21 April 2021 Morning Session Analysis
Pound slumped following downbeat jobs data were released.
Pound Sterling slumped on yesterday over the backdrop of a string of downbeat economic data from the United Kingdom, which dialed down the market optimism toward the economic progression in UK. According to Office for National Statistics, U.K. Average Earning Index + Bonus had notched down significantly from the previous reading of 4.8% to 4.5%, missing the market forecast at 4.8%. Nonetheless, as for now investors would scrutinize the speech from the Bank of England’s (BoE) Governor Andrew Bailey. If Mr. Bailey reiterates his hawkish tone about the UK economy, then the Pound Sterling would have probability to edge higher. On the Covid-19 front, the rising global Covid-19 cases had triggered fresh jitters over global growth while diminishing the risk appetite in the FX instrument, which prompting investors to shift their portfolio from riskier asset such as Pound Sterling to other safe-haven product. As of writing, GBP/USD depreciated by 0.01% to 1.3935.
In the commodities market, the crude oil price slumped 0.06% to $62.25 per barrel as of writing following the U.S. crude stockpiles unexpectedly rose last week, spurring negative prospect for the oil demand. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock notched up significantly from the previous reading of -3.608M to 0.436M, worse than the market forecast at -2.860M. On the other hand, the gold price surged 0.10% to $1777.50 per troy ounces as of writing amid risk-off sentiment in the FX market following the global Covid-19 cases spiked significantly.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:30 GBP BoE Gov Bailey Speaks
23:00 CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – CPI (YoY) (Mar) | 0.4% | 0.7% | – |
| 20:30 | CAD – Core CPI (MoM) (Mar) | 0.3% | – | – |
| 22:00 | BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -5.889M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 90.80. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 91.45
Resistance level: 91.45, 92.00
Support level: 90.80, 90.25
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.4000. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3905.
Resistance level: 1.4000, 1.4100
Support level: 1.3905, 1.3800
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.2045. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2045, 1.2130
Support level: 1.1985, 1.1920
USDJPY, H4: 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 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: 0.7755, 0.7815
Support level: 0.7705, 0.7665
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.7235. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7110.
Resistance level: 0.7235, 0.7320
Support level: 0.7110, 0.6960
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2615. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2615, 1.2685
Support level: 1.2565, 1.2515
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 while currently near the support level at 61.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 63.60, 64.80
Support level: 61.85, 59.90
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1777.95 However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1777.95, 1791.80
Support level: 1766.20, 1755.50