05 May 2020 Afternoon Session Analysis
Dollar rose following worries of US-Sino trade war.
The dollar index which traded against a basket of six major currency pairs have caught bid during late Asian session following concerns over U.S.-China dispute will be re-ignited due to the coronavirus. Recently, U.S. President Donald Trump and Secretary of State Mike Pompeo have blamed the pandemic on China, where they believed that is the place where the coronavirus outbreak is originated. Following latest development, Secretary of State Mike Pompeo also claims that there was “a significant amount of evidence” that the virus emerged from a laboratory in the central Chinese city of Wuhan. Despite Mike Pompeo did not provide any evidence, the comments have dragged down risk sentiment in the market. As tensions began to flare, market have been dominated by risk-averse trading where safe-haven market such as greenback and yen attract bid from investors. In the time of writing, dollar index rose 0.04% to 99.45.
In the commodities market, crude oil price surge 0.80% to $21.83 per barrel as of writing amid improving demand prospect. As some U.S. states and nations in Europe and Asia start to ease coronavirus lockdown measures, the outlook for fuel demand have rose, thus boosting the sentiment for the commodity for the moment. In the other hand, gold price remains stable and rose 0.05% to $1700.72 a troy ounce at the time of writing following ongoing fears of trade war and coronavirus.
Today’s Holiday Market Close
Time Market Event
All Day JPY Special Holiday
All Day CNY Labor Day
Today’s Highlight Events
Time Market Event
Tentative EUR EU Economic Forecasts
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Composite PMI (Apr) | 36.0 | 12.9 | – |
| 16:30 | GBP – Construction PMI (Apr) | 39.3 | 44.0 | – |
| 16:30 | GBP – Services PMI (Apr) | 12.3 | 12.2 | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (Apr) | 52.5 | 44.0 | – |
| 04:30
(6th) |
CrudeOIL – API Weekly Crude Oil Stock | 10.000M | – | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded within a range while currently testing the resistance level at 99.55. MACD which illustrated increasing bearish momentum suggest the index to be traded higher after it successfully breakout above the resistance level.
Resistance level: 99.55, 100.15
Support level: 98.85, 98.35
GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.2575. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2295.
Resistance level: 1.2575, 1.2770
Support level: 1.2295, 1.2045
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.0925. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.0875.
Resistance level: 1.0925, 1.0960
Support level: 1.0875, 1.0830
USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 106.50. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 109.00, 110.20
Support level: 106.50, 105.00
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6405. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6540.
Resistance level: 0.6540, 0.6680
Support level: 0.6405, 0.6235
NZDUSD, H1: NZDUSD was traded higher while currently testing the resistance level at 0.6070. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6070, 0.6130
Support level: 0.6000, 0.5940
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.4155. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.4155, 1.4485
Support level: 1.3850, 1.3655
USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9585. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9780.
Resistance level: 0.9780, 0.9880
Support level: 0.9585, 0.9495
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 20.65. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 24.30.
Resistance level: 24.30, 28.50
Support level: 20.65, 17.70
GOLD_, H1: Gold price was traded lower while currently testing the support level at 1697.40. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1710.00, 1718.50
Support level: 1697.40, 1684.70