{"id":61187,"date":"2019-05-28T05:44:33","date_gmt":"2019-05-28T05:44:33","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=61187"},"modified":"2019-05-28T05:44:33","modified_gmt":"2019-05-28T05:44:33","slug":"280519-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/280519-afternoon-session-analysis\/","title":{"rendered":"280519 Afternoon Session Analysis"},"content":{"rendered":"

28 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

AUD suppressed by US-China trade war.<\/strong><\/span><\/p>\n

Australian dollar extended gains during Asian trading session while market participants await further market signals. Pair of AUD\/USD tacks up 0.12% to 0.6925 as of writing. Earlier today, Australian dollar received some bidding in the FX market as Chinese iron ore prices hit a record high of CNY 774.5 per tonne. As iron ore makes up a bulk of Australia\u2019s commodity exports, any movement in its prices would be reflected upon the Australian dollar. However, gains on the currency remains limited as political and trade tension arises in between US and China. Prior, US President Donald Trump\u2019s statement shows lack of readiness to achieve a substantial trade deal with China, prompting higher short orders in the FX market. As China is one of Australia\u2019s major trade partner, any developments in trade war will affect the currency as well. For the week ahead, investor\u2019s will pay attention towards further market signal with regards to trade war as well as regional economic data to determine its near-term trend direction.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 0.17% to $58.98 per barrel. Oil futures begins to recoup some of its losses as supply cuts lead by OPEC and US sanction against Iran outweighs market concern over possible economic slowdown. Otherwise, gold price depreciates by 0.13% to $1,283.35 a troy ounce due to a sharp rebound in 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

N\/A<\/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

Today\u2019s Highlight Economic Data<\/u><\/p>\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
13:45<\/td>\nCHF \u2013 GDP (QoQ) (Q1)<\/td>\n0.2%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 CB Consumer Confidence (May)<\/td>\n129.2<\/td>\n130.1<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the support level 97.40. MACD which illustrate bullish bias signal suggest the dollar to extend its rebound towards the resistance level 97.70.<\/p>\n

 <\/p>\n

Resistance level: 97.70, 98.00<\/p>\n

Support level: 97.40, 97.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level 1.2690. MACD, which illustrate bearish bias signal with the starting formation of death cross suggest the pair to extend its losses towards the support level 1.2615.<\/p>\n

 <\/p>\n

Resistance level: 1.2690, 1.2745<\/p>\n

Support level: 1.2615, 1.2550<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing near the support level 1.1175. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

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

Support level: 1.1175, 1.1145<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY remain traded in a sideway channel. However, MACD which illustrate bullish signal suggest the pair to be traded higher in short term towards the resistance level 109.75.<\/p>\n

 <\/p>\n

Resistance level: 109.75, 110.00<\/p>\n

Support level: 109.25, 109.05<\/p>\n

 <\/p>\n

\"\"
\nAUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level 0.6930. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards the support level 0.6900.<\/p>\n

 <\/p>\n

Resistance level: 0.6930, 0.6965<\/p>\n

Support level: 0.6900, 0.6865<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following recent breakout above the previous resistance level 0.6545. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower as a short term technical correction towards the current support level 0.6545.<\/p>\n

 <\/p>\n

Resistance level: 0.6570, 0.6600<\/p>\n

Support level: 0.6545, 0.6510<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD remained traded in a sideway channel. Due to lack of clear signal and direction from MACD, it is suggested to wait until further signal appear such as breakout above the resistance level 1.3475 or below the support level 1.3415 before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1.3475, 1.3520<\/p>\n

Support level: 1.3415, 1.3380<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing near the resistance level 1.0050. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 1.0050.<\/p>\n

 <\/p>\n

Resistance level: 1.0050, 1.0080
\nSupport level: 1.0005, 0.9965<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded in a sideway channel while currently testing the resistance level 59.10. MACD which illustrate bullish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 59.10, 60.10<\/p>\n

Support level: 58.05, 56.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level 1287.50. MACD which illustrate bearish momentum signal with the starting formation of death cross suggest the commodity to extend its retracement towards the support level 1279.05.<\/p>\n

 <\/p>\n

Resistance level: 1287.50, 1294.15<\/p>\n

Support level: 1279.05, 1272.80<\/p>\n","protected":false},"excerpt":{"rendered":"

28 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   AUD suppressed by US-China trade war. Australian dollar extended gains during Asian trading session while market participants await further market signals. Pair of AUD\/USD tacks up 0.12% to 0.6925 as of writing. Earlier today, Australian dollar received some bidding in the FX market as Chinese iron ore prices […]<\/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\/61187"}],"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=61187"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/61187\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=61187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=61187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=61187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}