{"id":114764,"date":"2020-04-23T00:07:01","date_gmt":"2020-04-23T00:07:01","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=114764"},"modified":"2020-04-23T00:07:01","modified_gmt":"2020-04-23T00:07:01","slug":"230420-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/230420-morning-session-analysis\/","title":{"rendered":"230420 Morning Session Analysis"},"content":{"rendered":"

23 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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Dollar dips while US set to vote on new stimulus plan.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies plunged after hitting the highest level in two weeks following US senate has approved a new round of stimulus plan for the stalled US economy. Yesterday, the legislation has passed in the level of Senate, and now it has been sent to House of Congress for likely approval on Thursday. This stimulus program is expected to be implemented shortly, on top of the $2trillion package and more than 10 billion of fund injection which were enacted during the outbreak of pandemic. These stimulus programs were taking the same purpose of supporting the US economy from virus\u2019s fallout while relieving the negative impact of Covid-19 against the household and local businesses. As of writing, dollar index dropped by 0.05% to 100.15. On the other hand, the pair of USD\/CAD soars 0.03% to 1.4160 amid a downbeat economic data has been released in Canada. According to the Statistics of Canada, Core CPI data was came in at -0.6%, missing the forecast and previous reading at -0.4% and 0.4% respectively. It shows that underlying pressure of inflation in Canada has weakened which due to the full damage of virus on the nation economy.<\/p>\n

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In the commodities market, crude oil price depreciated by 0.10% to $14.10 as US crude oil inventories showed a huge build-up in last week. According to the EIA, US Crude Oil Inventories data came in at 15.022M, slightly lower than the economist forecast of 15.150M, while showing that the issue of global supply glut remains unsolved. Besides, gold price notched down by 0.10% to $1712.05 a troy ounce amid rising of market\u2019s risk-on sentiment.<\/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\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 Retail Sales (MoM)(Mar)<\/td>\n-0.3%<\/td>\n-3.8%<\/td>\n–<\/td>\n<\/tr>\n
15:30<\/td>\nEUR \u2013 German Manufacturing PMI (Apr)<\/td>\n45.4<\/td>\n39.0<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Composite PMI<\/td>\n36.0<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manufacturing PMI<\/td>\n47.8<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Services PMI<\/td>\n34.5<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n5,245K<\/td>\n4,150K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 New Home Sales (Mar)<\/td>\n765K<\/td>\n645K<\/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, Daily: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level at 99.70. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains toward the resistance level at 101.20.<\/p>\n

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

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

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GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.2340. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 1.2340, 1.2425<\/p>\n

Support level: 1.2215, 1.2115<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded lower while currently testing the support level at 1.0830. MACD which illustrate bearish signal with the formation of death cross suggest the pair to extend its losses after its candle successfully closed below the support level.<\/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 flat below the resistance level at 107.95. 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: 107.95, 109.30<\/p>\n

Support level: 106.85, 105.80<\/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 while currently testing the support level at 0.5945. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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

Support level: 0.5945, 0.5850<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the upward trend line. MACD which1illustrate bullish bias momentum suggests 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 resistance level at 0.9685. MACD which illustrate bullish bias momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.9745.<\/p>\n

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Resistance level: 0.9745, 0.9825<\/p>\n

Support level: 0.9685, 0.9650<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 12.95. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 15.70.<\/p>\n

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Resistance level: 15.70, 18.05<\/p>\n

Support level: 12.95, 10.90<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 1700.15.<\/p>\n

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Resistance level: 1724.50, 1746.05<\/p>\n

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

23 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 dips while US set to vote on new stimulus plan. Dollar index which gauge its value against a basket of six major currencies plunged after hitting the highest level in two weeks following US senate has approved a new round of stimulus plan for the stalled […]<\/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\/114764"}],"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=114764"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/114764\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=114764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=114764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=114764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}