24 March 2020 Afternoon Session Analysis
Pound sterling recoup losses amid stricter lockdown measures.
U.K pound sterling which traded against the greenback and its peers have rebound from its lows during late Asian session after U.K tightens its lockdown to combat the coronavirus pandemic. According to reports, U.K Prime Minster Boris Johnson have issued a national lockdown on Monday as he told the British public to stay at home. The lockdown, which will be reassessed in three weeks, will close all businesses that is deemed nonessential and limiting gatherings of more than two people in public. After being accused previously of sending mixed signals, the stricter measures have helped the pound sterling to regain some confidence as investors hope that the measure could help slowing and reducing the numbers in cases and death from the coronavirus. As of now, the total cases of infection have soared by 958 to 6661 while the death toll also rose by 32 to 335. At the time of writing, GBP/USD rose 0.84% to 1.1641.
In the commodities market, crude oil price climbs 2.82% to $24.09 per barrel as of writing following further signals of potential deal between U.S and Saudi Arabia. According to the latest update, U.S. Energy Secretary Dan Brouillette have hinted on Monday that a U.S.-Saudi oil alliance was one option to stabilize prices. Still, he also emphasised: “At some point we will engage in a diplomatic effort down the road, but no decisions have been made on for now.” On the other hand, gold price jumped 1.99% to $1583.81 a troy ounce at the time of writing following U.S. Federal Reserve announced further measures that keep borrowing costs at low levels and gives the yellow metal a boost.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | EUR – German Manufacturing PMI (Mar) | 48.0 | 39.6 | – |
| 17:30 | GBP – Composite PMI | 53.0 | 45.1 | – |
| 17:30 | GBP – Manufacturing PMI | 51.7 | 45.0 | – |
| 17:30 | GBP – Services PMI | 53.2 | 45.0 | – |
| 22:00 | USD – New Home Sales (Feb) | 764K | 750K | – |
Technical Analysis
DOLLAR_INDX, Daily：Dollar index was traded lower following prior breakout below the previous support level at 102.95. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 101.65.
Resistance level: 102.95, 103.70
Support level: 101.65, 99.70
GBPUSD, H1: GBPUSD was traded higher while currently near the resistance level at 1.1695. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1695, 1.1835
Support level: 1.1455, 1.1300
EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.0805. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.0805, 1.0895
Support level: 1.0730, 1.0650
USDJPY, H1: USDJPY was traded lower while currently testing the support level at 110.05. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 111.40, 112.45
Support level: 110.05, 108.60
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.5945. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.5945, 0.6140
Support level: 0.5725, 0.5540
NZDUSD, Daily: NZDUSD was higher following prior rebound from the support level at 0.5635. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.5840
Resistance level: 0.5840, 0.6045
Support level: 0.5635, 0.5455
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.4465. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.4465, 1.4730
Support level: 1.4070, 1.3745
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9775. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9885, 0.9950
Support level: 0.9775, 0.9715
CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 24.40. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 24.40, 27.70
Support level: 22.05, 20.15
GOLD_, H4: Gold price traded higher following prior breakout above the previous resistance level at 1553.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1583.50.
Resistance level: 1538.50, 1603.05
Support level: 1553.45, 1533.45