Daily Analysis

22 April 2021                       Morning Session Analysis

Loonie surged amid hawkish tone from Bank of Canada.

The Canadian Dollar surged significantly against the US Dollar on yesterday over the hawkish tone from the Bank of Canada. Investors remained optimistic toward the economic progression in Canada following the Bank of Canada to dial back emergency support for the economy. According to the statement from Bank of Canada, the central bank claimed that they will remain their interest rate at the effective lower bound until the 2% inflation target is sustainably achieved. Though, the Bank of Canada remained confident toward the economic progression in the country, thanks to the successful vaccine rollout and the improvement of the consumer spending. The Bank of Canada signaled that they could be tightening their monetary policy in late 2022 in order to combat the inflation risk in future while reiterated that their economic development as for now had became stable. Indeed, the Bank of Canada cut the pace of bond purchases from C$4 billion to C$3 billion per week. As of writing, USD/CAD depreciated by 0.08% to 1.2500.

In the commodities market, the crude oil price surged 0.13% to $61.10 per barrel as of writing. Nonetheless, the crude oil price was edged lower yesterday amid spiking numbers of the Covid-19 cases around the world had spurred negative prospect for the crude oil demand. As for now, investors would continue to remain their focus on the Covid-19 development in order to gauge the likelihood movement for this black-commodity. On the other hand, the gold price appreciated by 0.05% to $1794.25 per troy ounces amid risk-off sentiment in the FX market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     EUR                                        ECB Press Conference

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, 92.00

Support level: 90.80, 90.25

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3905. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.4000, 1.4130

Support level: 1.3905, 1.3800

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1985. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2055.

Resistance level: 1.2055, 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 increasing bearish momentum suggest the pair to extend its losses toward support level at 107.70.

Resistance level: 108.45, 109.20

Support level: 107.70, 106.95

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7755. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7755, 0.7815

Support level: 0.7705, 0.7665

NZDUSD, Daily: 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, 0.6960

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2460. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2535, 1.2615

Support level: 1.2460, 1.2395

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 lower following prior breakout below the previous support level at 61.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 59.90.

Resistance level: 61.85, 63.60

Support level: 59.90, 57.40

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1781.95. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1812.50.

Resistance level: 1812.50, 1853.30

Support level: 1781.95, 1755.50

21 April 2021                       Afternoon Session Analysis

Aussie remains weak despite upbeat Retail Sales.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have slip despite with the recent positive release of Retail Sales data. According to the Australian Bureau of Statistics, the total of goods sold by retailers as represented by Retail Sales have improved to 1.4%, surpassed market expectation of 1%. However, despite with the positive data, the pair still could not ignore risk-off mood and stay pressured. On vaccine front, Australia’s Secretary of the Department of Health Brendan Murphy stated that he could not set a deadline for the completion of Australia’s vaccine rollout. While Australia have previous raised hopes of home-made vaccines, the estimated long period of set up have reduce optimism. On the other hand, tension between China and U.S also weigh heavily on the pair as China have send a firm message to the U.S when it comes to its internal affairs. At the time of writing, AUD/USD fell 0.11% to $0.7715.

In the commodities market, crude oil price plunged 0.34% to $62.09 per barrel as of writing following concerns over rising COVID-19 cases which may affect demand. According to Johns Hopkins University data, the number of COVID-19 cases continues to soar in India, the third-largest oil importer, exceeding 15 million as of Apr. 21. This led to the imposition of a six-day lockdown starting Tuesday. In Japan, the cities of Tokyo and Osaka requested a state of emergency to curb the increasing cases. The number of COVID-19 cases has also surpassed the 142.5-million mark globally as of Apr. 21. Next, gold price rebounds 0.17% to $1781.87 a troy ounce at the time of writing following overall weakness in greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:30                     GBP                                        BoE Gov Bailey Speaks

23:00                     CAD                                        BOC Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 90.95. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 91.25.

Resistance level: 91.25, 91.55

Support level: 90.95, 90.70

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support 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 lower while currently testing the support level at 1.2030. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2065, 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 lower following prior breakout below the previous support level at 0.7735. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7665.

Resistance level: 0.7735, 0.7815

Support level: 0.7665, 0.7565

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.7170. MACD which illustrated diminishing bullish momentum signal suggests the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7235, 0.7300

Support level: 0.7170, 0.7110

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2510. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2630.

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. However, 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 lower following prior breakout below the previous support level at 62.50. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 61.30.

