19 May 2021 Afternoon Session Analysis
New Zealand Kiwi rose on New Zealand Budget speech.
During late Asian session, the New Zealand dollar which traded against the dollar and other currency pairs have pick up bid after New Zealand Finance Minister Grant Robertson unveiled the annual 2021 budget early Thursday. According to reports, New Zealand (NZ) Finance Minister Robertson stated that the long-term effects of pandemic not as severe as previously thought while releasing the annual budget for 2021. The key financial statement upwardly revised the GDP forecast from its Half Year Economic Forecast Update (HYEFU) while also expecting a gradual reduction in the fiscal deficit. He forecast GDP for 2021 will reach 2.9%. At the time of writing, NZD/USD rose 0.06% to 0.7171.
In the commodities market, crude oil price fell 0.05% to $63.44 a troy ounce as of writing on the backdrop of rising coronavirus cases and U.S stockpiles. In India, almost two-thirds of people tested in Indian show exposure to the coronavirus, suggesting a spiraling spread of the virus as the daily death toll rose to a record 4,529. On top of that, data also showed that U.S stockpiles have increased. On the other hand, gold price slips 0.03% to 1875.75 a troy ounce at the time of writing following dollar strength.
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 |
| 20:30 | USD – Initial Jobless Claims | 473K | 450K | – |
| 20:30 | USD – Philadelphia Fed Manufacturing Index (May) | 50.2 | 43.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 89.80. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains towards the resistance level 90.45.
Resistance level: 90.45, 91.30
Support level: 89.80, 89.25
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.4100. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level 1.4100.
Resistance level: 1.4165, 1.4215
Support level: 1.4100, 1.4025
EURUSD, H4: EURUSD was traded lower following recent breakout below the previous support level 1.2180. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.2130.
Resistance level: 1.2230, 1.2290
Support level: 1.2180, 1.2130
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 109.05. MACD which illustrate bullish momentum signal with the formation of golden cross 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 near the support level 0.7145. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7225, 0.7280
Support level: 0.7145, 0.7065
USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.2135. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2135, 1.2270
Support level: 1.2030, 1.1915
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9020. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.9080.
Resistance level: 0.9080, 0.9135
Support level: 0.9020, 0.8950
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 64.25. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 62.35.
Resistance level: 64.25, 66.60
Support level: 62.35, 60.75
GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1877.00. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1877.00, 1894.55
Support level: 1863.25, 1846.00