15 May 2020 Morning Session Analysis
Dollar surged despite weak job data.
Dollar index which gauges its value against a basket of six major currencies was traded higher as Fed positive comment regarding the interest rate pace continues boosting the dollar index, outweigh the negative sentiment that exerted by weaker-than-expected job data. According to the Department of Labour, US initial jobless claims came in at 2,981K, blowing the economist forecast of 2,500K, indicating that labour market remains vulnerable and weak amid fallout of Covid-19 against US economy. Since the beginning of pandemic started to attack the entire economy, US economy has been hammered enormously while sending it into freeze phrase. The pandemic of virus has precipitated US implement country’s lockdown, urging companies and factories to shutdown in order to limit the spread of virus. Eventually, higher number of Americans filed for unemployment insurance claims which can be obviously seen in recent job data. Nonetheless, recent comment from Federal Reserve chairman Jerome Powell is still igniting the investor confidence toward the dollar market. As of writing, dollar index rose 0.02% to 100.25.
In the commodities market, crude oil prices appreciates 0.25% to $27.75 per barrel as this black commodity market is still remain scented amid global oil cut has begun while recent oil inventories data showed unexpected slump in US. Besides, gold price rose by 0.02% to $1730.50 a troy ounce amid market risk appetite eased.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:00 | EUR – German GDP (QoQ)(Q1) | 0.0% | -2.2% | – |
| 20:30 | USD – Core Retail Sales (MoM)(Apr) | -4.2% | -8.6% | – |
| 20:30 | USD – Retail Sales (MoM)(Apr) | -8.4% | -12.0% | – |
| 22:00 | USD – JOLTs Job Openings (Mar) | 6.882M | – | – |
| 01:00
(16th) |
CrudeOIL – U.S. Baker Hughes Oil Rig Count | 292 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 99.75. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 100.85.
Resistance level: 100.85, 102.90
Support level: 99.75, 98.30
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2215. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2305.
Resistance level: 1.2305, 1.2370
Support level: 1.2215, 1.2115
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0765. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.0765.
Resistance level: 1.0830, 1.0940
Support level: 1.0765, 1.0655
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 107.20. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 107.20.
Resistance level: 107.20, 108.20
Support level: 106.25, 105.55
AUDUSD, Daily: AUDUSD was traded lower while currently testing the 20 moving average line (Red). MACD which illustrates bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the moving average line.
Resistance level: 0.6555, 0.6705
Support level: 0.6370, 0.6180
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.5995. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6065.
Resistance level: 0.6065, 0.6150
Support level: 0.5995, 0.5945
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4120. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3980.
Resistance level: 1.4120, 1.4240
Support level: 1.3980, 1.3855
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9750. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9710.
Resistance level: 0.9750, 0.9795
Support level: 0.9710, 0.9660
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 26.40. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 28.75.
Resistance level: 28.75, 30.50
Support level: 26.40, 23.15
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1738.15. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 1726.05.
Resistance level: 1738.15, 1757.60
Support level: 1726.05, 1718.20