Daily Analysis

17 May 2021                       Afternoon Session Analysis

Aussie slips on mixed China data.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell as China display weak numbers in its economic data. According to National Bureau of Statistics of China, China’s Retail Sales slump to 17.7%, missing market expectation of 24.9%. On top of that, Industrial Production also eases to 9.8% from previous reading of 14.1%. Other than data, geopolitical tension in the Middle East and fears of escalating tension between Australia and China also weigh on the risk sentiment, thus troubling the pair buyers. According to reports, China’s ban on Australian coal is expected to extend to 20202. At the time of writing, AUD/USD fell 0.25% to 0.7750.

In the commodities market, crude oil price retreats 0.09% to 65.38 following concerns of COVID-19 outbreak in Asia. While investors are optimistic about recovery on fuel demand in major markets, Asia countries such as Singapore, Taiwan are now seeing new outbreaks of COVID-19 cases which may affect demand outlook. On the other hand, gold price soars 0.47% to 1851.97 a troy ounce as of writing amid weak dollar and escalating tension in the Middle East.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following recent breakout below the previous support level 90.45. MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its losses towards the support level 89.70.

Resistance level: 90.45, 91.30

Support level: 89.70, 89.25

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.4100. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 1.4025.

Resistance level: 1.4100, 1.4165

Support level: 1.4025, 1.3970

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.2130. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2180, 1.2230

Support level: 1.2130, 1.2065

USDJPY, H4: USDJPY was traded lower following recent retracement from the resistance level 109.75. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 109.05.

Resistance level: 109.75, 110.45

Support level: 109.05, 108.45

AUDUSD, H4: AUDUSD was traded lower following recent breakout below the previous support level 0.7760. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 0.7700.

Resistance level: 0.7760, 0.7805

Support level: 0.7700, 0.7655

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.7225. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 0.7145.

Resistance level: 0.7225, 0.7280

Support level: 0.7145, 0.7065

USDCAD, H4: USDCAD remain traded flat in a sideway channel while currently testing near the resistance level 1.2150. However, MACD which display bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.2150, 1.2270

Support level: 1.2030, 1.1915

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9015. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 0.9080.

Resistance level: 0.9080, 0.9135

Support level: 0.9015, 0.8950

CrudeOIL, H4: Crude oil price was traded higher following recent breakout above the previous resistance level 64.25. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 64.25.

Resistance level: 66.60, 67.85

Support level: 64.25, 62.35

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1846.00. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 1863.25.

Resistance level: 1863.25, 1877.00

Support level: 1846.00, 1829.80

17 May 2021                     Morning Session Analysis

US dollar depreciates as economic data fails to deliver.

US dollar was traded lower against other major currencies on Monday following the release of bearish economic data last Friday. As of writing, the dollar index was down 0.47% to 90.23. According to US Census Bureau, Retail Sales for the month of April came in at 0.0%, less than economist’ forecast of 1.0%. Similarly, Core Retail Sales notched down by -0.8%, significantly lower than forecast of 0.7%. Both data has dialed down market expectation for higher inflation in the near-term due to recently subdued consumer spending. Likewise, both data has cemented Federal Reserve view to monitor US economic recovery and would only act to tighten monetary policy when all aspect of it stabilizes. On the other hand, pair of GBP/USD rose 0.33% to 1.4096. Pound sterling received bullish support as UK announces to ease social distancing SOPs while reopening all economic sector starting from today.

In the commodities market, crude oil price rose 2.66% to $65.47 per barrel. Oil prices received bullish support following heightened geopolitical tension in between Israel and Gaza which may disrupt oil supplies in the region. On the other hand, gold price rose 1.01% to $1,844.25 a troy ounce due to higher risk aversion in the market.

Today’s Holiday Market Close

Time                    Market                Event

N/A

Today’s Highlight Events

Time                    Market                Event

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 90.75. MACD which illustrated formation of bearish momentum suggest the index to extend its losses after breaking the support level at 90.20.

Resistance level: 90.45, 90.75

Support level: 90.20, 90.00

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.4100. MACD which illustrated the formation of bullish momentum suggest the pair to extend its gains after a successful breakout above the resistance level.

Resistance level: 1.4100, 1.4180

Support level: 1.4000, 1.3940

EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.2150. MACD which illustrated the formation of bearish momentum suggest the pair to extend its losses in short-term.

Resistance level: 1.2150, 1.2170

Support level: 1.2125, 1.2100

USDJPY, H1: USDJPY was traded higher while currently testing the resistance level at 109.45. MACD which illustrated bullish momentum suggest the pair to be traded higher in short-term after breaking the resistance level.

Resistance level: 109.45, 109.70

Support level: 109.25, 109.00

AUDUSD, H4: AUDUSD was traded lower following prior retracement from its previous high. MACD which illustrated diminished upward momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7805, 0.7850

Support level: 0.7755, 0.7700

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7240. MACD which illustrated diminished bullish momentum suggest the pair to extend its losses in short-term as technical correction.

