16 February 2021 Afternoon Session Analysis
Pound extend gains following vaccine optimism.
During late Asian session, the pound sterling which traded against the U.S dollar and other currency pairs have continued to rose over increasing optimism on vaccine rollout and economy reopening. Following latest reports, U.K has reached its self-imposed target to vaccinate all four of the most at-risk groups by mid-February. As of Monday, over 15.3M people have now received their first vaccination, nearly one quarter of all adults in the UK have been vaccinated. On top of that, newly reported infections also continue to drop and the daily death toll has also decline and steadied at 200s for the past few days. The U.K government also forecast that the number of COVID-19 patients will halve in the next month. Following the optimism, investors is now expecting that the U.K economy is reopening and recover, thus pushing the demand for the pound sterling and its value higher. At the time of writing, GBP/USD rose 0.33% to $1.3946 at the time of writing.
In the commodities market, crude oil price soars 0.33% to $1.3948 per barrel as of writing following cold weather shut down refineries in Texas which is the largest crude oil producing state in the U.S. According to reports, the rare deep freeze prompted the state’s electric power suppliers to impose rotating blackouts, leaving nearly 3 million homes and businesses without power. On the other hand, gold price slips 0.11% to $1824.02 a troy ounce at the time of writing following dollar weakness.
Today’s Holiday Market Close
Time Market Event
All Day CNY Spring Festival
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 18:00 | EUR – German ZEW Economic Sentiment (Feb) | 61.8 | 59.6 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.40. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 90.00.
Resistance level: 90.40, 90.85
Support level: 90.00, 89.60
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3855. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3985.
Resistance level: 1.3985, 1.4085
Support level: 1.3855, 1.3775
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2150. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2150, 1.2215
Support level: 1.2065, 1.2010
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 105.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 105.65, 106.00
Support level: 105.15, 104.55
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7765. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7865.
Resistance level: 0.7865, 0.7940
Support level: 0.7765, 0.7670
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7255. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7255, 0.7305
Support level: 0.7165, 0.7110
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2610. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2690, 1.2770
Support level: 1.2610, 1.2540
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.8915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.8845.
Resistance level: 0.8915, 0.8980
Support level: 0.8845, 0.8775
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 60.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 61.20, 62.00
Support level: 60.00, 58.85
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1819.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1830.25.
Resistance level: 1830.25, 1840.65
Support level: 1819.60, 1806.45