08 April 2020 Afternoon Session Analysis
Pound surged amid risk-on sentiment.
Pound Sterling surged on yesterday following the increasing risk appetite within the FX market as the death rate of the coronavirus in Spain and Italy has been declining for several days, prompting the investors to shift their portfolio toward riskier asset such as Pound Sterling. Nonetheless, at this time, the coronavirus has infected more than 51,000 people in U.K, with the death toll surging to nearly 5,400. In earlier, Pound sterling received bearish momentum following the UK Prime Minister Boris Johnson was moved into intensive care on late Monday after his condition deteriorated rapidly. However, investors had digested the such negative news while the U.K. Foreign Secretary Dominic Raab, who is deputizing for the U.K. Prime Minister, claimed on yesterday that the condition of the UK Prime Minister Boris Johnson was remained “stable” overnight. Besides, he reiterated that Boris Johnson is not required any mechanical ventilation or non-invasive respiratory support. Such sentiment had spurred some significant demand for the Pound Sterling. On the other hand, the dollar index surged over the backdrop of positive job data from the United Stated. According to Bureau of Labor Statistics, the U.S. JOLTs Job Openings came in at 6.882M, exceeding the economist forecast at 6.600M while enhancing the market optimism toward the economic progression in the United States. As of writing, dollar index appreciated by 0.22% to 100.12 while GBP/USD slumped 0.15% to 1.2316.
In the commodities market, the crude oil price surged 3.12% to $24.90 per barrels. The oil market edged higher as investors speculate that the OPEC members and its allied producers would successfully make an agreement in order to reduce the oil productions while ending the price war between Saudi Arabia and Russia during their meeting on Thursday. On the other hand, the gold market received bearish momentum yesterday amid strengthening U.S Dollar. As of writing, the gold market slumped 0.03% to $1648.45 per troy ounce.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 USD FOMC Meeting Minutes
(9th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22.30 | CrudeOIL – Crude Oil Inventories | 13.834M | 9.271M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 99.80. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains toward the resistance level at 101.20.
Resistance level: 101.20, 102.90
Support level: 99.80, 98.30
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2340. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 1.2340, 1.2470
Support level: 1.2215, 1.2115
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0830. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.0940.
Resistance level: 1.0940, 1.1025
Support level: 1.0830, 1.0765
USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 108.55. MACD which illustrate diminishing bearish momentum signal suggests the pair to extend its gains toward the resistance level at 109.25.
Resistance level: 109.25, 110.10
Support level: 108.55, 107.50
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6180. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6180.
Resistance level: 0.6180, 0.6460
Support level: 0.5975, 0.5720
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.5865. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6075.
Resistance level: 0.6075, 0.6250
Support level: 0.5865, 0.5620
USDCAD, H4: USDCAD was traded higher following prior rebound near the support level at 1.3980. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.4105.
Resistance level: 1.4105, 1.4240
Support level: 1.3980, 1.3805
USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 0.9685. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9745.
Resistance level: 0.9745, 0.9825
Support level: 0.9685, 0.9650
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 23.90. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its rebound toward the resistance level at 25.90.
Resistance level: 25.90, 27.40
Support level: 23.90, 21.80
GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1644.00. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1657.55.
Resistance level: 1657.55, 1666.10
Support level: 1664.00, 1623.75