21 April 2021 Afternoon Session Analysis
Aussie remains weak despite upbeat Retail Sales.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have slip despite with the recent positive release of Retail Sales data. According to the Australian Bureau of Statistics, the total of goods sold by retailers as represented by Retail Sales have improved to 1.4%, surpassed market expectation of 1%. However, despite with the positive data, the pair still could not ignore risk-off mood and stay pressured. On vaccine front, Australia’s Secretary of the Department of Health Brendan Murphy stated that he could not set a deadline for the completion of Australia’s vaccine rollout. While Australia have previous raised hopes of home-made vaccines, the estimated long period of set up have reduce optimism. On the other hand, tension between China and U.S also weigh heavily on the pair as China have send a firm message to the U.S when it comes to its internal affairs. At the time of writing, AUD/USD fell 0.11% to $0.7715.
In the commodities market, crude oil price plunged 0.34% to $62.09 per barrel as of writing following concerns over rising COVID-19 cases which may affect demand. According to Johns Hopkins University data, the number of COVID-19 cases continues to soar in India, the third-largest oil importer, exceeding 15 million as of Apr. 21. This led to the imposition of a six-day lockdown starting Tuesday. In Japan, the cities of Tokyo and Osaka requested a state of emergency to curb the increasing cases. The number of COVID-19 cases has also surpassed the 142.5-million mark globally as of Apr. 21. Next, gold price rebounds 0.17% to $1781.87 a troy ounce at the time of writing following overall weakness in greenback.
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 breakout above the previous resistance level at 90.95. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 91.25.
Resistance level: 91.25, 91.55
Support level: 90.95, 90.70
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3945. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3910.
Resistance level: 1.3945, 1.3990
Support level: 1.3910, 1.3865
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2030. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2065, 1.2100
Support level: 1.2030, 1.1990
USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 108.30. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 107.65.
Resistance level: 108.30, 109.20
Support level: 107.65, 107.00
AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support 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 while currently testing the support level at 0.7170. MACD which illustrated diminishing bullish momentum signal suggests the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7235, 0.7300
Support level: 0.7170, 0.7110
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2510. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2630.
Resistance level: 1.2630, 1.2775
Support level: 1.2510, 1.2390
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9185. However, MACD which illustrated diminishing bearish momentum suggests the pair to undergo technical correction in short term.
Resistance level: 0.9185, 0.9220
Support level: 0.9110, 0.9030
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 62.50. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 61.30.
Resistance level: 62.50, 63.70
Support level: 61.30, 59.85
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1768.20. MACD which illustrated diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1788.50.
Resistance level: 1788.50, 1803.40
Support level: 1768.20, 1755.60