25 May 2021 Afternoon Session Analysis
Aussie surged amid upbeat economic data.
The Australian Dollar surged over the backdrop of upbeat economic data from International Merchandise Trade Australia. The statistics mostly contains preliminary estimates of international merchandise trade, includes breakdowns of imports, exports, source and destination countries. According to the data, the overall exportation of the Australia remained resilient while the exports of goods for the month of April 2021 had increased $13 million to #35,952 million. The imports of goods in April 2021 declined $1,896m to $25,811m. A higher level of exports would enhance the trade surplus in the country, which prompting a high level of output from the country’s factories and industrial facilities, as well as a greater number of people that are being employed. The majority of export in Australia was mainly driven by its major trade partner United States, Germany and Malaysia. Nonetheless, the gains experienced by the Australia dollar was limited amid the resurgence of Covid-19 in Australia region, which prompting the authorities to reimpose its Covid-19 restriction in Australia’s second-largest city in Melbourne in order to combat the pandemic. As of writing, AUD/USD appreciated by 0.08% to 0.7757.
In the commodities market, the crude oil price appreciated by 0.27% to $66.20 per barrel as of writing. The oil price surged as hopes of an early return of oil exporter Iran to international crude markets had diminished. According to Reuters, U.S. Secretary of State Blinken claimed that Iran currently had no indication to comply with nuclear commitments, which raising the tensions between U.S. and Iran. On the other hand, the gold price appreciated by 0.05% to $1879.95 per troy ounces as of writing amid depreciation of US Dollar.
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 | EUR – German GDP (QoQ) (Q1) | -1.7% | -1.7% | – |
| 16:00 | EUR – German Ifo Business Climate Index (May) | 96.8 | 98.1 | – |
| 22:00 | USD – CB Consumer Confidence (May) | 121.7 | 119.0 | – |
| 22:00 | USD – New Home Sales (Apr) | 1,021K | 975K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 89.70. MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 90.45, 91.25
Support level: 89.70, 89.25
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.4105. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.4205.
Resistance level: 1.4205, 1.4285
Support level: 1.4105, 1.4010
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.2230. MACD which illustrate bullish bias signal with formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2230, 1.2290
Support level: 1.2175, 1.2130
USDJPY, H4: USDJPY was traded lower following prior retracement from its high level. MACD which illustrate bearish bias signal suggest the pair to extend its losses in short term towards the support level 108.45.
Resistance level: 109.05, 109.75
Support level: 108.45, 107.60
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7760. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7760, 0.7860
Support level: 0.7700, 0.7655
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7225. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 0.7225.
Resistance level: 0.7225, 0.7280
Support level: 0.7145, 0.7065
USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing the support level 1.2030. However, MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2135, 1.2270
Support level: 1.2030, 1.1915
USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing near the support level 0.8950. However, MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9020, 0.9080
Support level: 0.8950, 0.8880
CrudeOIL, H4: Crude oil price was traded higher while currently near the resistance level 66.60. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 66.60, 67.85
Support level: 64.25, 62.35
GOLD_, H4: Gold price remain traded in a sideway channel following prior retracement from the resistance level 1887.60. MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement towards the support level 1863.25.
Resistance level: 1887.60, 1909.22
Support level: 1863.25, 1846.00