{"id":113808,"date":"2020-04-20T00:12:17","date_gmt":"2020-04-20T00:12:17","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=113808"},"modified":"2020-04-20T00:24:59","modified_gmt":"2020-04-20T00:24:59","slug":"200420-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/200420-morning-session-analysis\/","title":{"rendered":"200420 Morning Session Analysis"},"content":{"rendered":"

20 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

 <\/p>\n

 <\/p>\n

Dollar slipped <\/strong>as US plans to reopen economy soon.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies dipped as US President Donald Trump planned for an early-reopen on their economy, while passing it up to governors to decide on the timing and breadth which unclear in the guideline for reopening economy. Despite there are new hotspots emerge and no sign of flattening in the spread of coronavirus, majority of the US citizens started to protest against the US administration of extending lockdown restriction in states is unnecessary, as resentment grow amid their living normality has been affected. As the pandemic of coronavirus has punched a huge hole on the US economy, US leader is now in urge to restart their economy in order to support their economy from the fallout of virus. Although restarting the economy as soon as possible may sound good to a country in short run, however without a great foundational plan such as strong virus prevention measures, virus could rebound from the fall and snugging out the economy from recovery phase. With the latest statistics, US confirmed cases breaks the record of 700,000 while the fatalities close to 40,000 cases. As of now, Investors are now eye on the development of Covid-19 and putting their attention on the steps taken by US administration. During Asian early trading session, dollar index notched down by 0.04% to 99.70.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price depreciated by 4.68% to $17.31 per barrel as growing market worries over the pandemic of coronavirus might continue suppressed this black commodity\u2019s prospect. The oil market sentiment is still remains sick while market is still waiting for further catalyst. Besides, gold price quoted down by 0.44% to $1676.40 a troy ounce amid heightening of market appetite toward riskier asset.<\/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

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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>\nEUR \u2013 German PPI (MoM)(Mar)<\/td>\n-0.4%<\/td>\n-0.7%<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 Trade Balance (Feb)<\/td>\n1.3B<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level near 99.70. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses after it successfully breakout below the support level at 99.70.<\/p>\n

 <\/p>\n

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

Support level: 99.70, 98.30<\/p>\n

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\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2520. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.2415.<\/p>\n

 <\/p>\n

Resistance level: 1.2520, 1.2620<\/p>\n

Support level: 1.2415, 1.2340<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the 20 moving average line (Red). However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short term technical correction toward higher level.<\/p>\n

 <\/p>\n

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

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

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\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 107.70. MACD which illustrate diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 107.00.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior rebound from the 50 moving average line (Blue). However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the lower level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.5995.<\/p>\n

 <\/p>\n

Resistance level: 0.6055, 0.6120<\/p>\n

Support level: 0.5995, 0.5925<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound near the support level at 1.3980. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.4105.<\/p>\n

 <\/p>\n

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

Support level: 1.3980, 1.3790<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the lower level. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction toward the support level at 0.9650.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior retracement from the higher level. However, MACD which illustrate bullish bias momentum suggest the commodity to extend undergo technical correction toward the higher level.<\/p>\n

 <\/p>\n

Resistance level: 25.90, 27.40<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior breakout below the previous support level at 1683.50. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1666.25.<\/p>\n

 <\/p>\n

Resistance level: 1683.50, 1700.15<\/p>\n

Support level: 1666.25, 1644.85<\/p>\n","protected":false},"excerpt":{"rendered":"

20 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 slipped as US plans to reopen economy soon. Dollar index which gauges its value against a basket of six major currencies dipped as US President Donald Trump planned for an early-reopen on their economy, while passing it up to governors to decide on the timing and […]<\/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\/113808"}],"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=113808"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/113808\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=113808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=113808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=113808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}