27 May 2021 Afternoon Session Analysis
Dollar surged over the hawkish stance.
The Dollar Index which traded against a basket of six major currency pairs rebounded from its two-years low amid hawkish statement from the Federal Reserve yesterday. Market participants speculated that the Federal Reserve would slowly but surely edging towards a discussion about contracting its monetary policy in order to combat with high inflation risk in future. The latest fears upon the inflation risk were triggered when data in mid-May showed the April U.S. CPI came in at 4.2%, significantly higher than the market forecast at 3.6%. Besides, the rising benchmark 10-year Treasury yield had also insinuated the appeal for the US Dollar. Nonetheless, investors would continue to scrutinize the latest updates with regards of U.S. crucial economic data such as inflation and GDP in order to gauge the likelihood movement for the currency. As of writing, the Dollar Index appreciated by 0.05% to 90.10.
In the commodities market, the crude oil price hovered near recent high on yesterday at $65.85 per barrel as of writing. The oil market edged higher amid market participants speculated the oil consumption in the U.S. region and elsewhere would be increasing significantly following the massive Covid-19 vaccination program. On the other hand, the gold price slumped 0.03% to $1896.65 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Apr) | 2.3% | 0.7% | – |
| 20:30 | USD – GDP (QoQ) (Q1) | 6.4% | 6.5% | – |
| 20:30 | USD – Initial Jobless Claims | 444K | 425K | – |
| 22:00 | USD – Pending Home Sales (MoM) (Apr) | 1.9% | 1.1% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 89.50. MACD which illustrate bullish momentum signal suggest the dollar to extend its rebound towards the resistance level 90.20.
Resistance level: 90.20, 90.65
Support level: 89.50, 88.95
GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing the support level 1.4105. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.4205, 1.4285
Support level: 1.4105, 1.4010
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.2175. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2225, 1.2260
Support level: 1.2175, 1.2130
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 109.05. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 109.75.
Resistance level: 109.75, 110.45
Support level: 109.05, 108.45
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7760. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.7700.
Resistance level: 0.7760, 0.7805
Support level: 0.7700, 0.7655
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7280. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7330, 0.7395
Support level: 0.7280, 0.7225
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2135. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.2135.
Resistance level: 1.2135, 1.2270
Support level: 1.2030, 1.1915
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.8990. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.8990, 0.9045
Support level: 0.8940, 0.8880
CrudeOIL, H4: Crude oil was traded flat near the resistance level 66.60. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower towards the support level 64.25.
Resistance level: 66.60, 67.85
Support level: 64.25, 62.35
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1887.60. MACD which illustrate bearish momentum signal with formation of death cross suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1909.00, 1928.25
Support level: 1887.60, 1863.25