30 March 2021 Afternoon Session Analysis
Aussie slips amid covid fears in Australia.
During late Asian session, the Australian dollar which traded against the dollar and other currency pairs have fell following increasing concerns on COVID-19 resurgence in Australia and lockdown. Following latest development, a new lockdown has been announced in Australia’s Brisbane after a cluster coronavirus cases was detected in the region. Brisbane witnesses eight new cases of the virus out of which six were found as connected to the initially reported first transmission and authorities are searching for clues for the rest two cases and their infection roots. On the other hand, escalating tension between U.S and China also weigh on the sentiment where U.S demand stronger cooperation from China. At the time of writing, AUD/USD fell 0.11% to 0.7640.
In the commodities market, crude oil price rose 0.23% to $61.70 per barrel at the of writing following market expectation of supply cut extension ahead of OPEC meeting. Investors are turning their focus to Thursday’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) as Saudi Arabia is prepared to accept an extension of the production cuts through June. On the other hand, gold price slips 0.25% to $1708.05 a troy ounce as of writing amid appreciation in dollar strength.
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 (Mar) | 91.3 | 96.9 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded within a range while currently testing the resistance level at 92.85. MACD which illustrated diminishing bearish momentum suggest the index to be traded higher after it successfully breakout above the resistance level.
Resistance level: 92.85, 93.35
Support level: 92.45, 91.90
GBPUSD, H4: GBPUSD was traded lower while currently near the support level at 1.3740. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3810, 1.3895
Support level: 1.3740, 1.3675
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1760. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1850, 1.1975
Support level: 1.1760, 1.1700
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.00. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 110.00, 110.55
Support level: 109.20, 108.50
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7650. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7650, 0.7710
Support level: 0.7585, 0.7505
NZDUSD, Daily: NZDUSD was traded higher following prior rebound form the support level at 0.7005. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7105.
Resistance level: 0.7105, 0.7240
Support level: 0.7005, 0.6900
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2600. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2600, 1.2745
Support level: 1.2400, 1.2255
USDCHF, H4: USDCHF was traded within a range while currently testing the support level at 0.9370. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level.
Resistance level: 0.9450, 0.9525
Support level: 0.9370, 0.9300
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 61.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 62.65.
Resistance level: 62.65, 63.60
Support level: 61.35, 59.55
GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level at 1713.15. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1713.15, 1726.50
Support level: 1702.15, 1688.40