16 April 2020 Morning Session Analysis
Greenback surged amid market concern over virus’s fallout.
Dollar index which gauge its value against a basket of six major currencies rose amid growing concern over the economic impact of the coronavirus pandemic, while believing that the full damage may prolonged to certain period. As of today, global virus confirmed cases has set a new record of 2 million, and the death toll climbs near to 130,000. Under the shadow of virus’s pandemic, global economy has been deteriorated significantly while no any single country able to escape from the clutches of the virus. Hence, market experts have now forced to adjusting downward their forecast over the global GDP growth in the upcoming years. Nevertheless, the gains of dollar index limited following the release of US retail sales data. In the month of March, US retail sales delivers a record of -8.7%, missing the forecast of economist at -8.0%, showing that the US economy had been affected tremendously by the still-raging Coronavirus. Moreover, US industrial activity also slumped critically which has been shown in the downbeat Industrial Production data, whereas its actual reading was -5.4% versus the forecast of -4.0%. As of writing, dollar index rose by 0.68% to 99.55.
In the commodities market, crude oil price notched down by 0.01% to $20.00 per barrel after US crude oil inventory showed a surprise build up. According to EIA data, US crude oil inventories data came in at 19.248M, far higher than the economist forecast of 11.676M. Besides, gold price quoted down by 0.02% to $1713.30 a troy ounce amid strengthening of dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:00 CrudeOIL OPEC Monthly Report
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:00 | EUR – German Ifo Business Climate Index (Apr) | 86.1 | – | – |
| 20:30 | USD – Building Permits (Mar) | 1.452M | 1.300M | – |
| 20:30 | USD – Initial Jobless Claims | 6,606K | 5,105K | – |
| 20:30 | USD – Philadelphia Fed Manufacturing Index (Apr) | -12.7 | -30.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate bullish bias momentum suggest the dollar to extend its gains toward the resistance level at 99.80.
Resistance level: 99.80, 101.20
Support level: 98.30, 97.60
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2470. However, MACD which illustrate bearish bias momentum suggest the pair to undergo short term technical correction toward the lower level.
Resistance level: 1.2605, 1.2750
Support level: 1.2475, 1.2340
EURUSD, H4: EURUSD was traded lower following prior breakout below the upward trendline. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.0830.
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 107.00. MACD which illustrate bullish momentum with the formation of golden cross suggests the pair to extend its gains toward the resistance level at 107.70.
Resistance level: 107.70, 108.55
Support level: 107.00, 106.30
AUDUSD, Daily: AUDUSD was traded lower following prior retracement near the resistance level at 0.6460. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6180.
Resistance level: 0.6460, 0.6705
Support level: 0.6180, 0.5975
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.5995. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.5925.
Resistance level: 0.5995, 0.6055
Support level: 0.5925, 0.5850
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.4105. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.4240.
Resistance level: 1.4240, 1.4390
Support level: 1.4105, 1.3980
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9650. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.9685.
Resistance level: 0.9685, 0.9745
Support level: 0.9650, 0.9570
CrudeOIL, H1: Crude oil price was traded flat near the support level at 20.15. MACD which illustrate diminishing bullish momentum suggest the commodity to be traded lower in short term after it successfully breakout below the support level at 20.15.
Resistance level: 21.80, 23.75
Support level: 20.15, 17.50
GOLD_, H1: Gold price was traded lower while currently testing the 50 moving average line (Blue). MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1722.15.
Resistance level: 1722.15, 1746.05
Support level: 1700.15, 1683.50