27 May 2019 Morning Session Analysis
Greenback shrunk amid inferior data.
Dollar index which gauge its value against a basket of six major currencies tumbled amid downbeat data which continues to deteriorate the market sentiment toward greenback. According to Census Bureau, US Core Durable Goods Orders came in at a reading of 0.0%, weaker than economists’ forecast of 0.2% and indicating that US economy is losing its upward momentum. The escalating trade war between two largest economy and weak data in US have heightened the market’s participant expectation of rate cut by Federal Reserve sooner or later. Dollar index edged down 0.04% to 97.35 during early Asian trading hours. On the other hand, the pair of GBP/USD surged 0.07% to 1.2720 following UK Prime Minister Theresa May announcement last Friday that she will be stepping down on 7th June. After 3 years of effort contributed by Theresa May in exiting the European Union, May ultimately failed to endure the pressure from the parliamentary members and eventually decided to step down. As of now, majority of the investor are focusing on UK leadership contest and a new leader is anticipated by the end of July.
As for commodities market, crude oil price quoted down 0.32% to $58.65 per barrel amid escalating trade tensions increased market’s worries about a possible oil slump. As of now, investors will be paying attention on trade war development while expecting a trade deal can be reached in consensus on June G20 Summit. Besides, gold price inched down 0.03% to $1284.50 a troy ounce amid heightening of investors’ risk appetite.
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 following prior breakout below from previous support level at 97.60. MACD which illustrate persistent bearish momentum suggest index to extend its losses towards the support level 97.00.
Resistance level: 97.60, 97.95
Support level: 97.00, 96.35
GBPUSD, H4: GBPUSD was traded higher following prior breakout above previous resistance level at 1.2690. MACD which display ongoing bullish momentum suggest the pair to extend its gains towards the resistance level 1.2785.
Resistance level: 1.2785, 1.2865
Support level: 1.2690, 1.2615
EURUSD, H4: EURUSD was traded higher after breaking above previous resistance level at 1.1180. Golden cross from both MA-line and bullish momentum from the MACD suggest the pair to extend its gains towards the resistance level 1.1240.
Resistance level: 1.1240, 1.1305
Support level: 1.1180, 1.1120
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 109.15. MACD which display bullish bias signal suggest the pair to extend its rebound towards the resistance level 109.70.
Resistance level: 109.70, 110.20
Support level: 109.15, 108.45
AUDUSD, H4: AUDUSD was traded higher while currently testing the top-level of the sideway channel. MACD which illustrate bullish momentum suggest the pair to extend its gains towards the resistance level 0.6970 after successfully closing above the sideway channel.
Resistance level: 0.6970, 0.7030
Support level: 0.6915, 0.6860
NZDUSD, H4: NZDUSD was traded higher following prior breakout from previous resistance level 0.6540. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace back towards the support level 0.6540.
Resistance level: 0.6580, 0.6635
Support level: 0.6540, 0.6510
USDCAD, H4: USDCAD remained traded in a sideway channel while currently testing the support level at 1.3435. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses after successfully breaking below the support level.
Resistance level: 1.3485, 1.3530
Support level: 1.3435, 1.3380
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 1.0020. MACD which illustrate bullish bias signal suggest the pair to extend its gains after successfully breaking above the resistance level.
Resistance level: 1.0020, 1.0070
Support level: 0.9980, 0.9905
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level 58.45. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after successfully breaking below the support level.
Resistance level: 60.20, 61.80
Support level: 58.45, 56.75
GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1287.85. Both MA-line which illustrate bullish momentum suggest gold to extend its gains after successfully breaking above the resistance level.
Resistance level: 1287.85, 1295.65
Support level: 1278.90, 1272.25