27 April 2021 Morning Session Analysis
US Dollar slumped ahead of FOMC meeting.
The Dollar Index which traded against a basket of six major currency pairs extend its losses ahead of U.S. Federal Reserve Monetary Meeting on Thursday. Market participants speculated that the US Central Bank would likely to maintain its dovish tone at a policy meeting, which weighing down the appeal of the US Dollar. According to Reuters, the Fed Chairman Richard Clarida had claimed that the US Central Bank would continue to maintain its aggressive monetary policy stance while reiterating that a near-term spike in inflation would prove only temporary. On the Covid-19 front, the New York Times reported that the vaccination rates are falling in the United States, despite the highly contagious virus continue to spread in the region. According to latest statistics, more than 50,000 new U.S. cases were reported on Saturday. Meanwhile, the average number of vaccine doses being administered each day, has dropped significantly from the previous reading of 3.38 million to 2.86 million, its lowest since 31st March. The slowdown in vaccination could delay the arrival of herd immunity, which dialed down the market optimism toward the economic progression in United States. As of writing, the Dollar Index slumped 0.02% to 90.80.
In the commodities market, the crude oil price depreciated by 0.03% to $61.95 per barrel as of writing. The overall trending momentum for the crude oil remained bearish amid the concerns toward spiking numbers of the Covid-19 in India had diminished the appeal for this black-commodity. On the other hand, the gold price surged 0.10% to $1781.30 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
11:00 JPY BoJ Monetary Policy Statement
11:00 JPY BoJ Outlook Report (YoY)
Tentative JPY BoJ Press Conference
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 lower while currently testing the support level at 90.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 91.25, 91.95
Support level: 90.75, 90.15
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3910. 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 while currently testing the resistance level at 1.2095. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2095, 1.2170
Support level: 1.2035, 1.1980
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 107.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 108.50.
Resistance level: 108.50, 109.25
Support level: 107.75, 106.95
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7800. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7800, 0.7880
Support level: 0.7710, 0.7650
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7230. MACD which illustrated diminishing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7230, 0.7315
Support level: 0.7140, 0.7070
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2385. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
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 higher following prior rebound from the support level at 1772.85. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1792.85.
Resistance level: 1792.85, 1810.50
Support level: 1772.85, 1752.60