09 March 2020 Afternoon Session Analysis
Japanese Yen skyrocketed amid heightening of global uncertainty.
The yen’s role as a safe haven currency soars among other major currencies market amid the fast spread of Covid-19 and the breakdown of negotiation between OPEC and Russia sparked up the risk avoidance attitude of the market participants. According to the latest update on Coronavirus, the global infection cases has been risen up to 110,060, while the global death rate also getting closer to the number of 4K. Among all the countries affected by Coronavirus, Italy and South Korea are the most infected nation where the number of virus’s cases in these two countries increasing significantly day over day. Besides, Japanese Yen soars further after OPEC and its allies failed to strike a deal in last Friday meeting. Prior to now, Russian President Vladimir Putin rejected to further increase the oil cut production as the present oil prices were sustainable for the Russian economy while emphasizing that their government had the tools to response any adverse result which may be caused by the spread of coronavirus. After that, Saudi Arabia fired back to irresponsible attitude of Russia by reducing the unrefined price as much as $6 to $7 per barrel and deciding to increase their oil production to 1 million barrels per day. An oil war seems to happen at any moment and the outbreak of coronavirus continue tampering the global growth. As of writing, the pair of USD/JPY plummeted 2.68% to 102.48.
In the commodities market, crude oil price depreciated by 27.16% to $30.25 per barrel amid Saudi Arabia retaliated against Russia by lowering the unrefined oil prices while increasing the number of oil production significantly. Besides, the worsening condition of coronavirus also sparked up the market worries over the future demand of oil market. Besides, gold price rose 0.84% to $1688.00 a troy ounce amid exacerbating of global uncertainties.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
Time Market Event
N/A
Technical Analysis
DOLLAR_INDX, H4：Dollar index was traded lower while currently testing the support level at 95.30. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level at 95.30.
Resistance level: 96.00, 96.55
Support level: 95.30, 94.20
GBPUSD, H1: GBPUSD was traded lower following prior breakout below the previous support level at 1.3080. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.3045.
Resistance level: 1.3080, 1.3120
Support level: 1.3045, 1.3015
EURUSD, H1: EURUSD was traded lower while currently testing the support level at 1.1395. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.1395.
Resistance level: 1.1450, 1.1545
Support level: 1.1395, 1.1325
USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 102.90. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 104.35, 107.20
Support level: 102.90, 100.70
AUDUSD, H1: AUDUSD was traded lower while currently testing the support level at 0.6515. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6515.
Resistance level: 0.6545, 0.6580
Support level: 0.6515, 0.6545
NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.6255. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6255.
Resistance level: 0.6315, 0.6355
Support level: 0.6255, 0.6205
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3650, 1.3830
Support level: 1.3360, 1.3075
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9265. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9265.
Resistance level: 0.9330, 0.9450
Support level: 0.9265, 0.9205
CrudeOIL, Weekly: Crude oil price was traded lower while currently testing the support level at 29.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 39.20, 46.65
Support level: 29.75, 25.30
GOLD_, Weekly: Gold price was traded higher while currently testing the resistance level at 1703.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1703.85, 1786.80
Support level: 1566.20, 1469.50