29 May 2019 Morning Session Analysis
Greenback skyrocketed following upbeat data.
Dollar index which gauge its value against a basket of six major currencies continues to glow while edging higher by 0.03% to 97.80 following upbeat consumer confidence yesterday. According to Conference Board, US Consumer Confidence Index for May has further risen following an increase in April. The index now stands at 134.1, exceeding the economist forecast of 130.1 while showing that consumers are in greater optimism about the short term economic outlook and job opportunities in May. On the other hand, the pair of NZD/USD rose 0.15% to 0.6550 as RBNZ Governor Adrian Orr commented that they are “open-minded” about the commercial bank capital requirement ratio where it will be adjusted if they notice sufficient reason to change the parameter. Besides, Adrian Orr reiterated that upward adjustment will be executed if they detected the sign of major shock is close at hand.
As for commodities market, crude oil price quoted down 0.59% to $58.66 per barrel amid Nigeria’s government recent approval of a new crude oil export terminal in Niger Delta. Before this, Nigeria has announced that they are dusting off an ambitious plan to double its oil production by 2025 and resulted further deterioration in crude oil market sentiment. Besides, gold price quoted up 0.08% to $1280.45 a troy ounce amid markets shied away from riskier asset.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:00 EUR ECB Financial Stability Review
22:00 CAD BoC Rate Statement
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Unemployment Change | -12k | -8k | – |
| 15:55 | EUR – German Unemployment Rate | 4.9% | 4.9% | – |
| 22:00 | CAD – BoC Interest Rate Decision | 1.75% | 1.75% | – |
| 05:30
(30th) |
CrudeOIL – API Weekly Crude Oil Stock | 2.400M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher after breaking above previous resistance level at 97.60. However, MACD which illustrate diminishing bullish momentum suggest index to undergo short-term technical correction and retrace back towards the support level 97.60.
Resistance level: 97.95, 98.25
Support level: 97.60, 97.00
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.2690. MACD which display bearish momentum with the formation of death cross suggest the pair to extend its losses towards the support level 1.2615.
Resistance level: 1.2690, 1.2785
Support level: 1.2615, 1.2515
EURUSD, H4: EURUSD was traded lower following prior breakout below previous support level at 1.1180. MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level 1.1120.
Resistance level: 1.1180, 1.1240
Support level: 1.1120, 1.1010
USDJPY, H4: USDJPY was traded lower while currently testing near the support level at 109.15. However, due to lack of signal and momentum from the MACD, a breakout above resistance level 109.75 or below support level 109.15 is required for further confirmation before entering the market.
Resistance level: 109.70, 110.20
Support level: 109.15, 108.45
AUDUSD, H4: AUDUSD was traded flat above the support level 0.6915. MACD which display diminished bullish momentum suggest the pair to be traded lower after successfully breaking below the support level.
Resistance level: 0.6970, 0.7030
Support level: 0.6915, 0.6860
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6540. MACD which illustrate bearish bias signal suggest the pair to be traded lower after successfully breaking below the support level.
Resistance level: 0.6580, 0.6635
Support level: 0.6540, 0.6510
USDCAD, H4: USDCAD was traded higher while currently testing the top-level of its sideway channel. MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully closing above the top-level of the channel.
Resistance level: 1.3530, 1.3575
Support level: 1.3485, 1.3435
USDCHF, H4: USDCHF was traded lower following prior breakout below previous support level at 1.0070. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses towards the support level 1.0020.
Resistance level: 1.0070, 1.0130
Support level: 1.0020, 0.9980
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 58.45. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after successfully breaking below the support level.
Resistance level: 60.20, 61.80
Support level: 58.45, 56.75
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1278.90. MACD which display bearish bias signal suggest gold to extend its losses after breaking below the support level.
Resistance level: 1287.85, 1295.65
Support level: 1278.90, 1272.25