02 March 2020 Afternoon Session Analysis
Aussie recovers despite weak China PMI.
The Australian dollar have rebound against all its peers during late Asian session despite recent disappointing release of China PMI. According to Caixin, the manufacturing PMI which measured the manufacturing sector companies came in at 40.3, missing market expectation of 45.7. Still, the Aussie dollar were showing resilience due to the increasing expectation of central bank rate. In the U.S, the Fed is expected to cut its rate by 25 basis points in March and April while RBA is also expected for a rate cut on Tuesday. At the time of writing, AUD/USD rose 0.30% to 0.6526. Meanwhile, USD/JPY gains 0.05% to 108.02 as of writing following BoJ Kuroda’s Statement. Bank of Japan’s Governor Haruhiko Kuroda stated that the central bank is closely monitoring future developments, and will strive to provide ample liquidity and ensure stability in financial markets through appropriate operations and asset purchases.
In the commodities market, crude oil price recovers 1.09% to $45.63 per barrel as of writing following hopes of OPEC+ supply cut. According to the latest report, Saudi Arabia was pushing for a million barrels per day cut to be agreed this week. OPEC and its allies have been already limit its output by 1.7 million bpd till the end of March and market are expecting that the it will increasing its cut by another 1 million barrels per day due to the effects of coronavirus. On the other hand, gold price also rebounds 0.73% to $1596.37 a troy ounce at the time of writing as the risk tone remains heavy on coronavirus headlines.
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
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:55 | EUR – German Manufacturing PMI (Feb) | 47.8 | 47.8 | – |
| 17:30 | GBP – Manufacturing PMI (Feb) | 51.9 | 51.8 | – |
| 23:00 | USD – ISM Manufacturing PMI (Feb) | 50.9 | 50.4 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 97.80. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 98.35, 98.90
Support level: 97.80, 97.20
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2730. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.2870.
Resistance level: 1.2870, 1.3020
Support level: 1.2730, 1.2570
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1085. MACD which illustrate persistent bullish momentum suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.1085, 1.1165
Support level: 1.1000, 1.0885
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 108.25. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 108.25, 109.20
Support level: 107.40, 106.60
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.6500. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6595.
Resistance level: 0.6595, 0.6675
Support level: 0.6500, 0.6420
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6210. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6305.
Resistance level: 0.6305, 0.6490
Support level: 0.6210, 0.6135
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3325. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3380, 1.3435
Support level: 1.3325, 1.3260
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9625. AMCD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9695, 0.9750
Support level: 0.9625, 0.9550
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 46.80. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 46.80, 49.40
Support level: 44.40, 42.20
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1588.05. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1613.35.
Resistance level: 1613.35, 1639.25
Support level: 1588.5, 1563.45