9 April 2021 Morning Session Analysis
Dollar plummeted following Jerome Powell’s Speaks.
The dollar index which gauges its value against a basket of six major rival currencies failed to recoup its losses while extending its bearish trend toward the lowest level in two weeks after a neutral comment from Federal Reserve (Fed) Chairman Jerome Powell. Earlier today, Powell has revealed in the IMF debate that the global and United States economy will not be able to resume all the activity with confidence as long as the world is not fully vaccinated. Besides, he also warned the public that the US economic recovery is still incomplete and uneven, but the economy should be able to reopen “fairly soon” given the pace of ongoing vaccination program. However, with the unprecedented risk of pandemic, Powell said the US Central Bank will keep supporting the economy while monitoring the growth of inflation and employment rate closely. On the other hand, an unexpected increase in the number of American who filed for unemployment insurance weighs on the US dollar market. According to the Department of Labor, US Initial Jobless Claims came in at 744K, higher than the economist forecast at 680K, indicating that the labor market became weak and vulnerable amid recent hike in US Covid-19 cases. As of writing, the dollar index dropped 0.42% to 92.05.
In the commodities market, the crude oil price slips by 0.02% to $59.74 per barrel amid the resurgence of Covid-19 threaten the demand outlook of this black commodity market. However, the surprise draw in EIA Oil Inventory data limited the losses of crude oil price, while market participants are eyeing on the further nuclear talk between Iran and US. Besides, the gold prices dropped 0.05% to $1754.75 a troy ounce as the dollar index weakened.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – PPI (MoM)(Mar) | 0.5% | 0.5% | – |
| 20:30 | CAD – Employment Change (Mar) | 259.2K | 100.0K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.40. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 91.95.
Resistance level: 92.40, 92.85
Support level: 91.95, 91.25
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3725. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 1.3810, 1.3910
Support level: 1.3725, 1.3675
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1865. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1955.
Resistance level: 1.1955, 1.2030
Support level: 1.1865, 1.1795
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.20. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 110.05.
Resistance level: 110.05, 110.80
Support level: 109.20, 108.30
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower level. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7665.
Resistance level: 0.7665, 0.7735
Support level: 0.7565, 0.7505
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7060. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7060, 0.7110
Support level: 0.7000, 0.6945
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2570. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 1.2510.
Resistance level: 1.2570, 1.2635
Support level: 1.2510, 1.2465
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9230. MACD which illustrated bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level at 0.9230.
Resistance level: 0.9280, 0.9360
Support level: 0.9330, 0.9185
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 59.85. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 59.85, 61.30
Support level: 58.70, 57.45
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1755.60. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1755.60.
Resistance level: 1755.60, 1768.20
Support level: 1739.00, 1723.85