29 April 2020 Afternoon Session Analysis
Safe-haven dollar slumped amid risk-on sentiment.
Dollar index which gauge its value against a basket of six major currencies slumped as the slowing spread of the coronavirus across the world and moves to re-open the economies had stoked a shift in sentiment toward the riskier asset, while diminishing the demand for the safe-haven US dollar. At this time, investors would continue to scrutinize the U.S. Federal Reserve meeting on Thursday in order to gauge the likelihood movement for the currency. On the U.S. economic data front, the U.S. CB Consumer Confidence notched down from the preliminary reading of 118.8 to 86.9, missing the economist forecast at 87.9, reported by Conference Board. Such negative data had dialled down the economic momentum in the United States, which spurring further sell-off for the U.S Dollar. On the other hand, the Australian dollar surged over the backdrop of the upbeat economic data from the Australia region. According to the Australian Bureau of Statistics, the Australia Consumer Price Index (CPI) for last month came in at 0.3%, exceeding the market forecast at 0.2%. As of writing, the Dollar Index depreciated by 0.19% to 99.73 while AUD/USD surged 0.53% to 0.6524.
In the commodities market, the crude oil price surged 1.02% to $13.83 per barrel as of writing. According to Reuters, the oil market edged higher today amid optimisms prospect on oil demand following the European countries and some of the U.S. cities decide to ease the coronavirus lockdown restriction. Besides that, despite the oil storage is rapidly filling up, the Rystad Energy consultants claimed that the production cut at 300,000 barrels per day (bpd) for May and June from the Organization of the Petroleum Exporting Countries (OPEC) would able to slow flows into the tank. On the other hand, the gold market slumped 0.13% to $1703.69 per troy ouns as of writing amid the depreciation of US Dollar.
Today’s Holiday Market Close
Time Market Event
All Day JPY Showa Day
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20.30 | USD – GDP (QoQ) (Q1) | 2.1% | -4.0% | – |
| 22.00 | USD – Pending Home Sales (MoM) (Mar) | 2.4% | -10.0% | – |
| 22.30 | CrudeOIL – Crude Oil Inventories | 15.022M | 10.619M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 99.70. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 100.85, 102.90
Support level: 99.70, 98.30
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2435. MACD which illustrate bullish bias momentum suggest the pair to be traded higher toward the resistance level at 1.2520.
Resistance level: 1.2520, 1.2620
Support level: 1.2435, 1.2370
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0830. MACD which illustrate diminishing bearish momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.0940.
Resistance level: 1.0940, 1.1025
Support level: 1.0830, 1.0765
USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 106.85. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 105.80.
Resistance level: 106.85, 107.95
Support level: 105.80, 104.65
AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6460. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6705.
Resistance level: 0.6705, 0.7005
Support level: 0.6460, 0.6180
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6055. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6120.
Resistance level: 0.6120, 0.6205
Support level: 0.6055, 0.5995
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3980. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.3790.
Resistance level: 1.3980, 1.4105
Support level: 1.3790, 1.3670
USDCHF, H4: USDCHF was traded lower while currently testing the 50 moving average line (Blue). MACD which illustrate bearish momentum suggest the pair to extend its losses after it successfully breakout below the moving average line.
Resistance level: 0.9745, 0.9795
Support level: 0.9685, 0.9650
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 12.95. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 15.70.
Resistance level: 15.70, 18.05
Support level: 12.95, 10.90
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1711.25. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1711.25, 1726.05
Support level: 1699.75, 1683.50