28 April 2020 Morning Session Analysis
USD/JPY dipped despite dovish tone from BOJ.
Japanese Yen was traded higher against other major currencies despite BOJ remains its dovish tone toward the prospect of Japan’s economy while have made a decision to further ease its unfolding monetary policy. Earlier yesterday, Bank of Japan decided to maintain its cash rate at -0.10% as widely expected, but removed the cap of bond purchase limit for an uncertain period. In the BOJ’s press conference, current Governor of BOJ revealed that underlying inflationary pressure has disappeared since the outbreak of pandemic, export and output of Japan fall tremendously amid full damage of Covid-19 is still haunting the nation economy. It is also noteworthy that BOJ also revised down their GDP forecast for year 2020 from -3.0% to -5.0%. However, Kuroda emphasized that their long term inflation goal is still remained at 2.0% despite it might take longer period to achieve it. Nonetheless, it does not weaken the value of Japanese Yen as investors are still in favour of its safe haven characteristic. Markets are still eyeing on the development of Covid-19 in order to restructure their investment portfolio. During Asian early trading session, the pair of USD/JPY notched down 0.01% to 107.21.
In the commodities market, crude oil price depreciated by 0.70% to $12.85 per barrel as oversupply concern persists. Recently, the significant drop in oil price failed to lift up the prospect of this black commodity as the coronavirus has throttled the demand of oil market even as producers are still in full-force to cut their production output. Besides, gold price inched down 0.11% to $1712.05 a troy ounce amid easing of lockdown evoked market risk appetite.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – CB Consumer Confidence (Apr) | 120.0 | 88.0 | – |
| 04:30
(29th) |
CrudeOIL – API Weekly Crude Oil Stock | 13.226M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 100.85. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 99.70.
Resistance level: 100.85, 102.90
Support level: 99.70, 98.30
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2435. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.2370.
Resistance level: 1.2435, 1.2520
Support level: 1.2370, 1.2305
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.0830. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.0830, 1.0940
Support level: 1.0765, 1.0655
USDJPY, H4: USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound toward the resistance level at 107.95.
Resistance level: 107.95, 109.30
Support level: 106.85, 105.80
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6460. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6460.
Resistance level: 0.6460, 0.6705
Support level: 0.6180, 0.5975
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6055. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.5995.
Resistance level: 0.6055, 0.6120
Support level: 0.5995, 0.5945
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4105. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.3980.
Resistance level: 1.4105, 1.4240
Support level: 1.3980, 1.3790
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9745. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9795.
Resistance level: 0.9795, 0.9840
Support level: 0.9745, 0.9685
CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 12.95. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 12.95.
Resistance level: 12.95, 15.70
Support level: 10.90, 6.95
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1711.25. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 1711.25.
Resistance level: 1726.05, 1738.15
Support level: 1711.25, 1700.15