{"id":324299,"date":"2023-05-22T00:16:56","date_gmt":"2023-05-22T00:16:56","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=324299"},"modified":"2023-05-22T00:16:56","modified_gmt":"2023-05-22T00:16:56","slug":"220523-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/220523-morning-session-analysis\/","title":{"rendered":"220523 Morning Session Analysis"},"content":{"rendered":"

22 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 plunged amid talk\u2019s impasses and Powell dovish stance.<\/strong><\/span><\/p>\n

The dollar index, which was traded against a basket of six major currencies, retreated from its two-month high as a meeting between White House debt ceiling negotiators and House Speaker Kevin McCarthy ended Friday night with neither side able to say when they would meet face to face again.\u00a0 Last Friday, Mr. McCarthy requested a meeting with President Joe Biden on the debt ceiling, according to a person familiar with the matter.\u00a0 Speaking to reporters Sunday at the G7 summit in Japan, Biden said he would speak with McCarthy later in the day but declined to give further information ahead of the call.\u00a0 With that, the talk will only be resumed after Biden comes back from the G7 meeting.\u00a0 The setback dashed hopes that an agreement in principle could be reached earlier than expected.\u00a0 Besides, the unexpected dovish speech from Jerome Powell triggered huge selling pressures in the dollar market.\u00a0 Last Friday, Fed Chairman Jerome Powell said the recent turmoil in the banking sector is a warning sign for them, as further rate hikes might deteriorate the financial health across all sectors.\u00a0 Hence, the interest rate may not have to rise as much as expected to curb inflation, but future decisions on their monetary policy would be data-dependent as opposed to being a preset course.\u00a0 As of writing, the dollar index dropped -0.07% to 103.15.<\/p>\n

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In the commodities market, crude oil prices were down by -0.14% to $71.85 per barrel as debt limits talk faced a tumble, increasing the market worries over the risk of default which could hurt the oil demand. Besides, gold prices edged up by 0.02% to $1977.80 per troy ounce amid the dovish statement from Fed Chairman Jerome Powell.<\/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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD\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 Victoria Day<\/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

N\/A<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following the prior breakout above the previous resistance level at 103.00. MACD which illustrated bullish bias momentum suggests the index to extend its gains toward the resistance level at 105.00.<\/p>\n

 <\/p>\n

Resistance level: 105.00, 106.65<\/p>\n

Support level: 103.00, 100.65<\/p>\n

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

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 <\/p>\n

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

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

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\"\"<\/p>\n

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

 <\/p>\n

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

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

 <\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded lower while currently testing the support level at 137.60. 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: 138.95, 141.60<\/p>\n

Support level: 137.60, 136.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following the prior rebound from the upward trend line. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6675.<\/p>\n

 <\/p>\n

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. \u00a0MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6290.<\/p>\n

 <\/p>\n

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

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

 <\/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

 <\/p>\n

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

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

 <\/p>\n

 <\/p>\n

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USDCHF, Daily: <\/strong>USDCHF was traded lower following the prior breakout below the previous support level at 0.9000. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level.<\/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 lower following the prior retracement from the resistance level at 73.90. However, MACD which illustrated bullish bias momentum suggest the commodity to undergo technical correction in short term.<\/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 higher while currently testing the resistance level at 1980.00. MACD which illustrated diminishing bearish momentum suggests the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

Support level: 1951.60, 1889.55<\/p>\n

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

22 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 plunged amid talk\u2019s impasses and Powell dovish stance. The dollar index, which was traded against a basket of six major currencies, retreated from its two-month high as a meeting between White House debt ceiling negotiators and House Speaker Kevin McCarthy ended Friday night with neither side […]<\/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\/324299"}],"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=324299"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/324299\/revisions"}],"predecessor-version":[{"id":324353,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/324299\/revisions\/324353"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=324299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=324299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=324299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}