4 February 2021 Morning Session Analysis
Dollar surged following a series of upbeat economic data.
Dollar index which gauges its value against a basket of six major currencies rose while hovering near the 1 month high level as upbeat mood remains after the release of few positive economic data. In term of US labor market, ADP has reported a significant hike in hiring activity as of last month at 174K, whereas the economist forecast was at 49K, suggesting that the economy are started to sneak out from the fallout of Covid-19. Nonetheless, ADP report was just an indicator to roughly forecast the upcoming NFP report, hence investors will still eyeing on the NFP report in order to scrutinize the overall employment market in US. Besides, economy condition for the US non-manufacturing sector has started to restore after falling into severe contraction stage, which seemingly due to the rollout of vaccine programme last month. According to the ISM, US Non-Manufacturing PMI came in at 58.7, stronger than the economist forecast at 56.8, marking a good sign of recovery in the beginning of year 2021. During Asian early trading session, Dollar index appreciated by 0.05% to 91.10.
In the commodities market, the crude oil price appreciated by 0.05% to $55.90 per barrel amid surprise crude oil draw in US. According to the EIA, US Crude Oil Stock decreased by 0.994M, missing the economist forecast at 0.446M, boosting the market optimism over the balance in oil market. Besides, gold price dropped by 0.02% to $1834.25 a troy ounce amid strengthening 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Construction PMI (Jan) | 54.6 | 52.9 | – |
| 20:00 | GBP – BoE Interest Rate Decision (Feb) | 0.10% | 0.10% | – |
| 21:30 | USD – Initial Jobless Claim | 847K | 830K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement near the resistance level at 91.10. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 90.60.
Resistance level: 91.10, 91.60
Support level: 90.60, 90.25
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3620. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3695.
Resistance level: 1.3695, 1.3750
Support level: 1.3620, 1.3535
EURUSD, H4: EURUSD was traded higher following prior rebound near the support level at 1.2020. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2065.
Resistance level: 1.2065, 1.2100
Support level: 1.2020, 1.1985
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.15. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 104.70.
Resistance level: 105.15, 105.50
Support level: 104.70, 104.35
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7635. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7635.
Resistance level: 0.7635, 0.7670
Support level: 0.7565, 0.7505
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7165. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7240.
Resistance level: 0.7240, 0.7305
Support level: 0.7165, 0.7090
USDCAD, H4: USDCAD was traded flat below the resistance level at 1.2790. MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term.
Resistance level: 1.2790, 1.2865
Support level: 1.2695, 1.2615
USDCHF, H4: USDCHF was traded lower following prior retracement near the resistance level at 0.8985. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 0.8955.
Resistance level: 0.8985, 0.9020
Support level: 0.8955, 0.8915
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 55.40. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction in short term.
Resistance level: 56.65, 57.80
Support level: 55.40, 54.50
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1842.90. However, MACD which illustrated diminishing bearish momentum suggest the commodity to undergo technical correction in short term toward the resistance level.
Resistance level: 1842.90, 1861.75
Support level: 1825.40, 1803.40