29 May 2020 Morning Session Analysis
Dollar seesawed amid mixed economic data.
Dollar index which gauge its value against a basket of six major currencies was traded flat, having mixed pattern near the recent low level following a series of economic data released. Prior to now, US Core Durable Goods for the month of April plunges -7.4%, blowing the estimates of economist at -14.0%, while the significant drop was expected as virus has hammered the entire US economy since the outbreak of Covid-19. Nevertheless, downbeat GDP and Initial jobless claims in US has triggered another round of sell-off pressure in dollar market, limiting the currency from a strong rebound. According to Bureau of Economic Analysis, US first quarter GDP came in at -5.0%, worse than the forecasted figure at -4.8%, showing that the economy was struggling in the fallout of novel coronavirus. At the meantime, US labour market was also unable to survive from the pandemic while it unleashed a new wave of employee layoff this week. US Initial jobless claims data shows that the number of Americans filing for unemployment insurance surges by 2,123K amid job cuts by local government and companies amidst the virus pandemic. During Asian early trading session, dollar index notched down by 0.03% to 98.45.
In the commodities market, the crude oil price depreciates by 0.06% to $33.65 per barrel as recent crude oil inventories data showed growing of stockpile in US. According to the EIA , US crude oil inventories level surged by 7.928M, higher than the economist forecast at -1.944M, whereas the stockpile expanded for the first time in three weeks. Besides, gold price rose 0.01% to $1718.95 a troy ounce amid rising of market risk-off sentiment.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
23:00 USD Fed Chair Powell Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:00 | EUR – CPI (YoY)(May) | 0.3% | 0.1% | – |
| 20:30 | CAD – GDP(MoM)(Mar) | 0.0% | -9.0% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 98.25. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 98.25.
Resistance level: 98.80, 99.75
Support level: 98.25, 97.60
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2285. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.2345.
Resistance level: 1.2345, 1.2435
Support level: 1.2285, 1.2215
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1080. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1080.
Resistance level: 1.1080, 1.1115
Support level: 1.1025, 1.0980
USDJPY, Daily: USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 108.20.
Resistance level: 108.20, 109.40
Support level: 107.20, 106.25
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6655. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6655.
Resistance level: 0.6655, 0.6810
Support level: 0.6530, 0.6370
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6205. However, MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6150.
Resistance level: 0.6205, 0.6250
Support level: 0.6150, 0.6065
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3855. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3670.
Resistance level: 1.3855, 1.3980
Support level: 1.3670, 1.3380
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9650. MACD which illustrates bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9700, 0.9740
Support level: 0.9650, 0.9575
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 34.35. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 34.35.
Resistance level: 34.35, 38.00
Support level: 31.25, 28.80
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1718.20. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 1718.20.
Resistance level: 1726.05, 1738.15
Support level: 1718.20, 1709.45