23 April 2020 Afternoon Session Analysis
Sterling slips amid coronavirus woes.
The pound sterling has fell against the greenback and other currency pairs during late Asian session following weak inflation data coupled with concerns of deeper coronavirus impact in the U.K. According to National Statistics, U.K consumer price index have slowed to 1.5% last month from 1.7% in February. The weak data was dragged down by clothing cost and lower energy price amid Covid-19 pandemic. On top of that, analyst have also warned of further economic impact in the U.K ahead. Following recent reports, investors have also begun to raise the probability of extended lockdown, which could continue to cause the pound sterling to struggle. At the time of writing, GBP/USD edge lower 0.05% to 1.2331.
In the commodities market, crude oil price rebounds 2.24% to $14.84 per barrel as of writing following signs of producers are cutting production to cope with a collapse in demand for fuel. According to latest development, U.S Oklahoma’s energy regulator said companies could shut down digging rigs without losing their leases, an initial victory for struggling U.S. producers seeking relief from the market crash after a surge in production. The state is the fourth-largest oil producer in the U.S. In the other hand, gold price gains 0.13% to $1712.45 a troy ounce at the time of writing amid uncertainty towards global economic outlook continue to support the demand for the safe-haven commodity.
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 – Retail Sales (MoM)(Mar) | -0.3% | -3.8% | – |
| 15:30 | EUR – German Manufacturing PMI (Apr) | 45.4 | 39.0 | – |
| 16:30 | GBP – Composite PMI | 36.0 | – | – |
| 16:30 | GBP – Manufacturing PMI | 47.8 | – | – |
| 16:30 | GBP – Services PMI | 34.5 | – | – |
| 20:30 | USD – Initial Jobless Claims | 5,245K | 4,150K | – |
| 22:00 | USD – New Home Sales (Mar) | 765K | 645K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently near the resistance level at 100.75. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 100.75, 101.65
Support level: 99.70, 98.35
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2385. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2385, 1.2620
Support level: 1.2230, 1.2045
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.0795. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.0945, 1.1125
Support level: 1.0795, 1.0660
USDJPY, H1: USDJPY was traded within a range while currently near the resistance level at 107.90. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 107.90, 108.40
Support level: 107.30, 106.90
AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.6280. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6335.
Resistance level: 0.6335, 0.6375
Support level: 0.6280, 0.6230
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the support level at 0.5955. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.5955, 0.6075
Support level: 0.5840, 0.5690
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.4120. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.4250, 1.4445
Support level: 1.4120, 1.4005
USDCHF, H4: USDCHF was traded higher while currently near the resistance level at 0.9730. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9730, 0.9775
Support level: 0.9595, 0.9510
CrudeOIL, H1: Crude oil price was traded within a range while currently testing the support level at 13.90. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.
Resistance level: 18.05, 25.50
Support level: 13.90, 10.75
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1718.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1687.95.
Resistance level: 1718.20, 1737.25
Support level: 1687.95, 1672.80