27 April 2021 Afternoon Session Analysis
Japanese Yen plunged following BOJ Interest Rate Decision.
During Asian trading session, the traditional safe haven currency Japanese Yen failed to extend its gains while retreating from its high level after Bank of Japan (BoJ) decided to maintain their loosening monetary policy in order to rein the fallout of virus’s resurgence. In the meeting, the board members of BoJ voted to remain their interest rate unchanged at negative territory, by an 8 – 1 majority vote. Besides, BoJ has agreed to purchase exchange traded funds (ETFs) and Japan real estate investment trusts with upper limits of about 12 trillion yen and 180 billion yen respectively. Other than that, the monetary policy statement also highlighted that BoJ will continue support financing mainly of firms and will bring in more tools with no hesitation if the impact of the novel Covid-19 continues exacerbate the recovery of Japan’ economy. As of writing, the pair of USD/JPY surged by 0.22% to 108.30.
In the commodities market, crude oil price rose by 0.52% to $62.25 per barrel following OPEC+ technical committee keeps their oil demand growth forecast unchanged on yesterday meeting. However, market participants are now eyeing on the upcoming OPEC+ Ministerial Meeting in order to gauge the further direction of oil prices. Besides, the gold prices dropped 0.16% to $1778.60 per troy ounce amid strengthening 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 |
| 22:00 | USD – CB Consumer Confidence | 109.7 | 112.1 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.95. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 90.95, 91.25
Support level: 90.70, 90.45
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3865. Due to lack of signal, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 1.3910, 1.3945
Support level: 1.3865, 1.3815
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2065. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2100, 1.2135
Support level: 1.2065, 1.2030
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 108.30. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 108.30, 109.20
Support level: 107.65, 107.00
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7815. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7760.
Resistance level: 0.7815, 0.7865
Support level: 0.7760, 0.7715
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7235. MACD which illustrated diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 0.7170.
Resistance level: 0.7235, 0.7300
Support level: 0.7170, 0.7110
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2390. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2390.
Resistance level: 1.2510, 1.2635
Support level: 1.2390, 1.2255
USDCHF, Daily: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.9185.
Resistance level: 0.9185, 0.9220
Support level: 0.9110, 0.9030
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the upward trendline. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 62.55.
Resistance level: 62.55, 63.75
Support level: 61.35, 59.85
GOLD_, H4: Gold price was traded lower while currently testing the upward trend line. MACD which illustrated bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the upward trend line.
Resistance level: 1788.50, 1803.40
Support level: 1768.20, 1755.60