29 April 2021 Morning Session Analysis
Dollar slumped over the dovish sentiment.
The Dollar Index which traded against a basket of six major currency pairs slumped following the Federal Reserve unleashed the dovish tone during the FOMC meeting. As widely anticipate, the US Central Bank decided to maintain its current interest rate at 0 – 0.25% while pledging to maintain Quantitative Easing program until “further substantial” process is achieved on employment and inflation. The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the long-term basis. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2% for short-term basis so that inflation averages will become 2% over time and longer-term inflation expectations remain well anchored at 2%. On the bond purchasing program, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month. Nonetheless, the Committee reiterated that they would continue to monitor the implications of incoming information for the economic outlook while committing to use its full range of tools to support US economy. As of writing, the Dollar Index slumped 0.34% to 90.60.
In the commodities market, the crude oil price appreciated by 0.04% to $63.75 per barrel as of writing. The oil market edged higher over the backdrop of positive inventory data. According to Energy Information Administration (EIA), the U.S. Crude Oil Inventories came in at 0.090M, better than the market forecast at 0.659M. On the other hand, the gold price surged 0.50% to $1781.50 per troy ounces as of writing amid weakening US Dollar.
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 following prior breakout below the previous support level at 90.75. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.15.
Resistance level: 90.75, 91.25
Support level: 90.15, 89.65
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3910. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4010.
Resistance level:1.4010, 1.4135
Support level: 1.3910, 1.3815
EURUSD, H1: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2110. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2170.
Resistance level: 1.2170, 1.2225
Support level: 1.2110, 1.2060
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 108.55. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 109.20, 109.75
Support level: 108.55, 108.20
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7805. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7805, 0.7880
Support level: 0.7710, 0.7650
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7215. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7300.
Resistance level: 0.7300, 0.7365
Support level: 0.7115, 0.7140
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2300. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2385, 1.2470
Support level: 1.2300, 1.2245
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9130. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9040.
Resistance level: 0.9130, 0.9220
Support level: 0.9040, 0.8925
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 64.15. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 64.15, 65.80
Support level: 62.20, 60.85
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1768.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1792.45.
Resistance level: 1792.45, 1810.50
Support level: 1768.10, 1755.50