{"id":57188,"date":"2019-05-03T06:36:01","date_gmt":"2019-05-03T06:36:01","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=57188"},"modified":"2019-05-03T06:36:01","modified_gmt":"2019-05-03T06:36:01","slug":"030519-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030519-afternoon-session-analysis\/","title":{"rendered":"030519 Afternoon Session Analysis"},"content":{"rendered":"

3 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

Market cheers for greenback ahead of NFP.<\/strong><\/p>\n

Dollar index which measure against a basket six major currency pairs have extend its gains and look to end the week with a firmer tone as market scaled back their expectations on U.S rate cuts. Despite recent mixed economic data, market remains optimistic after Federal Reserve Chair Jerome Powell down played recent slowdown in inflation and saw no reason to cut interest rates. At the same time, the greenback was also supported by rising US treasury yield. Currently, market participants is waiting for the highly anticipated Non-Farm Payroll data where the data could would trigger a huge momentum in the market. Dollar index rose 0.03% to 97.55 as of writing. On the other hand, Aussie have fell to new fresh session lows after slipping 0.06% to 0.6997 at the time of writing. Such selloff was evoked as metal commodities price such as copper and crude oil being heavily pressured by global risk and slowing demand. As Australia\u2019s largest export mostly depend on these natural commodities, price weakness in the metals dragged market sentiment towards the Aussie dollar. Besides that, recent weakness in inflation figures has also provide further reason for Aussie to remain in bearish momentum.<\/p>\n

 <\/p>\n

As for commodities, crude oil price extended its losses from prior session due to increasing oil output from the United States. U.S oil production have reached a record high of 12.3 million bpd last week and broke through 3 million bpd for the first time this year. Besides that, news on Russia would call the end on OPEC supply cut deal continues to drag its price further. Crude oil price fell 0.12% to $61.45 per barrel as of writing. On the other hand, gold price remained pressured and fell 0.03% to $1271.55 a troy ounce as of writing amid resilient US dollar.<\/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 Japan\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Constitution Day<\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 China\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

 <\/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


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

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

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\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 Services PMI (Apr)<\/td>\n48.9<\/td>\n50.4<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 CPI (YoY) (Apr)<\/td>\n1.4%<\/td>\n1.6%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Average Hourly Earnings (MoM) (Apr)<\/td>\n0.1%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Nonfarm Payrolls (Apr)<\/td>\n196K<\/td>\n181K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Unemployment Rate (Apr)<\/td>\n3.8%<\/td>\n3.8%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Non-Manufacturing PMI (Apr)<\/td>\n56.1<\/td>\n57.2<\/td>\n–<\/td>\n<\/tr>\n
01:00<\/p>\n

(4th<\/sup>)<\/td>\n

CrudeOIL \u2013 US Baker Hughes Oil Rig Count<\/td>\n805<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing near the resistance level at 97.60. However, MACD which illustrate diminishing bullish momentum suggest index to undergo short-term technical correction and retrace towards the support level 97.00.<\/p>\n

 <\/p>\n

Resistance level: 97.60, 98.25<\/p>\n

Support level: 97.00, 96.35<\/p>\n

 <\/p>\n

 <\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from higher-levels. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its retracement towards the support level 1.3015.<\/p>\n

 <\/p>\n

Resistance level: 1.3105, 1.3185<\/p>\n

Support level: 1.3015, 1.2945<\/p>\n

 <\/p>\n

 <\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower after breaking below previous support level at 1.1185. MACD which display bearish momentum suggest the pair to extend its losses towards the support level 1.1145.<\/p>\n

 <\/p>\n

Resistance level: 1.1185, 1.1240<\/p>\n

Support level: 1.1145, 1.1100<\/p>\n

 <\/p>\n

 <\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded flat near the 20-MA line (green). Due to lack of signal and momentum from the MACD, a breakout above the resistance level 111.75 or below the support level 111.35 is required for further confirmation before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 111.75, 112.20<\/p>\n

Support level: 111.35, 110.95<\/p>\n

 <\/p>\n

 <\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level 0.6990. However, MACD which display diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound towards the resistance level 0.7050.<\/p>\n

 <\/p>\n

Resistance level: 0.7050, 0.7090<\/p>\n

Support level: 0.6990, 0.6930<\/p>\n

 <\/p>\n

 <\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from low-levels. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6635.<\/p>\n

 <\/p>\n

Resistance level: 0.6635, 0.6670<\/p>\n

Support level: 0.6580, 0.6540<\/p>\n

 <\/p>\n

 <\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level 1.3435. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace towards the support level 1.3435.<\/p>\n

 <\/p>\n

Resistance level: 1.3485, 1.3530<\/p>\n

Support level: 1.3435, 1.3380<\/p>\n

 <\/p>\n

 <\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing near the resistance level at 1.0190. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains after successfully closing above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.0190, 1.0265
\nSupport level: 1.0100, 0.9980<\/p>\n

 <\/p>\n

 <\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing near the resistance level at 61.85. MACD which display diminishing bearish momentum suggest the commodity to extend its gains after successfully breaking above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 61.85, 63.15<\/p>\n

