27 May 2019 Afternoon Session Analysis
Euro rebounds as pro-EU triumphs.
Euro extended its gains during mid-Asian trading session after latest results shows that pro-EU parties are gaining a majority vote in the EU parliamentary elections. As of writing, pair of EUR/USD rose 0.10% to 1.1214. According to the latest results, 2/3 of seats in the EU parliament elections were held by pro-European parties, diminishing the power of nationalist or anti-EU opponents. The results have eroded the motion for anti-immigration and anti-Brussels stance delivered during the National Rally by Marine Le Pen last week whom oppose an attempt to forge a closer EU integration. Due to this, market sentiment towards the EU zone was invigorated due to significant reduction in political and economic risks, thus increasing higher the demand for euro. On the other hand, the dollar index extended its losses by 0.06% to 97.37. Greenback receives bearish pressure amid worries that escalating tension between US and China may derail global economic growth. However, market momentum on Monday remains subdued as London and New York market will be closed for trading due to regional holiday.
As for commodities market, crude oil price plunged more than 1% to $58.27 per barrel. Oil futures were dumped since last week as concerns over global economic downturn rises due to ongoing trade clash between US and China. Otherwise, gold price rose 0.19% to $1,287.32 a troy ounce due to weaker US dollar.
Today’s Holiday Market Close
Time Market Event
All Day USD Memorial Day
All Day GBP Spring Bank Holiday
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 97.40. However, MACD which illustrate diminishing bearish momentum suggest the dollar to experience a technical correction towards the resistance level 97.70.
Resistance level: 97.70, 98.00
Support level: 97.40, 97.05
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.2705. However, MACD which display diminishing bullish momentum suggest the pair to undergo a short-term technical correction towards the support level 1.2705.
Resistance level: 1.2795, 1.2865
Support level: 1.2705, 1.2615
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1215. However, MACD which illustrate diminishing bullish bias suggest the pair to be traded lower as a technical correction towards the support level 1.1175.
Resistance level: 1.1215, 1.1245
Support level: 1.1175, 1.1145
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 109.25. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 109.70.
Resistance level: 109.70, 110.00
Support level: 109.25, 109.05
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.6930. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards the support level 0.6900.
Resistance level: 0.6930, 0.6965
Support level: 0.6900, 0.6865
NZDUSD, H4: NZDUSD was traded higher following recent breakout above the previous resistance level 0.6545. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower as a short term technical correction towards the support level 0.6545.
Resistance level: 0.6570, 0.6600
Support level: 0.6545, 0.6510
USDCAD, H4: USDCAD remained traded in a sideway channel following recent rebound from its low levels. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.3475.
Resistance level: 1.3475, 1.3520
Support level: 1.3415, 1.3380
USDCHF, H4: USDCHF was traded higher following recent rebound from the support level 1.0005. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.0050.
Resistance level: 1.0050, 1.0080
Support level: 1.0005, 0.9965
CrudeOIL, H4: Crude oil price was traded in a sideway channel following recent retracement from the resistance level 59.10. However, MACD which illustrate bullish bias signal suggest the commodity to be traded higher after it breaks above the resistance level 59.10.
Resistance level: 59.10, 60.10
Support level: 57.95, 56.95
GOLD_, H4: Gold price was traded higher while currently retest the resistance level 1287.50. However, MACD which display diminishing bullish momentum suggest the commodity to experience a short-term technical correction towards the support level 1279.10.
Resistance level: 1287.50, 1294.15
Support level: 1279.10, 1272.80