Daily Analysis

3 May 2021                          Afternoon Session Analysis

Euro slumped amid downbeat GDP data.

The Euro was traded lower over the backdrop of bearish economic data from Germany region on last Friday. According to Statistisches Bundesamt Deutsche, Germany Gross Domestic Product (GDP) for last quarter had notched down significantly from the previous reading of 0.5% to -1.7%, worse than the market forecast at -1.5%. Such worse-than-expected crucial economic data had dialed down the market optimism toward the economic progression in European region, which spurring bearish momentum on the Euro. Nonetheless, the vaccination progress finally gain traction in Italy and elsewhere in the European Union, and Italian authorities had gradually reopened the economy. In Italy, the week through 25^th April saw a 12% increase in vaccination rate compared with the previous period, with 2.4 million people receiving a shot. European official now expects 70% of adult population to be vaccinated by July. In Germany, more than 1.1 million people were vaccinated on Wednesday alone, setting a new daily record. The positive prospect for the vaccination progress had limited the losses experienced by the Euro. As of writing, EUR/USD appreciated by 0.02% to 1.2025.

In the commodities market, the crude oil price slumped 0.04% to $63.50 per barrel as of writing amid spiking numbers of the Covid-19 cases in India had weighed down the market sentiment toward the crude oil demand in future. On the other hand, the gold price depreciated by 0.22% to $1777.40 per troy ounces as of writing amid strengthening US Dollar following the Federal Reserve Kaplan unleashed his hawkish statement.

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 higher while currently testing the resistance level at 91.30. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 91.30, 92.00

Support level: 90.80, 90.25

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3805. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3905, 1.4000

Support level: 1.3805, 1.3755

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.2055. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1995.

Resistance level: 1.2055, 1.2130

Support level: 1.1995, 1.1920

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.20. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 109.90.

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 0.7740.

Resistance level: 0.7740, 0.7815

Support level: 0.7695, 0.7655

NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.7270. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7110.

Resistance level: 0.7270, 0.7435

Support level: 0.7110, 0.6960

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2275. However, MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2390.

Resistance level: 1.2390, 1.2470

Support level: 1.2275, 1.2180

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 extend its gains toward resistance level at 0.9225.

Resistance level: 0.9225, 0.9365

Support level: 0.9060, 0.8910

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 63.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 64.80, 66.20

Support level: 63.30, 61.75

GOLD_, Daily: Gold price was traded lower following prior retracement from the resistance level at 1794.40. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1755.80.

Resistance level: 1794.40, 1839.25

Support level: 1755.80, 1728.35

3 May 2021                          Morning Session Analysis

Dollar jumped following Fed Kaplan hawkish comment.

The dollar index which gauges its value against a basket of six major currencies managed to recoup from its previous losses while lingering near the 10 days high level amid Federal Reserve Kaplan called for conversation for tapering the bond purchase program. Last Friday, Kaplan has commented that Federal Reserve should start reducing the monthly bond buys as the economy is healing faster than expected while alerting the market about the imbalances in financial market. With the backdrop of Kaplan’s hawkish statement, it has increased the market optimism over the likelihood that Federal Reserve would tighten their monetary policy in the next meeting. Earlier last week, Fed Chairman Jerome Powell cemented his view by revealing that it is too early to talk about reducing the bond purchase program now, as there is a long way to achieve their long term target of 2% inflation and full employment. Nonetheless, the different view that staked out from Kaplan triggered a huge buy-in pressure in dollar market. As of writing, the dollar index rose by 0.04% to 91.25.

In the commodities market, crude oil price rose by 0.24% to $63.60 per barrel despite the nuclear talks between US and Iran in Vienna was smooth and progressive. According to Reuters, Iran negotiator revealed that Tehran expect US to lift their sanctions on oil based on the agreement so far in Vienna talks. Besides, the gold prices depreciated by 0.03% to $1768.45 a troy ounce amid the strengthening of dollar index.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   GBP                        Bank Holiday

All Day                   JPY                                          Constitution Day

Today’s Highlight Events

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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 lower following prior breakout below the previous support level at 1.3840. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3800.

Resistance level: 1.3840, 1.3880

Support level: 1.3800, 1.3740

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support 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 following prior breakout above the previous resistance level at 109.20. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 110.05.

