{"id":62067,"date":"2019-06-03T06:55:55","date_gmt":"2019-06-03T06:55:55","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=62067"},"modified":"2019-06-03T06:55:55","modified_gmt":"2019-06-03T06:55:55","slug":"030619-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030619-afternoon-session-analysis\/","title":{"rendered":"030619 Afternoon Session Analysis"},"content":{"rendered":"

3 June 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 Afternoon Session Analysis<\/strong><\/p>\n

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Safe-haven rose as trade tension rises.<\/strong><\/span><\/p>\n

Safe-haven thrives during mid-Asian trading session over the backdrop of heightening trade tension in between US and several other countries. In a recent development, US and Mexican officials are currently gearing up for a trade talk after US President Donald Trump announced to impose tariffs upon Mexican goods if it fails to mitigate undocumented migration in to the US. On the other hand, US announced last week that they will end the preferential trade status for India as it has failed to provide adequate access into their market. This has sparked higher concerns over trade tension which may derail global economic growth in the future. As of writing, pair of USD\/JPY slumped 0.12% to 108.14 while USD\/CHF extended losses by 0.34% to 0.9974. Otherwise, pair of AUD\/USD rose 0.24% to 0.6995. Australian dollar rebounds from its lower level after China recent data shows substantial optimism within the manufacturing sector. According to Caixin, Manufacturing PMI for the month of May came in at 50.2, significantly better than forecast to depreciate to 50.0.<\/p>\n

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In terms of commodities, crude oil price extended losses by 0.36% to $53.06 per barrel. Oil prices slides further amid stalling market demand for crude oil while coupled with intense trade war tension in between US and several countries. On the other hand, gold price rose 0.48% to $1,311.82 a troy ounce following 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 NZD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0New Zealand \u2013 Queen\u2019s Birthday<\/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

N\/A<\/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 Manufacturing PMI (May)<\/td>\n44.3<\/td>\n44.3<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manufacturing PMI (May)<\/td>\n53.1<\/td>\n52.0<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Manufacturing PMI (May)<\/td>\n52.8<\/td>\n53.0<\/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, H4: <\/strong>Dollar index was traded lower following prior breakout below the previous support level at 97.60. MACD which illustrate bearish bias momentum suggests the index to extend its losses toward the support level at 97.40.<\/p>\n

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Resistance level: 97.60, 98.00<\/p>\n

Support level: 97.40, 97.00<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistnace level at 1.2610. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 1.2695.<\/p>\n

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Resistance level: 1.2695, 1.2745<\/p>\n

Support level: 1.2610, 1.2555<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.1170. MACD which illustrate bullish momentum suggests the pair to extend its gains toward the resistance level at 1.1210.<\/p>\n

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Resistance level: 1.1210, 1.1245<\/p>\n

Support level: 1.1170, 1.1125<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 108.20. MACD which illustrate diminishing bearish momentum suggests the pair to undergo technical correction toward the resistance level at 108.20 in short term.<\/p>\n

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Resistance level: 108.20, 108.80<\/p>\n

Support level: 107.85, 107.15<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6935. MACD which illustrate bullish momentum suggests the pair to extend its gains toward the resistance level at 0.6960.<\/p>\n

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Resistance level: 0.6960, 0.6995<\/p>\n

Support level: 0.6935, 0.6865<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6550.\u00a0 MACD which illustrate bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 0.6550.<\/p>\n

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Resistance level: 0.6550, 0.6585<\/p>\n

Support level: 0.6505, 0.6470<\/p>\n

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\nUSDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.3505. MACD which illustrate bearish momentum suggests the pair to extend its losses toward the support level at 1.3475.<\/p>\n

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Resistance level: 1.3505, 1.3535<\/p>\n

Support level: 1.3475, 1.3450<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 1.0005. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 0.9965.<\/p>\n

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

Support level: 0.9965, 0.9930<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level at 54.30. However, MACD which illustrate diminishing bearish momentum suggests its prices to be traded higher in short term toward the resistance level at 54.30.<\/p>\n

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Resistance level: 54.30, 55.90<\/p>\n

Support level: 51.50, 50.25<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1308.90. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1315.00.<\/p>\n

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Resistance level: 1315.00, 1323.00<\/p>\n

Support level: 1308.90, 1302.40<\/p>\n

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3 June 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 Afternoon Session Analysis     Safe-haven rose as trade tension rises. Safe-haven thrives during mid-Asian trading session over the backdrop of heightening trade tension in between US and several other countries. In a recent development, US and Mexican officials are currently gearing up for a trade talk after US President Donald Trump […]<\/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\/62067"}],"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=62067"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/62067\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=62067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=62067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=62067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}