9 April 2021 Afternoon Session Analysis
Pound slumped over the fears of vaccination.
Pound Sterling slumped over the backdrop of the negative prospect for the AstraZeneca’s vaccine, which dialled down the market optimism toward the vaccination progress in United Kingdom while spurring bearish momentum on the Pound Sterling. According to BBC, more than 10 people have died from unusual blood cots after getting the Oxford-AstraZeneca vaccine in UK. In total, 30 people out of 18 million vaccinated had these clots. Market participants concerned that the UK authorities might restrict the usage of the AstraZeneca vaccine in future, which could be slowing down the vaccination program in UK. Nonetheless, the Medicines and Healthcare Product Regulatory Agency said the benefits continue to outweigh any risk. Nonetheless, investors would continue to scrutinize the latest updates with regards of the Covid-19 vaccine development in order to receive further trading signal. On the economic data front, U.K. Construction Purchasing Manager Index (PMI) notched up significantly from the previous reading of 53.3 to 61.7, exceeding the market forecast at 54.6 while limiting the losses experienced by the Pound Sterling. As of writing, GBPUSD depreciated by 0.02% to 1.3725.
In the commodities market, the crude oil price slumped 0.13% to $59.65 per barrel as of writing amid negative prospect for the Covid-19 vaccine development had diminished the appeal of this black-commodity. On the other hand, the gold price surged 0.10% to $1751.65 per troy ounces as of writing following the release of negative initial jobless claims data from the U.S. region yesterday.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – PPI (MoM)(Mar) | 0.5% | 0.5% | – |
| 20:30 | CAD – Employment Change (Mar) | 259.2K | 100.0K | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 92.00. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.80.
Resistance level: 93.30, 94.10
Support level: 92.00, 90.80
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3725. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3825, 1.3910
Support level: 1.3725, 1.3675
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1910. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1910, 1.1985
Support level: 1.1860, 1.1795
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.20. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 109.90, 110.80
Support level: 109.20, 108.50
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7665. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7610.
Resistance level: 0.7665, 0.7735
Support level: 0.7610, 0.7570
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6960. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7110.
Resistance level: 0.7110, 0.7320
Support level: 0.6960, 0.6760
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2565. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2615, 1.2685
Support level: 1.2565, 1.2515
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9230. MACD which illustrated bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level at 0.9230.
Resistance level: 0.9365, 0.9465
Support level: 0.9230, 0.9110
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 59.75. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 59.75, 61.85
Support level: 57.40, 55.40
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1755.50. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1755.45, 1783.20
Support level: 1725.80, 1704.95