{"id":174058,"date":"2021-05-19T00:39:33","date_gmt":"2021-05-19T00:39:33","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=174058"},"modified":"2021-05-19T00:39:33","modified_gmt":"2021-05-19T00:39:33","slug":"190521-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190521-morning-session-analysis\/","title":{"rendered":"190521 Morning Session Analysis"},"content":{"rendered":"

19 May 2021\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

Market focus on FOMC Meeting Minutes.<\/strong><\/span><\/p>\n

Greenback continues to remain on its backfoot as investors awaits the release of FOMC Meeting Minutes to gauge its near-term trend direction. Previously, Federal Reserve officials reiterated their stance to preserve accommodative monetary policy for longer period of time until all aspects of economy stabilize and achieved its designated target. Likewise, some officials commented that they would require to monitor the current economic recovery momentum in the US to ensure smooth transition and reduces possibility of acting too early. Their comments contradict with market speculation whom are expecting Federal Reserve to tighten their policy earlier than expected due to recent uptick in inflation. However, Fed Chairman Jerome Powell commented that the US economy and its fundamentals are suffice to withstand inflationary pressure past 2% target in order to ensure its stability in the long run. On the other hand, euro extended its gains during Asian trading session after France and Germany announces to loosen restrictive measure over the backdrop of controlled coronavirus transmission. The measure may help to elevate economic recovery momentum in the mid-term and reduces the risk of recession. As of writing, dollar index was down 0.01% to 89.72 while EUR\/USD was up 0.02% to 1.2223.<\/p>\n

 <\/p>\n

As for commodities, crude oil price ticked down 0.05% to $65.27 per barrel. Oil price was overtaken by bearish market following Russian diplomat Mikhail Ulyanov\u2019s suggestion towards Iran to rejoin the global denuclearization treaty in order to preserve peace. Such action may cancel US\u2019s sanction upon Iran which may allow the country to export its oil to other regions. On the other hand, gold price rose 0.02% to $1,868.94 a troy ounce due to weaker US dollar.<\/p>\n

\u00a0<\/u><\/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

02:00 (20th<\/sup>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 FOMC Meeting Minutes<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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 – CPI (YoY) (Apr)<\/td>\n0.7%<\/td>\n1.4%<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR – CPI (YoY) (Apr)<\/td>\n1.6%<\/td>\n1.6%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD – Core CPI (MoM) (Apr)<\/td>\n0.3%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-0.427M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was higher following a rebound near 89.70. MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 90.00, 90.25<\/p>\n

Support level: 89.70, 89.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout at 1.4180. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.4255, 1.4345<\/p>\n

Support level: 1.4180, 1.4105<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.2125. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2230, 1.2270<\/p>\n

Support level: 1.2170, 1.2125<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 109.00, 109.25<\/p>\n

Support level: 108.85, 108.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from 0.7805. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7805, 0.7850<\/p>\n

Support level: 0.7755, 0.7700<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retrace from 0.7270. MACD which illustrate diminished upward momentum suggests the pair to be traded lower as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7240, 0.7270<\/p>\n

Support level: 0.7190, 0.7145<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was higher following prior rebound from lower level. MACD which illustrate bullish divergence signal suggests the pair to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1.2080, 1.2180<\/p>\n

Support level: 1.2010, 1.1900<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded higher following a rebound from the lower level. MACD which shows the formation of bullish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.8985, 0.9000<\/p>\n

Support level: 0.8960, 0.8940<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the higher level. MACD which forms bearish signal suggests its price to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 65.50, 66.50<\/p>\n

Support level: 64.40, 63.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout at the resistance level of 1863.25. However, MACD which illustrate bearish divergence signal suggests its price to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1880.00, 1895.00<\/p>\n

Support level: 1863.25, 1845.00<\/p>\n

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

19 May 2021\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   Market focus on FOMC Meeting Minutes. Greenback continues to remain on its backfoot as investors awaits the release of FOMC Meeting Minutes to gauge its near-term trend direction. Previously, Federal Reserve officials reiterated their stance to preserve accommodative monetary policy for longer period of time until all aspects […]<\/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\/174058"}],"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=174058"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/174058\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=174058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=174058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=174058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}