Resistance level: 62.50, 63.70

Support level: 61.30, 59.85

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1768.20. 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

21 April 2021                       Morning Session Analysis

Pound slumped following downbeat jobs data were released.

Pound Sterling slumped on yesterday over the backdrop of a string of downbeat economic data from the United Kingdom, which dialed down the market optimism toward the economic progression in UK. According to Office for National Statistics, U.K. Average Earning Index + Bonus had notched down significantly from the previous reading of 4.8% to 4.5%, missing the market forecast at 4.8%. Nonetheless, as for now investors would scrutinize the speech from the Bank of England’s (BoE) Governor Andrew Bailey. If Mr. Bailey reiterates his hawkish tone about the UK economy, then the Pound Sterling would have probability to edge higher. On the Covid-19 front, the rising global Covid-19 cases had triggered fresh jitters over global growth while diminishing the risk appetite in the FX instrument, which prompting investors to shift their portfolio from riskier asset such as Pound Sterling to other safe-haven product. As of writing, GBP/USD depreciated by 0.01% to 1.3935.

In the commodities market, the crude oil price slumped 0.06% to $62.25 per barrel as of writing following the U.S. crude stockpiles unexpectedly rose last week, spurring negative prospect for the oil demand. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock notched up significantly from the previous reading of -3.608M to 0.436M, worse than the market forecast at -2.860M. On the other hand, the gold price surged 0.10% to $1777.50 per troy ounces as of writing amid risk-off sentiment in the FX market following the global Covid-19 cases spiked significantly.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                 Event

18:30                     GBP                       BoE Gov Bailey Speaks

23:00                     CAD                        BOC Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 90.80. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 91.45

Resistance level: 91.45, 92.00

Support level: 90.80, 90.25

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.4000. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3905.

Resistance level: 1.4000, 1.4100

Support level: 1.3905, 1.3800

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.2045. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2045, 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 increasing bearish momentum suggest the pair to extend its losses toward support level at 107.70.

Resistance level: 108.45, 109.20

Support level: 107.70, 106.95

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7705. 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: 0.7705, 0.7665

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, H4: USDCAD was traded higher while currently testing the resistance level at 1.2615. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2615, 1.2685

Support level: 1.2565, 1.2515

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 lower while currently near the support level at 61.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 63.60, 64.80

Support level: 61.85, 59.90

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1777.95 However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1777.95, 1791.80

Support level: 1766.20, 1755.50

20 April 2021                       Afternoon Session Analysis

Dollar plunged following inflation expectation low.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have extend its weakness and fell after market reversed their speculation of Fed to tighten monetary policy soon. Previously, market expected that U.S recovery from coronavirus pandemic could push inflation higher and exert pressure for Fed to tighten monetary policy. However, dovish Fed comments and largely unsurprising US inflation data over the past week or so have poured cold water on the speculation. Fed recently stated that the central bank would unlikely to raise interest rate before 2024 despite with signs of recovery. On the other hand, investors are also selling the greenback in favor for other riskier currencies for their higher yields. At the time of writing, dollar index fell 0.10% to 90.83.

In the commodities market, crude oil price rose 0.80% to $63.95 per barrel as of writing following dollar weakness and expectations of a drawdown in U.S inventories. As of now, U.S dollar weakness continues to offer support to the commodities following a plunge in U.S treasury yields. On top of that, U.S crude stockpiles also expected to drop for last week, according to preliminary Reuter’s poll. On the other hand, gold price rose 0.15% to 1773.15 a troy ounce at the time of writing following weaker 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 while currently testing the support level at 90.95. MACD which illustrated bearish bias 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 1.3990. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3990, 1.4045

Support level: 1.3945, 1.3910

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2030. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.2060.

Resistance level: 1.2060, 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 following prior breakout above the previous resistance level at 0.7735. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7815.

Resistance level: 0.7815, 0.7905

Support level: 0.7735, 0.7665

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance 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 higher while currently testing the resistance level at 63.70. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 63.70, 65.40

Support level: 62.50, 61.30

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

20 April 2021                       Morning Session Analysis

Pound surged amid positive prospect for Covid-19 vaccine rollout.

