19 May 2021 Afternoon Session Analysis
Euro gains on easing lockdowns.
During late Asian session, the Euro which traded against the greenback and other currency pairs remain resilient and rose as COVID-19 cases in Europe continue to fell and prompt EU countries to ease lockdowns. According to the latest development, EU ambassadors are expected to sign off a plan to allow fully vaccinated individuals to fly to Europe without being required to undergo a Covid test or quarantine. Besides that, countries such as France and Germany also started to relaxed their lockdowns following COVID-19 cases fell below a key threshold. Market expected that such actions can help revive the momentum of economic recovery for the near term, thus boosting the demand for the Euro. At the time of writing, EUR/USD rose 0.10% to 1.2230.
In the commodities market, crude oil price plunged 0.75% to $64.80 per barrel at the time of writing following concerns of Iranian supply return. The oil markets continue to be pressured following reported progress on talks between the United States and Iran to revive a deal limiting its nuclear program, which could lead to a lifting of sanctions and a resurgence of Iranian oil exports. On the other hand, gold price rose 0.09% to $1868.95 amid ongoing dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 (20th) USD FOMC Meeting Minutes
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – CPI (YoY) (Apr) | 0.7% | 1.4% | – |
| 17:00 | EUR – CPI (YoY) (Apr) | 1.6% | 1.6% | – |
| 20:30 | CAD – Core CPI (MoM) (Apr) | 0.3% | – | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -0.427M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 89.80. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the support level 89.25.
Resistance level: 89.80, 90.45
Support level: 89.25, 88.60
GBPUSD, H4: GBPUSD was traded flat near the support level 1.4165. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level 1.4165.
Resistance level: 1.4280, 1.4395
Support level: 1.4165, 1.4100
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.2230. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short-term technical correction towards the support level 1.2180.
Resistance level: 1.2230, 1.2290
Support level: 1.2180, 1.2130
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 109.05. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 108.45.
Resistance level: 109.05, 109.75
Support level: 108.45, 107.60
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7805. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7760.
Resistance level: 0.7805, 0.7860
Support level: 0.7760, 0.7700
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.7725. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7280, 0.7330
Support level: 0.7225, 0.7145
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2030. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2135.
Resistance level: 1.2135, 1.2270
Support level: 1.2030, 1.1915
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.8950. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9020, 0.9080
Support level: 0.8950, 0.8880
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 64.25. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 66.60, 67.85
Support level: 64.25, 62.35
GOLD_, H4: Gold price was traded flat near the support level 1863.25. MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower after it breaks below the support level.
Resistance level: 1877.00, 1894.55
Support level: 1863.25, 1846.00