29 April 2020 Morning Session Analysis
New Zealand kiwi rose following trade data.
The New Zealand Kiwi which traded against the greenback and its peer have managed to caught some bid following upbeat New Zealand’s trade numbers. According to Statistics New Zealand, Trade Balance grew from a revised down $531M to $672M with readings of $-3.46B against previous $-3.3B. Besides that, New Zealand imports also rose from $4.34B to $5.14B while exports also rose from $4.87B to $5.81B. Following the data, the Kiwi pair receive positive momentum while continue to carrying with previous positive momentum. On top of that, the pair also cheering on New Zealand’s improving recovery from the coronavirus. According to reports, New Zealand Prime Minister Jacinda Ardern have pared the lockdown restrictions from level 4 to level three on Tuesday, but still urged people to stay at home. At the time of writing, NZD/USD rose 0.18% to 0.6062.
In the commodities market, crude oil price rebound 0.32% to $12.98 per barrel following API stockpiles data. According to American Petroleum Institute (API), crude oil inventories have added 9.978 million barrels, lesser than previous addition of 13.226 million barrels. The figures manage to attract the buyers amid the latest rout due to the fears of rising inventories creating a lack of storage capacity. On the other hand, gold price fell 0.16% to $1705.76 a troy ounce at the of writing following dollar recovery and increasing risk appetite.
Today’s Holiday Market Close
Time Market Event
All Day JPY Showa Day
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 09.30 | AUD – CPI (QoQ) (Q1) | – | 0.2% | 0.7% |
| 20.30 | USD – GDP (QoQ) (Q1) | – | -4.0% | 2.1% |
| 22.00 | USD – Pending Home Sales (MoM) (Mar) | – | -10.0% | 2.4% |
| 22.30 | CrudeOIL – Crude Oil Inventories | – | 10.619M | 15.022M |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 99.60. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its rebound towards the resistance level 100.90.
Resistance level: 100.90, 102.00
Support level: 99.60, 98.30
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.2470. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.2215.
Resistance level: 1.2470, 1.2645
Support level: 1.2215, 1.2000
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.0820. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.0905, 1.0995
Support level: 1.0820, 1.0740
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 107.10. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 105.55.
Resistance level: 107.10, 109.10
Support level: 105.55, 103.25
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.6445. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a short-term technical correction towards back the current support level 0.6445.
Resistance level: 0.6660, 0.6770
Support level: 0.6445, 0.6210
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6085. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.6085, 0.6240
Support level: 0.5930, 0.5780
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.3975. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.4260.
Resistance level: 1.4260, 1.4550
Support level: 1.3735, 1.3460
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9720. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9795, 0.9895
Support level: 0.9720, 0.9600
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 10.00. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 15.00.
Resistance level: 15.00, 19.35
Support level: 10.00, 5.00
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1699.50. However, MACD which illustrate diminishing bearish momentum suggest the commodity to experience a technical correction towards the resistance level 1736.00.
Resistance level: 1736.00, 1789.10
Support level: 1699.50, 1667.00.