20 April 2021 Morning Session Analysis
Pound surged amid positive prospect for Covid-19 vaccine rollout.
Pound Sterling surged amid the market participants speculated that the UK economy will continue to recover from the Covid-19 pandemic in the coming months, thanks to the positive development of the vaccine rollout. As for now, current UK Covid-19 data is encouraging and further easing of lockdown will enhance the economic development in the United Kingdom, which dialed up the market optimism toward the Pound Sterling. Despite an expected dip in vaccine supply in April due to the “blood-clotting” issues from AstraZeneca and Johnson & Johnson vaccine, UK authorities claimed that the country is still on track to offer a first dose to all adults by the end of July. The progress made in the UK so far means the country continues to be among those with the highest vaccination rates globally. Nonetheless, the UK February job market report will be published today. Investors would remain their focus on the updates of the crucial economic data as well as Covid-19 development in order to gauge the likelihood movement for the currency. As of writing, GBP/USD appreciated by 0.04% to 1.3985.
In the commodities market, the crude oil price appreciated by 0.13% to $63.55 per barrel as of writing. The oil market edged higher amid weakening US Dollar following the US Treasury yield dropped on yesterday, which dragged down the appeal of US Dollar. On the other hand, the gold price surged 0.20% to $1777.26 per troy ounces as of writing as the depreciation of US Dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Average Earnings Index +Bonus (Feb) | 4.8% | 4.8% | – |
| 14:00 | GBP – Claimant Count Change (Mar) | 86.6K | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 91.35. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.80.
Resistance level: 91.35, 92.00
Support level: 90.80, 90.15
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3995. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3995, 1.4140
Support level: 1.3905, 1.3800
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2045. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2045, 1.2120
Support level: 1.1985, 1.1920
USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 108.45. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.70.
Resistance level: 108.45, 109.20
Support level: 107.70, 106.95
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7770. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7705.
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. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7250.
Resistance level: 0.7250, 0.7435
Support level: 0.7110, 0.6960
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2515. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2565.
Resistance level: 1.2565, 1.2615
Support level: 1.2515, 1.2475
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 higher while currently testing the resistance level at 63.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
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 1791.80 However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1791.80, 1853.30
Support level: 1755.25, 1723.60