{"id":112579,"date":"2020-04-14T00:04:19","date_gmt":"2020-04-14T00:04:19","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=112579"},"modified":"2020-04-14T00:04:19","modified_gmt":"2020-04-14T00:04:19","slug":"140420-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/140420-morning-session-analysis\/","title":{"rendered":"140420 Morning Session Analysis"},"content":{"rendered":"

14 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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Greenback stagnant while market eyeing on virus\u2019s issue.<\/strong><\/span><\/p>\n

Dollar index which measured its value against a basket of six major currencies hovered near the 2 weeks low level while the market remain on edge over the development of Covid-19 as severe restrictions which have been implemented during the peak of virus\u2019s spreading has sent the global economy into an unprecedented freezing state, while no sign of stopping in parts of the world. According to Worldometer statistics, US total infection cases rose significantly in last week and reached 560,433 confirmed cases and recorded the most fatalities comparing to other country as of Tuesday morning. In United States, more than 40 states including Washington are now haunted by the Coronavirus pandemic, US economy continue suppressed in the recession stage due to still-ravaging Coronavirus crisis. During Asian early trading session, dollar index dropped by 0.03% to 99.50. On the other hand, the commodity currency such as Canadian dollar slipped against greenback as oil market sentiment remain pessimistic amid disappointed outcome from the OPEC+ meeting. In the phone call meeting, OPEC+ agreed to cut 9.7 million barrel of oil per day, lower than the market expectation of more than 10 million cuts. As of writing, the pair of USD\/CAD rose 0.01% to 1.3905.<\/p>\n

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In the commodities market, crude oil price ticked up by 1.88% to $22.70 per barrel while continues hovering near its recent low level at $22.00 as oil production cuts of 9.7 million barrels per day failed to offset the broader concern of slumping in oil demand during the outbreak of coronavirus. In the meeting, Mexico was agreed to cut 100K in the upcoming months while it was initially being proposed by 400k of oil production cut. Besides, gold price rose by 0.02% to $1,714.70 a troy ounce amid weakening of dollar.<\/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

N\/A<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n


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

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior breakout below the previous support level at 99.80. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses toward the support level at 98.30.<\/p>\n

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Resistance level: 99.80, 101.20<\/p>\n

Support level: 98.30, 97.60<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2470. 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: 1.2605, 1.2750<\/p>\n

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

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EURUSD, Daily: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.0940. MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses toward the support level at 1.0830.<\/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, H4: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 107.95. MACD which illustrate bearish bias momentum signal suggests the pair to extend its losses toward the support level at 107.25.<\/p>\n

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Resistance level: 107.95, 108.55<\/p>\n

Support level: 107.25, 106.85<\/p>\n

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AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6180. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the next resistance level at 0.6460.<\/p>\n

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Resistance level: 0.6460, 0.6705<\/p>\n

Support level: 0.6180, 0.5975<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the upward trendline. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6115.<\/p>\n

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Resistance level: 0.6115, 0.6205<\/p>\n

Support level: 0.6055, 0.5995<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.3980. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3805.<\/p>\n

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Resistance level: 1.3980, 1.4105<\/p>\n

Support level: 1.3805, 1.3670<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9650. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9685.<\/p>\n

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Resistance level: 0.9685, 0.9745<\/p>\n

Support level: 0.9650, 0.9570<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 23.80.<\/p>\n

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Resistance level: 23.80, 25.90<\/p>\n

Support level: 21.80, 20.10<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded higher while currently testing the resistance level at 1722.15. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the support level at 1700.15.<\/p>\n

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Resistance level: 1722.15, 1746.05<\/p>\n

Support level: 1700.15, 1683.50<\/p>\n","protected":false},"excerpt":{"rendered":"

14 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     Greenback stagnant while market eyeing on virus\u2019s issue. Dollar index which measured its value against a basket of six major currencies hovered near the 2 weeks low level while the market remain on edge over the development of Covid-19 as severe restrictions which have been implemented during […]<\/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\/112579"}],"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=112579"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/112579\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=112579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=112579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=112579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}