{"id":60334,"date":"2019-05-23T01:02:40","date_gmt":"2019-05-23T01:02:40","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=60334"},"modified":"2019-05-23T01:02:40","modified_gmt":"2019-05-23T01:02:40","slug":"230519-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/230519-morning-session-analysis\/","title":{"rendered":"230519 Morning Session Analysis"},"content":{"rendered":"

23 May 2019\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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Brexit going nowhere?<\/strong><\/span><\/p>\n

Pound sterling extended its selloff on Wednesday following renewed political chaos within the UK government that surrounds Prime Minister Theresa May. Prior, May proposed a revised version of the Brexit Withdrawal Agreement to the Parliament which includes an option to call for a second referendum. Some members from her own Conservative and Opposition party revolts over the new version, placing pressure upon her to resign as soon as possible. In addition, a senior cabinet minister resigns from the government on yesterday, citing May\u2019s failure to bring out a substantial Brexit agreement which will take Britain out of the European Union efficiently. On the other hand, greenback extended its gains for third consecutive day as market participants digests a rather neutral stance portrayed by Federal Reserve in the latest meeting minutes. Several Fed officials backs Jerome Powell\u2019s view that recent dip in inflation is likely to be transitory and they should adopt a rather \u201cpatient\u201d approach to their policy. The minutes reinforced prior message from Powell whereby the current interest rate level is appropriate for the time being and there is no strong reason for any changes to be made. As of writing, pair of GBP\/USD slumped 0.03% to 1.2664 while the dollar index ticks up 0.02% to 97.90.<\/p>\n

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In the commodities market, crude oil price rose 0.08% to $61.23 per barrel. Yesterday, oil prices nosedived more than 3% after EIA crude oil inventories showed a surprise build for last week at around 5 million barrels. Otherwise, gold price was traded flat at around $1,274.03 a troy ounce as market sentiment remains mixed for the time being.<\/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

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\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 Publishes Account of Monetary Policy Meeting<\/p>\n

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\u00a0<\/u><\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n\n\n
Time<\/strong><\/td>\nMarket & 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>\n0.4%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
15:30<\/td>\nEUR \u2013 German Manufacturing PMI (May)<\/td>\n44.4<\/td>\n44.8<\/td>\n–<\/td>\n<\/tr>\n
16:00<\/td>\nEUR \u2013 German Ifo Business Climate Index<\/td>\n99.2<\/td>\n99.2<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n212K<\/td>\n215K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 New Home Sales (Apr)<\/td>\n692K<\/td>\n675K<\/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, H4: <\/strong>Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggests the index to extend further up after closing above 97.95.<\/p>\n

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Resistance level: 97.95, 98.60<\/p>\n

Support level: 97.65, 97.30<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior closure below 1.2700. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in mid-term, towards the direction of 1.2630.<\/p>\n

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Resistance level: 1.2700, 1.2790<\/p>\n

Support level: 1.2630, 1.2515<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing near the support level of 1.1150. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses after closing below 1.1150.<\/p>\n

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Resistance level: 1.1200, 1.1220<\/p>\n

Support level: 1.1150, 1.1100<\/p>\n

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USDJPY, H1: <\/strong>USDJPY extended its losses after breaking the upward trendline. MACD which illustrate persistent bearish signal suggests the pair to advance further down, towards the direction of 110.10.<\/p>\n

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Resistance level: 110.55, 111.00<\/p>\n

Support level: 110.10, 109.80<\/p>\n

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AUDUSD, H1: <\/strong>AUDUSD was traded lower following prior retrace from the resistance of 0.6885. MACD which begins to form a bearish signal suggests the pair to extend its losses, towards the direction of 0.6830.<\/p>\n

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Resistance level: 0.6885, 0.6915<\/p>\n

Support level: 0.6830, 0.6840<\/p>\n

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NZDUSD, H1: <\/strong>NZDUSD was traded lower while currently testing near the bottom level of descending channel. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses after breaking the bottom level of the channel.<\/p>\n

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Resistance level: 0.6500, 0.6540<\/p>\n

Support level: 0.6450, 0.6420<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support near 1.1370. MACD which has formed a bullish signal suggests the pair to extend its gains after closing above 1.3435.<\/p>\n

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Resistance level: 1.3435, 1.3490<\/p>\n

Support level: 1.3400, 1.3370<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level near 1.0080. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term after closing above 20-MA line (red).<\/p>\n

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Resistance level: 1.0110, 1.0155<\/p>\n

Support level: 1.0080, 1.0055<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the strong support of 61.00. MACD which illustrate diminishing downward momentum suggests its price to be traded higher in short-term.<\/p>\n

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Resistance level: 62.50, 63.70<\/p>\n

Support level: 61.00, 59.60<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower following prior retrace from the resistance of 1275.30. MACD which illustrate diminished upward momentum suggests its prices to be traded lower, towards the direction of 1269.10.<\/p>\n

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Resistance level: 1275.30, 1280.00<\/p>\n

Support level: 1269.10, 1253.30<\/p>\n","protected":false},"excerpt":{"rendered":"

23 May 2019\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     Brexit going nowhere? Pound sterling extended its selloff on Wednesday following renewed political chaos within the UK government that surrounds Prime Minister Theresa May. Prior, May proposed a revised version of the Brexit Withdrawal Agreement to the Parliament which includes an option to call for a second […]<\/p>\n","protected":false},"author":54,"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\/60334"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=60334"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/60334\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=60334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=60334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=60334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}