{"id":111871,"date":"2020-04-09T05:16:25","date_gmt":"2020-04-09T05:16:25","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=111871"},"modified":"2020-04-09T05:16:25","modified_gmt":"2020-04-09T05:16:25","slug":"090420-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/090420-afternoon-session-analysis\/","title":{"rendered":"090420 Afternoon 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 Afternoon Session Analysis<\/strong><\/p>\n

Euro slips amid disagreement on virus measures.<\/strong><\/span><\/p>\n

During late Asian session, the Euro which traded against the greenback and other currency pairs have slip after European Union finance ministers failed to agree on joint measures to support the region\u2019s economy against the impact of the coronavirus crisis. According to recent reports, the finance ministers remain divided over the best way to provide loans and whether to go as far as issuing joint EU debt despite with 16 hours of discussions and talks. Previously, investors have been expecting for a package of stimulus measures which totalling around half a trillion euros and also involving support from the European Stability Mechanism, the European Investment Bank and the European Commission. However, the disagreement dash market hopes and thus caused a huge selling pressure towards the Euro. Still, European ministers will meet again on Thursday as they seek to overcome these two differences and investors will continue to focus on the final results of the upcoming meeting. At the time of writing, EUR\/USD fell 0.03% to 1.0858.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 0.54% to $25.86 per barrel as of writing following production cut expectation. According to latest development, Russia have recently stated that the country was willing to reduce output by around 1.6 barrels daily, or 15%. Still, investors are waiting to see if Russia will be able to keep its word at OPEC+\u2019s virtual meeting on Thursday. In the other hand, gold price edge higher 0.26% to $1649.72 a troy ounce at the time of writing following continued fears of the coronavirus.<\/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

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

 <\/p>\n

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

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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded within a range while currently near the support level at 99.70. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

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

Support level: 99.70, 98.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2410. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2325.<\/p>\n

 <\/p>\n

Resistance level: 1.2410, 1.2460<\/p>\n

Support level: 1.2325, 1.2205<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.0930. 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: 1.0930, 1.1025<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded higher following prior rebound from the support level at 108.65. 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: 109.25, 109.85<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6235. 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: 0.6235, 0.6405<\/p>\n

Support level: 0.6095, 0.5955<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level 0.5955. 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: 0.6070, 0.6210<\/p>\n

Support level: 0.5955, 0.5840<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3990. MACD which illustrated increasing bearish momentum suggest the pair to extend its gains toward resistance level at 1.4075.<\/p>\n

 <\/p>\n

Resistance level: 1.4075, 1.4185<\/p>\n

Support level: 1.3990, 1.3925<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following prior retracement from the resistance level 0.9765. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9640.<\/p>\n

 <\/p>\n

Resistance level: 0.9765, 0.9890<\/p>\n

Support level: 0.9640, 0.9495<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level 26.25. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 25.15.<\/p>\n

 <\/p>\n

Resistance level: 26.25, 27.05<\/p>\n

Support level: 25.15, 23.95<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"
\nGOLD_, H1: <\/strong>Gold price was traded within a range while currently near the support level at 1643.15. However, 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: 1671.75, 1702.40<\/p>\n

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

 <\/p>\n

\u00a0<\/strong><\/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 Afternoon Session Analysis Euro slips amid disagreement on virus measures. During late Asian session, the Euro which traded against the greenback and other currency pairs have slip after European Union finance ministers failed to agree on joint measures to support the region\u2019s economy against the impact of the coronavirus crisis. According to […]<\/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\/111871"}],"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=111871"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/111871\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=111871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=111871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=111871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}