Daily Analysis

12 April 2021                       Afternoon Session Analysis

Pound slips amid slow vaccination risk.

During late Asian session, the pound sterling which traded against the dollar and other currency pairs remain weak and fell following the concerns of AstraZeneca vaccine’s side effect that could slow down the vaccination effort. Recently, the European Medicines Agency (EMA) have stated that the coronavirus vaccine created by AstraZeneca can induce side effects such as blood clots in parts of the brain. The following statement have dragged down investor’s sentiment and confidence as it could affect the momentum of vaccination programs in the U.K if the vaccine was discontinued. On top of that, the UK scientific committee also forecast a drop in vaccine to 2.7m jabs a week due to lack of supply and delay in imports of 5 million doses from India. At the time of writing, GBP/USD slips 0.17% to 1.3683.

In the commodities market, crude oil price remain traded flat and edge higher 0.09% to $59.38 per barrel. Despite market remain stumble over talk of nuclear deal, positive comments from Fed Chairman help support the sentiment while market awaits for more catalyst to determine near-term direction. On the other hand, gold price slips 0.24% to $1739.70 a troy ounce following a slight rebound in dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded flat while currently testing the support level 92.10. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to be traded higher towards the resistance level 93.00.

Resistance level: 93.00, 93.80

Support level: 92.10, 91.25

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3670. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3820, 1.3915

Support level: 1.3670, 1.3565

EURUSD, H4: EURUSD was traded flat while currently testing near the support level 1.1870. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.1995, 1.2125

Support level: 1.1870, 1.1760

USDJPY, H4: USDJPY was traded lower following recent retracement from its high. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement in short term towards the support level 109.20.

Resistance level: 109.95, 110.85

Support level: 109.20, 108.45

AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent retracement from the resistance level 0.7655. However, MACD which illustrate bearish bias signal suggest the pair to extend its retracement in short term towards the support level 0.7570.

Resistance level: 0.7655, 0.7735

Support level: 0.7570, 0.7480

NZDUSD, H4: NZDUSD remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 0.6985.

Resistance level: 0.7070, 0.7155

Support level: 0.6985, 0.6910

USDCAD, H4: USDCAD remain traded in a sideway channel following recent rebound from the support level 1.2515. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 1.2640.

Resistance level: 1.2640, 1.2745

Support level: 1.2515, 1.2380

USDCHF, H4: USDCHF was traded flat after recent breakout below the previous support level 0.9295. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher in short term towards the level 0.9295.

Resistance level: 0.9295, 0.9370

Support level: 0.9190, 0.9080

CrudeOIL, H4: Crude oil price remain traded flat in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 62.05, 66.50

Support level: 57.40, 54.75

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1751.10. MACD which illustrate bearish bias signal with formation of death cross suggest the commodity to extend its retracement towards the support level 1725.70.

Resistance level: 1751.10, 1770.90

Support level: 1725.70, 1701.70

12 April 2021                       Morning Session Analysis

Dollar slumped following Fed Clarida dovish’s statement.

The dollar index which gauges its value against a basket of six major rival currencies failed to recoup its losses, while extending its losses for another consecutive trading day after Federal Reserve (Fed) Vice Chairman Richard Clarida cemented the possibility of no rate hike in the near term. Last Friday, Fed Clarida revealed that they will continue to eye on the economic recovery progress, especially in term of employment rate and underlying inflation pressure of the nation before any revert adjustment to be made in the unfolding monetary policy. Besides, he also warned public that the unprecedented risk of pandemic still shadowed the path of future economic growth of US, the inflation pressure has high possibility to rise over 2% this year but unlikely to last for a long period. On the other hand, if the inflation goes against their expectation and become a threat, the US Central Bank do have several of tools to deal with it. However, a slightly rebound on US Treasury Yield has eventually saved the dollar from breaching below the lowest level in 2 weeks. During Asian early trading session, the dollar index ticked up by 0.04% to 92.20.

In the commodities market, the crude oil price rose by 0.32% to $59.50 per barrel, while both parties still remain stumbled over the talk of nuclear deal. As of now, market participants are eyeing on the next talk on this week to figure out if US will remove the sanctions on Iran in order to get Iran back to the deal’s compliance. Besides, the gold price dropped 0.15% to $1741.40 a troy ounce amid strengthening of US dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.40. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 91.95.

Resistance level: 92.40, 92.85

Support level: 91.95, 91.60

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3725. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.3725, 1.3810

Support level: 1.3675, 1.3625

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1865. However, MACD which illustrated bearish bias momentum signal suggest the pair to undergo technical correction in short term.

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 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, H4: USDCHF was traded lower while currently testing near the support level at 0.9230. However, MACD which illustrated bullish bias momentum suggests the pair to undergo technical correction in short term.