Resistance level: 0.7240, 0.7280

Support level: 0.7200, 0.7145

USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.2120. MACD which illustrated diminishing bullish momentum suggest the pair to be traded higher after breaking the resistance level.

Resistance level: 1.2120, 1.2160

Support level: 1.2080, 1.2045

USDCHF, H1: USDCHF was traded higher following a rebound from the lower level. MACD which shows the formation of bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9025, 0.9045

Support level: 0.9012, 0.8985

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 63.25. MACD which illustrated bullish momentum suggest the commodity to extend its gains after breaking the resistance level at 65.50.

Resistance level: 65.50, 66.50

Support level: 64.30, 63.25

GOLD_, Daily: Gold price was traded higher while currently testing near the resistance level at 1855.20. MACD which illustrate bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1855.20, 1901.35

Support level: 1822.75, 1790.30

12 May 2021                       Afternoon Session Analysis

Pound rose following easing concerns of Scotland exit.

During late Asian session, the pound sterling which traded against the dollar and other currency pairs held most of its gains after soared to 10-week high following fading worries of Scottish referendum on whether to leave the U.K. According to Action Economics, the Scottish National Party fell short on gaining an overall majority in national election last week and polling suggest that most people in Scotland doesn’t want a new referendum on independence. Following the risk of Scotland exit receding, the pound sterling is likely to be supported by signs of recovery in U.K. On top of that, the pair is also likely to be supported by recent victory from U.K Prime Minster Boris Johnson’s Conservative party in local elections. At the time of writing, GBP/USD rose 0.06% to 1.4106.

In the commodities market, crude oil price rose 0.11% to 65.06 per barrel as of writing following OPEC remains positive on demand recovery. On Tuesday, OPEC remain stuck to its prediction of a strong recovery in global oil demand for 2021 following growth in China and U.S should counter India’s Covid crisis. It expects that the demand will rise by 5.95 million barrels per day for this year. On the other hand, gold price fell 0.56% to $1827.09 a troy ounce at the time of writing following dollar rebound.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

17:00                     GBP                        BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 90.15. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its rebound towards the resistance level 90.65.

Resistance level: 90.65, 91.30

Support level: 90.15, 89.65

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.4090. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement after it breaks below the support level.

Resistance level: 1.4190, 1.4280

Support level: 1.4090, 1.4000

EURUSD, H4: EURUSD was traded lower following prior breakout below the support level 1.2125. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.2065.

Resistance level: 1.2125, 1.2230

Support level: 1.2065, 1.2000

USDJPY, H4: USDJPY remain traded in a sideway channel following recent rebound from the support level. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 109.05.

Resistance level: 109.05, 109.75

Support level: 108.45, 107.60

AUDUSD, H4: AUDUSD was traded lower following recent breakout below the previous support level 0.7805. MACD which illustrate bearish momentum signal with recent formation of death cross suggest the pair to extend its losses toward the support level 0.7760.

Resistance level: 0.7805, 0.7860

Support level: 0.7760, 0.7700

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7220. MACD which illustrate bearish bias signal with the recent formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7280, 0.7330

Support level: 0.7220, 0.7145

USDCAD, H4: USDCAD was traded flat while currently testing near the resistance level 1.2150. However, MACD which display bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.2150, 1.2270

Support level: 1.2030, 1.1915

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9020. MACD which illustrate persistent bullish bias signal suggest the pair to extend its gains towards the resistance level 0.9080.

Resistance level: 0.9080, 0.9135

Support level: 0.9020, 0.8950

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 64.25. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 66.60.

Resistance level: 66.60, 67.85

Support level: 64.40, 62.35

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1829.80. MACD which illustrate bearish bias signal with the recent formation of death cross suggest the commodity to extend its losses towards the support level 1813.85.

Resistance level: 1829.80, 1846.00

Support level: 1813.85, 1795.25

12 May 2021                       Morning Session Analysis

US Dollar extend losses amid fears upon inflation data.

The Dollar Index which traded against a basket of six major currency pairs was traded within a lower boundary ahead of US consumer price data amid investors fear that the high inflation rate in United States would diminish the appeal of the US Dollar. Earlier, a much disappointing employment report last week had triggered significant selloff for the US Dollar amid market participants speculated the Federal Reserve will continue to implement expansionary monetary policy long-term basis to boost up the economic momentum in United States. Indeed, aggressive Quantitative Easing program from Fed, which injecting huge amount of US Dollar into money market had also spurred further risk for inflation. Nonetheless, as of now investors would continue to scrutinize the latest updates with regards of the inflation data as well as future Federal Reserve’s monetary policy plan to receive further trading signal. As of writing, the Dollar Index depreciated by 0.05% to $90.90.

