30 April 2020 Afternoon Session Analysis
Euro mixed following plans of restart economy in EU.
The euro which traded against the dollar and other currency pair have slip during late Asian session as Eurozone have begun to recover its economy. Recently, France have proposed a plan to gently ease lockdown restrictions from the 11th May. The prime minister of France, Edouard Philippe stated that the move was necessary in order to avert the risk of economic “collapse”. Besides that, Spain also announced plans to reopen its economy. Spanish Prime Minister Pedro Sánchez stated that the goal is ‘to recover daily life without putting collective health at risk’. The announcement helped the pair to stay afloat, however sentiment remain mixed in overall following increasing of coronavirus in other EU counterparts. In Germany, the number of confirmed coronavirus cases continue to rose with the number now stands at 159,119, while death toll at 6,288. Investors will now focus on upcoming decision from ECB where it is expected to keep the policy unchanged and assist in determine the future outlook for the market. At the time of writing, EUR/USD have edge lower by 0.05% to 1.0854.
In the commodities market, crude oil price rose 8.36% to $17.16 per barrel as of writing amid early signs of slowing in oversupply. According to reports, U.S Treasury Secretary Steven Mnuchin stated that the government was exploring options “to store another several hundred million barrels” of oil. The comments have raised hopes for more supply to exit the market and bolster the output cuts planned by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers. In the other hand, gold price remains steady and rose 0.04% to $1713.05 a troy ounce at the time of writing following the weakness of greenback continue to support the demand for the greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:45 EUR ECB Monetary Policy Statement
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Unemployment Rate (Apr) | 1K | 76K | – |
| 17:00 | EUR – CPI (YoY)(Apr) | 0.7% | 0.1% | – |
| 19:45 | EUR – Deposit Facility Rate (Apr) | -0.50% | -0.50% | – |
| 19:45 | EUR – ECB Marginal Lending Facility | 0.25% | – | – |
| 19:45 | EUR – Interest Rate Decision (Apr) | 0.00% | – | – |
| 20:30 | USD – Initial Jobless Claims | 4,427K | 3,500K | – |
| 20:30 | CAD – GDP (MoM)(Feb) | 0.1% | 0.1% | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower while currently near the support level at 99.45. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 99.90, 100.20
Support level: 99.45, 99.15
GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.2515. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2515, 1.2775
Support level: 1.2300, 1.2095
EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.0875. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.0810.
Resistance level: 1.0875, 1.0925
Support level: 1.0810, 1.0735
USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level 107.30. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 105.00.
Resistance level: 107.30, 109.00
Support level: 105.00, 103.15
AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level 0.6665. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6665.
Resistance level: 0.6665, 0.6800
Support level: 0.6450, 0.6265
NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6075. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6200.
Resistance level: 0.6200, 0.6320
Support level: 0.6075, 0.5955
USDCAD, Daily: USDCAD was traded lower while currently testing the support level 1.3860. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.4185, 1.4485
Support level: 1.3860, 1.3395
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9780. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9780, 0.9880
Support level: 0.9630, 0.9510
CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 17.60. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 17.60, 21.85
Support level: 10.65, 6.60
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1699.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1732.65.
Resistance level: 1732.65, 1770.40
Support level: 1699.75, 1663.25