Resistance level: 110.05, 110.80

Support level: 109.20, 108.30

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

Resistance level: 64.25, 66.25

Support level: 62.20, 60.55

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1766.25. MACD which illustrated diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1787.05.

Resistance level: 1787.05, 1803.40

Support level: 1766.25, 1755.60

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

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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 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

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

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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 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

29 April 2021                       Afternoon Session Analysis

Euro surged amid hawkish statement from ECB member.

The single currency in Eurozone managed to extend its momentum of gains during Asian trading session as executive board member of European Central Bank (ECB) has given a hawkish-tilted statement regarding the future economic outlook. Overnight, Isabel Schnable revealed that ECB are expecting a strong rebound of economy to be happened in second half of year 2021 when containment measure are lifted and majority of the European population are vaccinated. Recently, the rollout of Covid-19 vaccination is at an ever increasing speed across the European Union, with an aim to avoid any possibility of virus’s resurgence while controlling the spread of new strain virus. However, Schnable also reiterated that the inflation is currently projected to be remained at low level for a certain period of time, hence an accommodative policy is justified to be remain unchanged until further sign of strong recovery. On the other hand, the gains of EUR/USD was further boosted up after Federal Reserve concluded their meeting with a dovish stance. As of writing, the pair of EUR/USD jumped by 0.21% to 1.2150.

In the commodities market, crude oil price rose by 0.80% to $64.10 per barrel amid market optimism over global oil consumption and lesser-than-expected crude oil build was reported yesterday. Besides, the gold prices appreciated by 0.38% to $1788.35 per troy ounce as dollar weakened following the dovish stance from Federal Reserve.

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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.45. MACD which illustrated bearish bias momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 90.70, 90.95

Support level: 90.45, 90.20

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3945. MACD which illustrated bullish signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

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. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2135.

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 lower following prior retracement from the resistance level at 0.7805. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 0.7805, 0.7865

Support level: 0.7760, 0.7710

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

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 while currently testing the resistance level at 64.30. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 64.30.

Resistance level: 64.30, 66.25

Support level: 62.10, 60.55

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, 1803.40

Support level: 1767.60, 1755.60

29 April 2021                       Morning Session Analysis

Dollar slumped over the dovish sentiment.

The Dollar Index which traded against a basket of six major currency pairs slumped following the Federal Reserve unleashed the dovish tone during the FOMC meeting. As widely anticipate, the US Central Bank decided to maintain its current interest rate at 0 – 0.25% while pledging to maintain Quantitative Easing program until “further substantial” process is achieved on employment and inflation. The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the long-term basis. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2% for short-term basis so that inflation averages will become 2% over time and longer-term inflation expectations remain well anchored at 2%. On the bond purchasing program, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month. Nonetheless, the Committee reiterated that they would continue to monitor the implications of incoming information for the economic outlook while committing to use its full range of tools to support US economy. As of writing, the Dollar Index slumped 0.34% to 90.60.

In the commodities market, the crude oil price appreciated by 0.04% to $63.75 per barrel as of writing. The oil market edged higher over the backdrop of positive inventory data. According to Energy Information Administration (EIA), the U.S. Crude Oil Inventories came in at 0.090M, better than the market forecast at 0.659M. On the other hand, the gold price surged 0.50% to $1781.50 per troy ounces as of writing amid weakening US Dollar.

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 breakout below the previous support level at 90.75. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.15.

Resistance level: 90.75, 91.25

Support level: 90.15, 89.65

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3910. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4010.

Resistance level:1.4010, 1.4135

Support level: 1.3910, 1.3815

EURUSD, H1: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2110. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2170.

Resistance level: 1.2170, 1.2225

Support level: 1.2110, 1.2060

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 108.55. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 109.20, 109.75

Support level: 108.55, 108.20

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7805. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7805, 0.7880

Support level: 0.7710, 0.7650

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7215. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7300.

Resistance level: 0.7300, 0.7365

Support level: 0.7115, 0.7140

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2300. 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, 1.2470

Support level: 1.2300, 1.2245

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9130. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9040.

Resistance level: 0.9130, 0.9220

Support level: 0.9040, 0.8925

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 64.15. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 64.15, 65.80

Support level: 62.20, 60.85

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1768.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1792.45.

