30 April 2021 Morning Session Analysis
Dollar standstill following mixed economic data
The dollar index which gauges its value against a basket of six major currencies was initially traded higher after US released its GDP data at a higher-than-expected reading. According to the Bureau of Economic Analysis, GDP for the first quarter of year 2021 in US jumped 6.4%, unexpectedly stronger than the economist forecast at 6.1% as well as previous reading at 4.3%. The economic activity in US boomed to start 2021 due to the effort of ongoing vaccinations and more government spending to fuel the speed of recovery. Besides, the boost in GDP also came from increased in personal consumption, local and foreign capital inflow as market optimism toward the US future economic outlook brightened following the case counts and deaths from Covid-19 in US dropped significantly. With the signal of strong recovery in US, the US treasury yield has also surged sharply to the level of 1.65%, which somehow sparked some bullish demand in US dollar market. However, the gains of dollar was limited after the Pending Home Sales data reported a downbeat reading at 1.9%, while the market economist expectation was at 5.0%. As of writing, the dollar index rose 0.03% to 90.65.
In the commodities market, crude oil price rose by 0.06% to $64.85 per barrel as the cheap US dollar and an expectation of strong recovery in oil market outweigh the worries over the spike in India and Brazil cases. Besides, the gold prices depreciated by 0.01% to $1772.10 a troy ounce amid dollar weakened.
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 lower while currently testing near the support level at 90.45. However, MACD which illustrated diminishing bearish momentum suggest the index to undergo technical correction in short term.
Resistance level: 90.70, 90.95
Support level: 90.45, 90.20
GBPUSD, H4: GBPUSD was traded lower following prior retracement near the resistance level at 1.3945. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3910.
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. However, MACD which illustrated diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.
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 higher following prior rebound from the support level at 0.7760. However, MACD which illustrated bearish bias momentum suggest the pair to undergo technical correction in short term.
Resistance level: 0.7805, 0.7865
Support level: 0.7760, 0.7710
NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7235. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains toward the resistance level at 0.7300.
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 following prior breakout above the previous resistance level at 64.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction in short term.
Resistance level: 66.25, 67.60
Support level: 64.25, 62.20
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1766.25. However, MACD which illustrated bearish bias momentum signal suggest the commodity to undergo technical correction in short term.
Resistance level: 1787.05, 1803.40
Support level: 1766.25, 1755.60