{"id":61414,"date":"2019-05-29T04:31:24","date_gmt":"2019-05-29T04:31:24","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=61414"},"modified":"2019-05-29T04:42:01","modified_gmt":"2019-05-29T04:42:01","slug":"290519-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/290519-afternoon-session-analysis\/","title":{"rendered":"290519 Afternoon Session Analysis"},"content":{"rendered":"

29 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

G20 will be the limelight of trade war.<\/strong><\/span><\/p>\n

Greenback received higher bidding as market participants digests US President Donald Trump\u2019s comment with regards to trade with China. Prior, Trump who was speaking in a joint news conference in Tokyo with Japan PM Shinzo Abe said that US is not ready to forge a deal with China. He also added that prior tariff of 25% could be increased to the target of 35% substantially. Due to ongoing trade spat between both nations, market participants shift their portfolio into safe-haven assets which also includes US Treasuries. Overall, the upcoming G20 summit which will be held on 28th<\/sup> \u2013 29th<\/sup> June in Osaka remains as the main limelight whereby US President Donald Trump may initiate talks with China President Xi Jinping. On the other hand, euro received substantial bearish pressure on yesterday due to rising political and economic risk in the region. EU leaders is set to begin the process of filling a number of top EU posts which may affect the future direction of the entire bloc. As of writing, the dollar index ticks up 0.03% to 97.75 while pair of EUR\/USD depreciates by 0.03% to 1.1166.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price slumped 0.95% to $58.41 per barrel. Oil price fell during mid Asian trading session as ongoing trade war between US and China may trigger global economic recession that could reduce oil demand in the future. Otherwise, gold price depreciates by 0.02% to $1,279.69 a troy ounce due to stronger greenback.<\/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

16:00\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 \u00a0ECB Financial Stability Review<\/p>\n

22:00\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 \u00a0BoC Rate Statement<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
15:55<\/td>\nEUR \u2013 German Unemployment Change<\/td>\n-12k<\/td>\n-8k<\/td>\n–<\/td>\n<\/tr>\n
15:55<\/td>\nEUR \u2013 German Unemployment Rate<\/td>\n4.9%<\/td>\n4.9%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD \u2013 BoC Interest Rate Decision<\/td>\n1.75%<\/td>\n1.75%<\/td>\n–<\/td>\n<\/tr>\n
05:30<\/p>\n

(30th<\/sup>)<\/td>\n

USD \u2013 API Weekly Crude Oil Stock<\/td>\n2.400M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level 97.70. MACD which illustrate bullish bias signal with the formation of golden cross suggest the dollar to extend its gains towards the resistance level 98.00.<\/p>\n

 <\/p>\n

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

Support level: 97.70, 97.40<\/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 following prior breakout below the previous support level 1.1175. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses towards the support level 1.1145.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY remain traded in a sideway channel while currently testing the support level 109.25. However, due to lack of momentum and direction from MACD, a breakout above the resistance level 109.75 or below the support level 109.25 is required to attain further confirmation before entering the market.<\/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 lower while currently testing the support level 0.6545. MACD which display bearish bias 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: 0.6570, 0.6600<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level 1.3475. However, MACD which display diminishing bullish momentum suggest the pair to experience a short term technical correction towards the support level 1.3475.<\/p>\n

 <\/p>\n

Resistance level: 1.3520, 1.3570<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level 1.0080. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 1.0050.<\/p>\n

 <\/p>\n

Resistance level: 1.0080, 1.0125
\nSupport level: 1.0050, 1.0005<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price remain traded in a sideway channel following recent retracement from the resistance of 59.10. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its retracement towards the support level 58.05.<\/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 while currently testing near the support level 1279.05. However, MACD which illustrate diminishing bearish momentum suggest the commodity to be traded higher as a technical correction in short term towards the resistance level 1287.50.<\/p>\n

 <\/p>\n

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

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

29 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   G20 will be the limelight of trade war. Greenback received higher bidding as market participants digests US President Donald Trump\u2019s comment with regards to trade with China. Prior, Trump who was speaking in a joint news conference in Tokyo with Japan PM Shinzo Abe said that US is […]<\/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\/61414"}],"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=61414"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/61414\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=61414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=61414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=61414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}