28 May 2019 Morning Session Analysis
Dollar higher during holiday, euro holds ground.
Dollar index measuring against a basket of six major currency pairs was traded higher by 0.14% to 97.56 as US stock market was closed prior to their Memorial Day. Dollar was recently pressured by poor housing data last week, causing the index to retrace from its 2-year high while investors await further economic data such as today’s CB Consumer Confidence to gauge the market. A further set of weak data may fuel uncertainties in the market that the Federal Reserve may consider to cut rate before the year end. In other news, the pair of EUR/USD inched lower by 0.03% to 1.1191, holding steadily after the results of EU elections showed pro-EU parties successfully holding on to two-thirds of the seats, eliminating fears of EU-skeptic takeover in the Eurozone. Besides that, EU trade ministers will meet in Brussels to discuss ways to avoid their automobile being tariffed by the US which would further dampen the euro sentiment.
As for commodities market, crude oil price ticked higher by 0.03% to $59.03 per barrel. Escalating tensions between US and Iran following Friday’s announcement from Washington stating that they are planning to deploy more troops to the Middle East had heightened prospect of supply disruptions, causing investors to buy oil. Besides, gold price fell by 0.11% to $1283.50 a troy ounce amid stronger 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 | Market & Data | Previous | Forecast | Actual |
| 13:45 | CHF – GDP (QoQ) (Q1) | 0.2% | 0.3% | – |
| 22:00 | USD – CB Consumer Confidence (May) | 129.2 | 130.1 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level of 97.60. MACD which illustrate bullish signal suggests the index to extend its gains after closing above 97.60.
Resistance level: 97.60, 98.00
Support level: 97.40, 97.00
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2695. MACD which illustrate diminishing bullish momentum suggests the pair to be extend its losses toward the support level at 1.2630.
Resistance level: 1.2695, 1.2745
Support level: 1.2630, 1.2555
EURUSD, H4: EURUSD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum and death cross suggests the pair to extend its losses toward the support level at 1.1170.
Resistance level: 1.1210, 1.1245
Support level: 1.1170, 1.1125
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.55. MACD which illustrate bullish signal suggests the pair to extend its gains after successfully breakout above the resistance of 109.55.
Resistance level: 109.55, 110.05
Support level: 109.25, 108.80
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6915. However, MACD which illustrate diminishing bullish momentum suggests the pair to undergo short term technical correction toward the support level at 0.6915.
Resistance level: 0.6960, 0.6995
Support level: 0.6915, 0.6865
NZDUSD, H1: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6545. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6585.
Resistance level: 0.6585, 0.6630
Support level: 0.6545, 0.6505
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance of 1.3450. MACD which illustrate bearish bias momentum suggest the pair to extend its retracement toward the support level at 1.3415.
Resistance level: 1.3450, 1.3475
Support level: 1.3415, 1.3390
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 1.0050. However, MACD which illustrate bullish signal suggests the pair to be trade higher in short term toward the resistance level at 1.0050.
Resistance level: 1.0050, 1.0100
Support level: 1.0005, 0.9965
CrudeOIL, H4: Crude oil price was traded higher while currently testing the 20 Moving average line (Red). MACD which illustrate bullish signal suggest the pair to extend its gains after successfully breakout the 20 Moving average line (Red).
Resistance level: 59.70, 60.50
Support level: 58.25, 57.05
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1288.50. MACD which illustrate diminishing bullish momentum suggest its prices to extend its losses toward the support level at 1278.45.
Resistance level: 1288.50, 1294.05
Support level: 1278.45, 1272.45