585<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level 1.3395. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses towards the support level 1.3345.<\/p>\n

 <\/p>\n

Resistance level: 1.3395, 1.3430<\/p>\n

Support level: 1.3345, 1.3295<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded flat near the resistance level 1.0200. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level 1.0200.<\/p>\n

 <\/p>\n

Resistance level: 1.0200, 1.0230
\nSupport level: 1.0160, 1.0115<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level 64.55. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 62.85.<\/p>\n

 <\/p>\n

Resistance level: 64.55, 66.30<\/p>\n

Support level: 62.85, 61.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price traded lower while currently testing the support level 1280.45. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1287.00, 1296.40<\/p>\n

Support level: 1280.45, 1271.80<\/p>\n","protected":false},"excerpt":{"rendered":"

1 May 2019\u00a0\u00a0\u00a0\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   Dollar flat ahead of FOMC meeting, Kiwi tumbles. Dollar index extend its losses for a third consecutive sessions against a basket of six major currency pairs on Tuesday despite higher than expected housing data and consumer confidence. According to US Conference Board, consumer confidence index came in at […]<\/p>\n","protected":false},"author":20,"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\/56754"}],"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\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=56754"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/56754\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=56754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=56754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=56754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}