{"id":119823,"date":"2020-05-18T00:14:55","date_gmt":"2020-05-18T00:14:55","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=119823"},"modified":"2020-05-18T00:14:55","modified_gmt":"2020-05-18T00:14:55","slug":"180520-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/180520-morning-session-analysis\/","title":{"rendered":"180520 Morning Session Analysis"},"content":{"rendered":"

18 May 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar drops as stimulus plan passed in US House of Representative.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies slumped following US House of Representative approved the new round of stimulus program on last Friday. Since the outbreak of Covid-19, US government and Federal Reserves had cooperated to implement different types of stimulus program in order to relief the pressure of this pandemic toward the local businesses and household. Hence, this round of new relief program which amounted to $3 trillion also serves the same purposes of combating the negative effect of virus against US economy. However, this relief package is expected to face barrier and likely unable to get the final approval in the level of House of Senate as majority members of the Republican Party disagree to this new aid package. Besides, US white house also revealed that he will veto the plan as the measure\u2019s design is unsuitable to US economy. Nonetheless, a new round of relief package can be foreseen in the upcoming weeks as Trump\u2019s tone showed his support toward an implementation of new stimulus program. As of writing, dollar index drops 0.02% to 100.35.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices soars 2.95% to $30.40 per barrel as investor confidence toward this black commodity market rose following hawkish tone from OPEC. In an interview with Bloomberg, OPEC secretary Mohammed Barkindo revealed that worst oil crisis has over and it is behind the world now. Besides, gold prices appreciate by 0.40% to $1750.20 a troy ounce amid weakening of dollar index.<\/p>\n

 <\/p>\n

Today\u2019s Holiday Market Close<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Victoria Day<\/p>\n

 <\/p>\n

Today\u2019s Highlight Events<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Technical Analysis<\/u><\/strong><\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level at 99.75. MACD which illustrate bullish bias momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 100.85.<\/p>\n

 <\/p>\n

Resistance level: 100.85, 102.90<\/p>\n

Support level: 99.75, 98.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.2115. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2010.<\/p>\n

 <\/p>\n

Resistance level: 1.2115, 1.2215<\/p>\n

Support level: 1.2010, 1.1890<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.0830.<\/p>\n

 <\/p>\n

Resistance level: 1.0830, 1.0940<\/p>\n

Support level: 1.0765, 1.0655<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower following prior retracement near the resistance level at 107.20. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 106.25.<\/p>\n

 <\/p>\n

Resistance level: 107.20, 108.20<\/p>\n

Support level: 106.25, 105.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.6555. MACD which illustrates bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.6370.<\/p>\n

 <\/p>\n

Resistance level: 0.6555, 0.6705<\/p>\n

Support level: 0.6370, 0.6180<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.5920. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.5995.<\/p>\n

 <\/p>\n

Resistance level: 0.5995, 0.6065<\/p>\n

Support level: 0.5920, 0.5850<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.4120. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3980.<\/p>\n

 <\/p>\n

Resistance level: 1.4120, 1.4240<\/p>\n

Support level: 1.3980, 1.3855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9710. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.9750, 0.9795<\/p>\n

Support level: 0.9710, 0.9660<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 30.50. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 30.50.<\/p>\n

 <\/p>\n

Resistance level: 30.50, 33.00<\/p>\n

Support level: 28.75, 26.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound near the support level at 1738.15. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1757.60.<\/p>\n

 <\/p>\n

Resistance level: 1757.60, 1766.35<\/p>\n

Support level: 1738.15, 1726.05<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

18 May 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar drops as stimulus plan passed in US House of Representative. Dollar index which gauges its value against a basket of six major currencies slumped following US House of Representative approved the new round of stimulus program on last Friday. Since the outbreak of Covid-19, US government and […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/119823"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=119823"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/119823\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=119823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=119823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=119823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}