12 February 2020 Morning Session Analysis
Dollar pared gains amid labor data disappoints.
The dollar index which traded against a basket of six major currency pairs have fell during early Asian session following a soft labor data. According to US Bureau of Labor Statistics, the JOLTS Jobs Opening data which measured job vacancies in the U.S have fell to about 6.423M, lower than market expectation of 7M. The data have triggered some selling pressure in the market as investors weighed the weaker than expected data against the remarks from Fed Chairman Jerome Powell. In Powell recent statement, Powell have told the lawmakers that the Fed will continue to watching the coronavirus impact carefully and holding his wait-and-see approach. As of writing, dollar index fell 0.09% to 98.58. Meanwhile, GBP/USD climbs 0.04% to 1.2956 at the time of writing following positive data. According to National Statistics, GDP have rose to 0.3% in the month of December, stronger than market expectation of 0.2%. The data also showed that the U.K economy did not contract further, thus providing some relief for the currency.
In the commodities market, crude oil price slips 0.10% to $50.09 per barrel at the time of writing amid increasing inventory. According to American Petroleum Institute (API), crude oil inventories rose sharply last week by 6 million barrels for the week ended Feb. 7. On the other hand, gold price also fell 0.07% to $1566.35 a troy ounce at the time of writing as risk appetite returns to global markets.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative GBP Autumn Budget
23.00 USD Fed Chair Powell Testifies
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 23.30 | CrudeOIL – Crude Oil Inventories | -0.3% | – | – |
Technical Analysis
DOLLAR_INDX, H4：Dollar index was traded lower following prior retracement from the resistance level 98.90. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its retracement towards the support level 98.35.
Resistance level: 98.90, 99.25
Support level: 98.35, 97.80
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.2955. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2955, 1.3095
Support level: 1.2830, 1.2700
EURUSD, H4: EURUSD was traded flat near the support level 1.0885. However, MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 1.0990.
Resistance level: 1.0990, 1.1085
Support level: 1.0885, 1.0795
USDJPY, H4: USDJPY was traded flat while currently testing near the support level 109.70. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 110.20, 110.65
Support level: 109.70, 109.25
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.6675. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6765.
Resistance level: 0.6765, 0.6840
Support level: 0.6675, 0.6600
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6380. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6445.
Resistance level: 0.6445, 0.6500
Support level: 0.6380, 0.6340
USDCAD, H4: USDCAD remain traded in a sideway channel following recent retracement from the resistance level 1.3320. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level 1.3260.
Resistance level: 1.3320, 1.3385
Support level: 1.3260, 1.3185
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9755. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9830, 0.9915
Support level: 0.9755, 0.9695
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 49.55. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to experience a technical correction towards the resistance level 52.60.
Resistance level: 52.60, 54.65
Support level: 49.55, 48.30
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1563.45. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level 1563.45.
Resistance level: 1588.05, 1613.35
Support level: 1563.45, 1542.15