Resistance level: 1792.45, 1810.50

Support level: 1768.10, 1755.50

28 April 2021                       Afternoon Session Analysis

Aussie plummeted amid disappointed CPI data.

Australian dollar which broadly known as Aussie failed to revive from its downtrend trend while trading lower as of writing amid the release of downbeat economic data. Earlier today, Australian Bureau of Statistic has announced its CPI data for the first quarter in year 2021 at an unexpected low level at 0.6%, missing the economist forecast at 0.9%. In details, the positive contribution was came from the rises in automotive fuel, pharmaceutical products, medicals and hospital services. Despite the CPI data still indicating some positive consumer view toward the change in the price of goods and services, yet the data’s result still below the expectation and triggered a wave of sell-off in Aussie market. On the other hand, the spike in US 10 year treasury yield has also boosted up the demand in dollar index, which eventually further dragged down the value of AUD/USD. During Asian trading session, the pair of AUD/USD dropped 0.29% to 0.7740.

In the commodities market, crude oil price fall by 0.21% to $62.90 as of writing after OPEC and its allies decided to stick to its oil production cut plans. In the OPEC+ ministerial meeting, all members agreed to maintain their cut plans while looking forward to have another round of output’s review on 1^st of June. Besides, the gold prices dropped 0.30% to $1771.40 per troy ounce amid the strengthening of dollar index.

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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.95. MACD which illustrated bullish bias momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 90.95, 91.25

Support level: 90.70, 90.45

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3865. MACD which illustrated bearish signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3910, 1.3945

Support level: 1.3865, 1.3815

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2065. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2100, 1.2135

Support level: 1.2065, 1.2030

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 lower following prior breakout below the previous support level at 0.7760. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7715.

Resistance level: 0.7760, 0.7815

Support level: 0.7715, 0.7665

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7235. MACD which illustrated bearish bias momentum signal suggests the pair to extend its losses toward the support level at 0.7170.

Resistance level: 0.7235, 0.7300

Support level: 0.7170, 0.7110

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2390. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2390.

Resistance level: 1.2510, 1.2635

Support level: 1.2390, 1.2255

USDCHF, Daily: USDCHF was traded higher following prior rebound from the lower level. 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 62.55. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 63.75.

Resistance level: 63.75, 65.45

Support level: 62.55, 61.35

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1768.20.  MACD which illustrated bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1788.50, 1803.40

Support level: 1768.20, 1755.60

28 April 2021                       Morning Session Analysis

Pound surged on Covid-19 vaccine optimism.

Pound Sterling surged yesterday amid positive hopes upon the UK’s economic recovery from the Covid-19 pandemic, which spurring demand on the Pound Sterling. The positive Covid-19 vaccine development had successfully reduced the Covid-19 infections as well as the death rate from United Kingdom. According to latest data from the Office for National Statistics (ONS), they revealed that the deaths involving Covid-19 among people in UK have fallen by up to 97% since the peak of the second wave in the UK. As for now, more than 33.8 million in the UK have received their first dose Covid-19 vaccine, while more than 13.2 million have received two, according to latest government figures. Meanwhile, they also show that a further 17 people have died within 28 days of positive Covid-19 test and 2,685 new cases were recorded on yesterday. Nonetheless, due to lack of any catalyst from the UK, investors would continue to scrutinize the latest updates with regards of Covid-19 development in order to gauge the likelihood movement for the currency. As of writing, GBP/USD slumped 0.06% to 1.3903.

In the commodities market, the crude oil price slumped 0.04% to $63.00 per barrel as of writing. The oil market edged lower in early trading hours over the backdrop of bearish inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock notched up significantly from the previous reading of 0.436M to 4.319M, exceeding the market forecast at 0.375M. On the other hand, the gold price was traded within a tight range at $1776.00 per troy ounces amid investors are awaiting further signal from the Federal Reserve before entering the gold market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.75. However, MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 91.25, 91.95

Support level: 90.75, 90.15

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

Resistance level: 1.3915, 1.4010

Support level: 1.3815, 1.3690

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.2065. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2110, 1.2170

Support level: 1.2065, 1.2035

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 108.75, 109.25

Support level: 108.20, 107.65

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7805. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7710.

