{"id":116339,"date":"2020-04-30T00:02:25","date_gmt":"2020-04-30T00:02:25","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=116339"},"modified":"2020-04-30T00:02:25","modified_gmt":"2020-04-30T00:02:25","slug":"300420-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/300420-morning-session-analysis\/","title":{"rendered":"300420 Morning Session Analysis"},"content":{"rendered":"

30 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

Dollar plunged following the release of downbeat data.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies dipped following US released a series of bleak economic data from its nation. According to the Bureau of Economic Analysis, its nation\u2019s GDP for the first quarter in year 2020 was came in at -4.8%, blowing the estimate of economist at -4.0%, proving that US has underwent economic slowdown during the early stage of pandemic. However, there is a huge caveat that the data yet to fully reflecting the fallout of coronavirus against US economy, and so the coming economic data might be even worse. Besides, US Pending Home Sales data has down by 20.8%, weaker than the economist forecast of -10.0%, showing that housing sector turned sour amid negative effect of virus. Since the outbreak of Covid-19, global economy has been hammered tremendously whereas US is the most affected country. According to the latest statistics, US infected cases has accumulated to 1,035,675, recorded the highest cases and highest growing pace among all the countries. Nonetheless, the losses of US dollar was limited as the recent moves to reopen economy has risen up the appeal of dollar, where market believes that a short-term rebound in economy growth can be anticipated. During Asian early trading session, dollar index quoted down 0.37% to 99.50.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price appreciates 4.03% to $16.00 per barrel amid EIA data showed a drop in US oil inventories level. According to EIA, US crude oil inventories came in at 8.991M, lower than economist expectation at 10.619M, lifting up the appeal of this black commodity product. Besides, gold price notched up 0.01% to $1713.00 a troy ounce amid weakening of dollar.<\/p>\n

 <\/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

19:45\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB Monetary Policy Statement<\/p>\n

20:30\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB Press Conference<\/p>\n

\u00a0<\/u><\/p>\n

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
15:55<\/td>\nEUR \u2013 German Unemployment Rate (Apr)<\/td>\n1K<\/td>\n76K<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 CPI (YoY)(Apr)<\/td>\n0.7%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
19:45<\/td>\nEUR \u2013 Deposit Facility Rate (Apr)<\/td>\n-0.50%<\/td>\n-0.50%<\/td>\n–<\/td>\n<\/tr>\n
19:45<\/td>\nEUR \u2013 ECB Marginal Lending Facility<\/td>\n0.25%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
19:45<\/td>\nEUR \u2013 Interest Rate Decision (Apr)<\/td>\n0.00%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n4,427K<\/td>\n3,500K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 GDP (MoM)(Feb)<\/td>\n0.1%<\/td>\n0.1%<\/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 while currently testing the 50 moving average line (Blue). MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the MA line.<\/p>\n

 <\/p>\n

Resistance level: 99.70, 100.85<\/p>\n

Support level: 98.30, 97.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2435. MACD which illustrate bullish bias momentum suggest the pair to be traded higher toward the resistance level at 1.2520.<\/p>\n

 <\/p>\n

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

Support level: 1.2435, 1.2370<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.0830. MACD which illustrate diminishing bearish momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.0940.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 107.25. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.25.<\/p>\n

 <\/p>\n

Resistance level: 107.25, 108.20<\/p>\n

Support level: 106.25, 104.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6460. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6705.<\/p>\n

 <\/p>\n

Resistance level: 0.6705, 0.7005<\/p>\n

Support level: 0.6460, 0.6180<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6120. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6205.<\/p>\n

 <\/p>\n

Resistance level: 0.6205, 0.6250<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.3980. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.3855.<\/p>\n

 <\/p>\n

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

Support level: 1.3855, 1.3790<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.9745. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.9685.<\/p>\n

 <\/p>\n

Resistance level: 0.9745, 0.9795<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing near the resistance level at 15.70. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 15.70.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1711.25. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1726.05.<\/p>\n

 <\/p>\n

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

Support level: 1711.25, 1699.75<\/p>\n","protected":false},"excerpt":{"rendered":"

30 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 plunged following the release of downbeat data. Dollar index which gauge its value against a basket of six major currencies dipped following US released a series of bleak economic data from its nation. According to the Bureau of Economic Analysis, its nation\u2019s GDP for the first quarter […]<\/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\/116339"}],"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=116339"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/116339\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=116339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=116339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=116339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}