{"id":174617,"date":"2021-05-21T00:44:51","date_gmt":"2021-05-21T00:44:51","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=174617"},"modified":"2021-05-21T00:44:51","modified_gmt":"2021-05-21T00:44:51","slug":"210521-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210521-morning-session-analysis\/","title":{"rendered":"210521 Morning Session Analysis"},"content":{"rendered":"

21 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

US dollar slumps back down.<\/strong><\/span><\/p>\n

Greenback retraced from its previous high levels as investors digested Federal Reserve signals with regards to monetary policy tightening. As of writing, the dollar index was down by 0.02% to 89.89 during Asian trading session. From the meeting minutes, several Fed officials commented to discuss with regards to tapering its bond purchasing program if US economy recovers substantially from the pandemic. However, investors realized that such action would require a significant timeframe as recent economic data from the US shows a rather mediocre recovery. For the month of May, Philadelphia Fed Manufacturing Index slumped from 50.2 to 31.5, significantly lower than forecast of 43.0. The depreciation in manufacturing activity arises from the difficulty of hiring new workers after Philadelphia raises its total number of working hours. In addition, the shortage of raw materials due to coronavirus pandemic has also led to a lower manufacturing activity in the region.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price slump more than 5% on yesterday to $61.98 per barrel. According to SCMP, both Israel and Gaza have agreed to ceasefire as of 2AM this morning, diminishing the risk of oil supply disruption from the region. On the other hand, gold price fell by 0.06% to $1,875.84 a troy ounce due to diminishing tensions in between Israel and Gaza.<\/p>\n

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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\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
14:00<\/td>\nGBP – Retail Sales (MoM) (Apr)<\/td>\n5.4%<\/td>\n4.0%<\/td>\n–<\/td>\n<\/tr>\n
15:30<\/td>\nEUR – German Manufacturing PMI (May)<\/td>\n66.2<\/td>\n65.8<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP – Manufacturing PMI (May)<\/td>\n60.7<\/td>\n60.7<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP – Services PMI (May)<\/td>\n60.1<\/td>\n60.1<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD – Core Retail Sales (MoM) (Mar)<\/td>\n4.8%<\/td>\n2.0%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – Existing Home Sales (Apr)<\/td>\n6.01M<\/td>\n6.09M<\/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, H1: <\/strong>Dollar index was lower following a retracement near 90.20. MACD which illustrate bearish signal suggests the index to be traded lower after closing below 89.70.<\/p>\n

 <\/p>\n

Resistance level: 90.00, 90.20<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following a rebound from 1.4105. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.<\/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 a rebound from 1.2170. MACD which illustrate bullish signal suggests the pair to be traded higher after closing above 1.2230.<\/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 higher following prior rebound from 0.7700. MACD which illustrate bullish suggests the pair to be traded higher in short-term.<\/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 higher following prior rebound from 0.7145. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.<\/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 lower following prior retracement from the higher level. MACD which illustrate bearish signal suggests the pair to be traded lower 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. However, MACD which shows the formation of bearish signal suggest the pair to be traded lower in short-term.<\/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 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: 63.25, 64.70<\/p>\n

Support level: 62.10, 60.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower following a retrace from the higher level. MACD which illustrate bearish 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","protected":false},"excerpt":{"rendered":"

21 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   US dollar slumps back down. Greenback retraced from its previous high levels as investors digested Federal Reserve signals with regards to monetary policy tightening. As of writing, the dollar index was down by 0.02% to 89.89 during Asian trading session. From the meeting minutes, several Fed officials commented […]<\/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\/174617"}],"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=174617"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/174617\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=174617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=174617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=174617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}