{"id":111216,"date":"2020-04-07T05:20:35","date_gmt":"2020-04-07T05:20:35","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=111216"},"modified":"2020-04-07T05:20:35","modified_gmt":"2020-04-07T05:20:35","slug":"070420-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070420-afternoon-session-analysis\/","title":{"rendered":"070420 Afternoon Session Analysis"},"content":{"rendered":"

07 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

Kiwi gains following RBNZ latest statement.<\/strong><\/span><\/p>\n

The New Zealand Kiwi have rose against the dollar and other currency during late Asian session after the latest statement released by the Reserve Bank of New Zealand (RBNZ) on Tuesday. According to the statement, the central bank will extend its asset purchasing program (QE) to a total of NZD 33 billion. The Reserve Bank\u2019s Monetary Policy Committee (MPC) noted that the purchases of New Zealand Government Bonds have successfully reduced longer-term interest rates. Besides that, the committee also agreed that monetary policy needed to be operated as effectively as possible. The news has since increased the appeal and further bid for the New Zealand Kiwi. In the coronavirus front, as infection cases tops surpassed above 1000, New Zealand Prime Minister Jacinda Ardern demotes Health Minister David Clark for coronavirus lockdown breach and also extended for a second time the state of national emergency for a further seven days. NZD\/USD climbs 0.37% to 0.5951 at the time of writing.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 2.07% to $26.61 per barrel as of writing following increasing optimism on Saudi-Russian deal. According to latest development, Russian Direct Investment Fund\u2019s chief executive told CNBC overnight that his country and Saudi Arabia are \u201cvery, very close\u201d to an agreement to cut production. As OPEC+ members are preparing for a virtual meeting on Thursday, investors are now focusing on whether the two producers could reach an agreement on production cuts due to weak demand. On the other hand, gold price also rose 0.12% to $1660.22 a troy ounce at the time of writing following U.S reports slowing number of new cases. At the same time, physical demand continues to dominate and support gold prices.<\/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

N\/A<\/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

12:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AUD\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 RBA Rate Statement<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
12:30<\/td>\nAUD \u2013 RBA Interest Rate Decision (Apr)<\/td>\n0.25%<\/td>\n0.25%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 JOLTs Job Openings (Feb)<\/td>\n6.963M<\/td>\n6.476M<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD \u2013 Ivey PMI (Mar)<\/td>\n54.1<\/td>\n41.0<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(8th<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n10.485M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

\"\"<\/p>\n

DOLLAR_INDX, H1: <\/strong>Dollar index was traded within a range while currently testing the resistance level at 100.75. MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 100.75, 101.65<\/p>\n

Support level: 99.85, 98.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was higher following prior rebound from the support level at 1.2205. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2315.<\/p>\n

 <\/p>\n

Resistance level: 1.2315, 1.2435<\/p>\n

Support level: 1.2205, 1.2110<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level at 1.0790. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.0930, 1.1025<\/p>\n

Support level: 1.0790, 1.0650<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded lower while currently testing the support level at 108.65. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 109.25, 109.85<\/p>\n

Support level: 108.65, 108.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6115. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6115, 0.6185<\/p>\n

Support level: 0.6055, 0.5985<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.5920. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.5980.<\/p>\n

 <\/p>\n

Resistance level: 0.5980, 0.6035<\/p>\n

Support level: 0.5920, 0.5875<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower while currently testing the support level at 1.4085. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.4230, 1.4330<\/p>\n

Support level: 1.4085, 1.4015<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9750. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.9830, 0.9890<\/p>\n

Support level: 0.9750, 0.9625<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 25.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 27.75.<\/p>\n

 <\/p>\n

Resistance level: 27.75, 29.20<\/p>\n

Support level: 25.75, 23.55<\/p>\n

 <\/p>\n

\"\"
\nGOLD_, Daily: <\/strong>Gold price was traded higher while currently testing the resistance level at 1668.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1668.20, 1701.85<\/p>\n

Support level: 1643.15, 1605.90<\/p>\n

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

07 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 Kiwi gains following RBNZ latest statement. The New Zealand Kiwi have rose against the dollar and other currency during late Asian session after the latest statement released by the Reserve Bank of New Zealand (RBNZ) on Tuesday. According to the statement, the central bank will extend its asset purchasing […]<\/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\/111216"}],"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=111216"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/111216\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=111216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=111216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=111216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}