26 April 2021 Afternoon Session Analysis
Dollar plummeted ahead of Thursday Fed meeting.
During late Asian session, the dollar index which traded against a basket of six major currency pairs failed to recoup from its losses while extending its bearish trend toward the lowest level in 2 months as market participants are expecting US Central Bank to remain their expansionary monetary policy. Prior to now, Federal Reserve Chairman Jerome Powell kept repeating that they will maintain their cash rate at low level, any adjustment could be seen only when the inflation rate surge above their targeted rate while employment market has fully recovered from the fallout of pandemic. Moreover, investors are also betting that Fed Powell will shun talk of tapering bond purchases at the policy meeting this week as it is still premature to decide before the pandemic is fully reined. With the expectation of neutral-titled statement from Fed, investors chose to temporarily avoid from dollar index and shifted their capital into other market with higher return such as pound and euro. As of writing, the dollar index depreciated by 0.16% to 90.70.
In the commodities market, crude oil price fall by 0.16% to $61.88 per barrel as of writing following the talks on the Iranian nuclear deal in Vienna hit more positive notes on last week. Besides, the negotiator from Tehran and Washington commented that they will continue indirect negotiations in the hope of reviving the 2015 accord. Besides, the gold prices ticked up by 0.25% to $1781.50 per troy ounce amid weakening of dollar index.
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 (Apr) | 93.0 | 94.4 | – |
| 20:30 | USD – Core Durable Goods Orders (MoM)(Mar) | -0.9% | 1.6% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support le el at 90.80. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.15.
Resistance level: 90.80, 91.25
Support level: 90.15, 89.65
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3915. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3915, 1.4010
Support level: 1.3815, 1.3690
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2095. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 1.2170.
Resistance level: 1.2170, 1.2225
Support level: 1.2095, 1.2035
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.75. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 108.50, 109.25
Support level: 107.75, 106.95
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7710. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7800.
Resistance level: 0.7800, 0.7880
Support level: 0.7710, 0.7660
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7225. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7225, 0.7315
Support level: 0.7140, 0.7070
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2470. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2385.
Resistance level: 1.2470, 1.2540
Support level: 1.2385, 1.2300
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9130. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9220, 0.9305
Support level: 0.9130, 0.9040
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 62.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 62.20, 63.70
Support level: 60.85, 59.35
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1772.85. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1810.50, 1850.40
Support level: 1772.85, 1752.60