24 April 2020 Afternoon Session Analysis
Euro slips amid disagreement on stimulus plan.
During late Asian session, the euro which traded against the greenback and other currency pairs have fell following leaders of EU failed again to agree on a coronavirus recovery stimulus plan. According to reports, the European Commission is considering a plan that would produce two trillion euros to finance a European economic recovery after the deep recession that the coronavirus pandemic is expected to cause this year. Countries like France, Italy and Spain are pushing for the stimulus to be funded by the sale of EU debt which is called corona bonds. However, Germany and the Netherlands have once again rejected the idea with concerns that they will be the ones to pay to price. Following the disagreement, French President Emmanuel Macron afterward warned that the European project had no future if member states failed to provide enough aid. Thus, the disagreement has triggered selling pressure for the euro. At the time of writing, EUR/USD fell 0.04% to 1.0773.
In the commodities market, crude oil price jumps 2.11% to $17.34 as of writing following further output cuts. According to latest development, some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic. Kuwait’s state news agency KUNA also stated on Thursday that the producer will begin cutting supplies to international markets without waiting for the official start of the OPEC+ deal. Next, gold price retreats 0.40% to $1724.30 per barrel amid rebound in dollar.
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% | -4.0% | – |
| 16:00 | EUR – German Ifo Business Climate Index (Apr) | 86.1 | 80.0 | – |
| 20:30 | USD – Core Durable Goods Orders (MoM)(Mar) | -0.6% | -5.8% | – |
| 01:00
(25th) |
CrudeOIL – U.S. Baker Hughes Oil Rig Count | 438 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: 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, 101.75
Support level: 99.75, 98.70
GBPUSD, Daily: GBPUSD was traded higher following prior rebound from the support level at 1.2250. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2420, 1.2620
Support level: 1.2250, 1.2055
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.0760. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.0945, 1.1125
Support level: 1.0760, 1.0660
USDJPY, H4: USDJPY was traded within a range while currently near the resistance level at 107.80. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 107.80, 108.40
Support level: 107.15, 106.45
AUDUSD, H1: AUDUSD was traded lower while currently testing the support level at 0.6350. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6390, 0.6425
Support level: 0.6355, 0.6315
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.5955. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6070, 0.6215
Support level: 0.5955, 0.5840
USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.4005. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4115.
Resistance level: 1.4115, 1.4250
Support level: 1.4005, 1.3850
USDCHF, H1: USDCHF was traded higher while currently testing the resistance level at 0.9770. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9770, 0.9825
Support level: 0.9720, 0.9665
CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 18.05. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 18.05, 20.70
Support level: 15.70, 13.60
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1737.25. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1737.25, 1770.40
Support level: 1718.30, 1687.95