Pound Sterling surged amid the market participants speculated that the UK economy will continue to recover from the Covid-19 pandemic in the coming months, thanks to the positive development of the vaccine rollout. As for now, current UK Covid-19 data is encouraging and further easing of lockdown will enhance the economic development in the United Kingdom, which dialed up the market optimism toward the Pound Sterling. Despite an expected dip in vaccine supply in April due to the “blood-clotting” issues from AstraZeneca and Johnson & Johnson vaccine, UK authorities claimed that the country is still on track to offer a first dose to all adults by the end of July. The progress made in the UK so far means the country continues to be among those with the highest vaccination rates globally. Nonetheless, the UK February job market report will be published today. Investors would remain their focus on the updates of the crucial economic data as well as Covid-19 development in order to gauge the likelihood movement for the currency. As of writing, GBP/USD appreciated by 0.04% to 1.3985.

In the commodities market, the crude oil price appreciated by 0.13% to $63.55 per barrel as of writing. The oil market edged higher amid weakening US Dollar following the US Treasury yield dropped on yesterday, which dragged down the appeal of US Dollar. On the other hand, the gold price surged 0.20% to $1777.26 per troy ounces as of writing as the depreciation of US 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 breakout below the previous support level at 91.35. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.80.

Resistance level: 91.35, 92.00

Support level: 90.80, 90.15

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3995. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3995, 1.4140

Support level: 1.3905, 1.3800

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2045. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2045, 1.2120

Support level: 1.1985, 1.1920

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 108.45. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.70.

Resistance level: 108.45, 109.20

Support level: 107.70, 106.95

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7770. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7705.

Resistance level: 0.7770, 0.7815

Support level: 0.7705, 0.7665

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7110. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7250.

Resistance level: 0.7250, 0.7435

Support level: 0.7110, 0.6960

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2515. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2565.

Resistance level: 1.2565, 1.2615

Support level: 1.2515, 1.2475

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 63.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 63.60, 64.80

Support level: 61.85, 59.90

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1791.80 However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1791.80, 1853.30

Support level: 1755.25, 1723.60

19 April 2021                       Morning Session Analysis

Euro sinks amid exacerbating of pandemic in Europe.

The single currency of European Union, euro failed to extend its gains for another consecutive trading session while retreated from the recent high level as the recent spike of Covid-19 cases in Europe tampered the market optimism over the nation’s economy recovery. Last week, the total number of death toll which caused by Covid-19 infection has passed the grim milestone of 1 million deaths. The World of Health Organization also warned public that the pandemic is reaching deadly new heights across the world, and should not ignore the repercussion of easing restriction despite vaccination figures tilting upward. Besides, the bulk of new infections in Brazil and India has also increased the market concern over the evolving of global pandemic, as they are the second and third worst-affected- countries and gradually “catch up” the United States. Moreover, the resurgence of virus in Europe has also gain the attention of the investors, while European Medicines Agency (EMA) announced to temporarily halt the use of vaccine from J&J until the investigation on blood-clotting completed. As of writing, the pair of EUR/USD dropped 0.23% to 1.1955.

In the commodities market, crude oil price fall 0.25% to $62.90 per barrel as of writing amid heightening of market worries over the resurgence of global Covid-19 cases. Besides, the announcement of halting the use of J&J vaccine due to the potential blood-clotting side effect has also swept off the market optimism toward the oil demand outlook. Besides, the gold price rose by 0.09% to $1778.00 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

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 91.55. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 91.95.

Resistance level: 91.95, 92.40

Support level: 91.60, 91.25

GBPUSD, H4: GBPUSD was traded higher while currently testing the downward trend line. MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.3865, 1.3910

Support level: 1.3810, 1.3770

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1955. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1990, 1.2030

Support level: 1.1955, 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, 110.00

Support level: 108.30, 107.00

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.7735. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7665.

Resistance level: 0.7735, 0.7815

Support level: 0.7665, 0.7565

NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.7170. MACD which illustrated diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 0.7110.

Resistance level: 0.7170, 0.7235

Support level: 0.7110, 0.7060

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2510. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.2570, 1.2635

Support level: 1.2510, 1.2465

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9185. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.9220.

Resistance level: 0.9220, 0.9280

Support level: 0.9185, 0.9110

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 63.70. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 62.50.

Resistance level: 63.70, 65.40

Support level: 62.50, 61.30

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1768.20. However, MACD which illustrated diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term.

