03 February 2021 Afternoon Session Analysis
Kiwi soars amid upbeat jobs data.
During late Asian session, the New Zealand Kiwi which traded against the dollar and other currency pairs have rose following a better than expected New Zealand’s job report for the fourth quarter. According to Statistics New Zealand, the Unemployment rate have dropped to 4.9%, better than market expectation of 5.6%. On top of that, Employment Change also came in higher at 0.6%, beating market expectation of 0%. Following the positive data, the Reserve Bank of New Zealand could well keep its bullish bias and cheering for the strong fight Jacinda Ardern gave to the coronavirus which in turn suggests the pair have brighter spots to cheer, thus pushing the price higher. At the time of writing, NZD/USD jumps 0.38% to 0.7214.
In the commodities market, crude oil price remains strong and rose 0.06% to $54.95 per barrel as of writing following expectations global oil stocks will fall back to more normal levels this year. Following latest assessment by OPEC, oil stockpiles is expected decline to below a five-year average by June. OPEC+ expects output cuts will keep the market in deficit throughout this year. On the other hand, gold price rebounds 0.19% to 1841.78 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
16:00 ECB ECB Monetary Policy Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Composite PMI (Jan) | 40.6 | 40.6 | – |
| 17:30 | GBP – Services PMI (Jan) | 38.8 | 38.8 | – |
| 18:00 | EUR – PPI (MoM)(Dec) | 0.4% | 0.7% | – |
| 21:15 | USD – ADP Nonfarm Employment Change (Jan) | -123K | 49K | – |
| 23:00 | USD – ISM Non-Manufacturing PMI (Jan) | 57.7 | 56.8 | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -9.910M | 0.446M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was higher while currently testing the resistance level at 91.20. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 91.20, 92.05
Support level: 90.45, 89.60
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3680. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3680, 1.3740
Support level: 1.3610, 1.3545
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2010. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2065.
Resistance level: 1.2165, 1.2215
Support level: 1.2010, 1.1965
USDJPY, H4: USDJPY was traded within a range while currently testing the resistance level at 105.00. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 105.00, 105.35
Support level: 104.50, 104.05
AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level at 0.7670. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7670, 0.7815
Support level: 0.7550, 0.7415
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7235.
Resistance level: 0.7235, 0.7305
Support level: 0.7165, 0.7110
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2770. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2865, 1.2925
Support level: 1.2770, 1.2690
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.8980. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.8980, 0.9040
Support level: 0.8920, 0.8845
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the resistance level at 53.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 55.90, 57.45
Support level: 53.70, 51.85
GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1832.15. However, due to lack of signal from MACD, it is suggested that to wait for further signal before entering the market.
Resistance level: 1871.95, 1890.30
Support level: 1832.15, 1810.70