{"id":61541,"date":"2019-05-30T02:01:54","date_gmt":"2019-05-30T02:01:54","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=61541"},"modified":"2019-05-30T02:01:54","modified_gmt":"2019-05-30T02:01:54","slug":"300519-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/300519-morning-session-analysis\/","title":{"rendered":"300519 Morning Session Analysis"},"content":{"rendered":"

30 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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Dollar extended gains, trade war weighs on oil price.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies surged back to its 1-week high yesterday before retracing 0.04% to 97.95 following major sell-offs in the equity market as US treasury yield curve shows signs of inversion, indicating economy recession. Recent trade war tensions, Brexit uncertainties and global recession had caused investors to place their investment in stronger dollar and safe-haven assets, boosting dollar\u2019s appeal as investors await further signals in the market. Besides that, increasing tensions between US-Sino trade war continue to weigh on oil prices while heightening expectations of lower oil demand in the market. The major fall in crude oil price also further pressured the Loonie, causing the pair of USD\/CAD to hit its January high. Besides that, Bank of Canada kept its interest rate unchanged yesterday, while hinting that overall economy in the Canada is in line with the bank\u2019s expectation. However, they will still focus on upcoming data to decide on future rate changes. The pair of USD\/CAD inched lower by 0.04% to 1.3512 as of writing.<\/p>\n

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As for commodities market, crude oil price continues to falls by 0.22% to $58.89 per barrel after rebounding from its low-levels amid upbeat inventory data. According to the American Petroleum Institute, last week crude inventories fell unexpectedly by 5.27M barrel. Investors will now focus on EIA oil inventory report to further gauge oil\u2019s movement. Besides, gold price quoted down by 0.08% to $1278.80 a troy ounce amid stronger dollar.<\/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 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 Ascension 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\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
20:30<\/td>\nUSD \u2013 GDP (QoQ) (Q1)<\/td>\n3.2%<\/td>\n3.1%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n211K<\/td>\n216K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – Pending Home Sales (MoM) (Apr)<\/td>\n3.8%<\/td>\n0.9%<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n4.740M<\/td>\n-0.857M<\/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 while currently testing the resistance level at 98.00. MACD which illustrate bullish bias momentum suggests the index to extend its gains after closing above 98.00.<\/p>\n

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Resistance level: 98.00, 98.25<\/p>\n

Support level: 97.60, 97.40<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2610. MACD which illustrate bearish signal suggests the pair to extend its losses after successfully breakout below the support level at 1.2610.<\/p>\n

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Resistance level: 1.2695, 1.2745<\/p>\n

Support level: 1.2610, 1.2555<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.1125. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.1170.<\/p>\n

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Resistance level: 1.1170, 1.1210<\/p>\n

Support level: 1.1125, 1.1085<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level at 109.55. MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses after closing below the support of 109.55.<\/p>\n

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Resistance level: 109.90, 110.20<\/p>\n

Support level: 109.55, 109.20<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded flat in the sideway channel. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the top level of channel at 0.6935.<\/p>\n

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Resistance level: 0.6935, 0.6960<\/p>\n

Support level: 0.6910, 0.6865<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6505.\u00a0 MACD which illustrate diminishing bearish momentum suggests the pair to extend its rebound toward the resistance level at 0.6550.<\/p>\n

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Resistance level: 0.6550, 0.6585<\/p>\n

Support level: 0.6505, 0.6470<\/p>\n

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\nUSDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance of 1.3535. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses toward the support level at 1.3505.<\/p>\n

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Resistance level: 1.3535, 1.3565<\/p>\n

Support level: 1.3505, 1.3475<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 1.0050. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 1.0100.<\/p>\n

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Resistance level: 1.0100, 1.0130<\/p>\n

Support level: 1.0050, 1.0005<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the 20 moving average line (Red). MACD which illustrate bullish signal suggests its prices to extend its gains toward the resistance level at 59.70.<\/p>\n

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Resistance level: 59.70, 60.50<\/p>\n

Support level: 58.25, 57.05<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the higher level. MACD which illustrate bearish bias momentum suggests its prices to extend its losses toward the support level at 1278.45.<\/p>\n

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Resistance level: 1288.50, 1294.05<\/p>\n

Support level: 1278.45, 1272.45<\/p>\n","protected":false},"excerpt":{"rendered":"

30 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     Dollar extended gains, trade war weighs on oil price. Dollar index which gauge its value against a basket of six major currencies surged back to its 1-week high yesterday before retracing 0.04% to 97.95 following major sell-offs in the equity market as US treasury yield curve shows […]<\/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\/61541"}],"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=61541"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/61541\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=61541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=61541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=61541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}