07 May 2021 Afternoon Session Analysis
Aussie recovers following RBA statement.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have manage to recover its losses and record gains following RBA stance. In recent development, Reserve Bank of Australia (RBA) remained committed to maintain a highly accommodative monetary policy until 2024 and may not raise interest rates to ease soaring house prices. According to RBA Deputy Governor Guy Debelle, he stated that house price growth was encouraging spending and it should be tacked with other policy levels. Besides that, the central bank also expected a pick-up in inflation and wage growth. It also revised GDP higher to 4.34 for 2021 and 3.05 for 2022. At the time of writing, AUD/USD rose 0.04% to 0.7774.
In the commodities market, crude oil price slips 0.09% to $65.09 per barrel as of writing following Saudi Arabia reduce the selling price of its crude oil and India’s Covid situation. According to sources, June official selling price for the flagship Arab light crude was dropped by 10 cents from May to $1.70 a barrel. Meanwhile, India has reported more than 300,000 new cases daily in the last two weeks, and overtook Brazil in April to become the second-worst infected country in the world. On the other hand, gold price soars 0.32% to $1820.88 a troy ounce at the time of writing following a sharp drop in dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Construction PMI (Apr) | 61.7 | 62.5 | – |
| 20:30 | USD – Nonfarm Payrolls (Apr) | 916K | 978K | – |
| 20:30 | USD – Unemployment Rate (Apr) | 6.0% | 5.7% | – |
| 20:30 | CAD – Employment Change (Apr) | 303.1K | -187.5K | – |
| 22:00 | CAD – Ivey PMI (Apr) | 72.9 | 60.5 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 90.65. MACD which illustrate persistent bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 91.30, 91.75
Support level: 90.65, 90.15
GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing the resistance level 1.3915. However, MACD which display bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.3915, 1.4000
Support level: 1.3835, 1.3725
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.2065. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2065, 1.2135
Support level: 1.2000, 1.1920
USDJPY, H4: USDJPY was traded lower while currently testing the support level 109.05. MACD which illustrate bearish momentum suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 109.75, 110.45
Support level: 109.05, 108.45
AUDUSD, H4: AUDUSD was traded higher following recent breakout above the previous resistance level 0.7760. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term back to the level 0.7760.
Resistance level: 0.7805, 0.7860
Support level: 0.7760, 0.7700
NZDUSD, H4: NZDUSD was traded higher following recent breakout above the previous resistance level 0.7220. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower once break back below the level.
Resistance level: 0.7275, 0.7330
Support level: 0.7220, 0.7145
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2150. MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.2270.
Resistance level: 1.2270, 1.2385
Support level: 1.2150, 1.2030
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9080. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses towards the next support level 0.9020.
Resistance level: 0.9135, 0.9195
Support level: 0.9020, 0.8950
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 64.90. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher towards the resistance level 66.40.
Resistance level: 66.40, 67.85
Support level: 64.90, 62.75
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1813.85. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1832.80.
Resistance level: 1832.80, 1851.00
Support level: 1813.85, 1794.05