In the commodities market, the crude oil price appreciated by 0.04% to $65.40 per barrel as of writing. The oil market surged over the backdrop of upbeat inventory data. According to American Petroleum Institute, US API Weekly Crude Oil Stock came in at -2.533M, exceeding the market forecast at -2.250M. On the other hand, the gold price surged $1837.45 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

17:00                     GBP                                        BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 91.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 89.65.

Resistance level: 91.25, 92.05

Support level: 89.65, 88.75

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.4135. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after if successfully breakout above the resistance level.

Resistance level: 1.4135, 1.4235

Support level: 1.4010, 1.3910

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2170. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2070.

Resistance level: 1.2170, 1.2265

Support level: 1.2070, 1.1990

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 108.55. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 109.10, 109.75

Support level: 108.55, 108.20

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7880. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7805.

Resistance level: 0.7880, 0.7990

Support level: 0.7805, 0.7710

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7300. MACD which illustrated increasing bullish momentum suggest the pair to extend its losses toward support level at 0.7240.

Resistance level: 0.7300, 0.7360

Support level: 0.7240, 0.7140

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2075. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2180, 1.2605

Support level: 1.2075, 1.1785

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8995. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9180, 0.9305

Support level: 0.8995, 0.8450

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 64.15. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 65.80.

Resistance level: 65.80, 67.55

Support level: 64.15, 62.20

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1840.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1840.30, 1850.40

Support level: 1828.70, 1812.90

11 May 2021                       Afternoon Session Analysis

Aussie retreats following mixed inflation data.

During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have retreat from its high after the release of China’s inflation data for April. According to the National Bureau of Statistics of China, China’s CPI have eased to -0.3%, weaker than market expectation of -0.41. The yearly CPI also slipped 0.9% which missed market expectation of 1%. While PPI came it slightly higher with the reading of 6.8% against 6.6% expectation, the data have muted reaction on the pair. On top of that, market sentiment also weighs on the pair as mood sours on concerns about global central bank’s next move due to inflation risk. At the time of writing, AUD/USD fell 0.03% to 0.7838.

In the commodities market, crude oil price fell 0.68% to $64.44 per barrel as of writing following concerns towards rising supply and coronavirus. According to reports, OPEC+ group has supplied 25.28 million barrels per day, 80,000 barrels higher from last March. On top of that, increased coronavirus cases worldwide especially in India and Japan also putting further pressure for the oil. On the other hand, gold price edge higher 0.09% to $1836.45 a troy ounce at the time of writing amid ongoing dollar weakness.

Today’s Holiday Market Close

Time                       Market                                    Event

N/A

Today’s Highlight Events

Time                      Market                                   Event

20:00                     CrudeOIL                               EIA Short-Term Energy Outlook

22:30                     GBP                                       BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 90.15. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to be experience a technical correction towards the resistance level 90.65.

Resistance level: 90.65, 91.30

Support level: 90.15, 89.65

GBPUSD, H4: GBPUSD was traded higher following recent breakout above the resistance level 1.4090. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction back towards the level 1.4090.

Resistance level: 1.4190, 1.4280

Support level: 1.4090, 1.4000

EURUSD, H4: EURUSD remain traded in a sideway channel while currently testing near the support level 1.2125. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.2180, 1.2230

Support level: 1.2125, 1.2065

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 109.05. MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to extend its gains after it breaks above the level.

Resistance level: 109.05, 109.75

Support level: 108.45, 107.60

AUDUSD, H4: AUDUSD was traded lower following recent retracement from the resistance level 0.7860. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 0.7805.

Resistance level: 0.7860, 0.7925

Support level: 0.7805, 0.7760

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7280. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 0.7220.

Resistance level: 0.7280, 0.7330

Support level: 0.7220, 0.7145

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2150. However, MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to be traded higher in short term as a technical correction towards back the level 1.2150.

Resistance level: 1.2150, 1.2270

Support level: 1.2030, 1.1915

USDCHF, H4: USDCHF was traded flat while currently testing near the resistance level 0.9020. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 0.9020, 0.9135

Support level: 0.8950, 0.8880

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 64.40. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 66.60, 67.85

Support level: 64.40, 62.35

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1836.95. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity experience a technical correction towards the support level 1813.85.

Resistance level: 1836.95, 1854.05

Support level: 1813.85, 1795.25

11 May 2021                       Morning Session Analysis

Greenback slumped on inflation risk.