Resistance level: 1788.50, 1803.40

Support level: 1768.20, 1755.60

19 April 2021                       Morning Session Analysis

Dollar slumped over the rising tension between US-Russia.

tensions between Russia and United States, which dialed down the market optimism toward the economic progression in United States while diminishing market demand on the US Dollar. The tensions between Russia and United States heightened following US President Joe Biden claimed Putin was a “killer” while accusing for interference of Russia in last year’s U.S. election, cyber hacking, bullying Ukraine and other alleged malign actions. According to Reuters, Russia on Friday had requested 10 U.S. diplomats to leave the country in retaliation for Washington’s expulsion of the same number of Russian diplomats. The measures were approved by President Vladimir Putin, as a retaliation to an array of U.S. government sanctions imposed on Moscow a day earlier. Russian foreign minister claimed that they have option to hurt United States economically and to shrink its diplomatic corps in Russia to just 300 people. Nonetheless, investors would continue to scrutinize the latest updates with regards of the relationship between Russia and United States in order to gauge the likelihood movement for the index. As of writing, the Dollar Index slumped by 0.05% to 91.45.

In the commodities market, the crude oil price slumped 0.36% to $62.85 per barrel as of writing amid the negative prospect for the AstraZeneca and Johnson & Johnson vaccine following few people have died from unusual blood clots after getting the vaccine. On the other hand, the gold price appreciated by 0.10% to $1777.94 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

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 at 91.35. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 92.00, 92.55

Support level: 91.35, 90.80

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3800. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3905.

Resistance level: 1.3905, 1.3985

Support level: 1.3800, 1.3675

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

Resistance level: 1.1985, 1.2045

Support level: 1.1920, 1.1860

USDJPY, H4: USDJPY was traded lower while currently near the 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: 109.20, 109.90

Support level: 108.45, 107.70

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7705. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7770, 0.7815

Support level: 0.7705, 0.7665

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7110. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7320, 0.7435

Support level: 0.7110, 0.6960

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2515. MACD which illustrated diminishing bearish 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 lower following prior retracement from the resistance level at 63.60. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 61.85.

Resistance level: 63.60, 64.80

Support level: 61.85, 59.90

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1777.95. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1777,95, 1807.95

Support level: 1755.40, 1724.00

16 April 2021                       Afternoon Session Analysis

Aussie retreats following mixed China data.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have retreat from its high after mixed results on data from China. According to National Bureau of Statistics of China, China’s Retail Sales have improved to 34.2%, higher than market expectation of 28%. However, China’s GDP fell 18.3%, worse than market expectation of 18.9%. On top of that, industrial production also decline 14.1%, missing market expectation of 17.2%. As China becomes the biggest trading partner of Australia, the overall downbeat data also challenge the Aussie sentiment. Aside from that, tension between U.S and China also weigh on the sentiment. According to reports, U.S President Joe Biden is seeking closer ties with Japan and prepared to challenge China’s growing influence. At the time of writing, AUD/USD slips 0.27% to 0.7727.

In the commodities market, crude oil price remains strong and edge higher 0.06% to $63.37 per barrel as of writing following as optimism towards demand growth continue to support the market. Global oil demand outlook continue to brighten as the largest oil consumer nations such as U.S. and China continue to make progress in their recoveries. Besides that, investors are also looking to the start of the U.S. driving season, which runs from June through August, for a pickup in traffic numbers. On the other hand, gold price fell 0.15% to $1761.47 a troy ounce at the time of writing following a slight rebound 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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 91.35. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 92.00.

Resistance level: 92.00, 92.55

Support level: 91.35, 90.80

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3800. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3675.

Resistance level: 1.3800, 1.3905

Support level: 1.3675, 1.3560

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1985. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1920.

Resistance level: 1.1985, 1.2045

Support level: 1.1920, 1.1860

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 109.20.

Resistance level: 109.20, 109.90

Support level: 108.45, 107.70

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7770. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7705.

Resistance level: 0.7770, 0.7815

Support level: 0.7705, 0.7665

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7110. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7320.

Resistance level: 0.7320, 0.7435

Support level: 0.7110, 0.6960

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2565. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout the resistance level.

Resistance level: 1.2565, 1.2615

Support level: 1.2515, 1.2475

USDCHF, Daily: USDCHF was traded lower while currently testing the 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: 0.9365, 0.9465

Support level: 0.9225, 0.9060

CrudeOIL, H4: Crude oil price was traded higher while currently near the resistance level at 63.60. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 63.60, 64.80

Support level: 61.85, 59.90

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1767.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1767.55, 1813.55

Support level: 1728.25, 1684.45

16 April 2021                       Morning Session Analysis

Dollar soars amid a series of upbeat economic data.   

