1 April 2020 Morning Session Analysis
New repo facility dragged greenback lower.
Dollar index which gauge its value against a basket of six major currencies dipped after Federal Reserve implemented new stimulus plan to smoothen the financial market. Last night, US central bank establish a temporary FIMA (foreign and international monetary authorities) repo facility where it allows all the FIMA account holders to enter into repurchase agreements with Federal Reserve. Through this program, FIMA account holders is able to exchange for dollar by temporarily selling their treasury securities to Federal Reserve. Besides, this unprecedented action from Federal Reserve not merely aim to increase the liquidity of dollar but as well as limiting other foreign central bank to sell their treasury holdings which due to market panic during the period of virus’s spreading. During early Asian trading session, dollar index inched down 0.24% to 98.95. Nonetheless, upbeat economic data from US nation slightly limited the losses of greenback. According to the Conference Board, US CB Consumer Confidence came in at 120.0, stronger than the economist forecast of 110.0, reflecting US consumers are confidence on their economy health despite the pandemic of coronavirus.
In the commodities market, crude oil price depreciated by 0.05% to $19.95 per barrel as market remain pessimistic toward the prospect of oil market. Market participants are seeing huge selling pressure on this black commodity due to the combination of Covid-19 negative impact as well as the rising production level of crude oil. Besides, gold price notched down by 0.12% to $1,575.74 a troy ounce amid latest plan from Federal reserve lifted up market risk appetite.
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, Daily: Dollar index was traded lower following prior retracement from the resistance level at 99.30. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses toward the support level at 97.60.
Resistance level: 99.30, 101.20
Support level: 97.60, 95.95
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2470. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2340.
Resistance level: 1.2470, 1.2605
Support level: 1.2340, 1.2230
EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.1040, MACD which illustrate diminishing bullish momentum suggests the pair to be traded lower in short term toward the support level at 1.0970.
Resistance level: 1.1040, 1.1120
Support level: 1.0970, 1.0900
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 107.65. MACD which illustrate diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 106.60.
Resistance level: 107.65, 108.75
Support level: 106.60, 105.25
AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6035. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6350.
Resistance level: 0.6350, 0.6720
Support level: 0.6035, 0.5720
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6075. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.5865.
Resistance level: 0.6075, 0.6250
Support level: 0.5865, 0.5620
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.4185. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3990.
Resistance level: 1.4185, 1.4335
Support level: 1.3990, 1.3805
USDCHF, H1: USDCHF was traded lower following prior breakout below the previous support level at 0.9625. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9580.
Resistance level: 0.9625, 0.9680
Support level: 0.9580, 0.9520.
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 20.10. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 20.10.
Resistance level: 21.15, 23.15
Support level: 20.10, 19.40
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1579.00. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 1536.95.
Resistance level: 1579.00, 1602.55
Support level: 1536.95, 1503.40