27 April 2020 Morning Session Analysis
Dollar dipped following a stimulus plan passed in US.
Dollar index which gauge its value against a basket of six major currencies eased as House of Congress has finally gave an approval toward the new round of stimulus plan last Friday. Since the outbreak of Coronavirus, US government and Federal Reserve has launched different types of stimulus program with the intention of supporting the nation economy through the hardship of pandemic period. The new round of money which worth near to $483 billion is aimed to support the local small business and hospitals. By injecting huge amount of money incessantly into the market in order to combat the full damages of Covid-19 against US, US economy is believingly will be boosted up in short term despite the additional liquidity has diminished the value of US dollar. However, the losses of dollar index were limited as positive economic data slightly lifted up the appeal of dollar index. According to the US Census Bureau, US Core Durable Goods Orders data came in at -0.2%, stronger than the economist forecast of -5.8%, while it merely provide little view about US current economy conditions as the gains are not likely to be sustainable during this pandemic period. As of writing, dollar index fall 0.11% to 100.20.
In the commodities market, crude oil price depreciated by 3.55% to $16.55 per barrel as global production cut unable to keep pace with the collapse of market demand due to pandemic of virus. Market participants are still waiting for more catalysts in order to gauge the further direction of this black commodity. Besides, gold price notched down 0.40% to $1721.90 a troy ounce amid increasing of market risk appetite.
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Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 100.85. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 99.70.
Resistance level: 100.85, 102.90
Support level: 99.70, 98.30
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2370. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term toward the support level at 1.2305.
Resistance level: 1.2370, 1.2425
Support level: 1.2305, 1.2215
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.0830. MACD which illustrate bullish signal suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.0830, 1.0940
Support level: 1.0765, 1.0655
USDJPY, H4: USDJPY was traded lower following prior retracement from the 20 moving average line (Red). MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.85.
Resistance level: 107.95, 109.30
Support level: 106.85, 105.80
AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the 20 moving average line (red). MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6460.
Resistance level: 0.6460, 0.6705
Support level: 0.6180, 0.5975
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.5995. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6055.
Resistance level: 0.6055, 0.6120
Support level: 0.5995, 0.5945
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.4105. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains after it successfully breakout above the resistance level at 1.4105.
Resistance level: 1.4105, 1.4240
Support level: 1.3980, 1.3790
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9745. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses toward the support level at 0.9685.
Resistance level: 0.9745, 0.9825
Support level: 0.9685, 0.9650
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the higher level. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 15.70.
Resistance level: 18.05, 21.80
Support level: 15.70, 12.95
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1723.45. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction toward the lower level.
Resistance level: 1724.45, 1738.15
Support level: 1711.25, 1700.15