The dollar index which gauges its value against a basket of six major currencies managed to curb its previous losses amid a batch of positive economic data underpinned the dollar currency, boosting up the market optimism. Yesterday, US Census Bureau has released the US Core Retail Sales data for the month of March, the data was came in at 8.4%, far stronger than the economist forecast and previous reading at 5.0% and -2.5% respectively. The significant jump in retail sales data was mainly due to the fresh stimulus plan from Biden’s administration as the relief fund that distributed to the American successfully stimulated the local consumer purchasing behavior. Moreover, a surprise drop in US Initial Jobless Claims data also further supporting the dollar, avoided from resuming its bearish trend. Throughout the week before, the number of Americans who applying for the unemployment insurance plunged to 576K, missing the economist forecast at 700K, showing a sign that US labor market are undergoing a sustainable recovery amid ongoing vaccination program and slowing down of pandemic. During Asian trading session, the dollar index ticked up by 0.02% to 91.65.

In the commodities market, crude oil price rose 0.08% to $63.38 per barrel as of writing as the market participant are still digesting the news of significant draw in oil inventory data. However, market participants are now eyeing over the further talks between US and Iran with regards to the nuclear deal as well as the global pandemic situation. Besides, the gold price appreciated by 0.03% to $1763.40 per troy ounce amid the big slump in US long term treasury yield last night.

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 91.60. However, MACD which illustrated diminishing bearish momentum suggest the index to undergo technical correction in short term.

Resistance level: 91.95, 92.40

Support level: 91.60, 91.25

GBPUSD, H4: GBPUSD was traded lower while currently testing the upward trend line. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its extend its losses after it successfully breakout below the support level.

Resistance level: 1.3810, 1.3865

Support level: 1.3725, 1.3675

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1955. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1990, 1.2030

Support level: 1.1955, 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, 110.00

Support level: 108.30, 107.00

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7735. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7735.

Resistance level: 0.7735, 0.7815

Support level: 0.7665, 0.7565

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

Resistance level: 0.7170, 0.7235

Support level: 0.7100, 0.7060

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2510. MACD which illustrated bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.2570.

Resistance level: 1.2570, 1.2635

Support level: 1.2510, 1.2465

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9220. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses toward the support level at 0.9185.

Resistance level: 0.9220, 0.9280

Support level: 0.9185, 0.9110

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 62.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction in short term.

Resistance level: 63.70, 65.40

Support level: 62.50, 61.30

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1768.20. MACD which illustrated diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term.

Resistance level: 1768.20, 1788.50

Support level: 1755.60, 1745.25

15 April 2021                       Afternoon Session Analysis

Aussie rose following upbeat jobs report.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have appreciated following positive employment data for Australia. According to Australian Bureau of Statistics, Australia’s headlines Employment Change rose to 70.7K, surpassed market expectation of 35K. On top of that, unemployment rate also eased to 5.6%, better than market expectation and previous reading of 5.7% and 5.8% respectively. The strong jobs data help boost market optimism and increasing demand for the Aussie. Besides that, broad U.S dollar weakness also becomes one of that main catalyst that provide extra boost for the pair. At the time of writing, AUD/USD rose 0.04% to 0.7714.

In the commodities market, crude oil price surge 0.78% to $63.23 per barrel as of writing following upbeat forecast from IEA. According to report, the International Energy Agency (IEA) predicted that the global oil demand and supply will re-balance in the second half of the year and expect producers to pump 2 million barrels per day to meet expected demand. On the other hand, gold price held steady and edge higher 0.14% to $1738.83 a troy ounce at the time of writing following dollar weakness.

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 level at 92.00. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 92.00, 92.55

Support level: 91.35, 90.80

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3800. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3800, 1.3905

Support level: 1.3675, 1.3560

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

Resistance level: 1.1985, 1.2045

Support level: 1.1920, 1.1860

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.20. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 109.20, 109.90

Support level: 108.45, 107.70

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7705. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7770, 0.7815

Support level: 0.7705, 0.7665

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7110. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7320.

Resistance level: 0.7320, 0.7555

Support level: 0.7110, 0.6960

USDCAD, H4: USDCAD was traded lower while currently near the support level at 1.2515. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2565, 1.2615

Support level: 1.2515, 1.2475

USDCHF, Daily: USDCHF was traded lower while currently testing the 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: 0.9365, 0.9465

Support level: 0.9225, 0.9060

CrudeOIL, H4: Crude oil price was traded higher while currently near the resistance level at 63.60. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 63.60, 64.80

Support level: 61.85, 59.90

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1755.40. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1724.00.

