12 April 2021 Afternoon Session Analysis
Pound slips amid slow vaccination risk.
During late Asian session, the pound sterling which traded against the dollar and other currency pairs remain weak and fell following the concerns of AstraZeneca vaccine’s side effect that could slow down the vaccination effort. Recently, the European Medicines Agency (EMA) have stated that the coronavirus vaccine created by AstraZeneca can induce side effects such as blood clots in parts of the brain. The following statement have dragged down investor’s sentiment and confidence as it could affect the momentum of vaccination programs in the U.K if the vaccine was discontinued. On top of that, the UK scientific committee also forecast a drop in vaccine to 2.7m jabs a week due to lack of supply and delay in imports of 5 million doses from India. At the time of writing, GBP/USD slips 0.17% to 1.3683.
In the commodities market, crude oil price remain traded flat and edge higher 0.09% to $59.38 per barrel. Despite market remain stumble over talk of nuclear deal, positive comments from Fed Chairman help support the sentiment while market awaits for more catalyst to determine near-term direction. On the other hand, gold price slips 0.24% to $1739.70 a troy ounce following a slight rebound in dollar.
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded flat while currently testing the support level 92.10. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to be traded higher towards the resistance level 93.00.
Resistance level: 93.00, 93.80
Support level: 92.10, 91.25
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3670. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3820, 1.3915
Support level: 1.3670, 1.3565
EURUSD, H4: EURUSD was traded flat while currently testing near the support level 1.1870. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.1995, 1.2125
Support level: 1.1870, 1.1760
USDJPY, H4: USDJPY was traded lower following recent retracement from its high. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement in short term towards the support level 109.20.
Resistance level: 109.95, 110.85
Support level: 109.20, 108.45
AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent retracement from the resistance level 0.7655. However, MACD which illustrate bearish bias signal suggest the pair to extend its retracement in short term towards the support level 0.7570.
Resistance level: 0.7655, 0.7735
Support level: 0.7570, 0.7480
NZDUSD, H4: NZDUSD 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 0.6985.
Resistance level: 0.7070, 0.7155
Support level: 0.6985, 0.6910
USDCAD, H4: USDCAD remain traded in a sideway channel following recent rebound from the support level 1.2515. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 1.2640.
Resistance level: 1.2640, 1.2745
Support level: 1.2515, 1.2380
USDCHF, H4: USDCHF was traded flat after recent breakout below the previous support level 0.9295. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher in short term towards the level 0.9295.
Resistance level: 0.9295, 0.9370
Support level: 0.9190, 0.9080
CrudeOIL, H4: Crude oil price remain traded flat in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 62.05, 66.50
Support level: 57.40, 54.75
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1751.10. MACD which illustrate bearish bias signal with formation of death cross suggest the commodity to extend its retracement towards the support level 1725.70.
Resistance level: 1751.10, 1770.90
Support level: 1725.70, 1701.70