30 March 2020 Morning Session Analysis
Japanese Yen jumps while market awaiting for stimulus package.
Among majorities of the currencies market, Japanese Yen soared while prompting the pair of USD/JPY plunged to 10 days low level after Japan’s prime minister Shinzo Abe vows to unveil an unprecedented stimulus plan in the short run which hopefully able to buffer the economy from incoming storm. In details, the stimulus package will include cash pay outs to household and small firms which summed up to a size exceed the stimulus plan which laid out during the Lehman’s crisis. Moreover, Japan prime minister added that Japan is now in critical stage where its currently in a long-term battle against coronavirus with other countries, revealed in a press conference on last Saturday. As of now, the total cases of coronavirus’s infection in Japan rose to 1,693 while the death rate remains at 52 cases. During the Asian trading session, the pair of USD/JPY down 0.22% to 107.65. On the other hand, the pair of USD/CAD rose 0.68% to 1.4070 following an unpredicted rate cut from Bank of Canada on last Friday. Prior to the rate cut decision, Canada has failed to dodge the pandemic driven contraction which has exerted serious fallout toward the Canada’s economy. Hence, lawmakers unanimously voted to cut their overnight policy rate by 50 basis point from 0.75% to 0.25%, in a hope to support the financial system and the economy.
In the commodities market, crude oil price depreciated by 7.01% to $20.05 per barrel amid market fears over the fallout of coronavirus and the supply glut from Saudi Arabia and Russia. Despite Trump administration has pressured on Saudi Arabia to compromise with Russia, yet Saudi Arabia is still moving toward its production target. Besides, gold price inched up 0.05% to $1,630.50 a troy ounce amid heightening of market risk avoidance.
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 |
| 22:00 | USD – Pending Home Sales (MoM)(Feb) | 5.2% | -1.0% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 99.35. MACD which illustrate diminishing bullish momentum suggest the dollar to extend its losses toward the support level at 97.60.
Resistance level: 99.35, 101.20
Support level: 97.60, 95.95
GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.2390. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2390.
Resistance level: 1.2525, 1.2605
Support level: 1.2390, 1.2230
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1120. However, MACD which illustrate bullish bias momentum suggests the pair to undergo technical correction toward the higher level.
Resistance level: 1.1200, 1.1295
Support level: 1.1120, 1.1040
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.65. MACD which illustrate bearish bias momentum signal suggests the pair to extend its losses after it successfully breakout below the support level at 107.65.
Resistance level: 108.75,109.25
Support level: 107.65, 106.60
AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6035. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6350.
Resistance level: 0.6350, 0.6720
Support level: 0.6035, 0.5720
NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.5865. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6075.
Resistance level: 0.6075, 0.6250
Support level: 0.5865, 0.5620
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3990. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.4175.
Resistance level: 1.4175, 1.4335
Support level: 1.3990, 1.3805
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9520. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it successfully breakout below the support level at 0.9520.
Resistance level: 0.9580, 0.9625
Support level: 0.9520, 0.9490
CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level at 21.50. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 19.10.
Resistance level: 21.50, 23.10
Support level: 19.10, 16.60
GOLD_, H1: Gold price was traded higher following prior rebound from the 50 moving average line (Blue). MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1637.05.
Resistance level: 1637.05, 1664.70
Support level: 1598.50, 1579.00