Resistance level: 1755.40, 1777.95

Support level: 1724.00, 1702.85

15 April 2021                       Morning Session Analysis

Dollar plunged amid Powell’s dovish stance over monetary policy path.  

The dollar index which gauges its value against a basket of six major currencies failed to recoup from its previous losses while lingering near the lowest level in one month after Federal Reserve (Fed) Chairman Jerome Powell reiterated his ‘hard stance’ over the interest rate in short term. Overnight, Powell revealed that the boards of Fed did not see any raising rates until 2024 as the unprecedented risk remains as the major threat toward US economy. However, an adjustment over the unfolding monetary policy would still outcome-based, where they will start to loosen the monetary policy by reducing the bond purchase program before raising rates when only their nation’s economy are under sustainable growth with a 2% and above of inflation rates. Lastly, Jerome Powell also warned public that the main risk of US is another spike in Covid-19 cases, as the resurgence of pandemic would definitely put the US economy into freezing phrase once again. As of writing, dollar index dropped 0.24% to 91.65.

In the commodities market, crude oil price rose 0.11% to $62.85 per barrel as of writing after EIA showed a significant decline in US oil inventory level. According to the EIA, US Crude Oil Inventories level came in at -5.889M while the economist forecast was at -2.889M, indicated an increasing of demand in oil market. Besides, the gold price rose by 0.01% to $1736.00 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 while currently testing the support level at 91.60. MACD which illustrated bearish bias momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 91.95, 92.40

Support level: 91.60, 91.25

GBPUSD, H4: GBPUSD was traded higher lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its extend its losses toward the support level at 1.3725.

Resistance level: 1.3810, 1.3865

Support level: 1.3725, 1.3675

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1990. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1990, 1.2030

Support level: 1.1955, 1.1915

USDJPY, H4: 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, 110.00

Support level: 108.30, 107.00

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7735. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7735.

Resistance level: 0.7735, 0.7815

Support level: 0.7665, 0.7565

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7110. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains toward the resistance level at 0.7170.

Resistance level: 0.7170, 0.7235

Support level: 0.7100, 0.7060

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

Resistance level: 1.2570, 1.2635

Support level: 1.2510, 1.2465

USDCHF, Daily: USDCHF was traded lower higher following prior breakout above the resistance level at 0.9220. MACD which illustrated bullish bias momentum suggests the pair to extend its gains toward the resistance level at 0.9280.

Resistance level: 0.9280, 0.9360

Support level: 0.9220, 0.9185

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 62.50. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 63.70.

Resistance level: 63.70, 65.40

Support level: 62.50, 61.30

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1735.05.  MACD which illustrated bearish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1745.25, 1755.60

Support level: 1735.05, 1723.85

14 April 2021                       Afternoon Session Analysis

Kiwi rose following RBNZ rate decision.

During late Asian session, the New Zealand Kiwi which traded against the dollar and other currency pairs have appreciated following the RBNZ rate decision during earlier today. The RBNZ is leaving its monetary policy unchanged at 0.25% and also large-scale asset purchases program at NZ$100 billion. In its statement, the central bank stated that it will mostly likely leave the current monetary settings in place until inflation and jobs target are achieved. On the other hand, positive news in Australia also provide some extra boost for the pair. According to the Premier of Queensland Annastacia Plaszczuk, the restriction which currently imposed on Queensland would ease starting 15 April. As Australia becomes New Zealand’s biggest trading partner, thus the news also favor Kiwi buyers. At the time of writing, NZD/USD rose 0.48% to $0.7085.

In the commodities market, crude oil price hold steady and edge higher 0.17% to $60.59 per barrel as of writing following OPEC optimism. According to OPEC’s monthly report, OPEC boosted its consumption forecast for 2021 and also predicted that the market recovery will continue in upcoming months. On top of that, the commodity also continue to be supported by falling crude inventories showed by API recently. On the other hand, gold price jumps 0.09% to $1743.76 a troy ounce at the time of writing amid dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     EUR                                        ECB President Lagarde Speaks
00:00                     USD                                        Fed Chair Powell Speaks

(15^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.00. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 91.35.

Resistance level: 92.00, 92.55

Support level: 91.35, 90.80

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3675. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3800.

Resistance level: 1.3800, 1.3905

Support level: 1.3675, 1.3560

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1920. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1985.

Resistance level: 1.1985, 1.2045

Support level: 1.1920, 1.1860

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.20. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.45.

