11 May 2021 Afternoon Session Analysis
Aussie retreats following mixed inflation data.
During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have retreat from its high after the release of China’s inflation data for April. According to the National Bureau of Statistics of China, China’s CPI have eased to -0.3%, weaker than market expectation of -0.41. The yearly CPI also slipped 0.9% which missed market expectation of 1%. While PPI came it slightly higher with the reading of 6.8% against 6.6% expectation, the data have muted reaction on the pair. On top of that, market sentiment also weighs on the pair as mood sours on concerns about global central bank’s next move due to inflation risk. At the time of writing, AUD/USD fell 0.03% to 0.7838.
In the commodities market, crude oil price fell 0.68% to $64.44 per barrel as of writing following concerns towards rising supply and coronavirus. According to reports, OPEC+ group has supplied 25.28 million barrels per day, 80,000 barrels higher from last March. On top of that, increased coronavirus cases worldwide especially in India and Japan also putting further pressure for the oil. On the other hand, gold price edge higher 0.09% to $1836.45 a troy ounce at the time of writing amid ongoing dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:00 CrudeOIL EIA Short-Term Energy Outlook
22:30 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | German ZEW Economic Sentiment (May) | 70.7 | 71.0 | – |
| 22:00 | JOLTs Job Openings (Mar) | 7.367M | 7.500M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 90.15. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to be experience a technical correction towards the resistance level 90.65.
Resistance level: 90.65, 91.30
Support level: 90.15, 89.65
GBPUSD, H4: GBPUSD was traded higher following recent breakout above the resistance level 1.4090. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction back towards the level 1.4090.
Resistance level: 1.4190, 1.4280
Support level: 1.4090, 1.4000
EURUSD, H4: EURUSD remain traded in a sideway channel while currently testing near the support level 1.2125. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.2180, 1.2230
Support level: 1.2125, 1.2065
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 109.05. MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to extend its gains after it breaks above the level.
Resistance level: 109.05, 109.75
Support level: 108.45, 107.60
AUDUSD, H4: AUDUSD was traded lower following recent retracement from the resistance level 0.7860. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 0.7805.
Resistance level: 0.7860, 0.7925
Support level: 0.7805, 0.7760
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7280. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 0.7220.
Resistance level: 0.7280, 0.7330
Support level: 0.7220, 0.7145
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2150. However, MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to be traded higher in short term as a technical correction towards back the level 1.2150.
Resistance level: 1.2150, 1.2270
Support level: 1.2030, 1.1915
USDCHF, H4: USDCHF was traded flat while currently testing near the resistance level 0.9020. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 0.9020, 0.9135
Support level: 0.8950, 0.8880
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 64.40. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 66.60, 67.85
Support level: 64.40, 62.35
GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1836.95. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity experience a technical correction towards the support level 1813.85.
Resistance level: 1836.95, 1854.05
Support level: 1813.85, 1795.25