20 May 2019 Morning Session Analysis
US Consumer Confidence at 15-years high.
Greenback extended its gains on last Friday over the backdrop of bullish economic data from the region. According to University of Michigan, its Consumer Sentiment rose to 102.4, its highest level in more than 15 years while exceeding forecast of 97.8 for the month of May. Although the data rose due to growing consumer confidence upon US economy, much of it was being recorded well before trade war escalation earlier this month. As of writing, the dollar index ticked up 0.02% to 97.79 against a basket of six major peers. On the other hand, pair of AUD/USD gapped up by 0.41% to 0.6896 due to surprising election results. Bullish traders in the market reacted positively towards the surprise re-election of Liberal Party’s Scott Morrison despite ambitious policy agenda from the Labor Party. However, the final results have yet to roll out which will confirm whether the Liberals will form a majority party in the parliament or need to form a minority government with other parties to hold power.
On the other hand, crude oil price skyrocketed 1.02% to $63.38 per barrel. Oil futures received higher demand after Saudi Energy Minister said on Sunday that OPEC and its allied oil produces would like to drive down crude inventories “gently” while remain responsive towards the needs of the “fragile” oil market. On the other hand, gold price ticked down 0.03% to $1,277.64 a troy ounce due to weaker US dollar.
Today’s Holiday Market Close
Time Market Event
All Day Canada Victoria Day
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 14:00 | EUR – German PPI (MoM) (Apr) | -0.1% | 0.3% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the index to extend further up, towards the direction of 97.95.
Resistance level: 97.95, 98.60
Support level: 97.65, 97.30
GBPUSD, Daily: GBPUSD extended its losses after closing below the support of 1.2790. MACD which illustrate bearish signal suggests the pair to advance further down after closing below 1.2700.
Resistance level: 1.2790, 1.2900
Support level: 1.2700, 1.2630
EURUSD, H4: EURUSD was traded higher following prior rebound from the support of 1.1155. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1200, 1.1220
Support level: 1.1155, 1.1100
USDJPY, H4: USDJPY was traded higher following prior closure above the resistance at 110.10. MACD which illustrate bullish signal suggest the pair to advance further up, towards the direction of 110.55.
Resistance level: 110.55, 111.00
Support level: 110.10, 109.80
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance of 0.6915. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the target at 0.6915.
Resistance level: 0.6915, 0.6955
Support level: 0.6860, 0.6800
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support near 0.6515. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 0.6540, 0.6570
Support level: 0.6515, 0.6450
USDCAD, H4: USDCAD was traded lower while currently testing near the upward trendline. MACD which illustrate bearish signal suggests the pair to extend its losses after breaking the trendline.
Resistance level: 1.3490, 1.3530
Support level: 1.3435, 1.3400
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance at 1.0110. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the resistance near 1.0110.
Resistance level: 1.0110, 1.0155
Support level: 1.0095, 1.0055
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance at 63.70. MACD which illustrate bullish signal suggests its prices to advance further up after closing above 63.70.
Resistance level: 63.70, 64.70
Support level: 62.50, 61.00
GOLD_, H4: Gold price extended its losses after closing below the support near 1285.80. MACD which continues to illustrate bearish signal suggests its price to be traded lower in short-term, towards the direction of 1275.30.
Resistance level: 1285.80, 1295.65
Support level: 1275.30, 1267.00