Resistance level: 109.20, 109.90

Support level: 108.45, 107.70

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7665. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7665, 0.7705

Support level: 0.7610, 0.7570

NZDUSD, Daily: NZDUSD was traded higher following rebound from the support level at 0.6960. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7110.

Resistance level: 0.7110, 0.7320

Support level: 0.6960, 0.6760

USDCAD, H4: USDCAD was traded lower while currently near the support level at 1.2515. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2565, 1.2615

Support level: 1.2515, 1.2475

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9225. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9150.

Resistance level: 0.9225, 0.9365

Support level: 0.9150, 0.9060

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 59.90. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gain toward resistance level at 61.85.

Resistance level: 61.85, 63.60

Support level: 59.90, 57.40

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1738.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1754.30.

Resistance level: 1754.30, 1779.55

Support level: 1738.35, 1724.00

14 April 2021                       Morning Session Analysis

Dollar plummeted as J&J vaccine causes blood-clotting.

The dollar index which gauges its value against a basket of six major currencies failed to recoup from its previous losses while breaching below to the lowest level in 3 weeks after FDA advised to pause the use of vaccine produced by Johnson & Johnson. As of yesterday, US has reported 6 cases of rare blood-clotting disorder after injecting the vaccine. With the backdrop of potential adverse side-effect in J&J vaccine, FDA issued a statement that stating that they are recommending to halt the use of J&J vaccine temporarily, while they will conduct deep-investigation into the issue to ensure the effectiveness and safety of J&J vaccine. The blood-clotting issue has increased the public concern over the vaccine injection, and it is likely that getting more and more people unwilling to be vaccinated, eventually slowdown the pace of vaccination program. Besides, the tumbles of US bond yield has further exerted bearish momentum in dollar market. Overnight, US bond yield slumped tremendously in the wake of solid demand for 30 years bond auction. The $24 billion of US 30 years bond were sold at a high yield of 2.320%, with a bid-to-cover ratio of above average 2.47 times. During Asian early trading session, the dollar index dropped 0.34% to 91.85.

In the commodities market, crude oil price rose 0.15% to $60.60 per barrel as of writing after API reported a surprise draw in US oil inventory. According to the API, US Weekly Crude Oil Stock came in at -3.608M, marking a larger drop while comparing to the economist forecast at -2.154M. Besides, the gold price rose 0.01% to $1745.35 per troy ounce amid weakening of US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     EUR                                        ECB President Lagarde Speaks
00:00                     USD                                        Fed Chair Powell Speaks

(15^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 91.95. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 91.60.

Resistance level: 91.95, 92.40

Support level: 91.60, 91.25

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3725. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3810.

Resistance level: 1.3810, 1.3865

Support level: 1.3725, 1.3675

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1955. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1955, 1.2030

Support level: 1.1865, 1.1795

USDJPY, H4: 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, 110.00

Support level: 108.30, 107.70

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower level. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7665.

Resistance level: 0.7665, 0.7735

Support level: 0.7565, 0.7505

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7060. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7060, 0.7110

Support level: 0.7000, 0.6945

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2570. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 1.2510.

Resistance level: 1.2570, 1.2635

Support level: 1.2510, 1.2465

USDCHF, Daily: USDCHF was traded lower while currently testing near the support level at 0.9220. MACD which illustrated bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9280, 0.9360

Support level: 0.9220, 0.9185

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 59.85. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 61.30.

Resistance level: 61.30, 62.50

Support level: 59.85, 58.70

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1745.25. MACD which illustrated bullish momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1745.25, 1755.60

Support level: 1735.05, 1723.85

13 April 2021                       Afternoon Session Analysis

Dollar remains supported on positive outlook.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have rose following rising Treasury yields and ongoing stimulus continue to support the dollar. On treasury yields, overnight gains in the U.S treasury yield have lift the demand for dollar as the 10-year yields traded between a range 1.68% and 1.64%. On the other hand, prospects of faster US economic growth fueled by a massive government stimulus package and rapid rollout of vaccination also help fuel demand for the greenback. Boston Fed President Eric Rosengren said that the US economy could see a significant rebound this year owing to accommodative monetary and fiscal policy, but the job market still faces weakness. Despite that, market remains cautious and awaits for further catalyst to gauge near-term sentiment. At the time of writing, dollar index edge higher 0.08% to 92.21.

