09 April 2020 Morning Session Analysis
Dollar gains amid exacerbating of virus spreading.
Dollar index which gauges its value against a basket of six major currencies soared as investors sought for safe haven asset such as greenback under the circumstance of worsening in virus spreading while the whole world is suppressing by the devastating impact of Covid-19. According to the latest statistics, the total cases of infected patients rose to more than 1.4 million while the death rate has also broken the record of 80,000 yesterday. However, the gains of dollar were limited as United States has been recognised as the most virus-stricken area in globe, as its total coronavirus cases top at 400,000, doubling in one week. Moreover, top experts are also predicting that US total cases of virus will goes to the peak by the end of this month as US diagnoses is lagging behind the outbreak while no any sign of slowdown in virus spreading. Regardless of short to long term, it will undoubtedly affect the US economic health, leaving a big pothole on this largest economies’ body in the world for a long time. During Asian early trading session, dollar index notched up by 0.26% to 100.16.
In the commodities market, the crude oil price depreciated by 0.04% to $26.00 per barrels following the report of crude oil inventories released last night. According to EIA, US Crude Oil Inventories came in at 15.177M, higher than the economist forecast of 9.271M, indicating the demand of crude oil sapped due to coronavirus pandemic. However, market are now still eyes on the upcoming OPEC+ meeting in order to scrutinize the further direction of oil price. Besides, gold price rose by 0.18% to $1648.00 a troy ounce as market risk appetite declined amid worsening of virus pandemic.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:30 EUR ECB Publishes Account of Monetary Policy Meeting
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – GDP (YoY) | 0.6% | 1.1% | – |
| 14:00 | GBP – Manufacturing Production (MoM)(Feb) | 0.2% | 0.1% | – |
| 20:30 | USD – Initial Jobless Claims | 6,648K | 5,250K | – |
| 20:30 | USD – PPI (MoM)(Mar) | -0.6% | -0.4% | – |
| 20:30 | CAD – Employment Change (Mar) | 1.3% | 0.5% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 99.80. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains toward the resistance level at 101.20.
Resistance level: 101.20, 102.90
Support level: 99.80, 98.30
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2340. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.2470.
Resistance level: 1.2470, 1.2605
Support level: 1.2340, 1.2215
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0830. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.0940.
Resistance level: 1.0940, 1.1025
Support level: 1.0830, 1.0765
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 108.55. MACD which illustrate diminishing bearish momentum signal suggests the pair to extend its gains toward the resistance level at 109.25.
Resistance level: 109.25, 110.10
Support level: 108.55, 107.50
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6180. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after its candle successfully close above the resistance level at 0.6180.
Resistance level: 0.6180, 0.6460
Support level: 0.5975, 0.5720
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.5865. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6075.
Resistance level: 0.6075, 0.6250
Support level: 0.5865, 0.5620
USDCAD, H4: USDCAD was traded lower following prior retracement from the 20 moving average line (red). However, MACD which illustrated diminishing bearish momentum and the formation of golden cross suggest the pair to undergo technical correction toward the higher level.
Resistance level: 1.4105, 1.4240
Support level: 1.3980, 1.3805
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9685. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9745.
Resistance level: 0.9745, 0.9825
Support level: 0.9685, 0.9650
CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 25.90. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 27.40.
Resistance level: 27.40, 28.75
Support level: 25.90, 23.90
GOLD_, H1: Gold price was traded higher following prior rebound from the channel’s bottom level at 1644.00. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 1657.55, 1666.10
Support level: 1644.00, 1623.75