The Dollar Index which traded against a basket of six major currency pairs extend its losses amid expectation on expansionary monetary policy in long-term basis had prompted investors bet against the rising inflation rate, which diminishing the appeal of the US Dollar. According to Reuters, the five-year breakeven inflation rate had reached its highest since April 2011 on Monday. Besides, downbeat economic data from the US region had increased the possibility that the Federal Reserve would continue to launch its “Quantitative Easing” program, which injecting significant amount of dollar into money market in order to boost up the economic momentum in the United States. The Quantitative Easing may cause higher inflation than desired if the amount of easing required is overestimated and too much money is created by purchase of liquid assets, which creating asset burble while insinuating financial risk in the market. As for now, it is crucial for investors to maintain their focus on the future inflation risk as well as the Covid-19 development in order to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index slumped 0.04% to 90.25.

In the commodities market, the crude oil price slumped 0.02% to $64.90 per barrel as of writing. The oil market edged lower on yesterday following the data showed that the OPEC+ crude oil production rises in April. According to latest S&P Global Platts survey, Iran and also Russia had started to boost its output yet again, bringing total production by OPEC and its allies to a three-month high. On the other hand, the gold price surged 0.01% to $1835.85 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:00                     CrudeOIL                               EIA Short-Term Energy Outlook

22:30                     GBP                                        BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 90.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 89.65.

Resistance level: 90.50, 91.30

Support level: 89.65, 89.10

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.4130. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.4130, 1.4230

Support level: 1.4000, 1.3810

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2165. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2065.

Resistance level: 1.2165, 1.2265

Support level: 1.2065, 1.1985

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 108.45. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 109.05.

Resistance level: 109.05, 109.65

Support level: 108.45, 107.70

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7885. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7815.

Resistance level: 0.7885, 0.7910

Support level: 0.7815, 0.7755

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7300. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7235.

Resistance level: 0.7300, 0.7360

Support level: 0.7235, 0.7155

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2055. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2165, 1.2400

Support level: 1.2055, 1.1840

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8985. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9075, 0.9155

Support level: 0.8985, 0.8925

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 64.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 66.30, 67.80

Support level: 64.75, 63.35

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1841.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1841.65, 1869.80

Support level: 1812.25, 1794.40

10 May 2021                       Afternoon Session Analysis

Aussie remains resilient despite mixed data.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs continue to keeps its bullish move intact despite with mixed Australian Retail Sales data and NAB Survey. According to Australian Bureau of Statistics, the retail sales for March have slipped to 1.3%, lower than market expectation of 1.4%. On the other hand, NAB Business Confidence jumps to 26 from 15. Still, positive news of vaccine for Australia have help support risk sentiment and the pair. According to reports, New South Wales resident that aged 40 – 49 could have early access to Pfizer vaccine in the next few weeks. At the time of writing, AUD/USD rose 0.03% to 0.7838.

In the commodities market, crude oil price jumps 0.39% to $65.06 per barrel at the time of writing following reports of cyberattack that knocks out key pipeline. According to reports, Colonial Pipeline Co., a key supplier of gasoline, diesel and jet fuel to the eastern half of the U.S. have experienced a cyberattack and halted operations last Friday and stated that it is still developing a plan for restarting the key artery. On the other hand, gold price rose 0.06% to $1832.38 a troy ounce at the time of writing following weakness in greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 90.15. MACD which illustrate ongoing bearish momentum suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 90.65, 91.30

Support level: 90.15, 89.65

GBPUSD, H4: GBPUSD was traded higher following recent breakout above the previous resistance level 1.4000. MACD which illustrate persistent bullish bias signal suggest the pair to extend its gains towards the resistance level 1.4090.

Resistance level: 1.4090, 1.4190

Support level: 1.4000, 1.3915

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.2180. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2125.

Resistance level: 1.2180, 1.2230

Support level: 1.2125, 1.2065

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 108.45. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 109.05.

Resistance level: 109.05, 110.45

Support level: 108.45, 107.60

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7860, However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 0.7805.

Resistance level: 0.7860, 0.7925

Support level: 0.7805, 0.7760

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7280. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7220.

Resistance level: 0.7280, 0.7330

Support level: 0.7220, 0.7145

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2150. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.2030.

Resistance level: 1.2150, 1.2270

Support level: 1.2030, 1.1915

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9020. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction after it breaks back above the level.

Resistance level: 0.9020, 0.9135

Support level: 0.8950, 0.8880

CrudeOIL, H4: Crude oil price traded higher following recent rebound from the support level 64.40. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards resistance level 66.60.

Resistance level: 66.60, 67.85

Support level: 64.40, 62.35

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1835.10. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity experience a technical correction towards the support level 1813.85.

Resistance level: 1835.10, 1854.05

Support level: 1813.85, 1795.25

10 May 2021                       Morning Session Analysis

US Dollar slumped amid bearish economic outlook.

