14 April 2021 Morning Session Analysis
Dollar plummeted as J&J vaccine causes blood-clotting.
The dollar index which gauges its value against a basket of six major currencies failed to recoup from its previous losses while breaching below to the lowest level in 3 weeks after FDA advised to pause the use of vaccine produced by Johnson & Johnson. As of yesterday, US has reported 6 cases of rare blood-clotting disorder after injecting the vaccine. With the backdrop of potential adverse side-effect in J&J vaccine, FDA issued a statement that stating that they are recommending to halt the use of J&J vaccine temporarily, while they will conduct deep-investigation into the issue to ensure the effectiveness and safety of J&J vaccine. The blood-clotting issue has increased the public concern over the vaccine injection, and it is likely that getting more and more people unwilling to be vaccinated, eventually slowdown the pace of vaccination program. Besides, the tumbles of US bond yield has further exerted bearish momentum in dollar market. Overnight, US bond yield slumped tremendously in the wake of solid demand for 30 years bond auction. The $24 billion of US 30 years bond were sold at a high yield of 2.320%, with a bid-to-cover ratio of above average 2.47 times. During Asian early trading session, the dollar index dropped 0.34% to 91.85.
In the commodities market, crude oil price rose 0.15% to $60.60 per barrel as of writing after API reported a surprise draw in US oil inventory. According to the API, US Weekly Crude Oil Stock came in at -3.608M, marking a larger drop while comparing to the economist forecast at -2.154M. Besides, the gold price rose 0.01% to $1745.35 per troy ounce amid weakening of US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 EUR ECB President Lagarde Speaks
00:00 USD Fed Chair Powell Speaks
(15th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:30 | CrudeOIL – Crude Oil Inventories | -3.522M | -2.889M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 91.95. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 91.60.
Resistance level: 91.95, 92.40
Support level: 91.60, 91.25
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3725. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3810.
Resistance level: 1.3810, 1.3865
Support level: 1.3725, 1.3675
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1955. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1955, 1.2030
Support level: 1.1865, 1.1795
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.20. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 108.30.
Resistance level: 109.20, 110.00
Support level: 108.30, 107.70
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower level. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7665.
Resistance level: 0.7665, 0.7735
Support level: 0.7565, 0.7505
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7060. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7060, 0.7110
Support level: 0.7000, 0.6945
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2570. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 1.2510.
Resistance level: 1.2570, 1.2635
Support level: 1.2510, 1.2465
USDCHF, Daily: USDCHF was traded lower while currently testing near the support level at 0.9220. MACD which illustrated bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9280, 0.9360
Support level: 0.9220, 0.9185
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 59.85. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 61.30.
Resistance level: 61.30, 62.50
Support level: 59.85, 58.70
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1745.25. MACD which illustrated bullish momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1745.25, 1755.60
Support level: 1735.05, 1723.85