Resistance level: 0.7800, 0.7880

Support level: 0.7710, 0.7650

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7230. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7140.

Resistance level: 0.7230, 0.7315

Support level: 0.7140, 0.7070

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2385. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2470, 1.2540

Support level: 1.2385, 1.2300

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9130. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9220, 0.9305

Support level: 0.9130, 0.9040

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 62.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 63.70.

Resistance level: 63.70, 66.30

Support level: 62.20, 60.85

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1772.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1792.85, 1810.50

Support level: 1772.85, 1752.60

27 April 2021                       Afternoon Session Analysis

Japanese Yen plunged following BOJ Interest Rate Decision.

During Asian trading session, the traditional safe haven currency Japanese Yen failed to extend its gains while retreating from its high level after Bank of Japan (BoJ) decided to maintain their loosening monetary policy in order to rein the fallout of virus’s resurgence. In the meeting, the board members of BoJ voted to remain their interest rate unchanged at negative territory, by an 8 – 1 majority vote. Besides, BoJ has agreed to purchase exchange traded funds (ETFs) and Japan real estate investment trusts with upper limits of about 12 trillion yen and 180 billion yen respectively. Other than that, the monetary policy statement also highlighted that BoJ will continue support financing mainly of firms and will bring in more tools with no hesitation if the impact of the novel Covid-19 continues exacerbate the recovery of Japan’ economy. As of writing, the pair of USD/JPY surged by 0.22% to 108.30.

In the commodities market, crude oil price rose by 0.52% to $62.25 per barrel following OPEC+ technical committee keeps their oil demand growth forecast unchanged on yesterday meeting. However, market participants are now eyeing on the upcoming OPEC+ Ministerial Meeting in order to gauge the further direction of oil prices. Besides, the gold prices dropped 0.16% to $1778.60 per troy ounce amid strengthening of dollar index.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.95. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 90.95, 91.25

Support level: 90.70, 90.45

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3865. Due to lack of signal, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.3910, 1.3945

Support level: 1.3865, 1.3815

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2065. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2100, 1.2135

Support level: 1.2065, 1.2030

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 108.30. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 108.30, 109.20

Support level: 107.65, 107.00

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7815. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7760.

Resistance level: 0.7815, 0.7865

Support level: 0.7760, 0.7715

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7235. MACD which illustrated diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 0.7170.

Resistance level: 0.7235, 0.7300

Support level: 0.7170, 0.7110

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2390. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2390.

Resistance level: 1.2510, 1.2635

Support level: 1.2390, 1.2255

USDCHF, Daily: USDCHF was traded higher following prior rebound from the lower level. 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 rebound from the upward trendline. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 62.55.

Resistance level: 62.55, 63.75

Support level: 61.35, 59.85

GOLD_, H4: Gold price was traded lower while currently testing the upward trend line.  MACD which illustrated bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the upward trend line.

Resistance level: 1788.50, 1803.40

Support level: 1768.20, 1755.60

27 April 2021                       Morning Session Analysis

US Dollar slumped ahead of FOMC meeting.

The Dollar Index which traded against a basket of six major currency pairs extend its losses ahead of U.S. Federal Reserve Monetary Meeting on Thursday. Market participants speculated that the US Central Bank would likely to maintain its dovish tone at a policy meeting, which weighing down the appeal of the US Dollar. According to Reuters, the Fed Chairman Richard Clarida had claimed that the US Central Bank would continue to maintain its aggressive monetary policy stance while reiterating that a near-term spike in inflation would prove only temporary. On the Covid-19 front, the New York Times reported that the vaccination rates are falling in the United States, despite the highly contagious virus continue to spread in the region. According to latest statistics, more than 50,000 new U.S. cases were reported on Saturday. Meanwhile, the average number of vaccine doses being administered each day, has dropped significantly from the previous reading of 3.38 million to 2.86 million, its lowest since 31^st March. The slowdown in vaccination could delay the arrival of herd immunity, which dialed down the market optimism toward the economic progression in United States. As of writing, the Dollar Index slumped 0.02% to 90.80.

