{"id":175485,"date":"2021-05-26T00:04:47","date_gmt":"2021-05-26T00:04:47","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=175485"},"modified":"2021-05-26T00:04:47","modified_gmt":"2021-05-26T00:04:47","slug":"260521-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/260521-morning-session-analysis\/","title":{"rendered":"260521 Morning Session Analysis"},"content":{"rendered":"

26 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

Dollar slumped on bearish economic outlook.<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currency pairs extend its losses over the backdrop of the string of bearish crucial economic data from the U.S. region, which dialled down the market optimism toward the economic progression in the United States while spurring selloff on the US Dollar. According to Conference Board, U.S. CB Consumer Confidence notched down from the preliminary reading of 117.5 to 117.2, missing the economist forecast at 119.2. Meanwhile, Census Bureau reported that the U.S. New Home Sales had declined significantly from the previous reading of 917K to 863K, missing the market forecast at 970K. Besides, the US Dollar received further bearish momentum following the U.S. Treasury yield fell as market participants speculated that the Federal Reserve will still maintain its easing monetary policy plan despite current inflationary forces. Nonetheless, as for now investors would continue to scrutinize the updates with regards of the Covid-19 development as well as Federal Reserve monetary policy plan in order to gauge the likelihood movement for the currency. As of writing, the Dollar Index depreciated by 0.20% to 89.65.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price depreciated by 0.14% to $66.00 per barrel as of writing following the American Petroleum Institute (API) reported that U.S. API Weekly Crude Oil Stock came in at -0.439M, worse than the market forecast at -1.279M. On the other hand, the gold price surged 0.05% to $1,899.00 per troy ounces amid weakening 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

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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

11:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NZD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 RBNZ Press Conference<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n1.321M<\/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 traded lower while currently testing the support level at 89.55. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 90.10, 90.70<\/p>\n

Support level: 89.55, 89.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.4130. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.4130, 1.4335<\/p>\n

Support level: 1.4130, 1.4000<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.2260. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2260, 1.2340<\/p>\n

Support level: 1.2165, 1.2065<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently near the support level at 108.60. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 109.20, 109.65<\/p>\n

Support level: 108.55, 108.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.7780. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7715.<\/p>\n

 <\/p>\n

Resistance level: 0.7780, 0.7815<\/p>\n

Support level: 0.7715, 0.7685<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.7240. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7240, 0.7300<\/p>\n

Support level: 0.7155, 0.7110<\/p>\n

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\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2040. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term amid technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2265, 1.2400<\/p>\n

Support level: 1.2055, 1.1840<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.8950. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.9075, 0.9155<\/p>\n

Support level: 0.8950, 0.8875<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 66.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 66.50, 67.80<\/p>\n

Support level: 64.85, 63.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1886.95. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1921.30.<\/p>\n

Resistance level: 1921.30, 1943.50<\/p>\n

Support level: 1886.95, 1847.20<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

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

26 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 Dollar slumped on bearish economic outlook. The Dollar Index which traded against a basket of six major currency pairs extend its losses over the backdrop of the string of bearish crucial economic data from the U.S. region, which dialled down the market optimism toward the economic progression in the […]<\/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\/175485"}],"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=175485"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/175485\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=175485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=175485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=175485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}