07 April 2020 Afternoon Session Analysis
Kiwi gains following RBNZ latest statement.
The New Zealand Kiwi have rose against the dollar and other currency during late Asian session after the latest statement released by the Reserve Bank of New Zealand (RBNZ) on Tuesday. According to the statement, the central bank will extend its asset purchasing program (QE) to a total of NZD 33 billion. The Reserve Bank’s Monetary Policy Committee (MPC) noted that the purchases of New Zealand Government Bonds have successfully reduced longer-term interest rates. Besides that, the committee also agreed that monetary policy needed to be operated as effectively as possible. The news has since increased the appeal and further bid for the New Zealand Kiwi. In the coronavirus front, as infection cases tops surpassed above 1000, New Zealand Prime Minister Jacinda Ardern demotes Health Minister David Clark for coronavirus lockdown breach and also extended for a second time the state of national emergency for a further seven days. NZD/USD climbs 0.37% to 0.5951 at the time of writing.
In the commodities market, crude oil price rose 2.07% to $26.61 per barrel as of writing following increasing optimism on Saudi-Russian deal. According to latest development, Russian Direct Investment Fund’s chief executive told CNBC overnight that his country and Saudi Arabia are “very, very close” to an agreement to cut production. As OPEC+ members are preparing for a virtual meeting on Thursday, investors are now focusing on whether the two producers could reach an agreement on production cuts due to weak demand. On the other hand, gold price also rose 0.12% to $1660.22 a troy ounce at the time of writing following U.S reports slowing number of new cases. At the same time, physical demand continues to dominate and support gold prices.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
12:30 AUD RBA Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 12:30 | AUD – RBA Interest Rate Decision (Apr) | 0.25% | 0.25% | – |
| 22:00 | USD – JOLTs Job Openings (Feb) | 6.963M | 6.476M | – |
| 22:00 | CAD – Ivey PMI (Mar) | 54.1 | 41.0 | – |
| 04:30
(8th) |
CrudeOIL – API Weekly Crude Oil Stock | 10.485M | – | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded within a range while currently testing the resistance level at 100.75. MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 100.75, 101.65
Support level: 99.85, 98.90
GBPUSD, H1: GBPUSD was higher following prior rebound from the support level at 1.2205. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2315.
Resistance level: 1.2315, 1.2435
Support level: 1.2205, 1.2110
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.0790. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.0930, 1.1025
Support level: 1.0790, 1.0650
USDJPY, H1: USDJPY was traded lower while currently testing the support level at 108.65. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 109.25, 109.85
Support level: 108.65, 108.25
AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.6115. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6115, 0.6185
Support level: 0.6055, 0.5985
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.5920. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.5980.
Resistance level: 0.5980, 0.6035
Support level: 0.5920, 0.5875
USDCAD, H1: USDCAD was traded lower while currently testing the support level at 1.4085. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.4230, 1.4330
Support level: 1.4085, 1.4015
USDCHF, H1: USDCHF was traded lower while currently testing the support level at 0.9750. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout the support level.
Resistance level: 0.9830, 0.9890
Support level: 0.9750, 0.9625
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 25.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 27.75.
Resistance level: 27.75, 29.20
Support level: 25.75, 23.55
GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1668.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1668.20, 1701.85
Support level: 1643.15, 1605.90