1 April 2021 Afternoon Session Analysis
Aussie fell following downbeat China PMI data.
During late Asian session, the Australian dollar which traded against the dollar and other currency pairs have extend its weakness and fell amid disappointing result from China data. According to Markit Economics, China’s Caixin Manufacturing PMI have unexpected fell to 50.6, lower than market expectation of 51.3. The data suggest the activity figures in China contradict with recent upbeat official readings published earlier in the week. On top of that, the appeal for Australian dollar also diminished by positive outlook in the U.S due to positive data and hope of faster economic recovery supported by strong vaccination drive. At the time of writing, AUD/USD slips 0.27 to 0.7572.
In the commodities market, crude oil price fell 1.64% to $59.42 per barrel as of writing following investors remains cautious ahead of OPEC meeting. Despite with speculation of OPEC to maintain production cuts, traders exercised caution and awaits for the final outcome of OPEC meeting. At the same time, concerns towards coronavirus also weigh heavily on the commodity. On the other hand, gold price soars 1.66% to $1712.93 a troy ounce at the time of writing as market digest news of corporate tax hike from U.S.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 CrudeOIL OPEC Meeting
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Manufacturing PMI (Mar) | 66.6 | 66.6 | – |
| 16:30 | GBP – Manufacturing PMI (Mar) | 57.9 | 57.9 | – |
| 20:30 | USD – Initial Jobless Claims | 684K | 680K | – |
| 22:00 | USD – ISM Manufacturing PMI (Mar) | 60.8 | 61.3 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 92.65. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 93.65, 94.75
Support level: 92.65, 90.95
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3810. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3810, 1.3895
Support level: 1.3740, 1.3675
EURUSD, H1: EURUSD was traded lower while currently testing the support level at 1.1705. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1765, 1.1830
Support level: 1.1705, 1.1640
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.55. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 110.75, 111.25
Support level: 110.00, 109.20
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7580. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7650, 0.7710
Support level: 0.7580, 0.7505
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6955. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7110, 0.7250
Support level: 0.6955, 0.6775
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.2630. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2630, 1.2830
Support level: 1.2400, 1.2255
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9450. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9450, 0.9525
Support level: 0.9370, 0.9300
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 59.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 61.35, 62.65
Support level: 59.20, 57.55
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1702.15. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1723.90.
Resistance level: 1723.90, 1741.00
Support level: 1702.15, 1680.15