In the commodities market, the crude oil price depreciated by 0.03% to $61.95 per barrel as of writing. The overall trending momentum for the crude oil remained bearish amid the concerns toward spiking numbers of the Covid-19 in India had diminished the appeal for this black-commodity. On the other hand, the gold price surged 0.10% to $1781.30 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

11:00                     JPY                                          BoJ Monetary Policy Statement

11:00                     JPY                                          BoJ Outlook Report (YoY)

Tentative                              JPY                                          BoJ Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 91.25, 91.95

Support level: 90.75, 90.15

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

Resistance level: 1.3915, 1.4010

Support level: 1.3815, 1.3690

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2095. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2095, 1.2170

Support level: 1.2035, 1.1980

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 107.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 108.50.

Resistance level: 108.50, 109.25

Support level: 107.75, 106.95

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7800. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7800, 0.7880

Support level: 0.7710, 0.7650

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7230. MACD which illustrated diminishing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7230, 0.7315

Support level: 0.7140, 0.7070

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2385. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2470, 1.2540

Support level: 1.2385, 1.2300

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9130. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9220, 0.9305

Support level: 0.9130, 0.9040

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 62.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 62.20, 63.70

Support level: 60.85, 59.35

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1772.85. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1792.85.

Resistance level: 1792.85, 1810.50

Support level: 1772.85, 1752.60

26 April 2021                       Afternoon Session Analysis

Dollar plummeted ahead of Thursday Fed meeting.

During late Asian session, the dollar index which traded against a basket of six major currency pairs failed to recoup from its losses while extending its bearish trend toward the lowest level in 2 months as market participants are expecting US Central Bank to remain their expansionary monetary policy. Prior to now, Federal Reserve Chairman Jerome Powell kept repeating that they will maintain their cash rate at low level, any adjustment could be seen only when the inflation rate surge above their targeted rate while employment market has fully recovered from the fallout of pandemic. Moreover, investors are also betting that Fed Powell will shun talk of tapering bond purchases at the policy meeting this week as it is still premature to decide before the pandemic is fully reined. With the expectation of neutral-titled statement from Fed, investors chose to temporarily avoid from dollar index and shifted their capital into other market with higher return such as pound and euro. As of writing, the dollar index depreciated by 0.16% to 90.70.

In the commodities market, crude oil price fall by 0.16% to $61.88 per barrel as of writing following the talks on the Iranian nuclear deal in Vienna hit more positive notes on last week. Besides, the negotiator from Tehran and Washington commented that they will continue indirect negotiations in the hope of reviving the 2015 accord. Besides, the gold prices ticked up by 0.25% to $1781.50 per troy ounce amid weakening of dollar index.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support le el at 90.80. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.15.

Resistance level: 90.80, 91.25

Support level: 90.15, 89.65

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3915. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3915, 1.4010

Support level: 1.3815, 1.3690

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2095. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 1.2170.

Resistance level: 1.2170, 1.2225

Support level: 1.2095, 1.2035

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.75. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 108.50, 109.25

Support level: 107.75, 106.95

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7710. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7800.

Resistance level: 0.7800, 0.7880

Support level: 0.7710, 0.7660

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7225. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7225, 0.7315

Support level: 0.7140, 0.7070

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2470. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2385.

Resistance level: 1.2470, 1.2540

Support level: 1.2385, 1.2300

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9130. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9220, 0.9305

Support level: 0.9130, 0.9040

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 62.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 62.20, 63.70

Support level: 60.85, 59.35

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1772.85. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1810.50, 1850.40

Support level: 1772.85, 1752.60

26 April 2021                       Morning Session Analysis

Euro surged amid upbeat economic data.

The Euro surged on last week over the backdrop of the string of upbeat economic data from the European region. According to Markit Economics, Germany Manufacturing Purchasing Managers Index came in at 66.4, exceeding the market forecast at 65.8. Besides, the Eurozone Markit Composite Purchasing Managers notched up from the previous reading of 53.2 to 53.7, which also fared better than market expectation at 52.8. As most of the crucial economic data fared better-than-expected, which spurring prospect positive toward the economic momentum in the European region while increasing the appeal of the Euro. Investors are gradually having more optimistic sentiment for the Euro economy, following months of gloom earlier in the year. Meanwhile, the Eurozone Covid-19 vaccination program is expected to accelerate considerably this quarter. Nonetheless, investors would continue to scrutinize the latest updates with regards of crucial economic data as well as Covid-19 development in order to gauge the likelihood movement for the pair. As of writing, EUR/USD surged 0.05% to 1.2095.

