{"id":113402,"date":"2020-04-16T05:29:26","date_gmt":"2020-04-16T05:29:26","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=113402"},"modified":"2020-04-16T05:35:27","modified_gmt":"2020-04-16T05:35:27","slug":"150420-afternoon-session-analysis-2","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/150420-afternoon-session-analysis-2\/","title":{"rendered":"160420 Afternoon 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 Afternoon Session Analysis<\/strong><\/p>\n

Euro slips amid plans of easing coronavirus restriction.<\/strong><\/span><\/p>\n

During late Asian session, the euro which traded against the greenback and other currency have fell after EU discussions about the possibility of easing coronavirus restrictions in the country. According to latest reports, the largest economic powerhouse in the bloc, Germany plans to reopen parts of its economy as soon as on Monday. The reopening will allow retailers of up to 800 square meters allowed to reopen on Monday only if they have a plan for good hygiene. Schools in the country would also begin reopening on May 4, but large public events will remain banned until at least August 31. German Chancellor Angela Merkel is set to discuss easing restrictions with Germany\u2019s 16 state premiers. However, market remains uncertain about the risk where government should ease the restriction and the possibility for the virus to re-emerge, thus dragging the sentiment of the Euro down. At the same time, the strengthening of the greenback also contributed to the decline of the currency pair. As of writing, EUR\/USD fell 0.31% to 1.0874 while dollar index rose 0.44% to 99.90.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price remains weak and fell 0.75% to $19.93 per barrel at the time of writing amid clear signs of oversupply issue. According to the latest development, the International Energy Agency (IAE) have warned of 29 million barrel per day dive in April oil demand in its monthly report, a level not seen in over two decades. Even with OPEC+ production cuts, the numbers pointed to an unenviable oversupply as the COVID-19 virus continues to hit demand. On the other hand, gold price retreats 0.04% to $1715.15 a troy ounce as of writing amid ongoing dollar strength.<\/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

19:00\u00a0\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

 <\/p>\n

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

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

\"\"<\/p>\n

DOLLAR_INDX, H1: <\/strong>Dollar index was traded higher while currently testing the resistance level at 99.95. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 100.30, 100.85<\/p>\n

Support level: 99.95, 99.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower while currently near the support level at 1.2435. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.2620, 1.2765<\/p>\n

Support level: 1.2435, 1.2205<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.0885. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.0850.<\/p>\n

 <\/p>\n

Resistance level: 1.0885, 1.0945<\/p>\n

Support level: 1.0850, 1.0775<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4<\/strong>: <\/strong>USDJPY was traded higher following prior rebound from the support level at 106.95. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 109.05.<\/p>\n

 <\/p>\n

Resistance level: 109.05, 110.15<\/p>\n

Support level: 106.95, 105.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.6460. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6185.<\/p>\n

 <\/p>\n

Resistance level: 0.6460, 0.6640<\/p>\n

Support level: 0.6185, 0.5985<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.5935. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.6020, 0.6120<\/p>\n

Support level: 0.5935, 0.5845<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout the previous resistance level at 1.4005. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4250.<\/p>\n

 <\/p>\n

Resistance level: 1.4250, 1.4540<\/p>\n

Support level: 1.4005, 1.3870<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9600. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9765<\/p>\n

 <\/p>\n

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

Support level: 0.9600, 0.9495<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 20.65. MACD which illustrated diminishing bullish momentum suggest the commodity toward support level at 19.25.<\/p>\n

 <\/p>\n

Resistance level: 20.65, 22.50<\/p>\n

Support level: 19.25, 17.75<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"
\nGOLD_, H1: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1745.60. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1745.60, 1770.40<\/p>\n

Support level: 1698.65, 1657.80<\/p>\n

\u00a0<\/strong><\/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 Afternoon Session Analysis Euro slips amid plans of easing coronavirus restriction. During late Asian session, the euro which traded against the greenback and other currency have fell after EU discussions about the possibility of easing coronavirus restrictions in the country. According to latest reports, the largest economic powerhouse in the bloc, Germany […]<\/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\/113402"}],"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=113402"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/113402\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=113402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=113402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=113402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}