27 May 2021 Morning Session Analysis
New Zealand Dollar surged following the RBNZ rate statement.
New Zealand Dollar surged significantly over the backdrop of hawkish statement from the Reserve Bank of New Zealand yesterday. According to its monetary policy statement, the Monetary Policy Committee agreed to maintain the current stimulatory level of monetary settings in order to achieve its inflation and employment objectives. In fact, they keep its interest rate at 0.25% while
Maintaining the Large-Scale Asset Purchase and Funding for Lending programmed unchanged. Besides, the MPC reiterated that the global economic outlook has continued to improve, with ongoing fiscal and monetary stimulus underpinning the recovery. The economics of the New Zealand is benefited by the rise of commodity prices in global, which spurring positive prospect for the New Zealand’s export profit. Indeed, the MPC also claimed the aggregate level of employment has also proved resilient, while fiscal spending continues to support domestic economic activity. As of writing, NZD/USD surged 0.04% to 0.7276.
In the commodities market, the crude oil price appreciated by 0.05% to $66.10 per barrel as of writing following the Energy Information Administration (EIA) reported that the U.S. Crude Oil Inventories had notched down significantly from the previous reading of -0.426M to -1.662M, better than the market forecast at -1.050M. On the other hand, the gold price slumped 0.05% to $1,895.90 per troy ounces as of writing amid the rising US Treasury yield had insinuated the appeal for the US Dollar.
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 – Core Durable Goods Orders (MoM) (Apr) | 2.3% | 0.7% | – |
| 20:30 | USD – GDP (QoQ) (Q1) | 6.4% | 6.5% | – |
| 20:30 | USD – Initial Jobless Claims | 444K | 425K | – |
| 22:00 | USD – Pending Home Sales (MoM) (Apr) | 1.9% | 1.1% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.10. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 90.10, 90.70
Support level: 89.55, 89.10
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.4115. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.4130, 1.4335
Support level: 1.4115, 1.4000
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2235. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2165.
Resistance level: 1.2235, 1.2340
Support level: 1.2165, 1.2065
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.20. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 109.20, 109.65
Support level: 108.55, 108.10
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7780. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7715.
Resistance level: 0.7780, 0.7815
Support level: 0.7715, 0.7685
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7300. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7240.
Resistance level: 0.7300, 0.7360
Support level: 0.7240, 0.7155
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.2040. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2265.
Resistance level: 1.2265, 1.2400
Support level: 1.2040, 1.1840
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8950. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9075, 0.9155
Support level: 0.8950, 0.8875
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 66.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 66.50, 67.80
Support level: 64.85, 63.60
GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1876.45. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1923.10, 1958.95
Support level: 1876.45, 1829.85