01 April 2020 Afternoon Session Analysis
Safe-haven yen firms despite weak business mood.
The Japanese Yen which measured its value against the greenback and its peer have strengthen during late Asian trading session even though Japan’s business mood hits seven-year low. According to BoJ survey, big manufacturers’ sentiment turned pessimistic for the first time in seven years as supply chain disruptions caused by the outbreak hit sectors across the board. Service-sector also hit a seven-year low as travel bans and social distancing policies hurt consumption, clouding an already dark outlook. Both manufacturers and non-manufacturers expect business conditions to worsen further three months ahead. However, due to the increasing of global cases and deaths from the coronavirus, the appeal of the Japanese Yen as a safe-haven currency have managed to refrain investors from running away. As of now, global infection cases have reach 8611455 while death toll stands at 42200. In the U.S, U.S continue to set new deadly record where the virus killed a record of 865 people in the United States in the 24 hours recently, according to a Johns Hopkins University. Besides that, the weakening dollar also help support the demand for the safe-haven yen. As of writing, USD/JPY fell 0.11% to 107.70 while dollar index slips 0.04% to 99.10.
In the commodities market, crude oil price fell 0.65% to $20.57 per barrel at the of writing following reports of rising crude inventories. According to API, crude inventories have rose by 10.485 million barrels to 461.9 million barrels last week. Despite with recent positive development between U.S and Russia, the momentum was short-lived as the overall prospect of demand and supply remain weak following Russia and Saudi Arabia having free reign over production levels starting today. In the other hand, gold price also plummeted 0.36% to $1584.64 a troy ounce as of writing speculations of Russia, the world’s largest purchaser of bullion, decided to suspend gold purchases starting today.
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 |
| 15:55 | EUR – German Manufacturing PMI (Mar) | 45.7 | 45.5 | – |
| 16:30 | Manufacturing PMI (Mar) | 48.0 | 47.0 | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Mar) | 183K | -150K | – |
| 22:00 | USD – ISM Manufacturing PMI (Mar) | 50.1 | 45.0 | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 1.623M | 4.333M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 98.90. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 99.85, 100.50
Support level: 98.90, 98.25
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2480. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2300.
Resistance level: 1.2480, 1.2730
Support level: 1.2300, 1.2125
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1005. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1090, 1.1165
Support level: 1.1005, 1.0900
USDJPY, H1: USDJPY was traded higher while currently testing the resistance level at 107.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 107.80,108.35
Support level: 107.15, 106.35
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6180. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6005.
Resistance level: 0.6180, 0.6290
Support level: 0.6005, 0.5865
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6045. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.5900.
Resistance level: 0.6045, 0.6155
Support level: 0.5900, 0.5785
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.4085. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.4215, 1.4375
Support level: 1.4085, 1.3930
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9625. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9625, 0.9710
Support level: 0.9495, 0.9380
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 19.95. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 24.70, 28.45
Support level: 19.95, 15.85
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1576.80. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1603.20.
Resistance level: 1603.20, 1636.00
Support level: 1576.80, 1556.30