{"id":57416,"date":"2019-05-06T05:21:28","date_gmt":"2019-05-06T05:21:28","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=57416"},"modified":"2019-05-06T05:31:40","modified_gmt":"2019-05-06T05:31:40","slug":"060519-afternoon-session-analysis-2","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060519-afternoon-session-analysis-2\/","title":{"rendered":"060519 Afternoon Session Analysis"},"content":{"rendered":"

6 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 Morning Session Analysis<\/strong><\/p>\n

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Yen in bid after Trump\u2019s ultimatum. <\/strong><\/span><\/p>\n

Japanese yen received higher demand on Monday after US President Donald Trump threatened to increase additional tariffs upon China, sparking higher risk aversion in the global financial market. As of writing, pair of USD\/JPY depreciates by 0.43% to 110.61. Last Sunday, Trump increased his pressure towards China to reach a trade deal as soon as possible by announcing to hike tariffs upon $200 billion worth of Chinese goods this week. His announcement which were made via Twitter marked a major shift in tone from Trump, who previously cited good progress in trade talks and praised his relationship with Chinese President Xi Jinping. Due to a possible deepening in trade war between two of the world\u2019s largest economy, investors poured into safe-haven assets such as Japanese yen and gold. On the other hand, pair of AUD\/USD depreciates by 0.68% to 0.6975. Australian dollar received a large selloff due to higher trade war risks in between US and China. It is to be noted that China is Australia\u2019s largest trade partner.<\/p>\n

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In the commodities market, crude oil price slumped 2.25% to $60.41 per barrel. Following Trump\u2019s tariff announcement on Twitter, oil futures were sold off due to higher risk aversion and possibility of a slowdown in oil demand after tariffs were being enforced upon China by the US. Otherwise, gold price rose 0.29% to $1,282.87 a troy ounce due to higher risk aversion in the market.<\/p>\n

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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 UK\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\u00a0\u00a0 Early May Bank Holiday<\/p>\n

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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

01:45 (7th<\/sup>)\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 Boc Gov Poloz Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
15:55<\/td>\nEUR \u2013 German Services PMI (Apr)<\/td>\n55.6<\/td>\n55.6<\/td>\n–<\/td>\n<\/tr>\n
16:00<\/td>\nEUR \u2013 Markit Composite PMI (Apr)<\/td>\n51.3<\/td>\n51.3<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 Services PMI (Apr)<\/td>\n52.5<\/td>\n52.5<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H1: <\/strong>Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the index to extend its gains toward the resistance level at 97.40.<\/p>\n

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Resistance level: 97.40, 97.60<\/p>\n

Support level: 97.05, 96.70<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.3145. MACD which illustrate diminishing bullish momentum suggest the pair to be extend its losses toward the support level at 1.3105.<\/p>\n

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Resistance level: 1.3140, 1.3185<\/p>\n

Support level: 1.3105, 1.3065<\/p>\n

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EURUSD, H4:<\/strong> EURUSD was traded higher following prior breakout above the previous resistance level at 1.1180. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.1215.<\/p>\n

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Resistance level: 1.1215, 1.1255<\/p>\n

Support level: 1.1180, 1.1125<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 110.85. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 110.35.<\/p>\n

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Resistance level: 110.85, 111.15<\/p>\n

Support level: 110.35, 109.75<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the lower level. However, MACD which illustrate bearish momentum and the formation of death cross suggest the pair to undergo technical correction in short term toward the support level at 0.6950.<\/p>\n

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Resistance level: 0.6995, 0.7025<\/p>\n

Support level: 0.6950, 0.6910<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 0.6630.<\/p>\n

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Resistance level: 0.6630, 0.6670<\/p>\n

Support level: 0.6585, 0.6545<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.3440. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.3505.<\/p>\n

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Resistance level: 1.3505, 1.3565<\/p>\n

Support level: 1.3440, 1.3390<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 1.0160. MACD which display bearish momentum suggest the pair to extend its losses toward the support level at 1.0125.<\/p>\n

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Resistance level: 1.0180, 1.0220<\/p>\n

Support level: 1.0125, 1.0090<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil was traded lower while currently testing the support level at 60.25. MACD which illustrate bearish momentum suggest the commodity to extend its losses after successfully breakout below the support level at 60.25.<\/p>\n

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Resistance level: 61.80, 62.80<\/p>\n

Support level: 60.25, 58.20<\/p>\n

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GOLD_, H4: <\/strong>Gold was traded higher following prior breakout above the previous resistance level at 1278.45. MACD which illustrate bullish momentum suggest the commodity to extend its gains toward the resistance level at 1287.65.<\/p>\n

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Resistance level: 1287.65, 1293.20<\/p>\n

Support level: 1278.45, 1272.45<\/p>\n","protected":false},"excerpt":{"rendered":"

6 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 Morning Session Analysis     Yen in bid after Trump\u2019s ultimatum. Japanese yen received higher demand on Monday after US President Donald Trump threatened to increase additional tariffs upon China, sparking higher risk aversion in the global financial market. As of writing, pair of USD\/JPY depreciates by 0.43% to 110.61. Last Sunday, […]<\/p>\n","protected":false},"author":54,"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\/57416"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=57416"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/57416\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=57416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=57416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=57416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}