Resistance level: 0.9280, 0.9360

Support level: 0.9330, 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 lower following prior breakout below the support level at 1745.25. MACD which illustrated bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1735.05.

Resistance level: 1745.25, 1755.60

Support level: 1735.05, 1723.85

9 April 2021                         Afternoon Session Analysis

Pound slumped over the fears of vaccination.

Pound Sterling slumped over the backdrop of the negative prospect for the AstraZeneca’s vaccine, which dialled down the market optimism toward the vaccination progress in United Kingdom while spurring bearish momentum on the Pound Sterling. According to BBC, more than 10 people have died from unusual blood cots after getting the Oxford-AstraZeneca vaccine in UK. In total, 30 people out of 18 million vaccinated had these clots. Market participants concerned that the UK authorities might restrict the usage of the AstraZeneca vaccine in future, which could be slowing down the vaccination program in UK. Nonetheless, the Medicines and Healthcare Product Regulatory Agency said the benefits continue to outweigh any risk. Nonetheless, investors would continue to scrutinize the latest updates with regards of the Covid-19 vaccine development in order to receive further trading signal. On the economic data front, U.K. Construction Purchasing Manager Index (PMI) notched up significantly from the previous reading of 53.3 to 61.7, exceeding the market forecast at 54.6 while limiting the losses experienced by the Pound Sterling. As of writing, GBPUSD depreciated by 0.02% to 1.3725.

In the commodities market, the crude oil price slumped 0.13% to $59.65 per barrel as of writing amid negative prospect for the Covid-19 vaccine development had diminished the appeal of this black-commodity. On the other hand, the gold price surged 0.10% to $1751.65 per troy ounces as of writing following the release of negative initial jobless claims data from the U.S. region yesterday.

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, Daily: Dollar index was traded lower while currently testing the support level at 92.00. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.80.

Resistance level: 93.30, 94.10

Support level: 92.00, 90.80

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3725. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3825, 1.3910

Support level: 1.3725, 1.3675

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1910. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1910, 1.1985

Support level: 1.1860, 1.1795

USDJPY, H4: USDJPY was traded lower while currently testing the 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: 109.90, 110.80

Support level: 109.20, 108.50

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7665. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7610.

Resistance level: 0.7665, 0.7735

Support level: 0.7610, 0.7570

NZDUSD, Daily: NZDUSD was traded higher following prior 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 testing the support level at 1.2565. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2615, 1.2685

Support level: 1.2565, 1.2515

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9230. MACD which illustrated bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level at 0.9230.

Resistance level: 0.9365, 0.9465

Support level: 0.9230, 0.9110

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 59.75. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 59.75, 61.85

Support level: 57.40, 55.40

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1755.50. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1755.45, 1783.20

Support level: 1725.80, 1704.95

9 April 2021                         Morning Session Analysis

Dollar plummeted following Jerome Powell’s Speaks.

The dollar index which gauges its value against a basket of six major rival currencies failed to recoup its losses while extending its bearish trend toward the lowest level in two weeks after a neutral comment from Federal Reserve (Fed) Chairman Jerome Powell. Earlier today, Powell has revealed in the IMF debate that the global and United States economy will not be able to resume all the activity with confidence as long as the world is not fully vaccinated. Besides, he also warned the public that the US economic recovery is still incomplete and uneven, but the economy should be able to reopen “fairly soon” given the pace of ongoing vaccination program. However, with the unprecedented risk of pandemic, Powell said the US Central Bank will keep supporting the economy while monitoring the growth of inflation and employment rate closely. On the other hand, an unexpected increase in the number of American who filed for unemployment insurance weighs on the US dollar market. According to the Department of Labor, US Initial Jobless Claims came in at 744K, higher than the economist forecast at 680K, indicating that the labor market became weak and vulnerable amid recent hike in US Covid-19 cases. As of writing, the dollar index dropped 0.42% to 92.05.

In the commodities market, the crude oil price slips by 0.02% to $59.74 per barrel amid the resurgence of Covid-19 threaten the demand outlook of this black commodity market. However, the surprise draw in EIA Oil Inventory data limited the losses of crude oil price, while market participants are eyeing on the further nuclear talk between Iran and US. Besides, the gold prices dropped 0.05% to $1754.75 a troy ounce as the dollar index 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 following prior retracement from the resistance level at 92.40. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 91.95.

Resistance level: 92.40, 92.85

Support level: 91.95, 91.25

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3725. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.3810, 1.3910

Support level: 1.3725, 1.3675

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1865. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1955.

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 diminishing bearish 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 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, H4: USDCHF was traded lower while currently testing the support level at 0.9230. MACD which illustrated bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level at 0.9230.

