{"id":324003,"date":"2023-05-19T00:26:09","date_gmt":"2023-05-19T00:26:09","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=324003"},"modified":"2023-05-19T00:26:09","modified_gmt":"2023-05-19T00:26:09","slug":"190523-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190523-morning-session-analysis\/","title":{"rendered":"190523 Morning Session Analysis"},"content":{"rendered":"

19 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

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US dollar spiked amid a series of upbeat economic data.<\/strong><\/span><\/p>\n

The dollar index, which was traded against a basket of six major currencies, extended its gains during the yesterday\u2019s trading session as a new round of solid economic data reignited the market confidence toward the currency. According to the Department of Labor, the number of American filed for unemployment claims in the past week fell more than expected, suggesting the labor market remains tight. The initial claims for unemployment benefits dropped from the prior reading\u2019s 264K to 242K this week, lower than the consensus forecast at 254K. With this figure, it pared back the bet of further easing monetary policy as the ongoing labor market situation provided some room for Federal Reserve to hike its rate again if necessary. Besides, the Federal Reserve Bank of Philadelphia posted the manufacturing index for the month of May at -10.4, slightly better than the consensus forecast at -19.8, indicating some improvement in the manufacturing activity although it is still continued to decline in overall. With the backdrop of strong economic data and \u201cconstructive progress\u201d in the talks of debt ceiling, the appeal of US dollar jumped and it hit the highest level in two months. As of writing, the dollar index rose 0.62% to 103.50.<\/p>\n

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In the commodities market, crude oil prices edged down by -0.78% to $72.15 per barrel as the solid US economic data boosted the value of dollar and prompted the investors to shy away from oil market temporarily. Besides, gold prices edged down -0.06% to $1958.75 per troy ounce as the dollar strengthened.<\/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

23:00\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\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 Fed Chair Powell Speaks<\/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
20:30<\/td>\nCAD – Core Retail Sales (MoM) (Mar)<\/td>\n-0.7%<\/td>\n-0.8%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher while currently testing the resistance level at 103.15. MACD which illustrated bullish bias momentum suggests the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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

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

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GBPUSD, Daily: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2405. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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

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

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EURUSD, Daily: <\/strong>EURUSD was traded lower while currently testing the support level at 1.0770. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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

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

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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

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

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

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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

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

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

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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

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

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

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USDCAD, Daily: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3485. MACD which illustrated bullish bias momentum suggests the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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

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

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USDCHF, Daily: <\/strong>USDCHF was traded higher following the prior breakout above the previous resistance level at 0.9000. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 0.9075, 0.9160<\/p>\n

Support level: 0.9000, 0.8865<\/p>\n

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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

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

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

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GOLD_, Daily: <\/strong>Gold price was traded lower while currently testing the support level at 1951.60. MACD which illustrated bearish bias momentum suggests the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 1980.00, 2020.70<\/p>\n

Support level: 1951.60, 1889.55<\/p>\n","protected":false},"excerpt":{"rendered":"

19 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     US dollar spiked amid a series of upbeat economic data. The dollar index, which was traded against a basket of six major currencies, extended its gains during the yesterday\u2019s trading session as a new round of solid economic data reignited the market confidence toward the currency. According […]<\/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\/324003"}],"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=324003"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/324003\/revisions"}],"predecessor-version":[{"id":324047,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/324003\/revisions\/324047"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=324003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=324003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=324003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}