18 May 2021 Afternoon Session Analysis
Aussie rose on upbeat RBA minutes.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have rose after recently benefited from the RBA latest monetary policy meeting minutes. The central bank left its key rates at 0.1% unchanged for a fifth straight month and cites readiness to alter bond buying if required. According to the meeting minutes, the central bank would unlikely to increase interest rate before 2024. However, the central bank is turning down any plan of changes in yield curve. While there is no decision to whether extend current policies, a firm statement on yield curve change have help lifting some confidence, thus provide boost for the Australian dollar. At the time of writing, AUD/USD rose 0.35% to 0.7787.
In the commodities market, crude oil price rose 0.09% to $66.44 per barrel at the time of writing following optimism on economy reopening from countries such as UK and EU. The British economy have started to reopen, giving 65 million people a measure of freedom after a four-month COVID-19 lockdown. France and Spain have also relaxed restrictions, and Portugal and the Netherlands have opened up travel which could boost fuel demand. On the other hand, gold price jumps 0.17% to $1870.00 a troy ounce at the time of writing following dollar weakness.
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 – Average Earnings Index +Bonus (Mar) | 4.5% | 4.6% | – |
| 14:00 | GBP – Claimant Count Change (Apr) | 10.1K | – | – |
| 20:30 | USD – Building Permits (Apr) | 1.759M | 1.770M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following recent breakout below the previous support level 90.45. MACD which illustrate persistent bearish momentum signal 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 1.4165. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 1.4165.
Resistance level: 1.4165, 1.4280
Support level: 1.4100, 1.4025
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.2130. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.2180.
Resistance level: 1.2180, 1.2230
Support level: 1.2130, 1.2065
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 109.05. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 109.75, 110.45
Support level: 109.05, 108.45
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7805. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7805, 0.7860
Support level: 0.7760, 0.7700
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.7225. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 0.7280.
Resistance level: 0.7280, 0.7330
Support level: 0.7225, 0.7145
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2030. MACD which illustrate bearish momentum signal with the recent formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2135, 1.2270
Support level: 1.2030, 1.1915
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9010. MACD which illustrate diminishing bearish momentum signal with the starting formation of death cross suggest the pair to experience a technical correction towards the resistance level 0.9080.
Resistance level: 0.9080, 0.9135
Support level: 0.9010, 0.8950
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 66.60. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level 66.60.
Resistance level: 66.60, 67.85
Support level: 64.25, 62.35
GOLD_, H4: Gold price was traded higher following recent breakout above the previous resistance level 1863.25. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1877.00.
Resistance level: 1877.00, 1894.55
Support level: 1863.25, 1846.00