Resistance level: 0.9280, 0.9360

Support level: 0.9330, 0.9185

CrudeOIL, H4: Crude oil price was traded higher while currently testing 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 1755.60. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1755.60.

Resistance level: 1755.60, 1768.20

Support level: 1739.00, 1723.85

8 April 2021                         Afternoon Session Analysis

Euro slips amid ongoing cautious mood.

During late Asian session, the Euro dollar which traded against the greenback and other currency pairs have fell as market remains cautious towards vaccinations issues in EU and third wave coronavirus. While EU insists on achieving a vaccination rate of more than 50% by the end of the second quarter of this year, most investors are being skeptical towards the plan. According to data released by European Centre for Disease Prevention, vaccination rates have sped up in many states, but figures still far below 80%. Third wave coronavirus in EU also continue to weigh on the sentiment where countries such as France, Italy, Germany and Spain are increasing being quarantined as of now. As of writing, EUR/USD fell 0.03% to 1.1870.

In the commodities market, crude oil price held steady and edge higher 0.09% to $59.52 per barrel as of writing following investors continue to weighing OPEC plans to increase production against vaccine rollout. OPEC is restoring more than 2 million barrels a day to ease productions curbs over three months to July. Despite that, sentiment also support by recent data from EIA which showed a pickup in oil demand while market awaits for more catalyst. On the other hand, gold price fell 0.08% to $1738.71 a troy ounce at the time of writing following slight recovery in dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

19:30                     EUR                                        ECB Monetary Policy Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 92.50. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 92.50, 92.95

Support level: 91.95, 91.25

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3720. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3815, 1.3895

Support level: 1.3720, 1.3565

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1895. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1780.

Resistance level: 1.1890, 1.1930

Support level: 1.1830, 1.1780

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 110.00. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 110.00, 110.75

Support level: 109.20, 108.50

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7650. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7585.

Resistance level: 0.7650, 0.7710

Support level: 0.7585, 0.7535

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7070. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6955.

Resistance level: 0.7070, 0.7140

Support level: 0.6955, 0.6830

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2630. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2630, 1.2680

Support level: 1.2515, 1.2460

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9305. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9305, 0.9355

Support level: 0.9225, 0.9150

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 18.15. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 62.05.

Resistance level: 62.05, 63.70

Support level: 58.15, 55.25

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1745.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1722.90.

Resistance level: 1745.10, 1759.00

Support level: 1722.90, 1710.70

8 April 2021             Morning Session Analysis

Dollar rose after FOMC Meeting Minutes released.

The dollar index which gauges its value against a basket of six major rival currencies managed to recover part of its previous losses and stand above the level of 92.00 after FOMC released minutes from the March 16-17 meeting. In the meeting, FOMC members agreed to keep their monetary policy loosened where to maintain their interest rate unchanged and continue buying at least $120 billion bond in each month. Besides, the meeting summary also indicated that they will not change the ultra-easy policy until “substantial further progress” could be seen in the US economy growth. It means that Federal Reserve (Fed) unfolding monetary policy will only be tightened when US economy achieved the dual goals of 2% underlying inflation and full employment. Despite, the committees were still optimistic toward the US economic outlook, having an upbeat GDP projection at 6.5% in year 2021. Nonetheless, the unprecedented pandemic still remains as the major challenges in the path of economic recovery. As of writing, the dollar index ticked up by 0.10% to 92.40.

In the commodities market, the crude oil price increased by 0.01% to $59.60 per barrel amid oil draw in US inventory level. According to the EIA, US crude oil inventory data came in at -3.522M, recording a drop larger than the economist forecast at -1.436M, boosting the appeal of this black commodity while temporarily ignoring the negative effect of pandemic. Besides, the gold prices dropped 0.07% to $1736.55 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

19:30                EUR                   ECB Monetary Policy Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 92.10. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward the resistance level at 92.60.

Resistance level: 92.60, 93.00

Support level: 92.10, 91.60

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3755. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3675.

Resistance level: 1.3755, 1.3805

Support level: 1.3675, 1.3625

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1890. MACD which illustrated diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1830.

Resistance level: 1.1890, 1.1990

Support level: 1.1830, 1.1755

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 110.20.

Resistance level: 110.20, 110.80

Support level: 109.75, 109.20

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7655. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7600.

Resistance level: 0.7655, 0.7700

Support level: 0.7600, 0.7565

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7030. MACD which illustrated bearish bias momentum signal suggests the pair to extend its losses toward the support level at 0.6945.

Resistance level: 0.7030, 0.7105

Support level: 0.6945, 0.6900

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2530.  MACD which illustrated bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.2635.

Resistance level: 1.2635, 1.2740

Support level: 1.2530, 1.2465

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9310. However, MACD which illustrated diminishing bearish momentum suggests the pair to undergo technical correction in short term.

