29 April 2021 Afternoon Session Analysis
Euro surged amid hawkish statement from ECB member.
The single currency in Eurozone managed to extend its momentum of gains during Asian trading session as executive board member of European Central Bank (ECB) has given a hawkish-tilted statement regarding the future economic outlook. Overnight, Isabel Schnable revealed that ECB are expecting a strong rebound of economy to be happened in second half of year 2021 when containment measure are lifted and majority of the European population are vaccinated. Recently, the rollout of Covid-19 vaccination is at an ever increasing speed across the European Union, with an aim to avoid any possibility of virus’s resurgence while controlling the spread of new strain virus. However, Schnable also reiterated that the inflation is currently projected to be remained at low level for a certain period of time, hence an accommodative policy is justified to be remain unchanged until further sign of strong recovery. On the other hand, the gains of EUR/USD was further boosted up after Federal Reserve concluded their meeting with a dovish stance. As of writing, the pair of EUR/USD jumped by 0.21% to 1.2150.
In the commodities market, crude oil price rose by 0.80% to $64.10 per barrel amid market optimism over global oil consumption and lesser-than-expected crude oil build was reported yesterday. Besides, the gold prices appreciated by 0.38% to $1788.35 per troy ounce as dollar weakened following the dovish stance from Federal Reserve.
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 |
| 15:55 | EUR – German Unemployment Change (Apr) | -8K | -10K | – |
| 20:30 | USD – GDP (QoQ) (Q1) | 4.3% | 6.5% | – |
| 20:30 | USD – Initial Jobless Claims | 547K | 560K | – |
| 22:00 | USD – Pending Home Sales (MoM) (Mar) | -10.6% | 6.0% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.45. MACD which illustrated bearish bias momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 90.70, 90.95
Support level: 90.45, 90.20
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3945. MACD which illustrated bullish signal suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3945, 1.3990
Support level: 1.3910, 1.3865
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2135. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2135.
Resistance level: 1.2135, 1.2225
Support level: 1.2065, 1.1990
USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 108.30. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 109.20.
Resistance level: 109.20, 110.05
Support level: 108.30, 107.65
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7805. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 0.7805, 0.7865
Support level: 0.7760, 0.7710
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 0.7235.
Resistance level: 0.7300, 0.7360
Support level: 0.7235, 0.7170
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.2390. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the resistance level at 1.2255.
Resistance level: 1.2390, 1.2510
Support level: 1.2255, 1.2105
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9110. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 0.9030.
Resistance level: 0.9110, 0.9185
Support level: 0.9030, 0.8920
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 64.30. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 64.30.
Resistance level: 64.30, 66.25
Support level: 62.10, 60.55
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1787.05. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1787.05, 1803.40
Support level: 1767.60, 1755.60