18 March 2020 Afternoon Session Analysis
Euro tumbled amid worsening of Coronavirus.
Among all the major currencies market, the single currency euro fall in value after Italy and France announced to lockdown their countries in order to avoid fast spreading of coronavirus in Eurozone. Investor worries over the growing prospect of this bloc getting darken as the shutdown of countries would undoubtedly tamper the economic tremendously from time to time. Moreover, European Union has come into consensus to temporarily close down the external border to all the non-essential travel from third nations in order to mitigate the pandemic of coronavirus. For the time being, there is only few items are permitted to cross over the bloc such as medical equipment and goods. Besides, the recent downbeat data which announced in the region of EU also added some recession fears in the market. According to ZEW institute, Germany ZEW economic sentiment data came in at -49.5, missing the economist forecast of -26.4, indicating that the investors are increasingly pessimistic toward the economic outlook for EU zone. Nonetheless, market are now eyeing on the upcoming data such CPI and the development of virus pandemic in order to scrutinize the further direction of this single currency. As of writing, EUR/USD inched down 0.01% to 1.1005.
In the commodities market, crude oil price appreciated by 0.90% to $27.10 per barrel after hitting the lowest level since February of year 2016 amid supply glut continues haunting this commodity market outlook. Despite, an unexpected draw in US crude oil inventories data formed a support to slightly limit the downfall of crude oil price. According to the API data, crude oil inventories came in at -0.421M, lower than the previous month reading of 6.407M. Besides, gold price rose 0.23% to $1531.00 a troy ounce as coronavirus raised up the market risk avoidance behaviours.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 18.00 | EUR – CPI (YoY) (Feb) | 1.2% | 1.2% | – |
| 20.30 | USD – Building Permits (Feb) | 1.550M | 1.500M | – |
| 20.30 | CAD – Core CPI (MoM) (Feb) | 0.4% | – | – |
| 22.30 | CrudeOIL – Crude OIL Inventories | 7.664M | 3.256M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistnace level at 99.80. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 98.95.
Resistance level: 99.80, 100.35
Support level: 98.95, 98.30
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2020. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2175.
Resistance level: 1.2175, 1.2260
Support level: 1.2020, 1.1945
EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.0965. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1060.
Resistance level: 1.1060, 1.1115
Support level: 1.0965, 1.0915
USDJPY, H1: USDJPY was traded lower while currently testing the support level at 107.05. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 107.80, 108.35
Support level: 107.05, 106.40
AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.5970. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6280, 0.6465
Support level: 0.5970, 0.5740
NZDUSD, H1: NZDUSD was traded within a range while currently testing the resistance level at 0.5965. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.
Resistance level: 0.5965, 0.6010
Support level: 0.5920, 0.5845
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.4240. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.4240, 1.4485
Support level: 1.4010, 1.3770
USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level 0.9645. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9645, 0.9725
Support level: 0.9465, 0.9380
CrudeOIL, H1: Crude oil price was traded within a range while currently testing the support level at 27.15. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 30.40, 33.80
Support level: 27.15, 24.15
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1538.40. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1538.40, 1558.10
Support level: 1506.85, 1474.25