13 April 2020 Afternoon Session Analysis
Canadian Dollar surged amid oil cut agreement.
The commodity-linked currency such as the Canadian Dollar received some bullish momentum amid the major oil producers, including the United States had reach an agreement to cut the oil output while enhancing the oil prices due to the coronavirus pandemic. According to Reuters, after the four-days of video conferences between OPEC+ and its allies, a loose organization of 24 oil-producing nations led by Russia and Saudi Arabia had agreed to reduce the oil supplies by 9.7 million barrels per day (bpd) for May and June, after 4 days of meetings following the pressure from U.S. President Donald Trump. Saudi Energy Minister Prince Adbulaziz bin Salman reiterated that the real effective cuts by OPEC+ could be expected to reach the total of 12.5 million bpd as Saudi Arabia, the United Arab Emirates and Kuwait would cut supplies steeper given higher output in April. Besides, three OPEC+ sources claimed that non-members Brazil, Canada, Indonesia, Norway and the United States would contribute another 4 million to 5 million bpd. Nonetheless, Goldman Sachs’ analysts claimed that the historic OPEC+ oil output cut deal would be insufficient to enhance the oil price amid the coronavirus pandemic had forced few nations to implement the “lock-down” policies, while spurring significant negative prospect for the oil demand. As of writing, USD/CAD slumped 0.01% to 1.3948.
In the commodities market, the crude oil price appreciated by 3.25% to $23.89 per barrels following the OPEC+ and its allies approve the oil cut deal. On the other hand, the gold price appreciated by 0.03% to $1,683.05 per troy ounces amid the acceleration of the coronavirus cases continually to spur risk-off sentiment in the FX market.
Today’s Holiday Market Close
Time Market Event
All Day GBP Easter Monday
All Day EUR Easter Monday
All Day CHF Easter Monday
All Day AUD Easter Monday
All Day NZD Easter Monday
Today’s Highlight Events
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Today’s Highlight Economic Data
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 99.30. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 100.65, 101.75
Support level: 99.30, 98.35
GBPUSD, H1: GBPUSD was traded within a range while currently testing the resistance level at 1.2465. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2465, 1.2585
Support level: 1.2325, 1.2205
EURUSD, H1: EURUSD was traded within a range while currently near the resistance level at 1.0945. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.
Resistance level: 1.0945, 1.1025
Support level: 1.0850, 1.0775
USDJPY, H1: USDJPY was traded lower following prior breakout below the previous support level at 108.25. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.80.
Resistance level: 108.25, 108.65
Support level: 107.80, 107.15
AUDUSD, H4: AUDUSD was traded higher while currently near the resistance level at 0.6405. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6405, 0.6580
Support level: 0.6230, 0.6095
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6070. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6070, 0.6210
Support level: 0.5955, 0.5840
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.4005. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 1.4005, 1.4255
Support level: 1.3805, 1.3610
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9640. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9765, 0.9890
Support level: 0.9640, 0.9495
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 23.65. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 24.35, 25.15
Support level: 23.65, 22.55
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1684.80. However, MACD which illustrated momentum bearish suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1684.80, 1702.50
Support level: 1664.85, 1643.15