10 April 2020 Afternoon Session Analysis
Pound sterling gains following Boris Johnson improvement.
The pound sterling which measured its value against the greenback and other currency have extend its gains during late Asian session following reports of improving condition of U.K Prime Minster Boris Johnson. According to Sky News, U.K Prime Minster Boris Johnson have been moved out from intensive care unit to the ward where he will receive close monitoring during the early phase of his recovery. Boris Johnson departure from ICU have diminished investors’ concern regarding towards potential political uncertainty, thus pleasing buyers to continue purchase the currency. At the same time, the ongoing weakness in greenback also help the pound sterling to obtain further support. On data wise, overall sentiment remains positive despite with mixed reaction on data where UK GDP have slipped to -0.1 for monthly basis. However, manufacturing activity in the U.K have rebound as the Manufacturing Production data came in at 0.5%, higher than market expectation of 0.1. At the time of writing, GBP/USD rose 0.07% to 1.2463
In the commodities market, crude oil price tumbles 0.22% to $23.14 per barrel following ongoing pessimism towards OPEC deal. As Mexico have rejected to join on the oil cut production plan despite with Saudi Arabia and Russia agreement, the sentiment for crude oil remains pressured. Investors will focus on OPEC meeting today to further determine the direction for the commodity. On the other hand, gold price soars 0.34% to $1683.63 a troy ounce amid broad USD weakness.
Today’s Holiday Market Close
Time Market Event
All Day USD Good Friday
All Day EUR Good Friday
All Day CHF Good Friday
All Day GBP Good Friday
All Day CAD Good Friday
All Day NZD Good Friday
All Day AUD Good Friday
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core CPI (MoM)(Mar) | 0.2% | 0.1% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 99.40. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 100.65, 101.75
Support level: 99.40, 98.35
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2465. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2465, 1.2585
Support level: 1.2325, 1.2205
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.0945. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.0945, 1.1025
Support level: 1.0850, 1.0775
USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 108.65. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.25.
Resistance level: 108.65, 109.00
Support level: 108.25, 107.80
AUDUSD, H1: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6230. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6405, 0.6485
Support level: 0.6230, 0.6095
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6080. AMCD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6080, 0.6210
Support level: 0.5955, 0.5840
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.4005. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3805.
Resistance level: 1.4005, 1.4255
Support level: 1.3805, 1.3605
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9640. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9765, 0.9890
Support level: 0.9495, 0.9380
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 23.00. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 24.30, 26.80
Support level: 23.00, 21.80
GOLD_, H1: Gold price was higher while currently testing the resistance level at 1684.80. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1684.80, 1702.40
Support level: 1664.85, 1643.15