Support level: 60.15, 58.45<\/p>\n

 <\/p>\n

 <\/p>\n

GOLD_, H4: <\/strong>Gold price traded higher following prior rebound from the support level 1266.35. MACD which display bullish bias signal suggest gold to extend its rebound towards the resistance level 1277.30.<\/p>\n

 <\/p>\n

Resistance level: 1277.30, 1285.80<\/p>\n

Support level: 1266.35, 1253.25<\/p>\n

Dollar index which measure against a basket six major currency pairs have extend its gains and look to end the week with a firmer tone as market scaled back their expectations on U.S rate cuts. Despite recent mixed economic data, market remains optimistic after Federal Reserve Chair Jerome Powell down played recent slowdown in inflation and saw no reason to cut interest rates. At the same time, the greenback was also supported by rising US treasury yield. Currently, market participants is waiting for the highly anticipated Non-Farm Payroll data where the data could would trigger a huge momentum in the market. Dollar index rose 0.03% to 97.55 as of writing. On the other hand, Aussie have fell to new fresh session lows after slipping 0.06% to 0.6997 at the time of writing. Such selloff was evoked as metal commodities price such as copper and crude oil being heavily pressured by global risk and slowing demand. As Australia\u2019s largest export mostly depend on these natural commodities, price weakness in the metals dragged market sentiment towards the Aussie dollar. Besides that, recent weakness in inflation figures has also provide further reason for Aussie to remain in bearish momentum.<\/p>\n

 <\/p>\n

As for commodities, crude oil price extended its losses from prior session due to increasing oil output from the United States. U.S oil production have reached a record high of 12.3 million bpd last week and broke through 3 million bpd for the first time this year. Besides that, news on Russia would call the end on OPEC supply cut deal continues to drag its price further. Crude oil price fell 0.12% to $61.45 per barrel as of writing. On the other hand, gold price remained pressured and fell 0.03% to $1271.55 a troy ounce as of writing amid resilient US dollar.<\/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 Japan\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Constitution Day<\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 China\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

 <\/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


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

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

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\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 Services PMI (Apr)<\/td>\n48.9<\/td>\n50.4<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 CPI (YoY) (Apr)<\/td>\n1.4%<\/td>\n1.6%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Average Hourly Earnings (MoM) (Apr)<\/td>\n0.1%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Nonfarm Payrolls (Apr)<\/td>\n196K<\/td>\n181K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Unemployment Rate (Apr)<\/td>\n3.8%<\/td>\n3.8%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Non-Manufacturing PMI (Apr)<\/td>\n56.1<\/td>\n57.2<\/td>\n–<\/td>\n<\/tr>\n
01:00<\/p>\n

(4th<\/sup>)<\/td>\n

CrudeOIL \u2013 US Baker Hughes Oil Rig Count<\/td>\n805<\/td>\n–<\/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 while currently testing near the resistance level at 97.60. However, MACD which illustrate diminishing bullish momentum suggest index to undergo short-term technical correction and retrace towards the support level 97.00.<\/p>\n

 <\/p>\n

Resistance level: 97.60, 98.25<\/p>\n

Support level: 97.00, 96.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from higher-levels. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its retracement towards the support level 1.3015.<\/p>\n

 <\/p>\n

Resistance level: 1.3105, 1.3185<\/p>\n

Support level: 1.3015, 1.2945<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower after breaking below previous support level at 1.1185. MACD which display bearish momentum suggest the pair to extend its losses towards the support level 1.1145.<\/p>\n

 <\/p>\n

Resistance level: 1.1185, 1.1240<\/p>\n

Support level: 1.1145, 1.1100<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded flat near the 20-MA line (green). Due to lack of signal and momentum from the MACD, a breakout above the resistance level 111.75 or below the support level 111.35 is required for further confirmation before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 111.75, 112.20<\/p>\n

Support level: 111.35, 110.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level 0.6990. However, MACD which display diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound towards the resistance level 0.7050.<\/p>\n

 <\/p>\n

Resistance level: 0.7050, 0.7090<\/p>\n

Support level: 0.6990, 0.6930<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from low-levels. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6635.<\/p>\n

 <\/p>\n

Resistance level: 0.6635, 0.6670<\/p>\n

Support level: 0.6580, 0.6540<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level 1.3435. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace towards the support level 1.3435.<\/p>\n

 <\/p>\n

Resistance level: 1.3485, 1.3530<\/p>\n

Support level: 1.3435, 1.3380<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing near the resistance level at 1.0190. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains after successfully closing above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.0190, 1.0265
\nSupport level: 1.0100, 0.9980<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing near the resistance level at 61.85. MACD which display diminishing bearish momentum suggest the commodity to extend its gains after successfully breaking above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 61.85, 63.15<\/p>\n

Support level: 60.15, 58.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price traded higher following prior rebound from the support level 1266.35. MACD which display bullish bias signal suggest gold to extend its rebound towards the resistance level 1277.30.<\/p>\n

 <\/p>\n

Resistance level: 1277.30, 1285.80<\/p>\n

Support level: 1266.35, 1253.25<\/p>\n

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

3 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   Market cheers for greenback ahead of NFP. Dollar index which measure against a basket six major currency pairs have extend its gains and look to end the week with a firmer tone as market scaled back their expectations on U.S rate cuts. Despite recent mixed economic data, market […]<\/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\/57188"}],"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=57188"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/57188\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=57188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=57188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=57188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}