13 April 2021 Afternoon Session Analysis
Dollar remains supported on positive outlook.
During late Asian session, the dollar index which traded against a basket of six major currency pairs have rose following rising Treasury yields and ongoing stimulus continue to support the dollar. On treasury yields, overnight gains in the U.S treasury yield have lift the demand for dollar as the 10-year yields traded between a range 1.68% and 1.64%. On the other hand, prospects of faster US economic growth fueled by a massive government stimulus package and rapid rollout of vaccination also help fuel demand for the greenback. Boston Fed President Eric Rosengren said that the US economy could see a significant rebound this year owing to accommodative monetary and fiscal policy, but the job market still faces weakness. Despite that, market remains cautious and awaits for further catalyst to gauge near-term sentiment. At the time of writing, dollar index edge higher 0.08% to 92.21.
In the commodities market, crude oil price rose 0.69% to $60.05 per barrel as of writing following increasing tension in the Middle East. According to reports from Reuters, Houthi militants have announced that they have launched 17 drones and 2 missiles towards the hub of Saudi Aramco oil refineries in Jubail and Jeddah. The tension could could affect the oil production in the region and reduce oil supply, thus providing a boost for the commodity price. On the other hand, gold price slips 0.05% to $1733.89 a troy ounce at the time of writing following dollar strength.
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 |
| 14:00 | GBP – GDP (MoM) | -2.9% | – | – |
| 16:30 | GBP – Manufacturing Production (MoM) (Feb) | -2.3% | 0.5% | – |
| 17:00 | EUR – German ZEW Economic Sentiment (Apr) | 76.6 | 79.5 | – |
| 20:30 | USD – Core CPI (MoM) (Mar) | 0.1% | 0.2% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 91.95. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 92.40.
Resistance level: 92.40, 92.85
Support level: 91.95, 91.60
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 1.3810, 1.3865
Support level: 1.3725, 1.3675
EURUSD, H4: EURUSD was traded lower following prior retracement from the higher level. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1865.
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 bullish bias 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 lower following prior retracement from the resistance level at 0.7665. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7565.
Resistance level: 0.7665, 0.7735
Support level: 0.7565, 0.7505
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7060. MACD which illustrated bearish bias momentum signal suggests the pair to extend its losses toward the support level at 0.7000.
Resistance level: 0.7060, 0.7110
Support level: 0.7000, 0.6945
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2570. MACD which illustrated bullish bias momentum suggests the pair to extend its gains after it successfully breakout above the resistance level at 1.2570.
Resistance level: 1.2570, 1.2635
Support level: 1.2510, 1.2465
USDCHF, Daily: USDCHF was traded lower while currently testing near the support level at 0.9210. MACD which illustrated bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9280, 0.9360
Support level: 0.9220, 0.9185
CrudeOIL, H4: Crude oil price was traded higher while currently testing near 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 1735.05. However, MACD which illustrated bearish bias momentum signal suggest the commodity to undergo technical correction in short term.
Resistance level: 1735.05, 1745.25
Support level: 1723.85, 1708.35