04 May 2021 Afternoon Session Analysis
Pound remain resilient on hopes of economic reopening.
During late Asian session, the pound sterling which traded against the greenback and other currency pairs have rose as hopes for ending of COVID-19 crisis in U.K grow and full economy reopening. According to data, the number of daily new COVID-19 infections have continued to fall. Almost 34 million people have already received their first shot of COVID-19 vaccine and 13 million have a second shot. Boris Johnson is also optimistic and expected to fully reopen all sectors of economy by mid-May on the background of efficient vaccination program and falling new infections. Therefore, the expectation has provided support for the pound sterling. However, investors will turn cautious and focus on the upcoming Scottish election on 6th May which may disrupt political stability in the U.K. At the time of writing, GBP/USD rose 0.03% to 1.3880.
In the commodities market, crude oil price rose 0.06% to $64.56 per barrel as of writing following expectations of improving demand. Investors are currently betting on the rollout of vaccines will permit a return to pre-pandemic conditions. On top of that, demand outlook also boosted by increase fuel consumption on the summer season. On the other hand, gold price fell 0.15% to $1790.19 a troy ounce at the time of writing following dollar rebound.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
12:30 AUD RBA Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 12:30 | AUD – RBA Interest Rate Decision | 0.10% | 0.10% | – |
| 16:30 | GBP – Manufacturing PMI (Apr) | 60.7 | 60.7 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher lower while currently near the support level at 90.80. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 91.30, 91.70
Support level: 90.80, 90.45
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3905. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3905, 1.4000
Support level: 1.3800, 1.3755
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2055. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2055, 1.2130
Support level: 1.1995, 1.1920
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.05. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 109.70.
Resistance level: 109.70, 110.30
Support level: 109.05, 108.45
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7755. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7695.
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, H4: USDCAD was traded lower while currently testing the support level at 1.2265. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2420, 1.2595
Support level: 1.2265, 1.2135
USDCHF, Daily: USDCHF was traded lower while currently near the support level at 0.9060. 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 64.80. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 64.80, 66.20
Support level: 63.30, 61.75
GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1794.40. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1794.40, 1810.85
Support level: 1766.70, 1745.35