{"id":111330,"date":"2020-04-08T01:21:34","date_gmt":"2020-04-08T01:21:34","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=111330"},"modified":"2020-04-08T01:21:34","modified_gmt":"2020-04-08T01:21:34","slug":"080420-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080420-morning-session-analysis\/","title":{"rendered":"080420 Morning Session Analysis"},"content":{"rendered":"

08 April 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar retreats on improved risk sentiment.<\/strong><\/span><\/p>\n

The dollar index which traded against a basket of six major currency pairs have slip during early Asian session as market are heading for riskier assets following slowing coronavirus pandemic. As U.S, Italy and Spain reported falling COVID-19 case numbers over the weekend, risk sentiment continues to improve and market are becoming hopeful that the coronavirus pandemic could be slowing in major economies, thus causing the appeal of safe haven such as dollar itself that have benefitted most strongly from the coronavirus panic softened. In coronavirus front, Spain\u2019s daily death toll fell for the fourth day running to 637, its lowest level since March 24, while Italy reported 525 deaths, the fewest since March 19. In New York which is the epicentre of the outbreak in the U.S, Governor Andrew Cuomo also recently stated that the state\u2019s death rate has been \u2018effectively flat\u2019 for the last two days. Besides that, the greenback\u2019s appeal is also limited by the recent weakness in the US job market where investors are still concerned following last week\u2019s shockingly poor US job stats. At the time of writing, dollar index fell 0.72% to 99.92.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price tumbles 0.75% to $24.21 per barrel as of writing following report of increasing oil inventories. According to the latest report from American Petroleum Institute (API), crude oil stockpiles have increased by 11.9 million barrels for the week ended April 3, higher that market forecast of 9.300 million barrels. In the other hand, gold price fell 0.09% to $1649.60 a troy ounce at the time of writing following slowing condition in coronavirus cause a drop in appeal for safe-haven assets.<\/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

N\/A<\/p>\n

 <\/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
22.30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n–<\/td>\n9.271M<\/td>\n13.834M<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from the resistance level 101.10. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses 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 remain traded in a sideway channel following recent rebound from the support level 1.2230. However, MACD which display bullish bias signal with the formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 1.2490.<\/p>\n

 <\/p>\n

Resistance level: 1.2490, 1.2750<\/p>\n

Support level: 1.2230, 1.2000<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing near the resistance level 1.0925. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.<\/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 lower following prior retracement from the resistance level 108.95. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 107.10.<\/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 higher while currently testing the resistance level 0.6190. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction towards the support level 0.5970.<\/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 higher following prior rebound from the support level 0.5840. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a short-term technical correction towards back the support level 0.5840.<\/p>\n

 <\/p>\n

Resistance level: 0.6060, 0.6365<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing near the support level 1.3975. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.4260.<\/p>\n

 <\/p>\n

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

Support level: 1.3975, 1.3735<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level 0.9775. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses 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 lower following prior retracement from the resistance level 27.95. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 20.20.<\/p>\n

 <\/p>\n

Resistance level: 27.95, 35.55<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level 1635.95. MACD which illustrate persistent bullish bias signal suggest the commodity to extend its gains towards the resistance level 1702.25.<\/p>\n

 <\/p>\n

Resistance level: 1702.25, 1756.35<\/p>\n

Support level: 1635.95, 1575.60<\/p>\n","protected":false},"excerpt":{"rendered":"

08 April 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar retreats on improved risk sentiment. The dollar index which traded against a basket of six major currency pairs have slip during early Asian session as market are heading for riskier assets following slowing coronavirus pandemic. As U.S, Italy and Spain reported falling COVID-19 case numbers over the […]<\/p>\n","protected":false},"author":54,"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\/111330"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=111330"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/111330\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=111330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=111330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=111330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}