5 April 2021 Morning Session Analysis
Dollar Index surged amid upbeat economic data.
The Dollar Index which traded against a basket of six major currency pairs extend its gains over the backdrop of the strong of upbeat economic data from the U.S. region on last Friday. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls data notched up significantly from the previous reading of 468k to 916K, exceeding the market forecast at 647K. Meanwhile, U.S. Unemployment rate declined from the previous reading of 6.2% to 6.0%, same as the market forecast at 6.0%. The better-than-expected jobs data could be dialed up the market optimism toward the economic progression in the Unites States while prompting the U.S. Treasury yields to rise. Indeed, higher bond yielding would attract capital inflow into United States, which insinuating market demand on the US Dollar. Nonetheless, the overall trading activity was subdued amid major market closed during the Good Friday. As for now, investors would continue to scrutinize the latest updates with regards of upcoming economic data as well as Biden’s Infrastructure plan in order to gauge the likelihood movement for the Dollar Index. As of writing, the Dollar Index appreciated by 0.04% to 92.90.
In the commodities market, the crude oil price slumped 0.08% to $61.20 per barrel as of writing. The crude oil price edged lower following the OPEC and its allied claimed that they have decided to gradually increase 2 million oil production per day from May to July. Though, the positive Covid-19 vaccines development had limited the losses experienced by the crude oil price. On the other hand, the gold price slumped 0.06% to $1728.25 per troy ounces amid strengthening US 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 lower while currently near the support level at 92.60. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 93.40, 94.10
Support level: 92.60, 91.35
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level ta 1.3845. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3790.
Resistance level: 1.3845, 1.3895
Support level: 1.3790, 1.3735
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1780. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1780, 1.1830
Support level: 1.1710, 1.1640
USDJPY, H1: USDJPY was traded higher while currently testing the resistance level at 110.75. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
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 0.7585. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7650, 0.7710
Support level: 0.7585, 0.7535
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6955. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7110.
Resistance level: 0.7110, 0.7250
Support level: 0.6955, 0.6775
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2630. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2630, 1.2745
Support level: 1.2475, 1.2380
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9450. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9450, 0.9525
Support level: 0.9370, 0.9300
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 61.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 61.35, 62.65
Support level: 59.55, 57.90
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1723.90. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1741.00.
Resistance level: 1741.00, 1753.85
Support level: 1723.90, 1702.15