Resistance level: 0.9310, 0.9370

Support level: 0.9225, 0.9140

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 59.30. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 60.65.

Resistance level: 60.65, 61.70

Support level: 59.30, 57.40

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1738.95. MACD which illustrated bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1723.35.

Resistance level: 1738.95, 1754.30

Support level: 1723.35, 1710.80

7 April 2021                         Afternoon Session Analysis

Aussie rose following risk-on mood.

During late Asian session, the Australian dollar which traded against the dollar and other currency pairs have rose as market risk appetite improved due to recent RBA meeting. As expected, the RBA has left its interest rate unchanged and three-year government bond yield target at 0.1%. In its statement, RBA also express optimism on economic recovery and stated that the economic recovery is stronger than has been expected. The positive statement has continued to provide a modest boost for the Aussie dollar until now. Besides that, falling dollar which caused by surging treasury yields also keeping the Aussie buyers happy. At the time of writing, AUD/USD rose 0.09% to 0.7653.

In the commodities market, crude oil price held steady and jumps 0.51% to $59.52 per barrel as of writing following prospect of fuel demand recovery brighten. IMF stated that global growth of 6% in 2021 could be attainable as it opened its 2021 spring meetings on Apr. 5. Meanwhile, U.S. President Joe Biden moved up the COVID-19 vaccine eligibility target for all American adults to Apr. 19, widening the vaccine rollout and further boosting fuel demand recovery hopes. On the other hand, gold price rose 0.12% to $1738.53 a troy ounce at the time of writing following depreciation of greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                                        FOMC Meeting Minutes

(8^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 92.50. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 92.50, 92.95

Support level: 91.95, 91.25

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3845. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3790.

Resistance level: 1.3845, 1.3885

Support level: 1.3790, 1.3740

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1830. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1895.

Resistance level: 1.1895, 1.1945

Support level: 1.1830, 1.1780

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 110.00. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 110.00, 110.75

Support level: 109.20, 108.50

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7665. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7665, 0.7710

Support level: 0.7585, 0.7535

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6955. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7110.

Resistance level: 0.7110, 0.7250

Support level: 0.6955, 0.6775

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2515. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2630.

Resistance level: 1.2630, 1.2680

Support level: 1.2515, 1.2460

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9300. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9355, 0.9450

Support level: 0.9300, 0.9225

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 59.15. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 62.05, 63.70

Support level: 59.15, 57.35

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1745.60. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1722.90.

Resistance level: 1745.60, 1754.95

Support level: 1722.90, 1710.70

7 April 2021             Morning Session Analysis

Dollar plummets despite IMF dovish tone regarding economic outlook.

The dollar index which gauges its value against a basket of six major rival currencies managed to recover part of its previous losses after the International Monetary Fund (IMF) given its optimistic view with regard to the global future economic outlook. With the backdrop of the vaccine’s rollout, IMF is expecting the economy will be entered into a stronger recovery phase in the remaining time of year 2021. On the forecast front, IMF foresee the world economy to grow in a stronger pace at 6% in year 2021, while comparing to the January forecast at 5.5%. Besides, IMF also expects the global GDP to rise by 4.4%, higher than the previous estimate at 4.2%. On the other hand, IMF also revealed that the group is more confident that United States will likely undergo solid recovery in year 2021 while compared to other countries in the world, where they might take longer to return back to pre-pandemic level. The implementation of $1.9 trillion stimulus package and progressing vaccination program are likely the main reasons supporting the optimistic view of IMF toward the US economic outlook. Last but not least, the threat of pandemic is still remained as a major challenge to the global economy as of now, emphasized by IMF. Nonetheless, a significant drop in US Treasury Yield outweigh the IMF positive statement, urging the investors to sell-off US dollar tremendously. During Asian trading session, dollar index dropped 0.77% to 92.30.

In the commodities market, the crude oil price increased by 0.05% to $59.35 per barrel as increased in IMF global growth forecast boosted the appeal of this black commodity market. Moreover, a draw in US oil inventories level also further support the oil price to stand above $59.00 per barrel. According to API, US Weekly Crude Oil Stock came in at -2.618M while the economist forecast at -1.325M. Besides, the gold prices rose by 0.03% to $1743.60 per troy ounce amid rising of market demand toward safe-haven asset.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

02:00                USD                   FOMC Meeting Minutes

(8^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 92.60. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 92.10.

Resistance level: 92.60, 93.00

Support level: 92.10, 91.60

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3880. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3805.

Resistance level: 1.3880, 1.3990

Support level: 1.3805, 1.3755

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1830. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1880.

Resistance level: 1.1880, 1.1990

Support level: 1.1830, 1.1755

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.75. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 110.20, 110.80

Support level: 109.75, 109.20

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7655. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7700.

