{"id":122319,"date":"2020-05-27T05:16:50","date_gmt":"2020-05-27T05:16:50","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=122319"},"modified":"2020-05-27T05:16:50","modified_gmt":"2020-05-27T05:16:50","slug":"270520-morning-session-analysis-2","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/270520-morning-session-analysis-2\/","title":{"rendered":"270520 Morning Session Analysis"},"content":{"rendered":"

27 May 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

US Dollar surged over the US-China tension.<\/strong><\/span><\/p>\n

The Dollar index which traded against a basket of six major currency pairs appreciated as investors\u2019 fears upon the U.S. response to China\u2019s proposed security law for Hong Kong, which stoked a shift in sentiment toward safe-haven currency. Meanwhile, the global financial markets have been caught in a tug-of-war between optimism and pessimism about the global outlook. Some investors are speculating on hopes of positive prospect for economic momentum after the few countries had decided to reopen the economy, though others worry the threat of the U.S. sanction against China for its treatment of Hong Kong could be diminishing risk appetite. According to Reuters, the Trump\u2019s administration is considering sanctions on Chinese official, while the U.S. President Donald Trump reiterated that the U.S. will announce its response toward China\u2019s planned security bill before the end of the week. Nonetheless, at this time investors would continue to scrutinize the latest updates with regards of the trade tensions between U.S. and China in order to receive further trading signal. On the economic data front, the US Dollar received further bullish momentum over the backdrop of the positive data from the U.S. region. According to Census Bureau, the U.S. New Home Sales notched up from the preliminary reading of 619K to 623K, exceeding the economist forecast at 490K. As of writing, the Dollar index surged 0.22% to 99.06.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price appreciated by 0.25% to $34.06 per barrel as of writing. The oil market edged higher as market participants expected the oil production cut from OPEC and its allies would able to tackle a supply glut due to the coronavirus crisis. On the other hand, the gold price slumped 0.16% to $1708.45 per troy ounces amid strengthening US Dollar.<\/p>\n

 <\/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

15.30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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 ECB President Lagarde Speaks<\/p>\n

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

N\/A<\/p>\n

 <\/p>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level at 98.95. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 98.95.<\/p>\n

 <\/p>\n

Resistance level: 100.65, 101.95<\/p>\n

Support level: 98.95, 98.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2305.<\/p>\n

 <\/p>\n

Resistance level: 1.2370, 1.2435<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.0995. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.0940.<\/p>\n

 <\/p>\n

Resistance level: 1.0995, 1.1025<\/p>\n

Support level: 1.0940, 1.0885<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 107.20.<\/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 breakout above the previous resistance level at 0.6555. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.6705.<\/p>\n

 <\/p>\n

Resistance level: 0.6705, 0.6810<\/p>\n

Support level: 0.6555, 0.6370<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement near the resistance level at 0.6205. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6150.<\/p>\n

 <\/p>\n

Resistance level: 0.6205, 0.6250<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>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.<\/p>\n

 <\/p>\n

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

Support level: 1.3670, 1.3380<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9650. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9710.<\/p>\n

 <\/p>\n

Resistance level: 0.9710, 0.9740<\/p>\n

Support level: 0.9650, 0.9575<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing near the resistance level at 34.35. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 34.35.<\/p>\n

 <\/p>\n

Resistance level: 34.35, 38.00<\/p>\n

Support level: 31.25, 28.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior breakout below the previous support level at 1709.45. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1695.15.<\/p>\n

 <\/p>\n

Resistance level: 1709.45, 1718.20<\/p>\n

Support level: 1695.15, 1683.50<\/p>\n","protected":false},"excerpt":{"rendered":"

27 May 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   US Dollar surged over the US-China tension. The Dollar index which traded against a basket of six major currency pairs appreciated as investors\u2019 fears upon the U.S. response to China\u2019s proposed security law for Hong Kong, which stoked a shift in sentiment toward safe-haven currency. Meanwhile, the global […]<\/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\/122319"}],"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=122319"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/122319\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=122319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=122319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=122319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}