{"id":111642,"date":"2020-04-09T00:08:06","date_gmt":"2020-04-09T00:08:06","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=111642"},"modified":"2020-04-09T04:07:15","modified_gmt":"2020-04-09T04:07:15","slug":"090420-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/090420-morning-session-analysis\/","title":{"rendered":"090420 Morning Session Analysis"},"content":{"rendered":"

09 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

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Dollar gains amid exacerbating of virus spreading.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies soared as investors sought for safe haven asset such as greenback under the circumstance of worsening in virus spreading while the whole world is suppressing by the devastating impact of Covid-19. According to the latest statistics, the total cases of infected patients rose to more than 1.4 million while the death rate has also broken the record of 80,000 yesterday. However, the gains of dollar were limited as United States has been recognised as the most virus-stricken area in globe, as its total coronavirus cases top at 400,000, doubling in one week. Moreover, top experts are also predicting that US total cases of virus will goes to the peak by the end of this month as US diagnoses is lagging behind the outbreak while no any sign of slowdown in virus spreading. Regardless of short to long term, it will undoubtedly affect the US economic health, leaving a big pothole on this largest economies\u2019 body in the world for a long time. During Asian early trading session, dollar index notched up by 0.26% to 100.16.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price depreciated by 0.04% to $26.00 per barrels following the report of crude oil inventories released last night. According to EIA, US Crude Oil Inventories came in at 15.177M, higher than the economist forecast of 9.271M, indicating the demand of crude oil sapped due to coronavirus pandemic. However, market are now still eyes on the upcoming OPEC+ meeting in order to scrutinize the further direction of oil price. Besides, gold price rose by 0.18% to $1648.00 a troy ounce as market risk appetite declined amid worsening of virus pandemic.<\/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

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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

19:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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 ECB Publishes Account of Monetary Policy Meeting<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\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
14:00<\/td>\nGBP \u2013 GDP (YoY)<\/td>\n0.6%<\/td>\n1.1%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP \u2013 Manufacturing Production (MoM)(Feb)<\/td>\n0.2%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n6,648K<\/td>\n5,250K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 PPI (MoM)(Mar)<\/td>\n-0.6%<\/td>\n-0.4%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Employment Change (Mar)<\/td>\n1.3%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

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

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2340. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.2470.<\/p>\n

 <\/p>\n

Resistance level: 1.2470, 1.2605<\/p>\n

Support level: 1.2340, 1.2215<\/p>\n

 <\/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

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/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

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

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 its candle successfully close above the resistance level at 0.6180.<\/p>\n

 <\/p>\n

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

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

 <\/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

 <\/p>\n

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 lower following prior retracement from the 20 moving average line (red). However, MACD which illustrated diminishing bearish momentum and the formation of golden cross suggest the pair to undergo technical correction toward the higher level.<\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9685. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9745.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

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CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 25.90. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 27.40.<\/p>\n

 <\/p>\n

Resistance level: 27.40, 28.75<\/p>\n

Support level: 25.90, 23.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the channel\u2019s bottom level at 1644.00. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.<\/p>\n

 <\/p>\n

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

Support level: 1644.00, 1623.75<\/p>\n","protected":false},"excerpt":{"rendered":"

09 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 gains amid exacerbating of virus spreading. Dollar index which gauges its value against a basket of six major currencies soared as investors sought for safe haven asset such as greenback under the circumstance of worsening in virus spreading while the whole world is suppressing by the devastating […]<\/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\/111642"}],"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=111642"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/111642\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=111642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=111642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=111642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}