Resistance level: 0.7700, 0.7755

Support level: 0.7655, 0.7600

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7030. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains toward the resistance level at 0.7105.

Resistance level: 0.7105, 0.7080

Support level: 0.7030, 0.6945

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2530. MACD which illustrated bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.2600.

Resistance level: 1.2600, 1.2685

Support level: 1.2530, 1.2485

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9310. MACD which illustrated bearish bias signal suggests the pair to extend its losses toward the support level at 0.9225.

Resistance level: 0.9310, 0.9370

Support level: 0.9225, 0.9140

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 59.30. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 57.40.

Resistance level: 59.30, 60.65

Support level: 57.40, 56.00

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1738.95. However, MACD which illustrated diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term.

Resistance level: 1754.30, 1769.50

Support level: 1738.95, 1723.35

6 April 2021                         Afternoon Session Analysis

Pound remains firm amid ongoing optimism.

During late Asian session, the pound sterling which traded against the dollar and other currency pairs remains steady and rose as investors remain optimistic towards economic recovery in U.K. According to the latest report, more than 5 million British citizens have received the second dose of vaccine so far. The smooth and rapid advancement of the British vaccination program has prompted the British government to gradually relax the movement control order to boost the momentum of economic recovery. As of now, all economic sectors are expected to reopen before May. Besides that, the British government is considering plans to allow the use of “vaccine passports” in order to approve vacation abroad. At the time of writing, GBP/USD rose 0.03% to 1.3895.

In the commodities market, crude oil price appreciated 0.87% to $59.23 as of writing following current dollar weakness making the commodity a more attractive purchase. Besides that, prospect of UK loosening its restriction on April 12 also help lifting the sentiment and it would boost demand for crude oil. On the other hand, gold price rose 0.32% to $1733.49 a troy ounce at the time of writing amid weakening dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12:30                     AUD                                       RBA Rate Statement

20:00                     CrudeOIL                               EIA Short-Term Energy Outlook.

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently near the support level at 92.40. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 92.85, 93.35

Support level: 92.40, 91.85

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3910. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3910, 1.3985

Support level: 1.3845, 1.3790

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1830. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1830, 1.1895

Support level: 1.1780, 1.1710

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 110.00. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 110.75.

Resistance level: 110.75, 111.25

Support level: 110.00, 109.20

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7650, 0.7710

Support level: 0.7585, 0.7535

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6955. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7110.

Resistance level: 0.7110, 0.7250

Support level: 0.6955, 0.6775

USDCAD, H4: USDCAD was traded lower while currently testing 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: 1.2630, 1.2680

Support level: 1.2515, 1.2460

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9355. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9450, 0.9525

Support level: 0.9355, 0.9300

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 59.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 59.55, 62.05

Support level: 57.90, 56.20

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1723.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1741.00, 1753.85

Support level: 1723.25, 1712.10

6 April 2021             Morning Session Analysis

Dollar plunged while the US Treasury yield falling.

The dollar index which gauges its value against a basket of six major rival currencies managed to extend its previous losses for another consecutive trading day after US 10-year treasury yield drops to the spigot close to 1.70%. The weakness in yields came as the US stock market including Dow Jones and S&P 500 set record highs on Monday, as low liquidity in many parts of the world for Easter Holiday magnified the market movement. Despite the last Friday NFP report has showed a stronger-than-expected reading, yet dollar still recorded a huge loss on Monday as the bullish outlook of economy has been priced in by the investors. Nonetheless, investors are now shifting their attention to the further update on Biden’s Infrastructure plan as Joe Biden plans to pass through the legislation process without the support of Republican. Earlier last week, Biden outlined the details of the first part of infrastructure plan while emphasizing that it would bring more jobs to American, along with strong economic growth’s notion in the future. As of writing, dollar index dropped 0.48% to 92.55.

In the commodities market, the crude oil price increased by 0.37% to $58.95 per barrel after falling for more than $3.50 yesterday amid global Covid-19 cases soared. Recently, the number of virus confirmed cases heightened in most of the countries, the resurgence of pandemic would urge the countries to re-implement lockdown measure, which could further threaten the oil market equilibrium. Besides, the gold prices rose by 0.07% to $1729.40 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

12:30                AUD                  RBA Rate Statement

20:00                CrudeOIL         EIA Short-Term Energy Outlook.

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.60. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 92.10.

Resistance level: 92.60, 93.00

Support level: 92.10, 91.60

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3880. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3990.

Resistance level: 1.3990, 1.4085

Support level: 1.3880, 1.3805

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1755. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1830.