In the commodities market, the crude oil price appreciated by 0.25% to $62.05 per barrel as of writing. The oil market received bullish momentum following the U.S. energy firms cut the number of oil rigs operating for the first time since March. According to Baker Hughes, the U.S. Oil rigs fell one to 343 in the week to 23^rd April. On the other hand, the gold price slumped 0.11% to $1775.10 per troy ounces as of writing following the European and United Kingdom region released positive economic data, which diminishing the risk-off sentiment in the FX market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.70. 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, 91.95

Support level: 90.70, 90.15

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3890. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3890, 1.4010

Support level: 1.3815, 1.3690

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2095. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2095, 1.2170

Support level: 1.2035, 1.1980

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.75. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 108.50, 109.25

Support level: 107.75, 106.95

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7710. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7800.

Resistance level: 0.7800, 0.7880

Support level: 0.7710, 0.7660

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7140. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7225.

Resistance level: 0.7225, 0.7315

Support level: 0.7140, 0.7070

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2470. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2540, 1.2620

Support level: 1.2470, 1.2385

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9130. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9220, 0.9305

Support level: 0.9130, 0.9040

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 62.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 62.20, 63.70

Support level: 60.85, 59.35

GOLD_, Daily: Gold price was traded lower following prior retracement from the resistance level at 1808.75. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1752.60.

Resistance level: 1808.75, 1850.40

Support level: 1752.60, 1683.75

22 April 2021                       Afternoon Session Analysis

Dollar rose following plans of tax hike.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have rose following headlines of Joe Biden plans to increase capital gains tax. According to reports from Reuters, Biden is considering to raise tax rate for high-income groups from 37% to as high as 43.4%. The revenue from tax receipts will be channeled into government aid in terms of childcare, pre-kindergarten education and paid leave for employees. The plan could help reduce the burden and debt of government as well as increase the number of projects and stimulus plans for the future. Still, the proposal requires approval from Congress where the Democrats have only minority support. At the time of writing, dollar index rose 0.03% to $91.15.

In the commodities market, crude oil price jumps 0.21% to $61.72 per barrel as of writing following hopes of demand recovery in EU and US. U.S. refiner Valero said gasoline and diesel demand were back to 93% and 100% of the levels they were at before the pandemic. Besides that, improving conditions in Europe also buoyed sentiment. France said schools would reopen on Monday and domestic travel curbs in place since early April restricting people to within 10 km (6 miles) of their homes would end on May 3. On the other hand, gold price slips 0.04% to $1786.83 a troy ounce at the time of writing following rebound in dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

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, 91.55

Support level: 90.95, 90.70

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3865.

Resistance level: 1.3865, 1.3910

Support level: 1.3815, 1.3750

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.2030.

Resistance level: 1.2030, 1.2065

Support level: 1.1990, 1.1955

USDJPY, Daily: USDJPY was traded lower while currently testing the upward trend line. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the trend line.

Resistance level: 108.30, 109.20

Support level: 107.65, 107.00

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7710. However, MACD which illustrated bearish bias momentum suggest the pair to undergo technical correction in short term.

Resistance level: 0.7710, 0.7760

Support level: 0.7665, 0.7565

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7170.  MACD which illustrated diminishing bearish momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7170, 0.7235

Support level: 0.7110, 0.7060

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2510. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2510.

Resistance level: 1.2630, 1.2775

Support level: 1.2510, 1.2390

USDCHF, Daily: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggests the pair to undergo technical correction in short term.

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 61.35. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 62.55.

Resistance level: 62.55, 63.75

Support level: 61.35, 59.85

GOLD_, H4: Gold price was traded higher following prior rebound from the upward trendline. MACD which illustrated diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1788.50.

Resistance level: 1788.50, 1803.40

Support level: 1768.20, 1755.60

23 April 2021                       Morning Session Analysis

ECB unleashed dovish stance, Euro slumped.

