31 March 2021 Afternoon Session Analysis
Aussie rose on upbeat China data.
During late Asian session, the Australian dollar which traded against the dollar and other currency pairs have rose following strong reading from China PMI provide support for Aussie. According to China Federation of Logistics and Purchasing (CFLP), China’s Non-Manufacturing PMI have improved to 56.3, higher than market expectation of 52.6. China’s NBS Manufacturing PMI also rose 51.9 for March, surpassed market expectation of 51.2. While the data have help lifted some confidence in the market, further upside further potential for Aussie may be limited following the appreciation of greenback which may reduce the appeal for riskier assets such as Aussie itself. At the time of writing, AUD/USD edge higher 0.09% to 0.7599.
In the commodities market, crude oil price rose 0.35% to $60.62 per barrel as of writing following expectation of OPEC to maintain supply cut. Despite with an increase in supply reported by API, market remains firm as investors continue to speculate producers to largely agree on extending their supply cut to May or June. On the other hand, gold price rose slips 0.35% to $1679.30 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 |
| 15:55 | EUR – German Unemployment Change (Mar) | 9K | -3K | – |
| 17:00 | EUR – CPI (YoY)(Mar) | 0.9% | 1.3% | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Mar) | 117K | 550K | – |
| 20:30 | CAD – GDP (MoM)(Jan) | 0.1% | 0.5% | – |
| 22:00 | USD – Pending Home Sales (MoM)(Feb) | -2.8% | -2.9% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 93.35. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 93.35, 94.10
Support level: 92.90, 92.45
GBPUSD, H4: GBPUSD was traded lower while currently near the support level at 1.3740. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3810, 1.3895
Support level: 1.3740, 1.3675
EURUSD, H1: EURUSD was traded lower while currently testing the support level at 1.1700. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1760, 1.1850
Support level: 1.1700, 1.1615
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 110.55, 111.25
Support level: 110.00, 109.20
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7585. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7650, 0.7710
Support level: 0.7585, 0.7505
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6955. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7110, 0.7250
Support level: 0.6955, 0.6775
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.2630. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2630, 1.2745
Support level: 1.2400, 1.2255
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9370. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9450, 0.9525
Support level: 0.9370, 0.9300
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 61.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 59.55.
Resistance level: 61.35, 62.65
Support level: 59.55, 57.90
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1680.15. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1700.15, 1723.90
Support level: 1680.15, 1660.20