21 April 2020 Morning Session Analysis
Kiwi seesawed following the release of upbeat data.
In the FX Market, the pair of New Zealand dollar against US dollar hovered near the recent highest level despite optimistic data been released in New Zealand. According to the Statistics New Zealand, its nation CPI for the first quarter came in at 0.8%, blowing the forecast of economist at 0.4%, while beyond the fourth quarter of 2019 at 0.5%. The upbeat print of CPI first quarter data did not exerted huge buy-in wave in the market of New Zealand dollar as the data carries little importance where it does not reflects the full damage of Covid-19 on its economy yet. As of now, overall sentiment in NZD market is still remain weak, while having pessimistic view toward the outlook of this market as the fast spreading pandemic is still weighing on the commodity linked currencies such as New Zealand dollar. Despite, New Zealand Prime Minister revealed that the nation will remain in level 4 lockdown for one more week only, and then move to level 3 where the NZ citizens are allowed to work at office. In short run, easing of shutdown restriction may slightly boost up the economy, supporting the economy from the fallout of pandemic. As of writing, the pair of NZD/USD rose 0.05% to 0.6030.
In commodities market, crude oil price depreciated by 0.45% to $20.95 per barrel, recorded the lowest level since year 2001 amid heightening of market worries over the market’s outlook and diminishing demand amid pandemic of Coronavirus. Besides, speculators who keep short selling the oil futures also further dragged down this black commodity price. Besides, gold price dropped by 0.31% to $1690.95 a troy ounce as the sign of virus slowdown lifted up the market risk appetite.
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 |
| 14:00 | GBP – Average Earnings Index + Bonus (Feb) | 3.1% | 3.0% | – |
| 14:00 | GBP – Claimant Count Change 3M/3M (MoM)(Feb) | 184K | 100K | – |
| 17:00 | EUR – German ZEW Economic Sentiment (Apr) | -49.5 | -42.3 | – |
| 20:30 | CAD – Core Retail Sales (MoM)(Feb) | -0.1% | 0.3% | – |
| 22:00 | USD – Existing Home Sales (Mar) | 5.77M | 5.30M | – |
| 04:30
(22th) |
CrudeOIL – API Weekly Crude Oil Stock | 13.143M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.70. 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: 99.70, 98.30
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2425. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2425.
Resistance level: 1.2520, 1.2620
Support level: 1.2425, 1.2340
EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0940. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.0830.
Resistance level: 1.0940, 1.1025
Support level: 1.0830, 1.0765
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.70. However, MACD which illustrate bullish bias momentum signal suggests the pair to undergo technical rebound from the support level.
Resistance level: 108.55, 109.45
Support level: 107.70, 107.00
AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the 50 moving average line (Blue). However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the lower level.
Resistance level: 0.6460, 0.6705
Support level: 0.6180, 0.5975
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the 50 moving average (Blue). MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6055.
Resistance level: 0.6055, 0.6120
Support level: 0.5995, 0.5925
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.4105. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.4105.
Resistance level: 1.4105, 1.4240
Support level: 1.3980, 1.3790
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9685. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 0.9685, 0.9745
Support level: 0.9650, 0.9570
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 21.80. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 20.00.
Resistance level: 21.80, 23.75
Support level: 20.00, 18.05
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1700.15. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction toward the resistance level at 1700.15.
Resistance level: 1700.15, 1724.50
Support level: 1683.50, 1666.25