{"id":122560,"date":"2020-05-28T00:06:46","date_gmt":"2020-05-28T00:06:46","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=122560"},"modified":"2020-05-28T00:06:46","modified_gmt":"2020-05-28T00:06:46","slug":"280520-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/280520-morning-session-analysis\/","title":{"rendered":"280520 Morning Session Analysis"},"content":{"rendered":"

28 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

Euro skyrocketed as EU set to unveil new round of recovery plan.<\/strong><\/span><\/p>\n

Among all the major currencies market, euro was managed to continue ride on bullish trend while hitting the highest level in almost two months following European Union proposed a new stimulus plan to save Europe countries from the fallout of pandemic. Since the outbreak of Covid-19, ECB and EU government have cooperated closely to implement different types of economic stimulus plan to limit the negative effect of virus toward their countries. Yesterday, European Union Chief Ursula von der Leyen unveiled a post-coronavirus recovery plan which worth 750 million of euro, in light of the economic downturn caused by the pandemic. However, the plan is still unknown as the final decision will be made on the upcoming EU Summit. In the meanwhile, hawkish tone from ECB Chairman Christine Lagarde toward the economy prospect has also further lifted up the appeal of euro market. In a report, Christine Lagarde stated that she was not overly concerned that the coronavirus pandemic could renew the danger of the Eurozone breaking up. AS of writing, the pair of EUR\/USD rose 0.05% to 1.1010.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price depreciates by 0.37% to $32.10 per barrel as Russia plans to raise production. According to a report, it stated that Russia plans to start easing oil production cuts after the end of June, suppressing the price of crude oil future below $35.00 per barrel. Besides, gold price rose by 0.05% to $1709.95 a troy ounce amid weakening of 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

N\/A<\/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
20:30<\/td>\nUSD \u2013 Core Durable Goods Orders (MoM)(Apr)<\/td>\n-0.6%<\/td>\n-14.0%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 GDP (QoQ)(Q1)<\/td>\n-4.8%<\/td>\n-4.8%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n2,438K<\/td>\n2,100K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Pending Home Sales (MoM)(Apr)<\/td>\n-20.8%<\/td>\n-15.0%<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n-4.983M<\/td>\n-2.500M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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 98.80. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 98.80.<\/p>\n

 <\/p>\n

Resistance level: 99.75, 100.65<\/p>\n

Support level: 98.80, 98.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.2215. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2305.<\/p>\n

 <\/p>\n

Resistance level: 1.2305, 1.2370<\/p>\n

Support level: 1.2215, 1.2160<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1025. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1025.<\/p>\n

 <\/p>\n

Resistance level: 1.1025, 1.1115<\/p>\n

Support level: 1.0980, 1.0940<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>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.<\/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 higher following prior rebound from the support level at 0.6150. However, MACD which illustrates diminishing bullish momentum suggest the pair to undergo technical correction in short term.<\/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 lower following prior retracement from the resistance level at 0.9700. MACD which illustrates bearish momentum signal suggest the pair to extend its losses toward the support level at 0.9650.<\/p>\n

 <\/p>\n

Resistance level: 0.9700, 0.9740<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 31.25. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 31.25.<\/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 higher following prior breakout above the previous resistance level at 1709.45. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1718.20.<\/p>\n

 <\/p>\n

Resistance level: 1718.20, 1726.05<\/p>\n

Support level: 1709.45, 1695.15<\/p>\n","protected":false},"excerpt":{"rendered":"

28 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   Euro skyrocketed as EU set to unveil new round of recovery plan. Among all the major currencies market, euro was managed to continue ride on bullish trend while hitting the highest level in almost two months following European Union proposed a new stimulus plan to save Europe countries […]<\/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\/122560"}],"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=122560"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/122560\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=122560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=122560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=122560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}