17 April 2020 Afternoon Session Analysis
Pound sterling fell following risk of Brexit resumes.
The pound sterling which traded against the dollar and its peer have fell during late Asian session as risk of U.K leaving the EU without a deal back in focus while both parties are set to renew talks for next week. According to latest development, UK and EU have agreed to the dates for the next three rounds of negotiations with talks set to take place by video conference in the weeks beginning April 20, May 11 and June 1. However, the U.K. have expressed its unwillingness to prolong the Brexit further and would refuse any European Union request to extend the Brexit transition period, according to Prime Minster Boris Johnson’s spokesman. Market remains concerned about the risk of U.K leaving the EU without any trade deal would exert further on the economy due to the impact from the coronavirus pandemic. Thus, the ongoing uncertainty has dragged the currency sentiment lower. At the time of writing, GBP/USD fell 0.10% to 1.2495.
In the commodities market, crude oil price fell 0.15% to $19.69 as of writing amid demand concerns continue to weigh on the commodity. According to reports, OPEC have expected that the global oil demand to decline by 6.9 million barrels per day and sees the demand contraction in the second quarter to be around 12 million bpd. Regarding the demand outlook, OPEC said downward risks were still significant. In the other hand, gold price fell 0.74% to $1705.07 at the time of writing amid broad U.S dollar strength.
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 |
| 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, H1: Dollar index was traded higher following prior rebound from the support level at 99.65. However, MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 99.90 100.15
Support level: 99.65, 99.20
GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2455. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2620, 1.2765
Support level: 1.2455, 1.2205
EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.0835. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.0905, 1.0945
Support level: 1.0835, 1.0775
USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 107.60. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 108.05, 108.35
Support level: 107.60, 107.15
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6220. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6460.
Resistance level: 0.6460, 0.6640
Support level: 0.6220, 0.5985
NZDUSD, H1: NZDUSD was traded lower following prior retracement from the resistance level at 0.6020. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.5935.
Resistance level: 0.6020, 0.6120
Support level: 0.5935, 0.5845
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4180. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3970.
Resistance level: 1.4180, 1.4390
Support level: 1.3970, 1.3780
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9690. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9690, 0.9775
Support level: 0.9595, 0.9510
CrudeOIL, H1: Crude oil price was traded within a range while currently near the support level at 19.25. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.
Resistance level: 20.65, 22.50
Support level: 19.25, 17.75
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1698.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1745.60, 1770.40
Support level: 1698.65, 1657.80