16 April 2021 Morning Session Analysis
Dollar soars amid a series of upbeat economic data.
The dollar index which gauges its value against a basket of six major currencies managed to curb its previous losses amid a batch of positive economic data underpinned the dollar currency, boosting up the market optimism. Yesterday, US Census Bureau has released the US Core Retail Sales data for the month of March, the data was came in at 8.4%, far stronger than the economist forecast and previous reading at 5.0% and -2.5% respectively. The significant jump in retail sales data was mainly due to the fresh stimulus plan from Biden’s administration as the relief fund that distributed to the American successfully stimulated the local consumer purchasing behavior. Moreover, a surprise drop in US Initial Jobless Claims data also further supporting the dollar, avoided from resuming its bearish trend. Throughout the week before, the number of Americans who applying for the unemployment insurance plunged to 576K, missing the economist forecast at 700K, showing a sign that US labor market are undergoing a sustainable recovery amid ongoing vaccination program and slowing down of pandemic. During Asian trading session, the dollar index ticked up by 0.02% to 91.65.
In the commodities market, crude oil price rose 0.08% to $63.38 per barrel as of writing as the market participant are still digesting the news of significant draw in oil inventory data. However, market participants are now eyeing over the further talks between US and Iran with regards to the nuclear deal as well as the global pandemic situation. Besides, the gold price appreciated by 0.03% to $1763.40 per troy ounce amid the big slump in US long term treasury yield last night.
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 |
| 17:00 | EUR – CPI (YoY)(Mar) | 0.9% | 1.3% | – |
| 20:30 | USD – Building Permits (Mar) | 1.720M | 1.750M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 91.60. However, MACD which illustrated diminishing bearish momentum suggest the index to undergo technical correction in short term.
Resistance level: 91.95, 92.40
Support level: 91.60, 91.25
GBPUSD, H4: GBPUSD was traded lower while currently testing the upward trend line. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its extend its losses after it successfully breakout below the support level.
Resistance level: 1.3810, 1.3865
Support level: 1.3725, 1.3675
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1955. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1990, 1.2030
Support level: 1.1955, 1.1915
USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 109.20. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 108.30.
Resistance level: 109.20, 110.00
Support level: 108.30, 107.00
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7735. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7735.
Resistance level: 0.7735, 0.7815
Support level: 0.7665, 0.7565
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.7170. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7170, 0.7235
Support level: 0.7100, 0.7060
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2510. MACD which illustrated bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.2570.
Resistance level: 1.2570, 1.2635
Support level: 1.2510, 1.2465
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9220. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses toward the support level at 0.9185.
Resistance level: 0.9220, 0.9280
Support level: 0.9185, 0.9110
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 62.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction in short term.
Resistance level: 63.70, 65.40
Support level: 62.50, 61.30
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1768.20. MACD which illustrated diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term.
Resistance level: 1768.20, 1788.50
Support level: 1755.60, 1745.25