The Dollar Index which traded against a basket of six major currency pairs slumped significantly last week over the backdrop of the string of downbeat crucial economic data from the US region. According to Bureau of Labor Statistics, US Nonfarm Payrolls had notched down significantly from the preliminary reading of 770K to 266K, worse than the market forecast at 978K. Meanwhile, US Unemployment Rate increased from previous reading of 6.0% o 6.1%, which also worse than the market forecast at 5.8%. As both crucial economic data fared worse-than-expectation, which dialled down the market optimism toward the economic progression in United States. Indeed, such downbeat data would be spurring expectation upon the Federal Reserve that they will continue to implement expansionary monetary policy in order to boost back the economic momentum. Previously, the US Central Bank pledged that they would continue to maintain its Quantitative Easing program until “further substantial” process is achieved on both employment and inflation rate. With huge aid plan outlook, the US Dollar remained bearish as huge a amount of dollars is expecting to be injected into the money market, which diminishing the appeal of the US Dollar. As of writing, the Dollar Index depreciated by 0.07% to 90.15.

In the commodities market, the crude oil price surged 1.02% to $65.50 per barrel as of writing. The crude oil price edged higher amid market participants speculated that the positive Covid-19 vaccine development would able to enhance the oil demand in future, which spurring bullish momentum on this black-commodity. On the other hand, the gold price surged 0.14% to $1833.75 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently near the support level at 90.00. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 90.45, 90.80

Support level: 90.00, 89.65

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.4000. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4130.

Resistance level: 1.4130, 1.4230

Support level: 1.4000, 1.3810

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2165, 1.2265

Support level: 1.2065, 1.1985

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 108.45. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 109.05, 109.65

Support level: 108.45, 107.70

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7855. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7855, 0.7915

Support level: 0.7815, 0.7755

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7300. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7300, 0.7360

Support level: 0.7235, 0.7155

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2180. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2180, 1.2275

Support level: 1.2065, 1.1870

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8985. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9075, 0.9155

Support level: 0.8985, 0.8925

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 64.90. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 66.30.

Resistance level: 66.30, 67.80

Support level: 64.90, 63.35

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1841.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1841.65, 1869.80

Support level: 1811.50, 1794.40

07 May 2021                       Afternoon Session Analysis

Aussie recovers following RBA statement.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have manage to recover its losses and record gains following RBA stance. In recent development, Reserve Bank of Australia (RBA) remained committed to maintain a highly accommodative monetary policy until 2024 and may not raise interest rates to ease soaring house prices. According to RBA Deputy Governor Guy Debelle, he stated that house price growth was encouraging spending and it should be tacked with other policy levels. Besides that, the central bank also expected a pick-up in inflation and wage growth. It also revised GDP higher to 4.34 for 2021 and 3.05 for 2022. At the time of writing, AUD/USD rose 0.04% to 0.7774.

In the commodities market, crude oil price slips 0.09% to $65.09 per barrel as of writing following Saudi Arabia reduce the selling price of its crude oil and India’s Covid situation. According to sources, June official selling price for the flagship Arab light crude was dropped by 10 cents from May to $1.70 a barrel. Meanwhile, India has reported more than 300,000 new cases daily in the last two weeks, and overtook Brazil in April to become the second-worst infected country in the world. On the other hand, gold price soars 0.32% to $1820.88 a troy ounce at the time of writing following a sharp drop in dollar.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 90.65. MACD which illustrate persistent bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 91.30, 91.75

Support level: 90.65, 90.15

GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing the resistance level 1.3915. However, MACD which display bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.3915, 1.4000

Support level: 1.3835, 1.3725

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.2065. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.2065, 1.2135

Support level: 1.2000, 1.1920

USDJPY, H4: USDJPY was traded lower while currently testing the support level 109.05. MACD which illustrate bearish momentum suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 109.75, 110.45

Support level: 109.05, 108.45

AUDUSD, H4: AUDUSD was traded higher following recent breakout above the previous resistance level 0.7760. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term back to the level 0.7760.

Resistance level: 0.7805, 0.7860

Support level: 0.7760, 0.7700

NZDUSD, H4: NZDUSD was traded higher following recent breakout above the previous resistance level 0.7220. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower once break back below the level.

Resistance level: 0.7275, 0.7330

Support level: 0.7220, 0.7145

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2150. MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.2270.

Resistance level: 1.2270, 1.2385

Support level: 1.2150, 1.2030

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9080. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses towards the next support level 0.9020.

Resistance level: 0.9135, 0.9195

Support level: 0.9020, 0.8950

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 64.90. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher towards the resistance level 66.40.

Resistance level: 66.40, 67.85

Support level: 64.90, 62.75

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1813.85. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1832.80.

Resistance level: 1832.80, 1851.00

Support level: 1813.85, 1794.05

07 May 2021                       Morning Session Analysis

Pound slumped over the dovish statement from BoE.

