21 April 2020 Afternoon Session Analysis
Aussie slips following RBA minutes.
The Australian dollar which measured its value against the greenback and other currency pairs have fell during late Asian session following the recent release of meeting minutes from RBA. According to the minutes, the board have stated that it will remain committed to supporting jobs, incomes, and business and to do whatever it takes to achieve the three-year bond yield target. The minutes were somewhat less dovish with RBA didn’t plan to boost purchases on bonds, however policymakers have expressed their thought of smaller and less frequent purchases of government bonds would be required in the future. Besides that, the weakening risk sentiment also caused the pair to experience further pressure due to lack of demand from global economy. At the time of writing, AUD/USD fell 0.52% to 0.6301.
In the commodities market, crude oil price fell 0.31% to $21.33 per barrel as of writing following as fear of weak demand amid coronavirus pandemic continue to dominate the market. According to analyst poll by Reuters, U.S. crude inventories were expected to rise by about 16.1 million barrels in the week to April 17. Main U.S storage hub in Cushing, Oklahoma is also expected to be full within a matter of weeks. On the other hand, gold price slips 0.42% to $1688.97 a troy ounce at the time of writing amid strengthening dollar.
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 |
| 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 99.75. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 100.90.
Resistance level: 100.90, 101.65
Support level: 99.75, 98.80
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2385. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2620, 1.2765
Support level: 1.2385, 1.2230
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.0825. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.0975, 1.1125
Support level: 1.0825, 1.0660
USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 107.70. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.35.
Resistance level: 107.70, 108.05
Support level: 107.35, 107.05
AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6460. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6220.
Resistance level: 0.6460, 0.6640
Support level: 0.6220, 0.5985
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6075. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.5955.
Resistance level: 0.6075, 0.6215
Support level: 0.5955, 0.5840
USDCAD, H4: USDCAD was traded higher while currently near the resistance level at 1.4180. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.4180, 1.4390
Support level: 1.4070, 1.3970
USDCHF, H4: USDCHF was traded higher while currently near the resistance level at 0.9715. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9715, 0.9775
Support level: 0.9595, 0.9510
CrudeOIL, H1: Crude oil price was lower following prior retracement from the resistance level at 21.90. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 21.90, 23.45
Support level: 20.30, 17.85
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1701.20. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1701.20, 1737.25
Support level: 1670.95, 1634.75