{"id":115706,"date":"2020-04-28T00:04:49","date_gmt":"2020-04-28T00:04:49","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=115706"},"modified":"2020-04-28T00:04:49","modified_gmt":"2020-04-28T00:04:49","slug":"280420-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/280420-morning-session-analysis\/","title":{"rendered":"280420 Morning Session Analysis"},"content":{"rendered":"

28 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

USD\/JPY dipped despite dovish tone from BOJ.<\/strong><\/span><\/p>\n

Japanese Yen was traded higher against other major currencies despite BOJ remains its dovish tone toward the prospect of Japan\u2019s economy while have made a decision to further ease its unfolding monetary policy. Earlier yesterday, Bank of Japan decided to maintain its cash rate at -0.10% as widely expected, but removed the cap of bond purchase limit for an uncertain period. In the BOJ\u2019s press conference, current Governor of BOJ revealed that underlying inflationary pressure has disappeared since the outbreak of pandemic, export and output of Japan fall tremendously amid full damage of Covid-19 is still haunting the nation economy. It is also noteworthy that BOJ also revised down their GDP forecast for year 2020 from -3.0% to -5.0%. However, Kuroda emphasized that their long term inflation goal is still remained at 2.0% despite it might take longer period to achieve it. Nonetheless, it does not weaken the value of Japanese Yen as investors are still in favour of its safe haven characteristic. Markets are still eyeing on the development of Covid-19 in order to restructure their investment portfolio. During Asian early trading session, the pair of USD\/JPY notched down 0.01% to 107.21.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price depreciated by 0.70% to $12.85 per barrel as oversupply concern persists. Recently, the significant drop in oil price failed to lift up the prospect of this black commodity as the coronavirus has throttled the demand of oil market even as producers are still in full-force to cut their production output. Besides, gold price inched down 0.11% to $1712.05 a troy ounce amid easing of lockdown evoked market risk appetite.<\/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

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
22:00<\/td>\nUSD \u2013 CB Consumer Confidence (Apr)<\/td>\n120.0<\/td>\n88.0<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(29th<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n13.226M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 100.85. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 99.70.<\/p>\n

 <\/p>\n

Resistance level: 100.85, 102.90<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2435. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.2370.<\/p>\n

 <\/p>\n

Resistance level: 1.2435, 1.2520<\/p>\n

Support level: 1.2370, 1.2305<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.0830. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.0830, 1.0940<\/p>\n

Support level: 1.0765, 1.0655<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound toward the resistance level at 107.95.<\/p>\n

 <\/p>\n

Resistance level: 107.95, 109.30<\/p>\n

Support level: 106.85, 105.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6460. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6460.<\/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, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6055. 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, 0.5945<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.4105. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.3980.<\/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 breakout above the previous resistance level at 0.9745. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9795.<\/p>\n

 <\/p>\n

Resistance level: 0.9795, 0.9840<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 12.95. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 12.95.<\/p>\n

 <\/p>\n

Resistance level: 12.95, 15.70<\/p>\n

Support level: 10.90, 6.95<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1711.25. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 1711.25.<\/p>\n

 <\/p>\n

Resistance level: 1726.05, 1738.15<\/p>\n

Support level: 1711.25, 1700.15<\/p>\n","protected":false},"excerpt":{"rendered":"

28 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   USD\/JPY dipped despite dovish tone from BOJ. Japanese Yen was traded higher against other major currencies despite BOJ remains its dovish tone toward the prospect of Japan\u2019s economy while have made a decision to further ease its unfolding monetary policy. Earlier yesterday, Bank of Japan decided to maintain […]<\/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\/115706"}],"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=115706"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/115706\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=115706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=115706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=115706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}