{"id":323711,"date":"2023-05-18T00:41:25","date_gmt":"2023-05-18T00:41:25","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=323711"},"modified":"2023-05-18T00:41:25","modified_gmt":"2023-05-18T00:41:25","slug":"180523-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/180523-morning-session-analysis\/","title":{"rendered":"180523 Morning Session Analysis"},"content":{"rendered":"

18 May 2023\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

Greenback buoyed by debt ceiling optimism.<\/strong><\/span><\/p>\n

The dollar index, which was traded against a basket of six major currencies, hovered near the highest level in seven weeks as the recent progress in the debt ceiling talks boosted the sentiment in dollar market. Yesterday, before the US President Joe Biden prepared to travel to Japan for the G7 leader summit, he revealed that his meeting with the congressional members had been \u201ccivil and respectful\u201d as both parties noticed the consequences of no deal on raising the debt ceiling. Biden also said that he is confident that they will eventually seal a deal and US will not default before 1st<\/sup> of June. With such a backdrop, the investors regained their confidence that a debt ceiling crisis would see a resolution sooner or later. However, a deal is unforeseeable within the next few days as Joe Biden will only be back in Washington on Sunday. Prior to that, Biden has shortened his Asia trip where he has canceled to visit Papua New Guinea and Australia, in order to continue the debt ceiling talk. As of writing, the dollar index rose 0.28% to 102.85.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices edged up by 3.12% to $72.80 per barrel amid the optimism on U.S. debt ceiling negotiations boosted the prospect of oil market. Besides, gold prices ticked down by -0.09% to $1983.40 per troy ounce as the optimism on debt ceiling talk outweighed the market worries over banking crisis.<\/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

17:00\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\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 ECB President Lagarde Speaks<\/p>\n

17:15\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\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 BoE MPC Treasury Committee Hearings<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
20:30<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD – Initial Jobless Claims<\/td>\n264K<\/td>\n254K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD – Philadelphia Fed Manufacturing Index (May)<\/td>\n-31.3<\/td>\n-19.0<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD – Existing Home Sales (Apr)<\/td>\n4.44M<\/td>\n4.30M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following the prior rebound from the support level at 100.65. MACD which illustrated bullish bias momentum suggests the index to extend its gains toward the resistance level at 103.15.<\/p>\n

 <\/p>\n

Resistance level: 103.15, 104.95<\/p>\n

Support level: 100.65, 99.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower following the prior retracement from the resistance level at 1.2525. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2405.<\/p>\n

 <\/p>\n

 <\/p>\n

Resistance level: 1.2525, 1.2645<\/p>\n

Support level: 1.2405, 1.2300<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower following the prior retracement from the resistance level at 1.0915. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.0770.<\/p>\n

 <\/p>\n

Resistance level: 1.0915, 1.1010<\/p>\n

Support level: 1.0770, 1.0665<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 137.60. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 137.60, 138.95<\/p>\n

Support level: 136.30, 135.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following the prior breakout below the previous support level at 0.6675. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6565.<\/p>\n

 <\/p>\n

Resistance level: 0.6675, 0.6785<\/p>\n

Support level: 0.6565, 0.6425<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following the prior rebound from the lower level. \u00a0However, MACD which illustrated bearish bias momentum suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 0.6290. 0.6455<\/p>\n

Support level: 0.6150, 0.6040<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following the prior breakout below the previous support level at 1.3485. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses toward the support level at 1.3395.<\/p>\n

 <\/p>\n

Resistance level: 1.3485, 1.3565<\/p>\n

Support level: 1.3395, 1.3330<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher following the prior rebound from the support level at 0.8865. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9000.<\/p>\n

 <\/p>\n

Resistance level: 0.9000, 0.9075<\/p>\n

Support level: 0.8865, 0.8780<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded higher following the prior rebound from the support level at 70.15. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 73.90.<\/p>\n

 <\/p>\n

Resistance level: 73.90, 77.15<\/p>\n

Support level: 70.15, 66.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded lower while currently testing the support level at 1972.80. MACD which illustrated bearish bias momentum suggests the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 2000.00, 2025.50<\/p>\n

Support level: 1972.80, 1937.75<\/p>\n

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

18 May 2023\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   Greenback buoyed by debt ceiling optimism. The dollar index, which was traded against a basket of six major currencies, hovered near the highest level in seven weeks as the recent progress in the debt ceiling talks boosted the sentiment in dollar market. Yesterday, before the US President Joe […]<\/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\/323711"}],"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=323711"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/323711\/revisions"}],"predecessor-version":[{"id":323759,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/323711\/revisions\/323759"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=323711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=323711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=323711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}