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U.S. ADP Nonfarm and ISM manufacturing. COVID-19 global update. DXY, Brent, Crude, Gold, EUR/USD, GBP/USD, USD/JPY

Apr 1 2020, 10:43 PM (BDT) |

As the world is engulfed in the pandemic spread of the coronavirus, we keep track of the latest on the financial market and what is going on in different nations.

According to Johns Hopkins University, the total number of infected worldwide has surpassed 874,000 and the death toll has exceeded 43,500.

Spain is now in 3rd place on the number of infected, as cases are on the rise in Spain and Portugal. Russian president Vladimir Putin is in self-isolation after coming in contact with a doctor who later tested positive for COVID-19. The Russian Federation has sent military aid to help with the spread of the coronavirus in Italy and today the United States.

The European Commission has mentioned on Wednesday that they will use funds to help businesses stay afloat and encourage companies to refrain from firing workers. European Commission President Ursula von der Leyen mentioned that the aid will be first aimed and administered in Spain, Italy and other European countries that have been most affected by the coronavirus outbreak.

The main releases on the economic calendar for today were U.S. ADP Nonfarm Employment Change for March, which was recorded at -27K which is much better than the -150K forecast but much worse than the previous fact of 183K. We also saw the release of ISM manufacturing which has dipped below the critical level of 50 to 49.1, but the fact was also better than the expected forecast of 45.0; previous fact was 50.1. In the United States we continue to monitor the situation, with more than 189,500 confirmed cases and over 4,000 lethal cases of which over 1,000 is in New York City.

The United States Dollar Index (DXY) on a Daily TF is trading right at the 13EMA as resistance around 99.59. 48EMA is support around 98.84, followed by 200EMA support around 97.98.

Brent Oil on a DTF is trading slightly bearish but within mid-March support around 25.02 per barrel.

Crude Oil on a DTF is trading flat around 20.59 per barrel.

Gold on a DTF is breaking above 48 and 13 EMA, trading around 1590.0. We’re looking at 1600 – 1620 as resistance; 1577 for support.

EUR/USD on a Daily TF has dropped down to our support level is trading around 1.09320.

Resistance: R1 200 EMA 1.0917, R2 1.11500, R3 1.12370.

Support: S1 1.08700, S2 1.08272, S3 1.07865.

GBP/USD on a Daily TF is showing us a third day doji, the pair is trading around 1.23943. U.K. Manufacturing PMI for March came slightly above forecast at 47.8, compared to 47.0 forecast and 51.7 previous fact.

Resistance: R1 38.2%Fibo and 48EMA 1.25521, R2 200EMA 1.27460, R3 50% Fibo 1.28951.

Support: S1 13EMA 1.22306, S2 23.6% Fibo 1.21108, S3 1.20500-1.20.

USD/JPY on a Daily TF is pushing its way down, trying to break 107 support. The Japanese Yen is a safe haven asset. According to Japan Today and Johns Hopkins University, the number of infected in Japan are approximately 2,000 and lethal cases 60. Although the numbers seem small comparing to epicenter outbreaks such as in China, Europe and the U.S the nation may be preparing for lockdown quarantine measures.

Resistance: R1 107.494, R2 107.755, R3 108.300-108.500. 

Support: S1 106.753, S2 106.260, S3 105.765.

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