31 March 2020 Morning Session Analysis
Mnuchin positive view boosted dollar index higher.
Dollar index which gauge its value against a basket of six major currencies surged after hitting 13 days low level amid US Secretary of Treasury hawkish statement lifted up the investor’s confidence toward greenback. Despite US economy is undergoing low underlying pressures since the outbreak of fast spreading virus, Mnuchin viewed US economic condition still remain good while predicting the economy growth will catch up the gap after virus disappeared. Besides, Mnuchin also emphasizes that unfolding monetary policy and government relief packages will successfully ‘accompany’ US to get through the hardship. Besides, upbeat housing data which released on yesterday night also acted as a catalyst, prompting the investors swarm into dollar market. According to National Association of Realtors, US Pending Home Sales for the month of February came in at 2.4%, blowing the estimates of economist at -1.0%, indicating housing sector remain resilient ahead of the major impact of coronavirus impact. During early Asian trading session, dollar index rose 0.69% to 99.05. On the other hand, the pair of EUR/USD notched down 0.03% to 1.1040 as Europe virus toll surges, while no sign to loosen their existing control measures at the moment. Moreover, Germany lawmakers also predicted its nation economy will sink into fatal recession since the Lehman crisis in year 2008.
In the commodities market, crude oil price appreciated by 1.15% to $20.20 per barrel after US President Donald Trump revealed that he will speak to President Putin regarding to the oil fight between Russia and Saudi Arabia. However, Saudi Arabia signalled no discussion with Russia on stabilizing oil price despite Trump administration was pressuring on them to reach a compromise. Besides, gold price quoted down 0.18% to $1,618.75 a troy ounce amid strengthening of dollar.
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 |
| 14:00 | GBP – GDP (YoY)(Q4) | 1.1% | 1.1% | – |
| 15:55 | EUR – German Unemployment Change (Mar) | -10K | 29K | – |
| 17:00 | EUR – CPI (YoY)(Mar) | 1.2% | 0.8% | – |
| 20:30 | CAD – GDP (MoM)(Jan) | 0.3% | 0.1% | – |
| 22:00 | USD – CB Consumer Confidence (Mar) | 130.7 | 110.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 99.35. However, MACD which illustrate diminishing bearish momentum suggest the dollar to undergo technical correction toward the resistance level at 99.35.
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 1.2340. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2340.
Resistance level: 1.2470, 1.2605
Support level: 1.2340, 1.2230
EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.1040, MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.0970.
Resistance level: 1.1040, 1.1120
Support level: 1.0970, 1.0900
USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 107.65. MACD which illustrate bullish bias momentum signal suggests the pair to extend its gains toward the resistance level at 108.75.
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, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6075. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 0.5865.
Resistance level: 0.6075, 0.6250
Support level: 0.5865, 0.5620
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.4175. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.4175, 1.4335
Support level: 1.3990, 1.3805
USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 0.9580. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.9625.
Resistance level: 0.9625, 0.9680
Support level: 0.9580, 0.9520
CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 20.15. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 21.15.
Resistance level: 21.15, 23.15
Support level: 20.15, 19.40
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1634.90. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 1602.55.
Resistance level: 1634.90, 1664.70
Support level: 1602.55, 1579.00