{"id":15648,"date":"2017-05-23T03:09:27","date_gmt":"2017-05-23T03:09:27","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=15648"},"modified":"2017-05-23T03:09:27","modified_gmt":"2017-05-23T03:09:27","slug":"230517-daily-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/230517-daily-analysis\/","title":{"rendered":"230517 Daily Analysis"},"content":{"rendered":"

23 May 2017\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Daily Analysis<\/strong><\/p>\n

 <\/p>\n

Merkel: \u201cEuro is too weak!\u201d<\/strong><\/span><\/p>\n

Euro hovered near six-months high against the US counterpart on Tuesday after German Chancellor Angela Merkel said that the currency was \u201ctoo\u201d weak. Pair of EUR\/USD held steady around $1.1241 as of writing. Merkel stated that the common currency is weak due to European Central Bank\u2019s monetary policy, pointing out that it has helped to explain Germany\u2019s relatively high trade surplus. The chancellor\u2019s comment provides fresh momentum to the Euro which has been on a bullish train since French presidential election earlier this month. \u201cWhile recent diminished French political risk and speculation of ECB policy shift have helped the common currency, the biggest support factor lies on the broader weakness of dollar in wake of Trump-Russia saga,\u201d said Junichi Ishikawa, senior strategist at Tokyo. Likewise, the dollar index eased 0.03% to 96.79, drifting near six-months low of 96.65 against other major peers. The greenback receives broad selling pressure following higher uncertainty in the US political climate which may hinder US Federal Reserve\u2019s ability to raise their interest rates this year.<\/p>\n

 <\/p>\n

Glancing through the commodities market, crude oil price held firm at $51.10 per barrel on expectation that an OPEC-led production cut would be extended till next March. However, upward momentum remained subdued as analyst commented that economic slowdown may cloud mid-term outlook for crude market. Otherwise, gold price added up 0.12% to $1,262.01 following broader weakness on the 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 Event<\/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

17:00 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0GBP \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Inflation Report Hearings<\/p>\n

 <\/p>\n

\u00a0<\/u><\/p>\n

Today\u2019s Highlight Economy Data<\/u><\/p>\n\n\n\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>\nEUR \u2013 German GDP (QoQ) (Q1)<\/td>\n0.6%<\/td>\n0.6%<\/td>\n–<\/td>\n<\/tr>\n
15:30<\/td>\nEUR \u2013 German Manufacturing PMI (May)<\/td>\n58.2<\/td>\n58.0<\/td>\n–<\/td>\n<\/tr>\n
16:00<\/td>\nEUR \u2013 German Ifo Business Climate Index (May)<\/td>\n112.9<\/td>\n113.1<\/td>\n–<\/td>\n<\/tr>\n
16:00<\/td>\nEUR \u2013 Manufacturing PMI (May)<\/td>\n56.7<\/td>\n56.5<\/td>\n–<\/td>\n<\/tr>\n
16:00<\/td>\nEUR \u2013 Markit Composite PMI (May)<\/td>\n56.8<\/td>\n56.6<\/td>\n–<\/td>\n<\/tr>\n
16:00<\/td>\nEUR \u2013 Services PMI (May)<\/td>\n56.4<\/td>\n56.4<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 New Home Sales (Apr)<\/td>\n621K<\/td>\n610K<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/td>\nCrude Oil \u2013 API Weekly Crude Oil Stock<\/td>\n0.882M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/u><\/p>\n

 <\/p>\n

GBPUSD<\/u><\/strong><\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD remains traded within a downward channel following prior retracement from the top level of the channel. A closure below the strong support level of 1.2980 would suggest GBPUSD to advance further down, towards the lower level of the channel thereafter.<\/p>\n

 <\/p>\n

Resistance level: 1.3050, 1.3100<\/p>\n

Support level: 1.2980, 1.2925<\/p>\n

 <\/p>\n

 <\/p>\n

EURUSD<\/u><\/strong><\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD extended its uptrend following prior expansion of both moving average line while heading upwards. Currently, it is testing near prior peak at 1.1260. A successful breakout from this level would suggest EURUSD to extend its upward momentum towards the next target of resistance level at 1.1345.<\/p>\n

 <\/p>\n

Resistance level: 1.1260, 1.1345<\/p>\n

Support level: 1.1160, 1.1070<\/p>\n

 <\/p>\n

 <\/p>\n

USDJPY<\/u><\/strong><\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY remains traded within a small downward channel following prior rebound from the bottom level of the channel. A closure above the 20-moving average line (red) would suggest USDJPY to be traded higher in short-term, towards the upper level of the channel.<\/p>\n

 <\/p>\n

Resistance level: 111.55, 112.00<\/p>\n

Support level: 111.00, 110.50<\/p>\n

 <\/p>\n

 <\/p>\n

CrudeOIL<\/u><\/strong><\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price remains traded within a tight range of 50.70 and 51.30 while currently closed below the 20-moving average line (red). Recent closure suggests crude oil price to be traded lower in short-term, towards the support level of 50.70. Likewise, long-term trend direction could only be determined after a successful breakout from either side of the range.<\/p>\n

 <\/p>\n

Resistance level: 51.30, 51.80<\/p>\n

Support level: 50.70, 50.10<\/p>\n

 <\/p>\n

 <\/p>\n

GOLD<\/u><\/strong><\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price regained its upward momentum following prior rebound from the 20-moving average line (red). With regards to the MACD histogram which begins to illustrate upward signal, a closure above the strong resistance level of 1264.15 would suggest an extension of upward momentum for gold price.<\/p>\n

 <\/p>\n

Resistance level: 1264.15, 1277.85<\/p>\n

Support level: 1254.50, 1244.85<\/p>\n","protected":false},"excerpt":{"rendered":"

23 May 2017\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Daily Analysis   Merkel: \u201cEuro is too weak!\u201d Euro hovered near six-months high against the US counterpart on Tuesday after German Chancellor Angela Merkel said that the currency was \u201ctoo\u201d weak. Pair of EUR\/USD held steady around $1.1241 as of writing. Merkel stated that the common currency is weak due to European […]<\/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\/15648"}],"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=15648"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/15648\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=15648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=15648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=15648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}