30 April 2021 Afternoon Session Analysis
Aussie slips on mixed China data.
During late Asian session, the Australian dollar which traded against the dollar and other currency pairs have fell amid mixed data from its biggest trading partner China. According to China Federation of Logistics and Purchasing (CFLP), China’s NBS Manufacturing PMI fell 51.1 against 51.7 expectation while Non-Manufacturing PMI rose 54.9 against 52.6. The data have portrayed mixed scenario for the world’s second largest economy and unable to lift market confidence. Besides that, downbeat sentiment also contributes to the weakness as China starting to curb large tech firms such as Tencent and ByteDance. At the time of writing, AUD/USD fell 0.11% to 0.7775.
In the commodities market, crude oil price rose 0.09% to $64.58 per barrel at the time of writing following demand optimism. Major U.S cities are progressing to fully reopen which could help boost demand for oil. On top of that, market also expect travel across China over an extended holiday that starts from this Saturday will reach a record which also help in fuel consumption. On the other hand, gold price fell 0.31% to $1766.43 a troy ounce at the time of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:00 | EUR – German GDP (QoQ)(Q1) | 0.3% | -1.5% | – |
| 17:00 | EUR – CPI (YoY)(Apr) | 1.3% | 1.6% | – |
| 20:30 | CAD – GDP (MoM)(Feb) | 0.7% | 0.5% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded flat while currently testing the resistance level 90.65. However, MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 90.65, 91.25
Support level: 90.15, 89.70
GBPUSD, H4: GBPUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3915.
Resistance level: 1.4000, 1.4090
Support level: 1.3915, 1.3830
EURUSD, H4: EURUSD was traded flat while currently testing near the support level 1.2100. However, MACD which illustrate diminishing bullish momentum signal with starting formation of death cross suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.2170, 1.2235
Support level: 1.2100, 1.2005
USDJPY, H4: USDJPY was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 108.35.
Resistance level: 109.25, 109.90
Support level: 108.35, 107.65
AUDUSD, H4: AUDUSD was traded lower following recent retracement from the resistance level 0.7805. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 0.7700.
Resistance level: 0.7805, 0.7900
Support level: 0.7700, 0.7595
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7240. MACD which illustrate bearish momentum signal with the starting formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7295, 0.7365
Support level: 0.7240, 0.7160
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2255. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.2380.
Resistance level: 1.2380, 1.2480
Support level: 1.2255, 1.2100
USDCHF, H4: USDCHF was traded flat after recent breakout below the previous support level 0.9115. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term back towards the level 0.9115.
Resistance level: 0.9115, 0.9185
Support level: 0.9030, 0.8945
CrudeOIL, H4: Crude oil price was traded higher following recent breakout above the previous resistance level 64.30. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction in short term back towards the level 64.30.
Resistance level: 66.25, 67.80
Support level: 64.30, 62.25
GOLD_, H4: Gold price was traded lower while currently testing the support level 1762.00. MACD which illustrate bearish bias signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1794.30, 1813.05
Support level: 1762.00, 1738.65