{"id":60221,"date":"2019-05-22T07:07:24","date_gmt":"2019-05-22T07:07:24","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=60221"},"modified":"2019-05-22T07:07:24","modified_gmt":"2019-05-22T07:07:24","slug":"220519-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/220519-afternoon-session-analysis\/","title":{"rendered":"220519 Afternoon Session Analysis"},"content":{"rendered":"

22 May 2019\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

Pound pressured amid Brexit woes.<\/strong><\/p>\n

Pound sterling suffered from large fluctuations in the market amid Brexit headlines while pair of GBP\/USD skyrocketed by more than 1000 basis point before plunging back to its low levels yesterday. According to recent reports, UK Prime Minister Theresa May had confirmed that the government will allow MPs to vote for a second referendum and shall honor any final outcome. Prior to the second referendum vote will be the 4th<\/sup> Brexit vote which will be held on the week of 3rd<\/sup> June. Recently, PM May highlighted that the Brexit deal is to have independent trade policy as well as almost frictionless trade at UK-EU border while urging MPs to back her deal and emphasize that Brexit will not be possible without cross-party support. However, market participants argued that May\u2019s new Brexit draft brought no significant changes as compared to the previous draft, thus heightening expectations for another fail vote, especially after comments from Labour party leader Jeremy Corbyn stating that they will not support May\u2019s Brexit plan. While waiting for further Brexit updates, investors will place their focus on UK CPI data due later today. As of writing, index dollar ticked down by 0.02% to 97.84 while pair of GBP\/USD edged higher by 0.07% to 1.2713.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell by 0.64% to $62.55 per barrel amid increasing crude stock. According to American Petroleum Institute, US crude inventories rose by 2.4M barrels, missing economists\u2019 expectations to fall by 0.6M. Besides that, oil market was also pressured by Saudi Arabia pledge to keep global oil market balanced. On the other hand, gold price ticked lower 0.08% to $1,273.55 a troy ounce following investors\u2019 heightened risk appetite.<\/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

N\/A<\/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

15:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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 ECB President Draghi Speaks<\/p>\n

Tentative\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 GBP\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 Inflation Report Hearings<\/p>\n

02:00 (23rd<\/sup>)\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 Meeting Minutes<\/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
16:30<\/td>\nGBP \u2013 CPI (YoY) (Apr)<\/td>\n1.9%<\/td>\n2.2%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Core Retail Sales (MoM) (Mar)<\/td>\n0.6%<\/td>\n0.9%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n5.431M<\/td>\n-0.599M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following recent retracement from the high level. MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its retracement towards the support level 97.60<\/p>\n

 <\/p>\n

Resistance level: 98.00, 98.50<\/p>\n

Support level: 97.60, 97.05<\/p>\n

 <\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing near the support level 1.2695. However, MACD which illustrate bullish bias signal suggest the pair to experience a technical correction in short term towards the resistance level 1.2795.<\/p>\n

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Resistance level: 1.2795, 1.2865<\/p>\n

Support level: 1.2695, 1.2620<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded in a sideway channel following recent retracement from the resistance level 1.1175. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.1145.<\/p>\n

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Resistance level: 1.1175, 1.1215<\/p>\n

Support level: 1.1145, 1.1115<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 110.35.<\/p>\n

 <\/p>\n

Resistance level: 110.90, 111.50<\/p>\n

Support level: 110.35, 109.70<\/p>\n

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\"\"<\/p>\n


\nAUDUSD, H4: <\/strong>AUDUSD was traded flat following recent rebound near the support level 0.6860. Due to lack of momentum and signal from MACD, a breakout above the resistance level 0.6910 or below the support level 0.6860 is required to attain further confirmation before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 0.6910, 0.6965<\/p>\n

Support level: 0.6860, 0.6825<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level 0.6515. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses towards the support level 0.6460.<\/p>\n

 <\/p>\n

Resistance level: 0.6515, 0.6580<\/p>\n

Support level: 0.6460, 0.6420<\/p>\n

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\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level 1.3415. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses towards the support level 1.3380.<\/p>\n

 <\/p>\n

Resistance level: 1.3415, 1.3475<\/p>\n

Support level: 1.3380, 1.3345<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from its low levels. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 1.0125.<\/p>\n

 <\/p>\n

Resistance level: 1.0125, 1.0160
\nSupport level: 1.0045, 1.0005<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level 62.80. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its losses towards the support level 61.20.<\/p>\n

 <\/p>\n

Resistance level: 62.80, 63.80<\/p>\n

Support level: 61.20, 60.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following recent rebound from the support level 1269.40. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains after it successfully breaks above the resistance level 1274.25.<\/p>\n

 <\/p>\n

Resistance level: 1274.25, 1279.10<\/p>\n

Support level: 1269.40, 1262.75<\/p>\n","protected":false},"excerpt":{"rendered":"

22 May 2019\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   Pound pressured amid Brexit woes. Pound sterling suffered from large fluctuations in the market amid Brexit headlines while pair of GBP\/USD skyrocketed by more than 1000 basis point before plunging back to its low levels yesterday. According to recent reports, UK Prime Minister Theresa May had confirmed that […]<\/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\/60221"}],"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=60221"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/60221\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=60221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=60221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=60221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}