{"id":113181,"date":"2020-04-16T00:11:56","date_gmt":"2020-04-16T00:11:56","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=113181"},"modified":"2020-04-16T00:11:56","modified_gmt":"2020-04-16T00:11:56","slug":"160420-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160420-morning-session-analysis\/","title":{"rendered":"160420 Morning Session Analysis"},"content":{"rendered":"

16 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 surged amid market concern over virus\u2019s fallout.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies rose amid growing concern over the economic impact of the coronavirus pandemic, while believing that the full damage may prolonged to certain period. As of today, global virus confirmed cases has set a new record of 2 million, and the death toll climbs near to 130,000. Under the shadow of virus\u2019s pandemic, global economy has been deteriorated significantly while no any single country able to escape from the clutches of the virus. Hence, market experts have now forced to adjusting downward their forecast over the global GDP growth in the upcoming years. Nevertheless, the gains of dollar index limited following the release of US retail sales data. In the month of March, US retail sales delivers a record of -8.7%, missing the forecast of economist at -8.0%, showing that the US economy had been affected tremendously by the still-raging Coronavirus. Moreover, US industrial activity also slumped critically which has been shown in the downbeat Industrial Production data, whereas its actual reading was -5.4% versus the forecast of -4.0%. As of writing, dollar index rose by 0.68% to 99.55.<\/p>\n

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In the commodities market, crude oil price notched down by 0.01% to $20.00 per barrel after US crude oil inventory showed a surprise build up. According to EIA data, US crude oil inventories data came in at 19.248M, far higher than the economist forecast of 11.676M. Besides, gold price quoted down by 0.02% to $1713.30 a troy ounce amid strengthening 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

19:00\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL\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 OPEC Monthly Report<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
16:00<\/td>\nEUR \u2013 German Ifo Business Climate Index (Apr)<\/td>\n86.1<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Building Permits (Mar)<\/td>\n1.452M<\/td>\n1.300M<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n6,606K<\/td>\n5,105K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Philadelphia Fed Manufacturing Index (Apr)<\/td>\n-12.7<\/td>\n-30.0<\/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 lower level. MACD which illustrate bullish bias momentum suggest the dollar to extend its gains toward the resistance level at 99.80.<\/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 rebound from the support level at 1.2470. However, MACD which illustrate bearish bias momentum suggest the pair to undergo short term technical correction toward the lower level.<\/p>\n

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Resistance level: 1.2605, 1.2750<\/p>\n

Support level: 1.2475, 1.2340<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the upward trendline. MACD which illustrate bearish bias 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 higher following prior rebound from the support level at 107.00. MACD which illustrate bullish momentum with the formation of golden cross suggests the pair to extend its gains toward the resistance level at 107.70.<\/p>\n

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Resistance level: 107.70, 108.55<\/p>\n

Support level: 107.00, 106.30<\/p>\n

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AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior retracement near the resistance level at 0.6460. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6180.<\/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 lower following prior breakout below the previous support level at 0.5995. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.5925.<\/p>\n

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

Support level: 0.5925, 0.5850<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.4105. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.4240.<\/p>\n

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Resistance level: 1.4240, 1.4390<\/p>\n

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

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9650. MACD which illustrate bullish bias 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, H1: <\/strong>Crude oil price was traded flat near the support level at 20.15. MACD which illustrate diminishing bullish momentum suggest the commodity to be traded lower in short term after it successfully breakout below the support level at 20.15.<\/p>\n

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Resistance level: 21.80, 23.75<\/p>\n

Support level: 20.15, 17.50<\/p>\n

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\nGOLD_, H1: <\/strong>Gold price was traded lower while currently testing the 50 moving average line (Blue). MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1722.15.<\/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":"

16 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 surged amid market concern over virus\u2019s fallout. Dollar index which gauge its value against a basket of six major currencies rose amid growing concern over the economic impact of the coronavirus pandemic, while believing that the full damage may prolonged to certain period. As of today, […]<\/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\/113181"}],"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=113181"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/113181\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=113181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=113181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=113181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}