{"id":176296,"date":"2021-05-30T22:57:48","date_gmt":"2021-05-30T22:57:48","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=176296"},"modified":"2021-05-30T22:57:48","modified_gmt":"2021-05-30T22:57:48","slug":"310521-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/310521-morning-session-analysis\/","title":{"rendered":"310521 Morning Session Analysis"},"content":{"rendered":"

31 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

Yen slumped amid resurgence of Covid-19 cases.<\/strong><\/span><\/p>\n

The Japanese Yen slumped significantly last week amid the concerns over the resurgence of Covid-19 cases from Japan region had significantly diminished the appeal of Japanese Yen. Investors remained pessimistic toward the economic progress in Japan over the backdrop of bearish employment data, falling consumer prices and the government\u2019s emergency restriction in Tokyo and other areas due to the Covid-19 pandemic. According to Reuters, hospitals in Japan\u2019s second largest city of Osaka are buckling under a huge wave of new Covid-19 infections, running out of beds and ventilators as exhausted doctors warn of a \u201csystem collapse\u201d. The highly infections of British and India variant have led to this explosive growth in the number of patients. On the other hand, Pound Sterling surged last week as market participants speculated the Bank of England could increase its interest rate earlier than expectation following the Covid-19 cases from U.K. region declined significantly, which spurring hopes upon the rapid economic recovery in future. As of writing, USD\/JPY appreciated by 0.03% to 109.85 while GBP\/USD surged 0.10% to 1.4188.<\/p>\n

In the commodities market, the crude oil price slumped 0.09% to $66.55 per barrel as of writing following the U.S. Energy Information Administration (EIA) claimed that the U.S. crude oil output had increased 14.3% to 11.2 million barrels per day (bpd) IN March from 9.8 million bpd in February. On the other hand, the gold price surged 0.05% to $1904.35 per troy ounces as of writing amid spiking numbers of Covid-19 cases in Asian countries had spurred risk-off sentiment in the FX market while insinuating demand on the safe-haven gold.<\/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

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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 90.25. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 89.50.<\/p>\n

 <\/p>\n

Resistance level: 90.25, 90.75<\/p>\n

Support level: 89.50, 88.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.4195. 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: 1.4195, 1.4235<\/p>\n

Support level: 1.4125, 1.4075<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.2170. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2255.<\/p>\n

 <\/p>\n

Resistance level: 1.2255, 1.2340<\/p>\n

Support level: 1.2170, 1.2070<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 109.90. 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: 109.90, 110.90<\/p>\n

Support level: 108.55, 107.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7710. 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: 0.7805, 0.7880<\/p>\n

Support level: 0.7710, 0.7620<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.7240. 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: 0.7300, 0.7360<\/p>\n

Support level: 0.7240, 0.7140<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2075. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2380, 1.2605<\/p>\n

Support level: 1.2075, 1.1785<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower while currently testing the support level at 0.8955. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.9095, 0.9175<\/p>\n

Support level: 0.8955, 0.8850<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 67.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 67.80, 71.45<\/p>\n

Support level: 63.75, 61.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher while currently testing the resistance level at 1908.10. 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: 1908.10, 1923.95<\/p>\n

Support level: 1886.85, 1867.35<\/p>\n

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

31 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 Yen slumped amid resurgence of Covid-19 cases. The Japanese Yen slumped significantly last week amid the concerns over the resurgence of Covid-19 cases from Japan region had significantly diminished the appeal of Japanese Yen. Investors remained pessimistic toward the economic progress in Japan over the backdrop of bearish employment […]<\/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\/176296"}],"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=176296"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/176296\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=176296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=176296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=176296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}