{"id":120166,"date":"2020-05-19T00:10:46","date_gmt":"2020-05-19T00:10:46","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=120166"},"modified":"2020-05-19T00:10:46","modified_gmt":"2020-05-19T00:10:46","slug":"190520-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190520-morning-session-analysis\/","title":{"rendered":"190520 Morning Session Analysis"},"content":{"rendered":"

19 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 sinks amid easing of country lockdown.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies dropped to lowest level in one week as gradual easing of lockdown in countries boosted the risk appetite of investors, prompting investors to shift their capital from cash to equity market. According to the Worldmeter Statistics data, the new confirmed cases in most of the major countries such as France and Germany has reduced significantly while comparing to the time of peak infection. On account of easing in virus spreading among the Europe countries, it has also lifted up the market preferences toward other currencies such as euro. Besides, market participants are remains pessimistic toward the prospect of US dollar as investor foresees a relief package may somehow be implemented in the distant future despite Republican Party shows their disagreement against the recent stimulus plan, which has been approved in the level of House of Representatives. As of writing, dollar index drops 0.78% to 99.60.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices soars 1.30% to $32.85 per barrel as recent positive comment from OPEC Secretary Mohammed Barkindo continues lifting up the appeal of this black commodity market. Moreover, the continuing oil production cut and easing of lockdown also further supported the price of crude oil went higher. Besides, gold prices up 0.13% to $1734.55 a troy ounce amid weakening of US dollar.<\/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

N\/A<\/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\u00a0 Event<\/strong><\/p>\n

22:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Fed Chair Powell Testifies<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
14:00<\/td>\nGBP \u2013 Average Earnings Index + Bonus (Mar)<\/td>\n2.8%<\/td>\n2.6%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP \u2013 Claimant Count Change (Apr)<\/td>\n12.1K<\/td>\n676.5K<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 German ZEW Economic Sentiment (May)<\/td>\n28.2<\/td>\n32.0<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Building Permits (MoM)(Apr)<\/td>\n1.350M<\/td>\n1.000M<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(20th<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n7.580M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior breakout below the previous support level at 99.75. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 98.30.<\/p>\n

 <\/p>\n

Resistance level: 99.75, 100.85<\/p>\n

Support level: 98.30, 97.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.2215. MACD which illustrates bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2215.<\/p>\n

 <\/p>\n

Resistance level: 1.2215, 1.2305<\/p>\n

Support level: 1.2115, 1.2010<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.0885. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.0940.<\/p>\n

 <\/p>\n

Resistance level: 1.0940, 1.1025<\/p>\n

Support level: 1.0885, 1.0830<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 107.20. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 108.20.<\/p>\n

 <\/p>\n

Resistance level: 108.20, 109.40<\/p>\n

Support level: 107.20, 106.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior rebound from the lower level. MACD which illustrates diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6555.<\/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 breakout above the previous resistance level at 0.5995. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6065.<\/p>\n

 <\/p>\n

Resistance level: 0.6065, 0.6150<\/p>\n

Support level: 0.5995, 0.5920<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.3980. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3855.<\/p>\n

 <\/p>\n

Resistance level: 1.3980, 1.4120<\/p>\n

Support level: 1.3855, 1.3670<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9710. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.<\/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 33.00. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 33.00.<\/p>\n

 <\/p>\n

Resistance level: 33.00, 35.30<\/p>\n

Support level: 30.50, 28.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound near the support level at 1726.05. However, MACD which illustrate bearish bias momentum signal suggest the commodity to be traded lower toward the support level at 1726.05.<\/p>\n

 <\/p>\n

Resistance level: 1738.15, 1757.60<\/p>\n

Support level: 1726.05, 1718.20<\/p>\n","protected":false},"excerpt":{"rendered":"

19 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 sinks amid easing of country lockdown. Dollar index which gauges its value against a basket of six major currencies dropped to lowest level in one week as gradual easing of lockdown in countries boosted the risk appetite of investors, prompting investors to shift their capital from cash […]<\/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\/120166"}],"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=120166"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/120166\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=120166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=120166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=120166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}