{"id":174345,"date":"2021-05-20T00:53:01","date_gmt":"2021-05-20T00:53:01","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=174345"},"modified":"2021-05-20T00:53:01","modified_gmt":"2021-05-20T00:53:01","slug":"200521-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/200521-morning-session-analysis\/","title":{"rendered":"200521 Morning Session Analysis"},"content":{"rendered":"

20 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

Fed to discuss tapering soon.<\/strong><\/span><\/p>\n

Greenback rebounds sharply from its lower levels following the release of FOMC Meeting Minutes earlier today. According to the minutes for the month of April, several Federal Reserve officials has suggested to discuss tapering their current bond purchasing program over the backdrop of a strong economic upturn in the United States. However, it is worth noting that the suggestion is given before the release of April\u2019s Nonfarm Payrolls report which shows the least addition of jobs into the market. Several officials commented that the total amount of bond purchases that were being made should be tapered off in order to avoid exceedingly high inflationary pressure in the near future. However, Fed official James Bullard commented on yesterday that the case for taper discussion is far too early and they would need more time to monitor the economy to ensure stability. Likewise, Bullard also commented that their projection towards the economy would become clearer after healthcare crisis in the US have been resolved. As of writing, the US dollar notched up 0.02% to 90.11 during Asian trading session.<\/p>\n

 <\/p>\n

For commodities, crude oil price slumped 0.04% to $68.35 per barrel. Oil futures received bearish pressure following a significant increase of coronavirus cases in the Asian region which may dampen the outlook for oil demand. On the other hand, gold price was down 0.05% to $1,868.40 a troy ounce due to stronger greenback.<\/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

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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 – Initial Jobless Claims<\/td>\n473K<\/td>\n450K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Philadelphia Fed Manufacturing Index (May)<\/td>\n50.2<\/td>\n43.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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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 bullish signal suggests the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 90.25, 90.45<\/p>\n

Support level: 90.00, 89.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following a retracement from 1.4180. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term after closing below 1.4105.<\/p>\n

 <\/p>\n

Resistance level: 1.4180, 1.4255<\/p>\n

Support level: 1.4105, 1.4025<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following a retrace from 1.2230. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below 1.2170.<\/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 after closing above 109.25.<\/p>\n

 <\/p>\n

Resistance level: 109.25, 109.45<\/p>\n

Support level: 109.00, 108.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 0.7755, 0.7805<\/p>\n

Support level: 0.7700, 0.7655<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retrace from 0.7270. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 0.7190, 0.7240<\/p>\n

Support level: 0.7145, 0.7110<\/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: 1.2180, 1.2270<\/p>\n

Support level: 1.2080, 1.2010<\/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 signal suggest the pair to be traded higher after closing above 0.9045.<\/p>\n

 <\/p>\n

Resistance level: 0.9045, 0.9070<\/p>\n

Support level: 0.9025, 0.9000<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was higher following a rebound from the lower level. MACD which illustrate diminished downward momentum suggests its price to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 64.40, 65.50<\/p>\n

Support level: 63.25, 62.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following a retrace from the higher level. MACD which illustrate bearish signal suggests its price to extended losses after closing below 1863.25.<\/p>\n

 <\/p>\n

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

Support level: 1863.25, 1845.00<\/p>\n","protected":false},"excerpt":{"rendered":"

20 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   Fed to discuss tapering soon. Greenback rebounds sharply from its lower levels following the release of FOMC Meeting Minutes earlier today. According to the minutes for the month of April, several Federal Reserve officials has suggested to discuss tapering their current bond purchasing program over the backdrop of […]<\/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\/174345"}],"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=174345"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/174345\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=174345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=174345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=174345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}