Resistance level: 1.1830, 1.1890

Support level: 1.1755, 1.1695

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.20. However, MACD which illustrated bearish bias momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 110.20, 110.80

Support level: 109.75, 109.20

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7655. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7655, 0.7700

Support level: 0.7600, 0.7565

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7030. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains toward the resistance level at 0.7105.

Resistance level: 0.7105, 0.7080

Support level: 0.7030, 0.6945

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2530. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 1.2485.

Resistance level: 1.2530, 1.2600

Support level: 1.2485, 1.2385

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9370. MACD which illustrated bearish bias signal suggests the pair to extend its losses toward the support level at 0.9310.

Resistance level: 0.9370, 0.9430

Support level: 0.9310, 0.9225

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 59.30. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 57.40.

Resistance level: 59.30, 60.65

Support level: 57.40, 56.00

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1723.35. However, MACD which illustrated diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term.

Resistance level: 1738.95, 1754.15

Support level: 1723.35, 1710.80

5 April 2021                         Afternoon Session Analysis

Euro remains weak following vaccination slowdown.

During late Asian session, the Euro which traded against the greenback and other currency pairs remains pressured and fell as the EU continue to struggle to recover from the pandemic. As of now, investors continue to digest the problem of vaccination programs in the EU which is currently still unresolved. Last week, the French Finance Minister had lowered the economic expectations for the year following the slowdown vaccinations. Most countries in the EU have launched vaccination programs later than expected due to lack of vaccine stocks and confidence among its citizens towards vaccination. In addition, the increasing cases of coronavirus also weigh heavily on the pair as several countries such as France, Germany and Italy have announced new restrictions to curb the increase in coronavirus cases. At the time of writing, EUR/USD fell 0.02% to $1.1766 at.

In the commodities market, crude oil price slips 0.26% to $61.05 per barrel as of writing amid market continue to digest news of OPEC to lowered its production cuts between May and July. Under last week Thursday’s agreement, OPEC production cuts would be just above 6.5 million barrels per day from May, slightly lesser than April with 7 million. However, steady pace of vaccination in most countries and increasing travel may help offset the losses while market awaits for further signal. On the other hand, gold price fell 0.22% to $1725.84 a troy ounce at the time of writing amid rising dollar.

Today’s Holiday Market Close

Time                       Market                                   Event

All Day                   GBP                                        Easter

All Day                   EUR                                        Easter

All Day                   AUD                                        Easter

All Day                   CAD                                        Easter

All Day                   NZD                                        Easter

Today’s Highlight Events

Time                       Market                                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded flat after recent retracement from resistance level 93.30. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to be traded higher in short term towards the resistance level 93.30.

Resistance level: 93.30, 94.20

Support level: 92.40, 91.55

GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing near the resistance level 1.3855. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 1.3675.

Resistance level: 1.3855, 1.4005

Support level: 1.3675, 1.3550

EURUSD, H4: EURUSD was traded flat after recent rebound from the support level 1.1700. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher towards the resistance level 1.1850.

Resistance level: 1.1850, 1.1985

Support level: 1.1700, 1.1605

USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 110.25.

Resistance level: 110.90, 111.60

Support level: 110.25, 109.75

AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the resistance level 0.7640. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level 0.7640.

Resistance level: 0.7640, 0.7715

Support level: 0.7555, 0.7450

NZDUSD, H4: NZDUSD remain traded in a sideway channel while currently testing the resistance level 0.7035. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 0.6945.

Resistance level: 0.7035, 0.7110

Support level: 0.6945, 0.6870

USDCAD, H4: USDCAD remain traded in a sideway channel. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 1.2610.

Resistance level: 1.2610, 1.2745

Support level: 1.2475, 1.2360

USDCHF, H4: USDCHF remain traded flat in a sideway channel. However, MACD which display bullish bias signal suggest the pair to be traded higher in short term towards the resistance level 0.9455.

Resistance level: 0.9455, 0.9525

Support level: 0.9365, 0.9300

CrudeOIL, H4: Crude oil price remain traded in sideway channel while currently testing near the resistance level 61.70. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to be traded higher after it breaks above the resistance level 61.70.

Resistance level: 61.70, 63.70

Support level: 59.40, 57.50

GOLD_, H4: Gold price was traded higher after it recently breaks above the resistance level 1702.30 However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction back towards the level 1702.30.

Resistance level: 1742.20, 1767.45

Support level: 1702.30, 1677.25

5 April 2021                         Morning Session Analysis

Dollar Index surged amid upbeat economic data.

