{"id":28461,"date":"2018-05-24T02:01:27","date_gmt":"2018-05-24T02:01:27","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=28461"},"modified":"2018-05-24T02:01:27","modified_gmt":"2018-05-24T02:01:27","slug":"240518-daily-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/240518-daily-analysis\/","title":{"rendered":"240518 Daily Analysis"},"content":{"rendered":"

24 May 2018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Daily Analysis<\/strong><\/p>\n

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Greenback retraces over dovish FOMC statement and Trump\u2019s new tariff plan.<\/strong><\/p>\n

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Dollar index was down by 0.12% to 93.79 as of writing following dovish FOMC statement while Trump\u2019s new US auto tariff proposal continued to weigh on the Greenback. Overnight, the FOMC Committee released their statement that there was a lack of urgency to tighten monetary policy in a more aggressive pace given that \u201cmodestly above 2 percent would be consistent with the committee\u2019s symmetric inflation target and could be helpful in anchoring inflation expectations in the long run\u201d. In addition, according to the administration officials and industry executives, US President Trump and his administration is looking into using national-security laws to impose new tariffs on vehicle imports, thus provoking market participants\u2019 concerns over the risks of global trade war. On the other hand, GBP\/USD fell 0.67% to $1.3355 following the release of worse-than-expected Consumer Price Index (CPI) data in April, last stood at 2.4% versus the expected reading of 2.5%, thus lowering investors\u2019 expectations towards the Bank of England (BoE) to increase its interest rates within a shorter timeframe.<\/p>\n

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In the commodities market, crude oil price fell by 0.15% to $71.63 per barrel following expectations over the potential increase in OPEC output in response to make up for reduced supply from Iran and Venezuela. Otherwise, gold price rose 0.20% to $1294.00 a troy ounce in the wake of recent geopolitical uncertainty as triggered by Trump\u2019s new tariff plan.<\/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

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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

16:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoE Gov Carney Speaks<\/p>\n

16:15\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0FOMC Member Dudley Speaks<\/p>\n

19:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0ECB Publishes Account of Monetary Policy Meeting<\/p>\n

22:35\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0FOMC Member Bostic Speaks<\/p>\n

Tentative (Fri)\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoE Gov Carney Speaks<\/p>\n

02:00 (Fri)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0FOMC Member Harker Speaks<\/p>\n

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Today\u2019s Highlight Economy Data<\/u><\/p>\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>\nEUR \u2013 German GDP (QoQ) (Q1)<\/td>\n0.3%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nEUR \u2013 GfK German Consumer Climate (Jun)<\/td>\n10.8<\/td>\n10.8<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Retail Sales (MoM) (Apr)<\/td>\n-1.2%<\/td>\n0.7%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n222K<\/td>\n220K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Existing Home Sales (Apr)<\/td>\n1.1%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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 <\/p>\n

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

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher prior breaking resistance level at 1.3330. MACD signal line that shows continuous weakness would suggest the pair to continue its losses towards the support level at 1.3330.<\/p>\n

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Resistance level: 1.3400, 1.3450<\/p>\n

Support level: 1.3330, 1.3270<\/p>\n

\u00a0<\/strong><\/p>\n

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

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

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EURUSD, H4: <\/strong>EURUSD was traded higher prior rebound from support level at 1.1680. MACD signal line that shows continuous bearish momentum would suggest the pair to extend its losses to retest the said support level.<\/p>\n

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Resistance level: 1.1730, 1.1780<\/p>\n

Support level: 1.1680, 1.1630<\/p>\n


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

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 <\/p>\n

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

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USDJPY, H1: <\/strong>USDJPY was traded lower after breaking support level at 110.00. Death-cross as displayed by MACD signal line would suggest the pair to extend its losses if candlestick successfully closes below the support level at 109.60.<\/p>\n

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Resistance level: 110.00, 110.40<\/p>\n

Support level: 109.60, 109.30<\/p>\n

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\u00a0<\/strong><\/p>\n


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

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

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CrudeOIL, H1: <\/strong>Crude oil price was traded lower prior its failure to break resistance level at 71.75. MACD signal line that portrays weakness in bullish momentum would suggest the commodity price to extend its losses if candlestick closes below the previous low.<\/p>\n

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Resistance level: 71.80, 72.20<\/p>\n

Support level: 71.20, 70.60 \u00a0<\/strong><\/p>\n

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\u00a0<\/strong><\/p>\n


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\u00a0<\/strong><\/p>\n

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

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GOLD_, H4: <\/strong>Gold price was traded in consolidation with absence of significant indication from both candlestick pattern formation and MACD. Thus, a breakout is required to grasp the direction of price movement for the yellow metal in short-term.<\/p>\n

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Resistance level: 1296.30, 1300.50<\/p>\n

Support level: 1288.60, 1285.30<\/p>\n","protected":false},"excerpt":{"rendered":"

24 May 2018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Daily Analysis   Greenback retraces over dovish FOMC statement and Trump\u2019s new tariff plan.   Dollar index was down by 0.12% to 93.79 as of writing following dovish FOMC statement while Trump\u2019s new US auto tariff proposal continued to weigh on the Greenback. Overnight, the FOMC Committee released their statement that there […]<\/p>\n","protected":false},"author":1,"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\/28461"}],"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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=28461"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/28461\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=28461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=28461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=28461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}