In the commodities market, crude oil price rose 0.69% to $60.05 per barrel as of writing following increasing tension in the Middle East. According to reports from Reuters, Houthi militants have announced that they have launched 17 drones and 2 missiles towards the hub of Saudi Aramco oil refineries in Jubail and Jeddah. The tension could could affect the oil production in the region and reduce oil supply, thus providing a boost for the commodity price. On the other hand, gold price slips 0.05% to $1733.89 a troy ounce at the time of writing following dollar strength.

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 following prior rebound from the support level at 91.95. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 92.40.

Resistance level: 92.40, 92.85

Support level: 91.95, 91.60

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

Resistance level: 1.3810, 1.3865

Support level: 1.3725, 1.3675

EURUSD, H4: EURUSD was traded lower following prior retracement from the higher level. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1865.

Resistance level: 1.1955, 1.2030

Support level: 1.1865, 1.1795

USDJPY, H4: USDJPY was traded higher following prior rebound from the support 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 lower following prior retracement from the resistance level at 0.7665. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7565.

Resistance level: 0.7665, 0.7735

Support level: 0.7565, 0.7505

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7060. MACD which illustrated bearish bias momentum signal suggests the pair to extend its losses toward the support level at 0.7000.

Resistance level: 0.7060, 0.7110

Support level: 0.7000, 0.6945

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2570. MACD which illustrated bullish bias momentum suggests the pair to extend its gains after it successfully breakout above the resistance level at 1.2570.

Resistance level: 1.2570, 1.2635

Support level: 1.2510, 1.2465

USDCHF, Daily: USDCHF was traded lower while currently testing near the support level at 0.9210. MACD which illustrated bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9280, 0.9360

Support level: 0.9220, 0.9185

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level at 59.85. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 59.85, 61.30

Support level: 58.70, 57.45

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1735.05. However, MACD which illustrated bearish bias momentum signal suggest the commodity to undergo technical correction in short term.

Resistance level: 1735.05, 1745.25

Support level: 1723.85, 1708.35

13 April 2021                       Morning Session Analysis

Pound rebounded following lockdown eased.

Pound Sterling rebounded following the UK government eased the Covid-19 lockdown, reopening outdoor areas of pubs and restaurant on yesterday. Investors speculated that the lockdown easing plan would able to enhance the consumer spending in services sector in United Kingdom, which dialled up the market optimism toward the economic progression in the United Kingdom while spurring further demand on the Pound Sterling. Nonetheless, government ministers, scientists and health officials are warning the public against complacency, even after more than 60% of adults have received a first dose of a Covid-19 vaccine. Though, the gains experienced by Pound Sterling was limited amid negative prospect for the AstraZeneca’s vaccine. According to BBC, more than 10 people have died from unusual blood clots after getting the Oxford/AstraZeneca vaccine in UK. As for now, investors would continue to scrutinize the latest updates with regards of the Covid-19 development in order to gauge the likelihood movement for the currency. As of writing, GBP/USD appreciated by 0.05% to 1.3745.

In the commodities market, the crude oil price surged 0.32% to $59.81 per barrel as of writing. The oil market edged higher over the pace of Covid-19 vaccinations in the United Stated. Growing expectation of surging U.S. economy activity had enhanced the prospect for the oil demand in future. On the other hand, the gold price slumped 0.02% to $1732.60 per troy ounces as of writing as market participants were still digesting the release of positive economic data from the US region last week.

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 lower while currently testing the support level at 92.00. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 92.55, 93.30

Support level: 92.00, 91.35

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3675. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3800.

Resistance level: 1.3800, 1.3905

Support level: 1.3675, 1.3560

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1920. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1920, 1.1985

Support level: 1.1860, 1.1795

USDJPY, H4: USDJPY was traded lower while currently near the support level at 109.20. MACD which illustrated diminishing bullish 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, 108.50

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7610. However, MACD which illustrated diminishing bearish momentum suggest the pair toe extend its gains toward resistance level at 0.7665.

Resistance level: 0.7665, 0.7735

Support level: 0.7610, 0.7570

NZDUSD, Daily: NZDUSD was traded higher following rebound from the support level at 0.6960. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7110, 0.7320

Support level: 0.6960, 0.6760

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2565. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2565, 1.2615

Support level: 1.2515, 1.2475

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9210. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9365, 0.9465

Support level: 0.9210, 0.9110

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 59.90. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 59.90, 61.85

Support level: 57.40, 55.40

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1738.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1724.00.

Resistance level: 1738.35, 1754.30

Support level: 1724.00, 1702.85