{"id":176032,"date":"2021-05-28T00:23:54","date_gmt":"2021-05-28T00:23:54","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=176032"},"modified":"2021-05-28T00:25:59","modified_gmt":"2021-05-28T00:25:59","slug":"280521-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/280521-morning-session-analysis\/","title":{"rendered":"280521 Morning Session Analysis"},"content":{"rendered":"

28 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 amid bearish GDP data.<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currency pairs received bearish momentum over the backdrop of downbeat economic data yesterday, which dialled down the market optimism toward the economic progress in the United States. According to Bureau of Economic Analysis, U.S. Gross Domestic Product (GDP) for last quarter came in at 6.4%, missing the market forecast at 6.5%. As for now, market participants would focus on the U.S. inflation data due on Friday. A jump in prices could be prompting the Federal Reserve to reduce its expansionary monetary policy in order to combat the inflation risk in future. Nonetheless, the losses experienced by the US Dollar was limited amid bullish employment data in United States. According to Department of Labor, U.S. Initial Jobless Claims notched down from the preliminary reading of 444K to 406K, better than the market forecast at 425K. As of writing, the Dollar Index depreciated by 0.04% to 90.00.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price appreciated by 0.57% to $67.23 per barrel as of writing. The oil market edged higher amid investors speculated the near-term fuel demand would be expected to increase significantly from the oncoming U.S. Summer driving season. The American Automobile Association expects as many as 37 million road travellers for the occasion, up 60% from last year\u2019s pandemic-suppressed number of 23 million. On the other hand, the gold price surged 0.04% to $1896.65 per troy ounces as of writing 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

 <\/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\/A<\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the resistance level at 90.10. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower 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 higher while currently testing the resistance level at 1.4230. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

Support level: 1.4185, 1.4000<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level at 1.2165. 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: 1.2245, 1.2340<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 109.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.35.<\/p>\n

 <\/p>\n

Resistance level: 110.35, 110.80<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7715. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/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 within a range while currently testing the resistance level at 0.7300. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7300, 0.7360<\/p>\n

Support level: 0.7240, 0.7155<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.2130. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2040.<\/p>\n

 <\/p>\n

Resistance level: 1.2130, 1.2190<\/p>\n

Support level: 1.2040, 1.1985<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.8950. 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: 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 following prior breakout above the previous resistance level at 66.25. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 67.95.<\/p>\n

 <\/p>\n

Resistance level: 67.95, 70.00<\/p>\n

Support level: 66.25, 63.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the support level at 1890.70. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1908.35.<\/p>\n

 <\/p>\n

Resistance level: 1908.35, 1922.90<\/p>\n

Support level: 1890.70, 1876.00<\/p>\n

 <\/p>\n

 <\/p>\n

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

28 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 amid bearish GDP data. The Dollar Index which traded against a basket of six major currency pairs received bearish momentum over the backdrop of downbeat economic data yesterday, which dialled down the market optimism toward the economic progress in the United States. According to Bureau of Economic […]<\/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\/176032"}],"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=176032"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/176032\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=176032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=176032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=176032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}