17 April 2020 Morning Session Analysis
Dollar wobbles amid downbeat economic data.
Dollar index which measure its value against a basket of six major currencies plunged as US economy remains vulnerable which shown by a series of bleak economic data. According to the Department of Labor, U.S. Initial Jobless Claims remain weak where it came in at 5,245K, blowing the estimate of economist at 5,105K. Since the mid of March, lockdown restriction which implemented by the US government has been sweeping off the entire US economy, sent the economy into contractionary phrase. US labour market turned sour while causing higher number of Americans filing first-time claims for unemployment insurance last week, showing that the damage to the US labor market remains profound. Besides, a data from manufacturing sector also given a clearer sign over the current economy’s health. According to the Federal Reserve Bank of Philadelphia, US Philadelphia Fed Manufacturing index drop significantly to -56.6, whereas its previous reading for the month of March was -12.7, showing the full damage of virus’s pandemic are now suppressing United States. Despite, greenback managed to regain its value as market demand surged amid slowdown in pandemic of virus. During early Asian trading Session, dollar index rose by 0.47% to 99.95.
In the commodities market, crude oil price notched up by 0.92% to $19.85 per barrel, however the market is still pressured by the disappointed oil cut decision from the OPEC+ meeting. Besides, OPEC also reduced their forecast for world oil demand by 6.9 million barrels per day, according to the OPEC Monthly Report. Besides, gold price dropped by 0.34% to $1711.90 a trou ounce as dollar‘s strengthen.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:00 | EUR – CPI (YoY)(Mar) | 0.7% | 0.7% | – |
| 01:00
(18th) |
U.S. Baker Hughes Oil Rig Count | 504 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level near 99.80. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains after it successfully breakout above the resistance level.
Resistance level: 99.80, 101.20
Support level: 98.30, 97.60
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2475. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance.
Resistance level: 1.2475, 1.2605
Support level: 1.2475, 1.2340
EURUSD, H4: EURUSD was traded higher folloiwng prior rebound from the support level at 1.0830. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.0940.
Resistance level: 1.0940, 1.1025
Support level: 1.0830, 1.0765
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 107.70. MACD which illustrate bullish momentum signal suggests the pair to extend its gains toward the resistance level at 108.55.
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, H4: NZDUSD was traded higher while currently testing the resistance level at 0.5995. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.5995.
Resistance level: 0.5995, 0.6055
Support level: 0.5925, 0.5850
USDCAD, Daily: USDCAD was traded lower folloiwng prior retracement from the resistance level at 1.4105. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction toward the resistance level at 1.4105.
Resistance level: 1.4105, 1.4240
Support level: 1.3980, 1.3790
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9685. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.9745.
Resistance level: 0.9745, 0.9825
Support level: 0.9685, 0.9650
CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 20.10. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 26.80, 34.20
Support level: 20.10, 14.75
GOLD_, H4: Gold price was traded lower while currently testing the upward trendline. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the upward trendline.
Resistance level: 1722.15, 1746.05
Support level: 1700.15, 1683.50