09 April 2020 Afternoon Session Analysis
Euro slips amid disagreement on virus measures.
During late Asian session, the Euro which traded against the greenback and other currency pairs have slip after European Union finance ministers failed to agree on joint measures to support the region’s economy against the impact of the coronavirus crisis. According to recent reports, the finance ministers remain divided over the best way to provide loans and whether to go as far as issuing joint EU debt despite with 16 hours of discussions and talks. Previously, investors have been expecting for a package of stimulus measures which totalling around half a trillion euros and also involving support from the European Stability Mechanism, the European Investment Bank and the European Commission. However, the disagreement dash market hopes and thus caused a huge selling pressure towards the Euro. Still, European ministers will meet again on Thursday as they seek to overcome these two differences and investors will continue to focus on the final results of the upcoming meeting. At the time of writing, EUR/USD fell 0.03% to 1.0858.
In the commodities market, crude oil price rose 0.54% to $25.86 per barrel as of writing following production cut expectation. According to latest development, Russia have recently stated that the country was willing to reduce output by around 1.6 barrels daily, or 15%. Still, investors are waiting to see if Russia will be able to keep its word at OPEC+’s virtual meeting on Thursday. In the other hand, gold price edge higher 0.26% to $1649.72 a troy ounce at the time of writing following continued fears of the coronavirus.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:30 EUR ECB Publishes Account of Monetary Policy Meeting
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – GDP (YoY) | 0.6% | 1.1% | – |
| 14:00 | GBP – Manufacturing Production (MoM)(Feb) | 0.2% | 0.1% | – |
| 20:30 | USD – Initial Jobless Claims | 6,648K | 5,250K | – |
| 20:30 | USD – PPI (MoM)(Mar) | -0.6% | -0.4% | – |
| 20:30 | CAD – Employment Change (Mar) | 1.3% | 0.5% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded within a range while currently near the support level at 99.70. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 100.75, 101.65
Support level: 99.70, 98.90
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2410. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2325.
Resistance level: 1.2410, 1.2460
Support level: 1.2325, 1.2205
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.0930. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.0930, 1.1025
Support level: 1.0790, 1.0650
USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 108.65. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 109.25, 109.85
Support level: 108.65, 108.25
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6235. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6235, 0.6405
Support level: 0.6095, 0.5955
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.5955. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6070, 0.6210
Support level: 0.5955, 0.5840
USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.3990. MACD which illustrated increasing bearish momentum suggest the pair to extend its gains toward resistance level at 1.4075.
Resistance level: 1.4075, 1.4185
Support level: 1.3990, 1.3925
USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level 0.9765. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9640.
Resistance level: 0.9765, 0.9890
Support level: 0.9640, 0.9495
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level 26.25. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 25.15.
Resistance level: 26.25, 27.05
Support level: 25.15, 23.95
GOLD_, H1: Gold price was traded within a range while currently near the support level at 1643.15. However, due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 1671.75, 1702.40
Support level: 1643.15, 1605.90