EUR/USD slumped on Thursday following European Central Bank (ECB) unleashed its dovish stance against the economic progression in the European region. As for now, European Central Bank signaled that they would continue to remain its expansionary monetary policy while continuing to execute bond-buying program in order to boost the economic growth. According to ECB Monetary report, the central bank had maintained its benchmark interest rate at 0.00% and reiterated that they would stick with plans to accelerate emergency bond purchases until March 2022 to keep bond yields steady while minimizing the credit risk in the market. Nonetheless, the losses experienced by Euro was limited following President of the Bank Christine Lagarde expressed some optimism over the economic recovery of the bloc amid hopes upon the resolution of Covid-19 pandemic with the assistance of Covid-19 vaccine. Investors would continue to scrutinize the latest updates with regards of the Covid-19 development in order to gauge the likelihood movement for the pair. As of writing, EUR/USD depreciated by 0.02% to 1.2015.

In the commodities market, the crude oil price surged 0.34% to $61.80 per barrel as of writing amid technical correction. Nonetheless, the overall trend for the crude oil remained bearish amid negative prospect for the Covid-19 development following India records the world’s highest daily tally of 314,835 Covid-19 infections on Thursday. On the other hand, the gold price slumped 0.04% to $1784.85 per troy ounces as of writing over the backdrop of the upbeat economic data from the US region, which spurring risk-on sentiment in the FX market while diminishing the market demand on the safe-haven gold.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 91.30. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 91.30, 92.00

Support level: 90.80, 90.25

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3905. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3800.

Resistance level: 1.3905, 1.4000

Support level: 1.3800, 1.3675

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1985. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.20525, 1.2130

Support level: 1.1985, 1.1920

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 108.45. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 108.45, 109.20

Support level: 107.70, 106.95

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7695. MACD which illustrated increasing bearish 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 lower following prior retracement from the resistance level at 0.7235. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7110.

Resistance level: 0.7235, 0.7320

Support level: 0.7110, 0.6960

USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.2515. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2515, 1.2565

Support level: 1.2475, 1.2440

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9225. 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 61.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 61.75, 63.60

Support level: 59.90, 57.40

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1792.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1768.85.

Resistance level: 1792.20, 1810.85

Support level: 1768.85, 1755.50

22 April 2021                       Afternoon Session Analysis

Pound remains supported despite downbeat data.

During late Asian session, the pound sterling which traded against the dollar and other currency pairs remain resilient and rose despite with weaker than expected inflation data. According to National Statistics, CPI for yearly basis slips to 0.7%, missing market expectation of 0.8%. However, the market remain unfazed and stay positive following news of U.K government to reopen all sectors of economy by May. Following strong vaccination rollout and dwindling COVID-19 cases, lockdown restrictions in the U.K have been slowly eased. U.K Prime Minster Boris Johnson previously stated that the U.K will reopen all sectors of economy if cases fell to a minimum level. The economy reopening would lead to significant recovery in near term, thus help support the pound sentiment. At the time of writing, GBP/USD rose 0.11% to $1.3941.

In the commodities market, crude oil price plunged 0.10% to $60.95 per barrel as of writing following talks of deals for Iran to export crude oil. Following a meeting in Vienna, Biden administration has given a signal to ease sanctions on Iran that already hurt their economy like the crude oil sector and finance to reduce tensions and facilitate negotiations on denuclearization. The agreement would allow Iran to re -exporting crude oil and it is expected to increase crude oil supply by 2 million barrels a day in the global market. On the other hand, gold price edge higher 0.05% to $1794.51 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

20:30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.95. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 91.25, 91.55

Support level: 90.95, 90.70

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3945. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3945, 1.3990

Support level: 1.3910, 1.3865

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2030. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.2065.

Resistance level: 1.2065, 1.2100

Support level: 1.2030, 1.1990

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 108.30. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 107.65.

Resistance level: 108.30, 109.20

Support level: 107.65, 107.00

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

Resistance level: 0.7760, 0.7815

Support level: 0.7715, 0.7665

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.7170. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains toward the resistance level at 0.7235.

Resistance level: 0.7235, 0.7300

Support level: 0.7170, 0.7110

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2510. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2510.

Resistance level: 1.2630, 1.2775

Support level: 1.2510, 1.2390

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9185. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 0.9110.

Resistance level: 0.9185, 0.9220

Support level: 0.9110, 0.9030

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 61.35. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 59.85.

Resistance level: 61.35, 62.55

Support level: 59.85, 58.70

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1788.50. 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: 1788.50, 1768.20