15 April 2020 Afternoon Session Analysis
Dollar gains following recent decision from Donald Trump.
The dollar index which traded against its basket of six major currency pairs have regain some of its confidence during late Asian session on Wednesday as investors cautiously returned to riskier currencies after U.S. President Donald Trump recent decision. According to latest development, U.S. President Trump stated that he would speak with governors of all 50 states to open their economies in a timely manner by May 1. As daily fatalities in the United States from the coronavirus have fallen sharply, U.S states are already making plans to get businesses open again. On top of that, U.S Federal Reserve have launched commercial paper funding facility program to help address liquidity issues caused by economic impacts of the coronavirus. The program was also similar to the one used during the 2008 financial crisis where U.S. central bank becomes a lender of last resort for companies that are unable to borrow in the short-term market. Thus, the program also helps support the demand for the greenback. At the time of writing, dollar index edge higher 0.03% to 98.87.
In the commodities market, crude oil price extends its decline and fell 0.34% to $20.54 as of writing following market doubts on OPEC+ production cuts continue to dominate the sentiment. According to CNBC, analyst stated that the demand destruction forecasts ranging from 15 million to 22 million bpd in April 2020 and OPEC measures only happens from May, oversupply remains inevitable in short term. On the other hand, gold price retreats 0.15% to $1723.62 a troy ounce at the time of writing amid continued volatility which caused mixed risk sentiment.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Monetary Policy Report
22:00 CAD BoC Rate Statement
23:15 CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Retail Sales (MoM)(Mar) | -0.4% | -4.8% | – |
| 20:30 | USD – Retail Sales (MoM)(Mar) | -0.5% | -8.0% | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 15.177M | 11.600M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 98.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 99.75, 100.75
Support level: 98.75, 97.75
GBPUSD, Daily: GBPUSD was traded higher while currently near the resistance level at 1.2620. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2620, 1.2765
Support level: 1.2435, 1.2205
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0945. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1025, 1.1130
Support level: 1.0945, 1.0850
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 106.95. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 109.05, 110.15
Support level: 106.95, 105.65
AUDUSD, Daily: AUDUSD was traded higher while currently near the resistance level at 0.6460. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6460, 0.6640
Support level: 0.6185, 0.5985
NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.6065. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.6105, 0.6130
Support level: 0.6065, 0.6030
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.4005. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.4005, 1.4245
Support level: 1.3805, 1.3610
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9600. 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: 0.9600, 0.9495
CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 20.20. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 31.35, 42.70
Support level: 20.20, 12.30
GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1745.60. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1745.60, 1770.40
Support level: 1698.65, 1657.80