6 April 2021 Afternoon Session Analysis
Pound remains firm amid ongoing optimism.
During late Asian session, the pound sterling which traded against the dollar and other currency pairs remains steady and rose as investors remain optimistic towards economic recovery in U.K. According to the latest report, more than 5 million British citizens have received the second dose of vaccine so far. The smooth and rapid advancement of the British vaccination program has prompted the British government to gradually relax the movement control order to boost the momentum of economic recovery. As of now, all economic sectors are expected to reopen before May. Besides that, the British government is considering plans to allow the use of “vaccine passports” in order to approve vacation abroad. At the time of writing, GBP/USD rose 0.03% to 1.3895.
In the commodities market, crude oil price appreciated 0.87% to $59.23 as of writing following current dollar weakness making the commodity a more attractive purchase. Besides that, prospect of UK loosening its restriction on April 12 also help lifting the sentiment and it would boost demand for crude oil. On the other hand, gold price rose 0.32% to $1733.49 a troy ounce at the time of writing amid weakening dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
12:30 AUD RBA Rate Statement
20:00 CrudeOIL EIA Short-Term Energy Outlook.
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 12:30 | AUD – RBA Interest Rate Decision (Apr) | 0.10% | 0.10% | – |
| 22:00 | USD – JOLTs Job Openings (Feb) | 6.917M | 6.995M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently near the support level at 92.40. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 92.85, 93.35
Support level: 92.40, 91.85
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3910. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3910, 1.3985
Support level: 1.3845, 1.3790
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1830. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1830, 1.1895
Support level: 1.1780, 1.1710
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 110.00. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 110.75.
Resistance level: 110.75, 111.25
Support level: 110.00, 109.20
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7650, 0.7710
Support level: 0.7585, 0.7535
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6955. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7110.
Resistance level: 0.7110, 0.7250
Support level: 0.6955, 0.6775
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2515. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2630, 1.2680
Support level: 1.2515, 1.2460
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9355. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9450, 0.9525
Support level: 0.9355, 0.9300
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 59.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 59.55, 62.05
Support level: 57.90, 56.20
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1723.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1741.00, 1753.85
Support level: 1723.25, 1712.10