26 April 2021 Morning Session Analysis
Euro surged amid upbeat economic data.
The Euro surged on last week over the backdrop of the string of upbeat economic data from the European region. According to Markit Economics, Germany Manufacturing Purchasing Managers Index came in at 66.4, exceeding the market forecast at 65.8. Besides, the Eurozone Markit Composite Purchasing Managers notched up from the previous reading of 53.2 to 53.7, which also fared better than market expectation at 52.8. As most of the crucial economic data fared better-than-expected, which spurring prospect positive toward the economic momentum in the European region while increasing the appeal of the Euro. Investors are gradually having more optimistic sentiment for the Euro economy, following months of gloom earlier in the year. Meanwhile, the Eurozone Covid-19 vaccination program is expected to accelerate considerably this quarter. Nonetheless, investors would continue to scrutinize the latest updates with regards of crucial economic data as well as Covid-19 development in order to gauge the likelihood movement for the pair. As of writing, EUR/USD surged 0.05% to 1.2095.
In the commodities market, the crude oil price appreciated by 0.25% to $62.05 per barrel as of writing. The oil market received bullish momentum following the U.S. energy firms cut the number of oil rigs operating for the first time since March. According to Baker Hughes, the U.S. Oil rigs fell one to 343 in the week to 23rd April. On the other hand, the gold price slumped 0.11% to $1775.10 per troy ounces as of writing following the European and United Kingdom region released positive economic data, which diminishing the risk-off sentiment in the FX market.
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) | 96.6 | 97.8 | – |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Mar) | -0.9% | 1.6% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.70. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 91.30, 91.95
Support level: 90.70, 90.15
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3890. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3890, 1.4010
Support level: 1.3815, 1.3690
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2095. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2095, 1.2170
Support level: 1.2035, 1.1980
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 following prior rebound from the support level at 0.7140. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7225.
Resistance level: 0.7225, 0.7315
Support level: 0.7140, 0.7070
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2470. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2540, 1.2620
Support level: 1.2470, 1.2385
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_, Daily: Gold price was traded lower following prior retracement from the resistance level at 1808.75. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1752.60.
Resistance level: 1808.75, 1850.40
Support level: 1752.60, 1683.75