28 May 2020 Afternoon Session Analysis
Aussie regains momentum following RBA Lowe optimism.
The Australian dollar which traded against the greenback and other currency pairs have jumped during late Asian session amid RBA Lowe praised the economic package. According to the reports, RBA Governor Philip Lowe stated that the central bank’s stimulus package delivered in March is are yielding desired results. Besides that, he also added that the central bank intends to keep to expand its monetary policy until evidence of jobs growth emerges. The comments help lifted the sentiment for the Aussie. However, due to the ongoing tension between the U.S and China, investors remain cautious ahead while waiting for further development as Australia is the biggest trading partner to China. At the time of writing, AUD/USD gains 0.03% to 0.6617.
In the commodities market, crude oil price fell 0.43% to $11.62 per barrel as of writing amid rising inventories in U.S crude oil. According to American Petroleum Institute, crude stocks rose by 8.7 million barrels in the week to May 22, compared with analysts’ expectations for a draw of 1.9 million barrels. On the other hand, gold price recovers and edge higher 0.26% to $1713.65 a troy ounce at the time of writing amid dollar weakness and the escalating tension between U.S and China support the demand for the safe-haven gold at the moment.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Durable Goods Orders (MoM)(Apr) | -0.6% | -14.0% | – |
| 20:30 | USD – GDP (QoQ)(Q1) | -4.8% | -4.8% | – |
| 20:30 | USD – Initial Jobless Claims | 2,438K | 2,100K | – |
| 22:00 | USD – Pending Home Sales (MoM)(Apr) | -20.8% | -15.0% | – |
| 23:00 | CrudeOIL – Crude Oil Inventories | -4.983M | -2.500M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 98.80. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 100.40, 101.65
Support level: 98.80, 97.10
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2265. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout below the support level.
Resistance level: 1.2265, 1.2305
Support level: 1.2215, 1.2170
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0965. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1065.
Resistance level: 1.1065, 1.1165
Support level: 1.0965, 1.0840
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.85. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 107.85, 108.50
Support level: 107.10, 106.10
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6640. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6640, 0.6790
Support level: 0.6435, 0.6260
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6155. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6215, 0.6270
Support level: 0.6155, 0.6105
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3720. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3890, 1.4085
Support level: 1.3720, 1.3540
USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9635. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9735.
Resistance level: 0.9735, 0.9835
Support level: 0.9635, 0.9505
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 31.30. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 34.25, 36.05
Support level: 31.30, 29.05
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1717.40. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1717.40, 1734.25
Support level: 1696.70, 1671.30