24 May 2021 Afternoon Session Analysis
Dollar gains on upbeat data.
During late Asian session, the dollar which traded against a basket of six major currency pairs have rose following recent upbeat U.S manufacturing data. According to Markit Economics, business condition in the manufacturing sector as represented by Manufacturing PMI have rose to 61.5, better than market expectation of 60.2. On top of that, U.S Services PMI also improved to 70.1 against market expectation of 64.5. The data have reinforced market views that the economy will continue to grow at a faster pace in the U.S for the next few years, thus support the demand for the greenback. On the other hand, positive comments from Fed member also help provide extra boost. Fed member Patrick Harker stated that the Fed should start negotiations on volume reductions bond purchases earlier than expected. At the time of writing, dollar index rose 0.03% to 90.03.
In the commodities market, crude oil price extends gains and rose 0.47% to $64.14 per barrel at the time of writing following storm forecast in the gulf. According to U.S National Hurricane, a low-pressure system located over the western Gulf of Mexico with winds of 30-35 miles per hour and has a 60% chance of becoming a cyclone in the next 48 hours. The potential storm could shut down oil production in the Gulf of Mexico. On the other hand, gold price slips 0.11% to $1884.61 a troy ounce at the time of writing following rising dollar strength.
Today’s Holiday Market Close
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Today’s Highlight Events
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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 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 following recent retracement from the resistance level 1.4205. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 1.4100.
Resistance level: 1.4205, 1.4290
Support level: 1.4100, 1.4010
EURUSD, H4: EURUSD was traded flat after recent breakout below the previous support level 1.2180. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower towards the support level 1.2130.
Resistance level: 1.2180, 1.2230
Support level: 1.2130, 1.2065
USDJPY, H4: USDJPY was traded lower following recent retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 108.45.
Resistance level: 109.05, 109.75
Support level: 108.45, 107.60
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7700. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
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 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 remain traded in a sideway channel. Due to lack of clear direction and momentum, it is suggested to wait until further signal appear before entering the market.
Resistance level: 1.2135, 1.2270
Support level: 1.2030, 1.1915
USDCHF, H4: USDCHF remain traded in a sideway channel. Due to lack of clear direction and momentum, it is suggested to wait until further signal appear before entering the market.
Resistance level: 0.9020, 0.9080
Support level: 0.8950, 0.8880
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 64.25. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 62.35.
Resistance level: 64.25, 66.60
Support level: 62.35, 60.75
GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the resistance level 1887.60. However, MACD which illustrate diminishing bearish momentum suggest the commodity to be traded higher after it breaks above the resistance level.
Resistance level: 1887.60, 1909.20
Support level: 1863.25, 1846.00