5 April 2021 Afternoon Session Analysis
Euro remains weak following vaccination slowdown.
During late Asian session, the Euro which traded against the greenback and other currency pairs remains pressured and fell as the EU continue to struggle to recover from the pandemic. As of now, investors continue to digest the problem of vaccination programs in the EU which is currently still unresolved. Last week, the French Finance Minister had lowered the economic expectations for the year following the slowdown vaccinations. Most countries in the EU have launched vaccination programs later than expected due to lack of vaccine stocks and confidence among its citizens towards vaccination. In addition, the increasing cases of coronavirus also weigh heavily on the pair as several countries such as France, Germany and Italy have announced new restrictions to curb the increase in coronavirus cases. At the time of writing, EUR/USD fell 0.02% to $1.1766 at.
In the commodities market, crude oil price slips 0.26% to $61.05 per barrel as of writing amid market continue to digest news of OPEC to lowered its production cuts between May and July. Under last week Thursday’s agreement, OPEC production cuts would be just above 6.5 million barrels per day from May, slightly lesser than April with 7 million. However, steady pace of vaccination in most countries and increasing travel may help offset the losses while market awaits for further signal. On the other hand, gold price fell 0.22% to $1725.84 a troy ounce at the time of writing amid rising dollar.
Today’s Holiday Market Close
Time Market Event
All Day GBP Easter
All Day EUR Easter
All Day AUD Easter
All Day CAD Easter
All Day NZD Easter
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – ISM Non-Manufacturing PMI (Mar) | 55.3 | 58.5 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded flat after recent retracement from resistance level 93.30. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to be traded higher in short term towards the resistance level 93.30.
Resistance level: 93.30, 94.20
Support level: 92.40, 91.55
GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing near the resistance level 1.3855. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 1.3675.
Resistance level: 1.3855, 1.4005
Support level: 1.3675, 1.3550
EURUSD, H4: EURUSD was traded flat after recent rebound from the support level 1.1700. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher towards the resistance level 1.1850.
Resistance level: 1.1850, 1.1985
Support level: 1.1700, 1.1605
USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 110.25.
Resistance level: 110.90, 111.60
Support level: 110.25, 109.75
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the resistance level 0.7640. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level 0.7640.
Resistance level: 0.7640, 0.7715
Support level: 0.7555, 0.7450
NZDUSD, H4: NZDUSD remain traded in a sideway channel while currently testing the resistance level 0.7035. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 0.6945.
Resistance level: 0.7035, 0.7110
Support level: 0.6945, 0.6870
USDCAD, H4: USDCAD remain traded in a sideway channel. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 1.2610.
Resistance level: 1.2610, 1.2745
Support level: 1.2475, 1.2360
USDCHF, H4: USDCHF remain traded flat in a sideway channel. However, MACD which display bullish bias signal suggest the pair to be traded higher in short term towards the resistance level 0.9455.
Resistance level: 0.9455, 0.9525
Support level: 0.9365, 0.9300
CrudeOIL, H4: Crude oil price remain traded in sideway channel while currently testing near the resistance level 61.70. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to be traded higher after it breaks above the resistance level 61.70.
Resistance level: 61.70, 63.70
Support level: 59.40, 57.50
GOLD_, H4: Gold price was traded higher after it recently breaks above the resistance level 1702.30 However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction back towards the level 1702.30.
Resistance level: 1742.20, 1767.45
Support level: 1702.30, 1677.25