3rd April 2020 Morning Session Analysis
Greenback slumped following bleak job data was released.
Dollar index which gauge against six major currency slumped over a backdrop of the bleak job data from the U.S. region. According to Department of Labor, U.S. Initial Jobless Claims notched up from the preliminary reading of 3.307M to 6.648M, almost double the previous all-time high which set a week earlier. Such negative reading had indicated that the outbreak of the coronavirus had already tremendously damaged the economic momentum within the U.S following the U.S government imposed social distancing moves for few states. Nonetheless, investors at this time would continue to scrutinize the updates with regards of the Non-Farm Payrolls report which will be released tonight in order to gauge the likelihood movement for the currency. However, the losses experienced by the US Dollar was limited amid risk-off sentiment in the FX market, which prompting the investors to shift their portfolio toward the safe-haven asset such as US Dollar. On the COVID-19 epidemic front, more than 1 million people have been diagnosed with the coronavirus disease worldwide, while the death toll soared by 3300 people to more than 52,000 people and about 208,000 patients recovered. As of writing, the dollar index appreciated by 0.43% to 100.15.
In the commodities market, the crude oil price surged 0.29% to $24.75 per barrel. The oil market edged higher yesterday following the U.S. President Donald Trump claimed that he had made a deal with the top producers Russia and Saudi Arabia to cut the oil output and stabilize the oil price, though the details were remained unclear. On the other hand, the gold market slumped 0.14% to $1611.80 per troy ouns. However, the commodity surged on yesterday following the negative jobs data from the U.S. was released, which insinuating demand for the safe-haven commodity.
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 |
| 16:30 | GBP – Services PMI (Mar) | 35.7 | 34.8 | – |
| 20:30 | USD – Nonfarm PAyrolls (Mar) | 273K | -100K | – |
| 20:30 | USD – Unemployment Rate (Mar) | 3.5% | 3.9% | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (Mar) | 57.3 | 44.0 | – |
| 01:00 (4th) | CrudeOIL – U.S. Baker Hughes Oil Rig Count | 624 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 100.75.
Resistance level: 100.75, 101.65
Support level: 99.85, 98.90
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2500. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2500, 1.2730
Support level: 1.2300, 1.2125
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.0835. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.0930, 1.1005
Support level: 1.0835, 1.0650
USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 107.80. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 108.30.
Resistance level: 108.30,108.65
Support level: 107.80, 107.15
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6045. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6180, 0.6290
Support level: 0.6045, 0.5955
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.5900. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6045, 0.6155
Support level: 0.5900, 0.5785
USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.4120. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.4230.
Resistance level: 1.4230, 1.4330
Support level: 1.4120, 1.3985
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9750. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9750, 0.9830
Support level: 0.9625, 0.9495
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 24.45. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 27.40, 29.70
Support level: 24.45, 21.55
GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1606.60. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1643.00.
Resistance level: 1643.00, 1673.20
Support level: 1606.60, 1576.55