28 April 2021 Morning Session Analysis
Pound surged on Covid-19 vaccine optimism.
Pound Sterling surged yesterday amid positive hopes upon the UK’s economic recovery from the Covid-19 pandemic, which spurring demand on the Pound Sterling. The positive Covid-19 vaccine development had successfully reduced the Covid-19 infections as well as the death rate from United Kingdom. According to latest data from the Office for National Statistics (ONS), they revealed that the deaths involving Covid-19 among people in UK have fallen by up to 97% since the peak of the second wave in the UK. As for now, more than 33.8 million in the UK have received their first dose Covid-19 vaccine, while more than 13.2 million have received two, according to latest government figures. Meanwhile, they also show that a further 17 people have died within 28 days of positive Covid-19 test and 2,685 new cases were recorded on yesterday. Nonetheless, due to lack of any catalyst from the UK, investors would continue to scrutinize the latest updates with regards of Covid-19 development in order to gauge the likelihood movement for the currency. As of writing, GBP/USD slumped 0.06% to 1.3903.
In the commodities market, the crude oil price slumped 0.04% to $63.00 per barrel as of writing. The oil market edged lower in early trading hours over the backdrop of bearish inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock notched up significantly from the previous reading of 0.436M to 4.319M, exceeding the market forecast at 0.375M. On the other hand, the gold price was traded within a tight range at $1776.00 per troy ounces amid investors are awaiting further signal from the Federal Reserve before entering the gold 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 |
| 20:30 | CAD – Core Retail Sales (MoM) (Feb) | -1.2% | 3.7% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 0.594M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.75. However, MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.
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, H1: EURUSD was traded higher following prior rebound from the support level at 1.2065. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2110, 1.2170
Support level: 1.2065, 1.2035
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 108.75, 109.25
Support level: 108.20, 107.65
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7805. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7710.
Resistance level: 0.7800, 0.7880
Support level: 0.7710, 0.7650
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7230. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7140.
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 diminishing bullish 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 following prior breakout above the previous resistance level at 62.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 63.70.
Resistance level: 63.70, 66.30
Support level: 62.20, 60.85
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1772.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1792.85, 1810.50
Support level: 1772.85, 1752.60