25 April 2022 Afternoon Session Analysis
Pound slumped as negative economic data.
Pound Sterling slumped significantly over the backdrop of a string of bearish economic data. According to Office for National Statistics, UK Retail Sales for last month notched down significantly from the previous reading of -0.5% to -1.4%, missing the market forecast at -0.3%. Meanwhile, UK Composite Purchasing Managers; Index (PMI) declined from the preliminary reading of 60.9 to 57.6, worse than the market forecast at 59.7. Besides, the UK Manufacturing Purchasing Managers Index (PMI) and UK Services Purchasing Managers Index (PMI) came in at 55.3 and 58.3, which both fared worse than market expectation respectively at 59.0 and 60.0. Such worse-than-expectation economic data indicated that the economic recovery in the United Kingdom remained negative as the spiking numbers of inflation risk continue to weigh down the consumer spending and economic momentum. Nonetheless, as for now investors would continue to scrutinize the latest updates with regards of the monetary policy decision from Bank of England to receive further trading signal. As of writing, GBP/USD depreciated by 0.32% to 1.2795.
In the commodities market, the crude oil price slumped 2.55% to $99.80 per barrel as of writing following the Chinese authorities extend lockdown policy in order to combat the spiking number of Covid-19 cases in China. On the other hand, the gold price depreciated by 0.31% to 1925.20 per troy ounces as of writing amid strengthening 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 |
| 16:00 | EUR – German Ifo Business Climate Index (Apr) | 90.8 | 89.1 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after breakout.
Resistance level: 101.20, 102.20
Support level: 99.25, 97.80
GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.2800. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after breakout.
Resistance level: 1.2995, 1.3200
Support level: 1.2800, 1.2585
EURUSD, H4: EURUSD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after breakout.
Resistance level: 1.0905, 1.0975
Support level: 1.0770, 1.0690
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 129.45, 132.30
Support level: 127.65, 126.00
AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.
Resistance level: 0.7280, 0.7360
Support level: 0.7135, 0.6985
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after breakout.
Resistance level: 0.6705, 0.6820
Support level: 0.6600, 0.6535
USDCAD, Daily: USDCAD was traded higher while currently near the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.
Resistance level: 1.2750, 1.2890
Support level: 1.2635, 1.2485
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after breakout.
Resistance level: 0.9580, 0.9710
Support level: 0.9455, 0.9230
CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level.
Resistance level: 100.40, 102.95
Support level: 97.85, 94.35
GOLD_, H4: Gold price was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after breakout.
Resistance level: 1945.05, 1963.00
Support level: 1920.00, 1907.50