Pound Sterling slumped on yesterday following the Bank of England maintain its interest rate at 0.10%, while setting the UK’s inflation target at 2% in order to sustain economic growth as well as employment. Besides, the Bank of England also reduced its bond purchases from £4.4 billion to £3.4 billion to meet its unchanged £875 billion year-end target. On top of that, the Bank of England also increased its inflation target, forecasting the consumer price index would temporarily spike up above its 2% target toward the year-end. Nonetheless, similar to Federal Reserve, BoE believes that the pace of inflation will run out of steam in future. Market participants continue to bet that the Bank of England will continue to maintain its expansionary monetary policy in long-term basis, which diminishing the appeal of the Pound Sterling. On the economic data front, the losses experienced by the Pound Sterling was limited over the backdrop of the upbeat economic data from UK region. According to Markit Economics, U.K. Composite Purchasing Managers’ Index (PMI) notched up from 56.4 to 60.7, fared better than market expectation at 60.0. Meanwhile, U.K. Services Purchasing Managers Index (PMI) came in at 61.0, which also exceeding the market expectation at 60.1. As of writing, GBP/USD depreciated by 0.08% to 1.3895.

In the commodities market, the crude oil price slumped 0.11% to $64.90 per barrel as of writing. The oil market extends its losses amid spiking numbers of the Covid-19 cases in India continue to weigh down the market sentiment toward the crude oil demand. On the other hand, the gold price surged 0.03% to $1814.70 per troy ounces as of writing as investors remain their concern over the high inflation risk in future, which prompting them to shift their portfolio to gold in order to hedge against the inflation risk.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.80. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 91.30, 91.75

Support level: 90.80, 90.45

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3910. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3800.

Resistance level: 1.3910, 1.4000

Support level: 1.3800, 1.3755

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2065. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2065, 1.2130

Support level: 1.1985, 1.1920

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.05. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 109.65, 110.35

Support level: 109.45, 108.45

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7755. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7815.

Resistance level: 0.7815, 0.7850

Support level: 0.7755, 0.7695

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7235. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7235, 0.7320

Support level: 0.7110, 0.7015

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2245. 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, 1.2625

Support level: 1.2145, 1.1870

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9075. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9155, 0.9225

Support level: 0.9075, 0.8985

CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 66.15. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 63.50.

Resistance level: 66.15, 67.80

Support level: 63.50, 60.95

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1816.90. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1816.90, 1841.65

Support level: 1794.40, 1765.90

06 May 2021                       Afternoon Session Analysis

Aussie plunged following tension between China and Australia.

During late Asian session, the Australian which traded against the dollar and other currency pairs have experience a sharp drop after news of Beijing suspend high level economic dialogue with Australia. According to reports, China’s top economic planner stated that it has “indefinitely suspended” its high-level economic dialogue with. The decision is following on Australia’s move to revoke Victoria state’s participation in China’s Belt and Road Initiative. Escalating tension between U.S and China would potentially affect trade relationship and diminishing investors’ confidence, thus causing a huge sell off pressure for the Aussie. At the time of writing, AUD/USD fell 0.43% to 0.7711.

In the commodities market, crude oil price rose 0.81% to $65.77 per barrel as of writing following expectations of rising global demand. Despite with coronavirus situation remain serious in certain countries, overall sentiment remains positive as rising mobility, the reopening of the economies, and the stimulus packages all point to strong economic growth and consequently, strong oil demand growth. On the other hand, gold price rose 0.17% to $1789.67 a troy ounce at the time of writing amid dollar retreat.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 91.30. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 91.30, 91.70

Support level: 90.80, 90.45

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3910. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3800.

Resistance level: 1.3910, 1.4000

Support level: 1.3800, 1.3755

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1985. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2055, 1.2130

Support level: 1.1985, 1.1920

USDJPY, H4: USDJPY was traded within a range while currently near the support level at 109.05. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 109.65, 110.35

Support level: 109.05, 108.45

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7695. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7755, 0.7815

Support level: 0.7695, 0.7655

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.7110. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7235, 0.7320

Support level: 0.7110, 0.7015

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2255. However, MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2335, 1.2410

Support level: 1.2255, 1.2140

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9080. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9225.

Resistance level: 0.9225, 0.9365

Support level: 0.9080, 0.8985

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 64.90. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 66.40, 67.90

Support level: 64.90, 63.25

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1794.40. MACD which illustrated increasing bullish momentum suggest the commodity to extn edits gains after it successfully breakout above the resistance level.

Resistance level: 1794.40, 1814.15

Support level: 1765.65, 1745.35

6 May 2021                          Morning Session Analysis

Dollar stumbled following the release of downbeat economic data.

The dollar index which gauges its value against a basket of six major currencies standstill while hovering near the recent high level as a series of downbeat data tumbled the dollar market sentiment. Yesterday, US ADP has reported the private sector employment data for the month of April at a softer-than-expected reading, where the actual reading and economist forecast were 742K and 800k respectively. Despite, the job data still posting the largest gains since September of 2020, indicating that the labor market managed to keep in track with the upward trend of acceleration and growth. However, the US ISM Services PMI posted a downbeat index at 62.7, lower than the market expectation at 64.3 and previous reading at 63.7. After a night of negative data released, dollar gains was limited while market participants are still awaiting for the upcoming crucial data such as Nonfarm Payroll in order to scrutinize the further direction of dollar index. During Asian early trading session, the dollar index dropped 0.03% to 91.25.

