23 April 2021 Morning Session Analysis
ECB unleashed dovish stance, Euro slumped.
EUR/USD slumped on Thursday following European Central Bank (ECB) unleashed its dovish stance against the economic progression in the European region. As for now, European Central Bank signaled that they would continue to remain its expansionary monetary policy while continuing to execute bond-buying program in order to boost the economic growth. According to ECB Monetary report, the central bank had maintained its benchmark interest rate at 0.00% and reiterated that they would stick with plans to accelerate emergency bond purchases until March 2022 to keep bond yields steady while minimizing the credit risk in the market. Nonetheless, the losses experienced by Euro was limited following President of the Bank Christine Lagarde expressed some optimism over the economic recovery of the bloc amid hopes upon the resolution of Covid-19 pandemic with the assistance of Covid-19 vaccine. Investors would continue to scrutinize the latest updates with regards of the Covid-19 development in order to gauge the likelihood movement for the pair. As of writing, EUR/USD depreciated by 0.02% to 1.2015.
In the commodities market, the crude oil price surged 0.34% to $61.80 per barrel as of writing amid technical correction. Nonetheless, the overall trend for the crude oil remained bearish amid negative prospect for the Covid-19 development following India records the world’s highest daily tally of 314,835 Covid-19 infections on Thursday. On the other hand, the gold price slumped 0.04% to $1784.85 per troy ounces as of writing over the backdrop of the upbeat economic data from the US region, which spurring risk-on sentiment in the FX market while diminishing the market demand on the safe-haven gold.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Retail Sales (MoM) (Mar) | 2.1% | 1.5% | – |
| 1530 | EUR – German Manufacturing PMI (Apr) | 66.6 | 65.9 | – |
| 16:30 | GBP – Manufacturing PMI | 58.9 | – | – |
| 16:30 | GBP – Services PMI | 56.3 | – | |
| 22:00 | USD – New Home Sales | 775K | 885K |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 91.30. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 91.30, 92.00
Support level: 90.80, 90.25
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3905. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3800.
Resistance level: 1.3905, 1.4000
Support level: 1.3800, 1.3675
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1985. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.20525, 1.2130
Support level: 1.1985, 1.1920
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 108.45. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 108.45, 109.20
Support level: 107.70, 106.95
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7695. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7755, 0.7815
Support level: 0.7695, 0.7655
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.7235. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7110.
Resistance level: 0.7235, 0.7320
Support level: 0.7110, 0.6960
USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.2515. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2515, 1.2565
Support level: 1.2475, 1.2440
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9225. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9225, 0.9365
Support level: 0.9060, 0.8910
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 61.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 61.75, 63.60
Support level: 59.90, 57.40
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1792.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1768.85.
Resistance level: 1792.20, 1810.85
Support level: 1768.85, 1755.50