17 May 2021 Afternoon Session Analysis
Aussie slips on mixed China data.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell as China display weak numbers in its economic data. According to National Bureau of Statistics of China, China’s Retail Sales slump to 17.7%, missing market expectation of 24.9%. On top of that, Industrial Production also eases to 9.8% from previous reading of 14.1%. Other than data, geopolitical tension in the Middle East and fears of escalating tension between Australia and China also weigh on the risk sentiment, thus troubling the pair buyers. According to reports, China’s ban on Australian coal is expected to extend to 20202. At the time of writing, AUD/USD fell 0.25% to 0.7750.
In the commodities market, crude oil price retreats 0.09% to 65.38 following concerns of COVID-19 outbreak in Asia. While investors are optimistic about recovery on fuel demand in major markets, Asia countries such as Singapore, Taiwan are now seeing new outbreaks of COVID-19 cases which may affect demand outlook. On the other hand, gold price soars 0.47% to 1851.97 a troy ounce as of writing amid weak dollar and escalating tension in the Middle East.
Today’s Holiday Market Close
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Today’s Highlight Events
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following recent breakout below the previous support level 90.45. MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its losses towards the support level 89.70.
Resistance level: 90.45, 91.30
Support level: 89.70, 89.25
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.4100. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 1.4025.
Resistance level: 1.4100, 1.4165
Support level: 1.4025, 1.3970
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.2130. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2180, 1.2230
Support level: 1.2130, 1.2065
USDJPY, H4: USDJPY was traded lower following recent retracement from the resistance level 109.75. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 109.05.
Resistance level: 109.75, 110.45
Support level: 109.05, 108.45
AUDUSD, H4: AUDUSD was traded lower following recent breakout below the previous support level 0.7760. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 0.7700.
Resistance level: 0.7760, 0.7805
Support level: 0.7700, 0.7655
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.7225. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 0.7145.
Resistance level: 0.7225, 0.7280
Support level: 0.7145, 0.7065
USDCAD, H4: USDCAD remain traded flat in a sideway channel while currently testing near the resistance level 1.2150. However, MACD which display bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.2150, 1.2270
Support level: 1.2030, 1.1915
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9015. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 0.9080.
Resistance level: 0.9080, 0.9135
Support level: 0.9015, 0.8950
CrudeOIL, H4: Crude oil price was traded higher following recent breakout above the previous resistance level 64.25. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 64.25.
Resistance level: 66.60, 67.85
Support level: 64.25, 62.35
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1846.00. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 1863.25.
Resistance level: 1863.25, 1877.00
Support level: 1846.00, 1829.80