In the commodities market, crude oil price dropped by 0.20% to $65.10 per barrel despite a large draw in US oil inventories as the market participants are still concern over the resurgence of virus where it likely will continue to weigh on the demand of oil. Besides, the gold prices rose by 0.01% to $1786.75 a troy ounce amid weakening of dollar index.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 91.25. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 90.95.

Resistance level: 91.25, 91.60

Support level: 90.95, 90.70

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3880. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3925.

Resistance level: 1.3925, 1.3960

Support level: 1.3880, 1.3840

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1990. However, MACD which illustrated diminishing bearish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 1.2065, 1.2135

Support level: 1.1990, 1.1915

USDJPY, Daily: USDJPY was traded higher while currently testing near the resistance level at 109.20. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.20, 110.05

Support level: 108.30, 107.65

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7700. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7760.

Resistance level: 0.7760, 0.7805

Support level: 0.7700, 0.7665

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level at 0.7225. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7225, 0.7265

Support level: 0.7195, 0.7150

USDCAD, Daily: USDCAD was traded lower while currently testing near the support level at 1.2255. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.2390, 1.2510

Support level: 1.2255, 1.2105

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9110. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.9185.

Resistance level: 0.9185, 0.9220

Support level: 0.9110, 0.9030

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 66.25. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 64.25.

Resistance level: 66.25, 67.60

Support level: 64.25, 62.20

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1787.05. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1787.05, 1794.30

Support level: 1766.25, 1755.60

05 May 2021                       Afternoon Session Analysis

Pound rose following positive data.

During late Asian session, the pound sterling which traded against the greenback and other currency pairs have jumped following recent release of upbeat data. According to Markit Economics, Manufacturing PMI have further improved to 60.9, higher than market expectation of 60.7. The results in the manufacturing sector have reached its highest level since July 1994. Thus, the positive data have raised the appeal of pound sterling. On top of that, expectation of economy reopening in the U.K also continue to support the pound sterling as the U.K is expected to reopen all sectors of economy in mid-May following efficient vaccination progress and falling COVID-19 cases. At the time of writing, pound sterling rose 0.09% to 1.3908.

In the commodities market, crude oil price soars 0.36% to 66.35 per barrel as of writing following optimism toward global oil demand. The U.S. is setting a new target of 70% of U.S. adults receiving at least one Covid-19 vaccine shot by July 4, while British Prime Minister Boris Johnson stated that his country’s lockdown rules are will be scrapped in seven weeks, offsetting concerns about weaker demand in parts of virus-hit Asia, including key importer India. On the other hand, gold price rebounds 0.13% to $1780.98 a troy ounce at the time of writing following dollar retreat.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 91.30. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 90.80.

Resistance level: 91.30, 91.70

Support level: 90.80, 90.45

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3910. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3910, 1.4000

Support level: 1.3800, 1.3755

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2055. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2055, 1.2130

Support level: 1.1985, 1.1920

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.20. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 109.90, 110.80

Support level: 109.20, 108.45

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7695. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7755.

Resistance level: 0.7755, 0.7815

Support level: 0.7695, 0.7655

NZDUSD, Daily: NZDUSD was traded lower while currently near the support level at 0.7110. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7235, 0.7320

Support level: 0.7110, 0.7015

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2260. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2410, 1.2620

Support level: 1.2260, 1.2140

USDCHF, Daily: USDCHF was traded lower while currently near the support level at 0.9060. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9225, 0.9365

Support level: 0.9060, 0.8910

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 66.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 66.20, 67.60

Support level: 64.80, 63.35

GOLD_, Daily: Gold price was traded within a range while currently testing the resistance level at 1794.40. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1794.40, 1853.30

Support level: 1745.35, 1684.45

5 May 2021                          Morning Session Analysis

Dollar spiked after Yellen pushed for rate hike.

The dollar index which gauges its value against a basket of six major currencies regained its bullish momentum while testing the recent high level near 91.25 following US Treasury Secretary Janet Yellen sent a hawkish signal to the dollar market. Yesterday, Yellen revealed that interest rate may have to rise in order to keep the lid of economy growth while avoiding the risk of overheating happens. Her comment was derived from the view toward the potential risk that the implementation of stimulus spending and package which costs up to trillion of dollars might undermine the recovery of US economy. As of now, Federal Reserve (Fed) is still keeping its interest rate anchored near zero since a year ago, despite the US economy is now growing at its fastest pace in 40 years. Besides, Fed Chair Jerome Powell has reiterated at the FOMC meeting that they will keep accommodative policy in place until a “substantial further progress” in the recovery of economy could be seen while aiming full employment and 2% inflation rate at sustainable pace. As the hawkish comment from Yellen contradicts to the view of Jerome Powell, the dollar market sentiment turns scented as it raise the expectation of rate hike in the next Fed interest rate decision. During Asian early trading session, the dollar index rose by 0.01% to 91.25.

