27 April 2020 Afternoon Session Analysis
Pound Sterling slumped over the backdrop of negative data.
Pound Sterling slumped on last Friday following the bleak data from the region of United Kingdom was released, which increasing the uncertainties upon the negative economic impact which caused by the coronavirus. According to Office for National Statistics, the U.K. Retails Sales for last month notched down from the preliminary reading of -0.3% to -5.1%, missing the economist forecast at -4.0% while dialling down the market optimisms toward the economy progression in the U.K. Besides that, many analysts predicted that the weak economic momentum in UK as well as the Brexit uncertainty will continue to diminish the appeal of the Pound Sterling. Nonetheless, investors would continue to scrutinize the latest updates with regards of the coronavirus, the Brexit’s development as well as further economic data from UK to gauge the likelihood movement for the currency. On the other hand, the Japanese Yen surged as market participants expected that the Bank of Japan may consider to scrapping limits on bond purchases while easing funding for the companies in order to combat the economic damage due to the coronavirus. As of writing, GBP/USD appreciated by 0.19% to 1.2386 while USD/JPY was slumped 0.01% to 107.47.
In the commodities market, the crude oil price slumped 0.38% to $15.82 per barrel as of writing. The oil market was traded lower today as investors fears that the worldwide oil storage would be filling rapidly, raising the concerns that the production cuts will not be good enough in order to solve the demand-shock problem of the crude oil due to the coronavirus pandemic. On the other hand, the gold price depreciated by 0.34% to $1722.65 per troy ouns due to the risk-on sentiment as investors expect the global central bank would continually to ease their monetary and fiscal policy in order to boost the economic growth.
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Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior breakout below the previous support level at 100.30. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 100.30, 100.75
Support level: 99.75, 98.50
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2400. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2400, 1.2460
Support level: 1.2310, 1.2250
EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.0795. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.0875, 1.0940
Support level: 1.0795, 1.0740
USDJPY, H1: USDJPY was traded lower while currently testing the support level at 107.30. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 107.80, 108.40
Support level: 107.30, 107.00
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6450. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6450, 0.6615
Support level: 0.6285, 0.6160
NZDUSD, H4: NZDUSD was traded higher while currently near the resistance level at 0.6070. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6070, 0.6215
Support level: 0.5955, 0.5840
USDCAD, H1: USDCAD was traded lower while currently testing the support level at 1.4065. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.4115, 1.4185
Support level: 1.4065, 1.4005
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9750. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9750, 0.9840
Support level: 0.9630, 0.9510
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 15.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 18.05, 21.15
Support level: 15.30, 13.45
GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1737.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1737.25, 1770.40
Support level: 1704.50, 1668.20