{"id":111435,"date":"2020-04-08T05:10:49","date_gmt":"2020-04-08T05:10:49","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=111435"},"modified":"2020-04-08T05:10:49","modified_gmt":"2020-04-08T05:10:49","slug":"080420-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080420-afternoon-session-analysis\/","title":{"rendered":"080420 Afternoon 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 Afternoon Session Analysis<\/strong><\/p>\n

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Pound surged amid risk-on sentiment.<\/strong><\/span><\/p>\n

Pound Sterling surged on yesterday following the increasing risk appetite within the FX market as the death rate of the coronavirus in Spain and Italy has been declining for several days, prompting the investors to shift their portfolio toward riskier asset such as Pound Sterling. Nonetheless, at this time, the coronavirus has infected more than 51,000 people in U.K, with the death toll surging to nearly 5,400. In earlier, Pound sterling received bearish momentum following the UK Prime Minister Boris Johnson was moved into intensive care on late Monday after his condition deteriorated rapidly. However, investors had digested the such negative news while the U.K. Foreign Secretary Dominic Raab, who is deputizing for the U.K. Prime Minister, claimed on yesterday that the condition of the UK Prime Minister Boris Johnson was remained \u201cstable\u201d overnight. Besides, he reiterated that Boris Johnson is not required any mechanical ventilation or non-invasive respiratory support. Such sentiment had spurred some significant demand for the Pound Sterling. On the other hand, the dollar index surged over the backdrop of positive job data from the United Stated. According to Bureau of Labor Statistics, the U.S. JOLTs Job Openings came in at 6.882M, exceeding the economist forecast at 6.600M while enhancing the market optimism toward the economic progression in the United States. As of writing, dollar index appreciated by 0.22% to 100.12 while GBP\/USD slumped 0.15% to 1.2316.<\/p>\n

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In the commodities market, the crude oil price surged 3.12% to $24.90 per barrels. The oil market edged higher as investors speculate that the OPEC members and its allied producers would successfully make an agreement in order to reduce the oil productions while ending the price war between Saudi Arabia and Russia during their meeting on Thursday. On the other hand, the gold market received bearish momentum yesterday amid strengthening U.S Dollar. As of writing, the gold market slumped 0.03% to $1648.45 per troy ounce.<\/p>\n

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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

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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

02:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 FOMC Meeting Minutes<\/p>\n

(9th<\/sup>)<\/p>\n

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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>\n13.834M<\/td>\n9.271M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the support level at 99.80. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains toward the resistance level at 101.20.<\/p>\n

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Resistance level: 101.20, 102.90<\/p>\n

Support level: 99.80, 98.30<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2340. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.<\/p>\n

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Resistance level: 1.2340, 1.2470<\/p>\n

Support level: 1.2215, 1.2115<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.0830. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.0940.<\/p>\n

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Resistance level: 1.0940, 1.1025<\/p>\n

Support level: 1.0830, 1.0765<\/p>\n

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USDJPY, H1: <\/strong>USDJPY was traded higher following prior rebound from the support level at 108.55. MACD which illustrate diminishing bearish momentum signal suggests the pair to extend its gains toward the resistance level at 109.25.<\/p>\n

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Resistance level: 109.25, 110.10<\/p>\n

Support level: 108.55, 107.50<\/p>\n

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AUDUSD, Daily: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6180. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6180.<\/p>\n

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Resistance level: 0.6180, 0.6460<\/p>\n

Support level: 0.5975, 0.5720<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.5865. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6075.<\/p>\n

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Resistance level: 0.6075, 0.6250<\/p>\n

Support level: 0.5865, 0.5620<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound near the support level at 1.3980. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.4105.<\/p>\n

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Resistance level: 1.4105, 1.4240<\/p>\n

Support level: 1.3980, 1.3805<\/p>\n

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USDCHF, H1: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9685. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9745.<\/p>\n

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Resistance level: 0.9745, 0.9825<\/p>\n

Support level: 0.9685, 0.9650<\/p>\n

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CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 23.90. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its rebound toward the resistance level at 25.90.<\/p>\n

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Resistance level: 25.90, 27.40<\/p>\n

Support level: 23.90, 21.80<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the support level at 1644.00. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1657.55.<\/p>\n

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Resistance level: 1657.55, 1666.10<\/p>\n

Support level: 1664.00, 1623.75<\/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 Afternoon Session Analysis     Pound surged amid risk-on sentiment. Pound Sterling surged on yesterday following the increasing risk appetite within the FX market as the death rate of the coronavirus in Spain and Italy has been declining for several days, prompting the investors to shift their portfolio toward riskier asset such […]<\/p>\n","protected":false},"author":25,"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\/111435"}],"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\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=111435"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/111435\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=111435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=111435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=111435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}