15 March 2021 Afternoon Session Analysis
Pound slumped amid bearish economic data.
Pound Sterling slumped over the backdrop of a string of downbeat economic data last week. According to Office for National Statistics, the U.K. Manufacturing Production for last month had notched down from preliminary reading of 0.3% to -2.3%, worse than the market forecast at -0.8%. Similarly, the U.K. Gross Domestic Product (GDP) YoY came in at -9.2%, lower than the market forecast at -7.8%. The overall GDP figures were hit hard by the impact of social distancing rules on Britain’s huge service factor. Nonetheless, the losses experienced by Pound Sterling was limited amid positive development of Covid-19 vaccine in UK. According to latest data, more than 20,000,000 people were administered their first dose of the vaccine by the end of 3rd March 2021. In fact, Prime Minister Boris Johnson plans to ease England’s Covid-19 lock-down restriction by late June, which providing further market optimism toward the economic progression in U.K. Nonetheless, investors would continue to scrutinize the latest updates with regards of the Covid-19 vaccine development as well as further economic data in order to receive further trading signal. As of writing, GBP/USD appreciated by 0.10% to 1.3935.
In the commodities market, the crude oil price surged 0.61% to $66.00 per barrel as of writing. The oil market extends its gains amid hopes upon the resolution of the Covid-19 pandemic had spurred further bullish momentum on this black-commodity. On the other hand, the gold price appreciated by 0.10% to $1727.00 per troy ounces amid some institutional investors had shifted their portfolio toward safe-haven commodity gold to hedge the inflation risk in future.
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was lower while currently near the support level at 91.25. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 92.45, 93.35
Support level: 91.25, 90.65
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3925. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3925, 1.3990
Support level: 1.3870, 1.3805
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1960. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1960, 1.2155
Support level: 1.1835, 1.1630
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.15. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 109.15, 109.60
Support level: 108.40, 107.90
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7735. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7800, 0.7880
Support level: 0.7735, 0.7650
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7180. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7240.
Resistance level: 0.7240, 0.7365
Support level: 0.7180, 0.7105
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2465. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2560, 1.2605
Support level: 1.2465, 1.2395
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9275. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9380, 0.9505
Support level: 0.9275, 0.9150
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 66.40. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 66.40, 68.00
Support level: 63.45, 61.45
GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1730.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1730.80, 1771.30
Support level: 1679.55, 1644.75