In the commodities market, crude oil price rose by 0.19% to $66.25 per barrel amid the surprise draw in crude oil inventory level. According to the API, US Crude Oil Inventory data came in at -7.7M, marking a larger drop compared to the economist forecast at 4.319M, market worries over the imbalance of oil market eased. Besides, the gold prices depreciated by 0.02% to $1778.50 per troy ounce amid the Yellen positive comment dragged down the appeal of safe-haven asset.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 91.25. MACD which illustrated bullish bias momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 91.25, 91.60

Support level: 90.95, 90.70

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3880. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3925.

Resistance level: 1.3925, 1.4005

Support level: 1.3880, 1.3840

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2065. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1990.

Resistance level: 1.2065, 1.2135

Support level: 1.1990, 1.1915

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 109.20. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.20, 110.05

Support level: 108.30, 107.65

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7700. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7760.

Resistance level: 0.7760, 0.7805

Support level: 0.7700, 0.7665

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7150. MACD which illustrated diminishing bearish momentum signal suggests the pair to extend its gains toward the resistance level at 0.7195.

Resistance level: 0.7195, 0.7225

Support level: 0.7150, 0.7110

USDCAD, Daily: USDCAD was traded lower while currently testing near the support level at 1.2255. MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.2390, 1.2510

Support level: 1.2255, 1.2105

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9110. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.9185.

Resistance level: 0.9185, 0.9220

Support level: 0.9110, 0.9030

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 66.25. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 66.25, 67.60

Support level: 64.25, 62.20

GOLD_, H4: Gold price was traded higher following prior rebound from the lower level. However, MACD which illustrated bearish bias momentum signal suggest the commodity to undergo technical correction in short term.

Resistance level: 1787.05, 1794.65

Support level: 1766.25, 1755.60

4 May 2021                          Morning Session Analysis

Dollar plummeted amid disappointing Manufacturing PMI data.

The dollar index which gauges its value against a basket of six major currencies retreated from the 10-days high level after the US released a downbeat economic data from the manufacturing sector. According to the Institute for Supply Management, US Manufacturing PMI data came in at 60.7, missing the economist forecast and previous reading at 65.0 and 64.7 respectively, indicating that the nation’s manufacturing sector remain weak and vulnerable under the shadow of pandemic fallout. With the release of disappointing data, US treasury yield showed an immediate effect where falling more than 0.40%, triggered a big wave of sell-off pressure in dollar index market. Other than that, Fed Chair Jerome Powell dovish-titled comment on earlier last week continue to weigh on the gains of dollar index. In the meeting, Jerome Powell reiterated that they will remain their ultra-easing monetary policy for an unforeseeable period while aiming to unfold it only when full employment and 2% of targeted sustainable inflation rate achieved. As of writing, dollar index dropped by 0.35% to 90.97.

In the commodities market, crude oil price rose by 0.09% to $64.60 per barrel as market optimism toward the future demand outlook outweighed the worries over virus’s outbreak in India. Recently, China’s strong figures and high vaccination rates in US pointed to a strong recovery in oil market demand. Besides, the gold prices rose by 0.03% to $1792.85 a troy ounce amid the dollar weakened.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12:30                     AUD                       RBA Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.95. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 90.70.

Resistance level: 90.95, 91.25

Support level: 90.70, 90.45

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3925. However, MACD which illustrated bullish bias momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.3925, 1.4005

Support level: 1.3880, 1.3840

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2065. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2065, 1.2135

Support level: 1.1990, 1.1915

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 109.20. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 108.30.

Resistance level: 109.20, 110.05

Support level: 108.30, 107.65

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7760. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7760, 0.7805

Support level: 0.7700, 0.7665

NZDUSD, H4: NZDUSD was traded flat near the support level at 0.7195. MACD which illustrated diminishing bearish momentum signal suggests the pair to extend its gains toward the resistance level at 0.7225.

Resistance level: 0.7225, 0.7265

Support level: 0.7195, 0.7150

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2255. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2390, 1.2510

Support level: 1.2255, 1.2105

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9110. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.9185.

Resistance level: 0.9185, 0.9220

Support level: 0.9110, 0.9030

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 64.25. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 66.25.

Resistance level: 66.25, 67.60

Support level: 64.25, 62.20

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1787.05. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1803.40.

Resistance level: 1803.40, 1816.00

Support level: 1787.05, 1766.25