30 March 2020 Afternoon Session Analysis
US Dollar slumped amid to continually spike of the coronavirus in US. cases.
Dollar index which gauge against six major currency slumped on the last Friday as the unstoppable spike of the coronavirus cases in the U.S. region, which prompting investors to shift their portfolio from the U.S. market toward others safe-haven currencies such as Japanese Yen and Swift Franc. According to Reuters, the coronavirus death toll from the U.S. region topped up to 2,460 people, while with more than 141,000 people was infected, the most of any country in the world. The U.S. President Donald Trump who initially claimed that the coronavirus outbreak within the U.S. was “under controlled”, acknowledged on yesterday that the deaths in the United States from the coronavirus could reach 100,000 or even more. Besides that, President Donald Trump said on last Saturday that he is considering two-week quarantine on New York and parts of New Jersey and Connecticut in order to halt the outbreak of the coronavirus epidemic. However, the losses experienced by the US Dollar was limited following U.S. President Donald Trump enacted a historic $2 trillion stimulus bill to diminish the economic damage which caused by the coronavirus pandemic. Included are direct payments to many Americans, an increment in unemployment benefits and up to $350 billion in small business loans. As of writing, the Dollar Index appreciated by 0.34% to 98.85.
In the commodities market, the crude oil price slumped 6.04% to $24.47 per barrel as of writing. The oil market edged lower as the global coronavirus pandemic continually to weigh on the demand for this black commodity. On the other hand, the gold market slumped 0.80% to 1617.99 per troy ouns as of writing following recording their biggest weekly gains since 2008 on last Friday amid technical correction.
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 |
| 22:00 | USD – Pending Home Sales (MoM)(Feb) | 5.2% | -1.0% | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded higher while currently testing the resistance level at 98.95. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 98.95, 99.70
Support level: 98.25, 97.45
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2505. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2290.
Resistance level: 1.2505, 1.2730
Support level: 1.2290, 1.2090
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1060. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1165, 1.1290
Support level: 1.1060, 1.0965
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.15. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 108.45,109.50
Support level: 107.15, 105.75
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6165. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6165, 0.6290
Support level: 0.6005, 0.5865
NZDUSD, H1: NZDUSD was traded within a range while currently testing the support level at 0.6010. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level.
Resistance level: 0.6115, 0.6205
Support level: 0.6010, 0.5870
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.4075. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.4075, 1.4215
Support level: 1.3930, 1.3785
USDCHF, H1: USDCHF was traded higher while currently testing the resistance level at 0.9560. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9560, 0.9625
Support level: 0.9495, 0.9430
CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level at 21.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 21.00, 23.25
Support level: 19.10, 16.55
GOLD_, Daily: Gold price was traded lower following prior retracement from the resistance level at 1636.15. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1606.20.
Resistance level: 1636.15, 1653.45
Support level: 1606.20, 1582.05