19 April 2021 Morning Session Analysis
Euro sinks amid exacerbating of pandemic in Europe.
The single currency of European Union, euro failed to extend its gains for another consecutive trading session while retreated from the recent high level as the recent spike of Covid-19 cases in Europe tampered the market optimism over the nation’s economy recovery. Last week, the total number of death toll which caused by Covid-19 infection has passed the grim milestone of 1 million deaths. The World of Health Organization also warned public that the pandemic is reaching deadly new heights across the world, and should not ignore the repercussion of easing restriction despite vaccination figures tilting upward. Besides, the bulk of new infections in Brazil and India has also increased the market concern over the evolving of global pandemic, as they are the second and third worst-affected- countries and gradually “catch up” the United States. Moreover, the resurgence of virus in Europe has also gain the attention of the investors, while European Medicines Agency (EMA) announced to temporarily halt the use of vaccine from J&J until the investigation on blood-clotting completed. As of writing, the pair of EUR/USD dropped 0.23% to 1.1955.
In the commodities market, crude oil price fall 0.25% to $62.90 per barrel as of writing amid heightening of market worries over the resurgence of global Covid-19 cases. Besides, the announcement of halting the use of J&J vaccine due to the potential blood-clotting side effect has also swept off the market optimism toward the oil demand outlook. Besides, the gold price rose by 0.09% to $1778.00 per troy ounce amid weakening of dollar index.
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 91.55. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 91.95.
Resistance level: 91.95, 92.40
Support level: 91.60, 91.25
GBPUSD, H4: GBPUSD was traded higher while currently testing the downward trend line. MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 1.3865, 1.3910
Support level: 1.3810, 1.3770
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 lower following prior retracement from the resistance level at 0.7735. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7665.
Resistance level: 0.7735, 0.7815
Support level: 0.7665, 0.7565
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.7170. MACD which illustrated diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 0.7110.
Resistance level: 0.7170, 0.7235
Support level: 0.7110, 0.7060
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2510. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 1.2570, 1.2635
Support level: 1.2510, 1.2465
USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9185. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.9220.
Resistance level: 0.9220, 0.9280
Support level: 0.9185, 0.9110
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 63.70. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 62.50.
Resistance level: 63.70, 65.40
Support level: 62.50, 61.30
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1768.20. However, MACD which illustrated diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term.
Resistance level: 1788.50, 1803.40
Support level: 1768.20, 1755.60