{"id":110885,"date":"2020-04-06T06:46:39","date_gmt":"2020-04-06T06:46:39","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=110885"},"modified":"2020-04-06T06:46:39","modified_gmt":"2020-04-06T06:46:39","slug":"060420-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060420-afternoon-session-analysis\/","title":{"rendered":"060420 Afternoon Session Analysis"},"content":{"rendered":"

06 April 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

Aussie fell as recession fears mount.<\/strong><\/span><\/p>\n

The Australian dollar which traded against its peers and the greenback have fell during late Asian session on Monday as the potential risk of recession continue to dominate the sentiment and weak Australian data. From data perspective, the AIG Performance of Construction Index fell to 37.9 in March from 42.7 in February. At the same time, the Commonwealth Bank Services PMI for the same month was also revised to 38.5. The data which have signalled a steeper economic slowdown in March have continue to exert bearish pressure for the currency. At the same time, the ongoing coronavirus also weigh on the currency. At the moment, strengthening dollar and market risk-aversion have kept Aussie to continue remain in the weak spot. With the global slowdown only likely to intensify as the pandemic worsens, investors have little reason to buy the Australian Dollar much. Still, investors will now focus to the next policy decision from RBA this week where if the bank discusses any quantitative easing (QE) policy, the Australian dollar could extend its selling pressure. At the time of writing, AUD\/USD slips 0.11% to 0.6018 while dollar index rose 0.09% to 100.72.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell 4.25% to $27.29 per barrel as of writing following concerns of oversupply. According to reports, the head of the International Energy Agency, Fatih Birol have recently stated that the oil inventories would still rise by 15 million bpd in the second quarter even with output cuts of 10 million bpd and urged the world’s richest economies to discuss broader ways to stabilize oil markets. Next, gold price remains stable and edge higher 0.03% to $1613.38 a troy ounce at the time of writing as investors remain cautious and waiting for more news and confirmation<\/p>\n

 <\/p>\n

Today\u2019s Holiday Market Close<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CNY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Ching Ming Festival<\/p>\n

 <\/p>\n

Today\u2019s Highlight Events<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

N\/A<\/p>\n

\u00a0<\/u><\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Construction PMI (Mar)<\/td>\n52.6<\/td>\n44.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/strong><\/p>\n

Technical Analysis<\/u><\/strong><\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing near the resistance level 101.10. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a technical correction in short term towards the support level 98.75.<\/p>\n

 <\/p>\n

Resistance level: 101.10, 103.75<\/p>\n

Support level: 98.75, 96.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded flat near the resistance level 1.2290 following prior breakout below previous support level. However, MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.1990.<\/p>\n

 <\/p>\n

Resistance level: 1.2290, 1.2490<\/p>\n

Support level: 1.1990, 1.1740<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing near the support level 1.0780. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 1.0925.<\/p>\n

 <\/p>\n

Resistance level: 1.0925, 1.1060<\/p>\n

Support level: 1.0780, 1.0640<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 108.95. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gain after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 108.95, 111.45<\/p>\n

Support level: 107.10, 105.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing near the support level 0.5970. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction towards the resistance level 0.6190.<\/p>\n

 <\/p>\n

Resistance level: 0.6190, 0.6450<\/p>\n

Support level: 0.5970, 0.5725<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing near the support level 0.5840. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to experience a technical correction towards the resistance level 0.6075.<\/p>\n

 <\/p>\n

Resistance level: 0.6075, 0.6365<\/p>\n

Support level: 0.5840, 0.5580<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD remain traded in a sideway channel following recent retracement from the resistance level 1.4260. Due to lack of momentum and direction from MACD, it is suggested to wait until further signal appear before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1.4260, 1.4550<\/p>\n

Support level: 1.4000, 1.3735<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level 0.9775. However, MACD which illustrate diminishing bullish bias signal with the starting formation of death cross suggest the pair to be traded lower as a technical correction towards the support level 0.9650.<\/p>\n

 <\/p>\n

Resistance level: 0.9775, 0.9895<\/p>\n

Support level: 0.9650, 0.9505<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing near the resistance level 28.00. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower towards the support level 20.20.<\/p>\n

 <\/p>\n

Resistance level: 28.00, 35.55<\/p>\n

Support level: 20.20, 15.00<\/p>\n

 <\/p>\n

\"\"
\nGOLD_, H4: <\/strong>Gold price remain traded in a sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower in short term towards the support level 1575.60.<\/p>\n

 <\/p>\n

Resistance level: 1635.95, 1702.25<\/p>\n

Support level: 1575.60, 1521.65<\/p>\n

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

06 April 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Aussie fell as recession fears mount. The Australian dollar which traded against its peers and the greenback have fell during late Asian session on Monday as the potential risk of recession continue to dominate the sentiment and weak Australian data. From data perspective, the AIG Performance of Construction Index […]<\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/110885"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=110885"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/110885\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=110885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=110885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=110885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}