19 April 2021 Morning Session Analysis
Dollar slumped over the rising tension between US-Russia.
tensions between Russia and United States, which dialed down the market optimism toward the economic progression in United States while diminishing market demand on the US Dollar. The tensions between Russia and United States heightened following US President Joe Biden claimed Putin was a “killer” while accusing for interference of Russia in last year’s U.S. election, cyber hacking, bullying Ukraine and other alleged malign actions. According to Reuters, Russia on Friday had requested 10 U.S. diplomats to leave the country in retaliation for Washington’s expulsion of the same number of Russian diplomats. The measures were approved by President Vladimir Putin, as a retaliation to an array of U.S. government sanctions imposed on Moscow a day earlier. Russian foreign minister claimed that they have option to hurt United States economically and to shrink its diplomatic corps in Russia to just 300 people. Nonetheless, investors would continue to scrutinize the latest updates with regards of the relationship between Russia and United States in order to gauge the likelihood movement for the index. As of writing, the Dollar Index slumped by 0.05% to 91.45.
In the commodities market, the crude oil price slumped 0.36% to $62.85 per barrel as of writing amid the negative prospect for the AstraZeneca and Johnson & Johnson vaccine following few people have died from unusual blood clots after getting the vaccine. On the other hand, the gold price appreciated by 0.10% to $1777.94 per troy ounces as of writing amid weakening US Dollar.
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 91.35. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 92.00, 92.55
Support level: 91.35, 90.80
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3800. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3905.
Resistance level: 1.3905, 1.3985
Support level: 1.3800, 1.3675
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1985. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1985, 1.2045
Support level: 1.1920, 1.1860
USDJPY, H4: USDJPY was traded lower while currently near the support level at 108.45. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 109.20, 109.90
Support level: 108.45, 107.70
AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7705. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7770, 0.7815
Support level: 0.7705, 0.7665
NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7110. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7320, 0.7435
Support level: 0.7110, 0.6960
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2515. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2515, 1.2565
Support level: 1.2475, 1.2440
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9225. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9225, 0.9365
Support level: 0.9060, 0.8910
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 63.60. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 61.85.
Resistance level: 63.60, 64.80
Support level: 61.85, 59.90
GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1777.95. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1777,95, 1807.95
Support level: 1755.40, 1724.00