The Dollar Index which traded against a basket of six major currency pairs extend its gains over the backdrop of the strong of upbeat economic data from the U.S. region on last Friday. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls data notched up significantly from the previous reading of 468k to 916K, exceeding the market forecast at 647K. Meanwhile, U.S. Unemployment rate declined from the previous reading of 6.2% to 6.0%, same as the market forecast at 6.0%. The better-than-expected jobs data could be dialed up the market optimism toward the economic progression in the Unites States while prompting the U.S. Treasury yields to rise. Indeed, higher bond yielding would attract capital inflow into United States, which insinuating market demand on the US Dollar. Nonetheless, the overall trading activity was subdued amid major market closed during the Good Friday. As for now, investors would continue to scrutinize the latest updates with regards of upcoming economic data as well as Biden’s Infrastructure plan in order to gauge the likelihood movement for the Dollar Index. As of writing, the Dollar Index appreciated by 0.04% to 92.90.

In the commodities market, the crude oil price slumped 0.08% to $61.20 per barrel as of writing. The crude oil price edged lower following the OPEC and its allied claimed that they have decided to gradually increase 2 million oil production per day from May to July. Though, the positive Covid-19 vaccines development had limited the losses experienced by the crude oil price. On the other hand, the gold price slumped 0.06% to $1728.25 per troy ounces amid strengthening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   GBP                                        Easter

All Day                   EUR                                        Easter

All Day                   AUD                                       Easter

All Day                   CAD                                        Easter

All Day                   NZD                                        Easter

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 near the support level at 92.60. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 93.40, 94.10

Support level: 92.60, 91.35

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level ta 1.3845. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3790.

Resistance level: 1.3845, 1.3895

Support level: 1.3790, 1.3735

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1780. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1780, 1.1830

Support level: 1.1710, 1.1640

USDJPY, H1: USDJPY was traded higher while currently testing the resistance level at 110.75. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 110.75, 111.25

Support level: 110.00, 109.20

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7585. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7650, 0.7710

Support level: 0.7585, 0.7535

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6955. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7110.

Resistance level: 0.7110, 0.7250

Support level: 0.6955, 0.6775

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2630. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2630, 1.2745

Support level: 1.2475, 1.2380

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9450. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9450, 0.9525

Support level: 0.9370, 0.9300

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 61.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 61.35, 62.65

Support level: 59.55, 57.90

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1723.90. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1741.00.

Resistance level: 1741.00, 1753.85

Support level: 1723.90, 1702.15

2 April 2021                         Afternoon Session Analysis

Aussie stays firm following risk-on mood.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have rose as dollar weakness coupled with positive news adding on the sentiment. Despite with Good Friday holiday, movement in U.S dollar continue to play its role in favoring kiwi buyers as U.S treasury yield fell close to 1.67% and affect the greenback at the same time. At the same time, the sentiment was also boosted by news of Australian government ending Brisbane lockdown early while continue to be strict on mask ahead of Easter Holiday. Moreover, adding further to the risk positive was news of Pfizer vaccine is 100$ effective on adolescents. At the time of writing, AUD/USD rose 0.18% to 0.7628.

In the commodities market, crude oil price rose 0.03% to $61.25 per barrel at the time of writing following increasing demand for travel. According to global flight tracking service Flightradar24, it tracked a total of 77,708 flights, a number which exceeded the previous peak during the Christmas holidays since COVID started spreading. Increasing numbers of travelers would continue to help boosted demand for fuel, thus increasing its price. On the other hand, gold price increased 0.01% to $1729.63 after dollar retreated from its high.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                                        Good Friday

All Day                   GBP                                        Good Friday

All Day                   EUR                                        Good Friday

All Day                   AUD                                       Good Friday

All Day                   CAD                                        Good Friday

All Day                   NZD                                        Good Friday

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 92.60. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 93.40, 94.10

Support level: 92.60, 91.35

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.3850. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3845, 1.3895

Support level: 1.3790, 1.3735

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1780. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1780, 1.1830

Support level: 1.1710, 1.1640

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 110.55. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 111.25, 112.10

Support level: 110.55, 110.00

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7650, 0.7710

Support level: 0.7585, 0.7535

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6955. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7110.

Resistance level: 0.7110, 0.7250

Support level: 0.6955, 0.6775

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2630. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2400.

Resistance level: 1.2630, 1.2745

Support level: 1.2400, 1.2255

USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level at 0.9450. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9450, 0.9525

Support level: 0.9370, 0.9300

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 61.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 61.35, 62.65

Support level: 59.55, 57.90

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1723.90. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1741.00.

Resistance level: 1741.00, 1753.85

Support level: 1723.90, 1702.15

2 April 2021             Morning Session Analysis

Dollar wobbles during Good Friday’s holiday.

