15 April 2020 Morning Session Analysis
Safe haven Yen strengthen amid exacerbating of global uncertainty.
Among all the major currencies in the FX market, safe haven yen rose against other currency amid decelerating of market risk appetite during the outbreak of coronavirus. According to the latest statistics, global total confirmed cases climb up close to 2 million while the death toll has also jumped to 120,000 cases. As of now, US is being ranked as the global epicentre of Coronavirus, with the confirmed cases of more than 587,000 while fatalities near to 23,650 cases. Despite virus evolved more serious in United States, Trump drop a shocker yesterday by revealing that his administration was still finalising a plan to reopen the US economy, which was previously being forced to shutdown in order to slowdown the spread of virus. Prior to now, US President Donald Trump emphasized that he has the ‘total power’ to decide on lifting the restriction while signalled that there is high possibility for them to ease the restriction in US on the first day of May. On the other side, US Governors asserted that the prerogative to lift the restriction belong to them, as they have formed an alliance to work together for reopening their respective states in shared approach. As of now, the pair of USD/JPY dipped 0.01% to 107.15.
In the commodities market, crude oil price notched down by 0.20% to $20.20 per barrel, oil market sentiment remain bearish as oil cut for 9.7 million barrel per day is too little for the current market condition, as the slump in oil demand exceed the oil production cut which resulted from the OPEC+ meeting few days ago. Besides, gold price rose by 0.10% to $1729.00 a troy ounce due to deterioration of global economy lifted up the appeal of safe haven asset.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Monetary Policy Report
22:00 CAD BoC Rate Statement
23:15 CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Retail Sales (MoM)(Mar) | -0.4% | -4.8% | – |
| 20:30 | USD – Retail Sales (MoM)(Mar) | -0.5% | -8.0% | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 15.177M | 11.600M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 99.80. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses toward the support level at 98.30.
Resistance level: 99.80, 101.20
Support level: 98.30, 97.60
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2605. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2750.
Resistance level: 1.2750, 1.2880
Support level: 1.2605, 1.2470
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0940. MACD which illustrate bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.1025.
Resistance level: 1.1025, 1.1115
Support level: 1.0940, 1.0830
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 107.30. However, MACD which illustrate bearish bias momentum signal suggests the pair to undergo technical correction toward the resistance level.
Resistance level: 107.30, 107.95
Support level: 106.90, 105.80
AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6180. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the next resistance level at 0.6460.
Resistance level: 0.6460, 0.6705
Support level: 0.6180, 0.5975
NZDUSD, H1: NZDUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish bias momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.6120.
Resistance level: 0.6120, 0.6205
Support level: 0.6055, 0.5995
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3980. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3805.
Resistance level: 1.3980, 1.4105
Support level: 1.3805, 1.3670
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9650. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9570.
Resistance level: 0.9650, 0.9685
Support level: 0.9570, 0.9495
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 21.80. However, MACD which illustrate diminishing bearish momentum suggest the commodity to undergo technical correction toward the resistance level at 21.80.
Resistance level: 21.80, 23.75
Support level: 20.10, 17.50
GOLD_, H1: Gold price was traded lower while currently testing the support level at 1722.15. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1722.15.
Resistance level: 1746.05, 1768.85
Support level: 1722.15, 1700.15