6 April 2021 Morning Session Analysis
Dollar plunged while the US Treasury yield falling.
The dollar index which gauges its value against a basket of six major rival currencies managed to extend its previous losses for another consecutive trading day after US 10-year treasury yield drops to the spigot close to 1.70%. The weakness in yields came as the US stock market including Dow Jones and S&P 500 set record highs on Monday, as low liquidity in many parts of the world for Easter Holiday magnified the market movement. Despite the last Friday NFP report has showed a stronger-than-expected reading, yet dollar still recorded a huge loss on Monday as the bullish outlook of economy has been priced in by the investors. Nonetheless, investors are now shifting their attention to the further update on Biden’s Infrastructure plan as Joe Biden plans to pass through the legislation process without the support of Republican. Earlier last week, Biden outlined the details of the first part of infrastructure plan while emphasizing that it would bring more jobs to American, along with strong economic growth’s notion in the future. As of writing, dollar index dropped 0.48% to 92.55.
In the commodities market, the crude oil price increased by 0.37% to $58.95 per barrel after falling for more than $3.50 yesterday amid global Covid-19 cases soared. Recently, the number of virus confirmed cases heightened in most of the countries, the resurgence of pandemic would urge the countries to re-implement lockdown measure, which could further threaten the oil market equilibrium. Besides, the gold prices rose by 0.07% to $1729.40 per troy ounce amid weakening of dollar index.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
12:30 AUD RBA Rate Statement
20:00 CrudeOIL EIA Short-Term Energy Outlook.
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 12:30 | AUD – RBA Interest Rate Decision (Apr) | 0.10% | 0.10% | – |
| 22:00 | USD – JOLTs Job Openings (Feb) | 6.917M | 6.995M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.60. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 92.10.
Resistance level: 92.60, 93.00
Support level: 92.10, 91.60
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3880. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3990.
Resistance level: 1.3990, 1.4085
Support level: 1.3880, 1.3805
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1755. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1830.
Resistance level: 1.1830, 1.1890
Support level: 1.1755, 1.1695
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.20. However, MACD which illustrated bearish bias momentum signal suggest the pair to undergo technical correction in short term.
Resistance level: 110.20, 110.80
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7655. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7655, 0.7700
Support level: 0.7600, 0.7565
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7030. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains toward the resistance level at 0.7105.
Resistance level: 0.7105, 0.7080
Support level: 0.7030, 0.6945
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2530. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 1.2485.
Resistance level: 1.2530, 1.2600
Support level: 1.2485, 1.2385
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9370. MACD which illustrated bearish bias signal suggests the pair to extend its losses toward the support level at 0.9310.
Resistance level: 0.9370, 0.9430
Support level: 0.9310, 0.9225
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 59.30. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 57.40.
Resistance level: 59.30, 60.65
Support level: 57.40, 56.00
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1723.35. However, MACD which illustrated diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term.
Resistance level: 1738.95, 1754.15
Support level: 1723.35, 1710.80