{"id":325843,"date":"2023-05-29T00:24:35","date_gmt":"2023-05-29T00:24:35","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=325843"},"modified":"2023-05-29T00:24:35","modified_gmt":"2023-05-29T00:24:35","slug":"290523-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/290523-morning-session-analysis\/","title":{"rendered":"290523 Morning Session Analysis"},"content":{"rendered":"

29 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

US dollar jumped after a tentative debt ceiling deal was achieved.<\/strong><\/span><\/p>\n

The dollar index, which was traded against a basket of six major currencies, extended its rally in the morning trading session as the achievement of a tentative deal in raising the debt ceiling wiped off the market worries over the risk of default.\u00a0 Yesterday, US President Joe Biden and House speaker Kevin McCarthy agreed in principle to a tentative deal that would increase the debt limit while the temporary cap on some federal spending at current levels.\u00a0 In detail, the deal would suspend the debt ceiling through January 2025.\u00a0 Although the deal will avert a catastrophically destabilizing default, there is still a difficult path whereby it has to pass through Congress before the US runs out of money to pay back its debt before the 5th of June.\u00a0 The House and Senate are expected to return Wednesday after Memorial Day.\u00a0 McCarthy said the House would vote Wednesday and then send the bill to the Senate.\u00a0 The bill will be passed to Joe Biden right after the approval has been granted by the majority of the Senator.\u00a0 If all goes well, the US will be able to avoid the potential default by June 5.\u00a0 As of writing, the dollar index rose 0.05% to 104.25.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices edged up by 0.43% to $73.25 per barrel as the tentative deal of raising the debt limit has cleared up the cloudy prospect of this black commodity.\u00a0 Besides, gold prices dropped by -0.03% to $1945.20 per troy ounce as the risk of default fell significantly right after a deal had been achieved between Joe Biden and McCarthy.<\/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

All Day\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 Memorial Day<\/p>\n

All Day\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 Bank Holiday<\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CHF\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\u00a0 Pentecost<\/p>\n

 <\/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

 <\/p>\n

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

N\/A<\/p>\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 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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2300. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

 <\/p>\n

Resistance level: 1.2405, 1.2525<\/p>\n

Support level: 1.2300, 1.2200<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower following the prior breakout below the previous support level at 1.0770. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.0665.<\/p>\n

 <\/p>\n

Resistance level: 1.0770, 1.0915<\/p>\n

Support level: 1.0665, 1.0575<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following the prior breakout above the previous resistance level at 138.95. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 141.60.<\/p>\n

 <\/p>\n

Resistance level: 141.60, 144.85<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following the prior breakout below the previous support level at 0.6565. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6425.<\/p>\n

 <\/p>\n

Resistance level: 0.6565, 0.6675<\/p>\n

Support level: 0.6425, 0.6285<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6040. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6040.<\/p>\n

 <\/p>\n

Resistance level: 0.6150, 0.6290<\/p>\n

Support level: 0.6040, 0.5925<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3635. 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: 1.3635, 1.3730<\/p>\n

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

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9075. 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: 0.9075, 0.9160<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded higher following the prior rebound from the upward trend line. MACD which illustrated bullish bias 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 following the prior breakout below the previous support level at 1951.60. MACD which illustrated bearish bias momentum suggests the commodity to extend its losses toward the upward trend line.<\/p>\n

 <\/p>\n

Resistance level: 1951.60, 1980.00<\/p>\n

Support level: 1889.55, 1839.40<\/p>\n

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

29 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 jumped after a tentative debt ceiling deal was achieved. The dollar index, which was traded against a basket of six major currencies, extended its rally in the morning trading session as the achievement of a tentative deal in raising the debt ceiling wiped off the market […]<\/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\/325843"}],"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=325843"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/325843\/revisions"}],"predecessor-version":[{"id":325897,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/325843\/revisions\/325897"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=325843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=325843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=325843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}