30 April 2020 Morning Session Analysis
Dollar plunged following the release of downbeat data.
Dollar index which gauge its value against a basket of six major currencies dipped following US released a series of bleak economic data from its nation. According to the Bureau of Economic Analysis, its nation’s GDP for the first quarter in year 2020 was came in at -4.8%, blowing the estimate of economist at -4.0%, proving that US has underwent economic slowdown during the early stage of pandemic. However, there is a huge caveat that the data yet to fully reflecting the fallout of coronavirus against US economy, and so the coming economic data might be even worse. Besides, US Pending Home Sales data has down by 20.8%, weaker than the economist forecast of -10.0%, showing that housing sector turned sour amid negative effect of virus. Since the outbreak of Covid-19, global economy has been hammered tremendously whereas US is the most affected country. According to the latest statistics, US infected cases has accumulated to 1,035,675, recorded the highest cases and highest growing pace among all the countries. Nonetheless, the losses of US dollar was limited as the recent moves to reopen economy has risen up the appeal of dollar, where market believes that a short-term rebound in economy growth can be anticipated. During Asian early trading session, dollar index quoted down 0.37% to 99.50.
In the commodities market, crude oil price appreciates 4.03% to $16.00 per barrel amid EIA data showed a drop in US oil inventories level. According to EIA, US crude oil inventories came in at 8.991M, lower than economist expectation at 10.619M, lifting up the appeal of this black commodity product. Besides, gold price notched up 0.01% to $1713.00 a troy ounce amid weakening of dollar.
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, Daily: Dollar index was traded lower while currently testing the 50 moving average line (Blue). MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the MA line.
Resistance level: 99.70, 100.85
Support level: 98.30, 97.60
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance 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 107.25. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.25.
Resistance level: 107.25, 108.20
Support level: 106.25, 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 0.6120. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6205.
Resistance level: 0.6205, 0.6250
Support level: 0.6120, 0.6055
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 1.3855.
Resistance level: 1.3980, 1.4105
Support level: 1.3855, 1.3790
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9745. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.9685.
Resistance level: 0.9745, 0.9795
Support level: 0.9685, 0.9650
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level at 15.70. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above 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 following prior breakout above the previous resistance level at 1711.25. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1726.05.
Resistance level: 1726.05, 1738.15
Support level: 1711.25, 1699.75