The dollar index which gauges its value against a basket of six major rival currencies failed to extend its rally while traded lower after hitting the 4 months high level amid downbeat job data ahead of Good Friday’s holiday. Last night, the number of Americans who filing for the unemployment insurance benefit rose above 700k again, triggering a wave of sell-off in US dollar market. According to the Labor department, US Initial Jobless Claims data came in at 719K, significantly higher than the economist forecast at 680K, shocking the market sentiment despite signs of labor market improvement after more US states gradually reopen their economy recently. A surprise hike in first time claims for jobless benefits slightly pull back the market optimism toward the US economic health while putting even higher uncertainty on today’s NFP data. Besides, the dollar index deepens its losses after a drop in US Treasury Yield. Yesterday, the yield on the benchmark of 10-year yield dropped 0.08% and stagnant below 1.7% in the first trading day of April. As of now, FX market are expected to have low liquidity and thin trading amid the holiday of Good Friday while investors are waiting for NFP report to be released in order to scrutinize the further direction of dollar index. During Asian early trading session, dollar index dropped 0.38% to 92.90.

In the commodities market, the crude oil price increased by 0.01% to $61.25 per barrel despite OPEC decided to gradually reduce their oil production cut starting from May onward. In the OPEC meeting, OPEC and its alliances will bring up the production by additional 350K bpd in May, with another 350K in June and 450K in July. Besides, Saudi Arabia will also gradually reduce its voluntarily cuts of 1 million bpd on top of the cutting amount of OPEC+ groups. Lastly, the gold prices increased by 0.01% to $1729.55 after dollar retreated from its high level.

Today’s Holiday Market Close

Time                 Market             Event

All Day              USD                   Good Friday

All Day              GBP                   Good Friday

All Day              EUR                   Good Friday

All Day              AUD                  Good Friday

All Day              CAD                   Good Friday

All Day              NZD                   Good Friday

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 93.00. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 92.60.

Resistance level: 93.00, 93.35

Support level: 92.60, 92.10

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3805. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3880.

Resistance level: 1.3880, 1.3990

Support level: 1.3805, 1.3755

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1755. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1830.

Resistance level: 1.1830, 1.1890

Support level: 1.1755, 1.1695

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.80. However, MACD which illustrated bearish bias momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 110.80, 111.50

Support level: 110.25, 109.75

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7600. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7655.

Resistance level: 0.7655, 0.7700

Support level: 0.7600, 0.7565

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7030. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7030, 0.7105

Support level: 0.6945, 0.6900

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2560. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 1.2485.

Resistance level: 1.2560, 1.2610

Support level: 1.2485, 1.2400

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower leve. However, MACD which illustrated bearish bias signal suggests the pair to undergo technical correction in short term.

Resistance level: 0.9430, 0.9480

Support level: 0.9370, 0.9310

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 60.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 61.70.

Resistance level: 61.70, 62.60

Support level: 60.65, 59.30

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1723.35. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1738.95.

Resistance level: 1738.95, 1754.15

Support level: 1723.35, 1710.80

1 April 2021                         Afternoon Session Analysis

Aussie fell following downbeat China PMI data.

During late Asian session, the Australian dollar which traded against the dollar and other currency pairs have extend its weakness and fell amid disappointing result from China data. According to Markit Economics, China’s Caixin Manufacturing PMI have unexpected fell to 50.6, lower than market expectation of 51.3. The data suggest the activity figures in China contradict with recent upbeat official readings published earlier in the week. On top of that, the appeal for Australian dollar also diminished by positive outlook in the U.S due to positive data and hope of faster economic recovery supported by strong vaccination drive. At the time of writing, AUD/USD slips 0.27 to 0.7572.

In the commodities market, crude oil price fell 1.64% to $59.42 per barrel as of writing following investors remains cautious ahead of OPEC meeting. Despite with speculation of OPEC to maintain production cuts, traders exercised caution and awaits for the final outcome of OPEC meeting. At the same time, concerns towards coronavirus also weigh heavily on the commodity. On the other hand, gold price soars 1.66% to $1712.93 a troy ounce at the time of writing as market digest news of corporate tax hike from U.S.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     CrudeOIL                               OPEC Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 92.65. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 93.65, 94.75

Support level: 92.65, 90.95

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3810. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3810, 1.3895

Support level: 1.3740, 1.3675

EURUSD, H1: EURUSD was traded lower while currently testing the support level at 1.1705. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1765, 1.1830

Support level: 1.1705, 1.1640

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.55. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 110.75, 111.25

Support level: 110.00, 109.20

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7580. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7650, 0.7710

Support level: 0.7580, 0.7505

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6955. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7110, 0.7250

Support level: 0.6955, 0.6775

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.2630. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2630, 1.2830

Support level: 1.2400, 1.2255

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9450. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9450, 0.9525

Support level: 0.9370, 0.9300

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 59.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 61.35, 62.65

Support level: 59.20, 57.55

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1702.15. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1723.90.

Resistance level: 1723.90, 1741.00

Support level: 1702.15, 1680.15