13 May 2020 Morning Session Analysis
Weak data dragged down the appeal of dollar index.
Dollar index which gauges it value against a basket of six major currencies plunged following the release of bleak economic data yesterday. According to the US Bureau of Labor Statistics, Core CPI data was came in at a disappointing rate at -0.4%, blowing the economists forecast at -0.2%, recording the deepest slump since Dec 2008 amid outbreak of Covid-19. As a measurement toward inflation pressure, Core CPI data shows that US underlying inflation pressure turned weaker and sour, prompting the potential and actual inflation gap wider. Besides, the number of confirmed cases in US since the beginning of Covid-19 has risen near to 1.4 million while the death toll broke the barrier of 80,000, leading all the other countries which are also being infected by Coronavirus. Despite, US senior official still urges to reopen the economy as soon as possible in order to support the economy. If a second wave of virus outburst, it would quash the hopes of swift recovery and may even send the economy into recession again. As of writing, dollar index notched down 0.23% to 100.01.
In the commodities market, crude oil prices appreciates by 0.02% to $25.80 per barrel as few major oil exporting countries included Saudi Arabia, Kuwait and UAE decided to increase their oil cut production by 1.2 million in the month of June. Besides, gold price inched up 0.05% to $1704.05 a troy ounce amid weakening of dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
11:00 NZD RBNZ Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – GDP(QoQ)(Q1) | 0.0% | -2.5% | – |
| 14:00 | GBP – Manufacturing Production (MoM)(Mar) | 0.5% | -6.0% | – |
| 20:30 | USD – PPI (MoM)(Apr) | -0.2% | -0.5% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 4.590M | 4.295M | – |
Technical Analysis 
DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the higher level. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction toward the resistance level at 100.85.
Resistance level: 100.85, 102.90
Support level: 99.75, 98.30
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2305. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2215.
Resistance level: 1.2305, 1.2370
Support level: 1.2215, 1.2115
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0830. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the next resistance level at 1.0940.
Resistance level: 1.0940, 1.1025
Support level: 1.0830, 1.0765
USDJPY, Daily: USDJPY was traded lower following prior retracement from the 50 moving average line (Blue). However, MACD which illustrate bullish bias momentum signal suggest the pair to undergo technical correction toward the resistance level at 108.20.
Resistance level: 108.20, 109.40
Support level: 107.20, 106.25
AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the higher level. MACD which illustrates bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6370.
Resistance level: 0.6705, 0.7005
Support level: 0.6370, 0.6180
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the higher level. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6065.
Resistance level: 0.6150, 0.6205
Support level: 0.6065, 0.5995
USDCAD, H4: USDCAD was traded higher following prior rebound near the support level at 1.3980. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.4120.
Resistance level: 1.4120, 1.4240
Support level: 1.3980, 1.3855
USDCHF, H4: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrates diminishing bearish momentum suggest the pair to undergo technical correction toward the resistance level at 0.9710.
Resistance level: 0.9710, 0.9750
Support level: 0.9660, 0.9585
CrudeOIL, H4: Crude oil price was traded lower following prior retracement near the resistance level at 26.40. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 23.15.
Resistance level: 26.40, 28.75
Support level: 23.15, 20.10
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1695.15. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1709.45.
Resistance level: 1709.45, 1718.20
Support level: 1695.15, 1683.50