26 February 2021 Afternoon Session Analysis
Aussie plunged following RBA latest action.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell amid latest surprise move from RBA. According to sources, RBA has announced that it is buying 3-year Australian government bonds worth 3 billion Australian dollars in order to tame the treasury yields that surged to the highest in 22 months. The surprise announcement weighs heavily on the Aussie which recently have been dented by rising U.S yields and dollar strength. On top of that, tension between U.S and China also favour the seller. The Chinese military have criticised the United States for undermining regional peace and stability after a U.S. Navy warship sailed through the Taiwan Strait a day earlier. At the time of writing, AUD/USD slips 0.11% to 0.7860.
In the commodities market, crude oil price retreats 0.46% to $63.16 per barrel as of writing while markets look to OPEC+ for production stance. Saudi Arabia pledged additional production cuts earlier in the year, helping to drain stockpiles and avert oversupply fears. However, there are indications that other member states will propose keeping supply steady, while Russia could push for an increase in production. Investors will focus on OPEC meeting for any changes made by the cartel to production levels. On the other hand, gold price fell 0.17% to $1774.08 a troy ounce at the time of writing amid rising dollar strength.
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.05. However, MACD which illustrated increase bullish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 90.90, 91.50
Support level: 90.05, 89.60
GBPUSD, H4: GBPUSD was traded lower while currently nearby the support level at 1.3955. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.4085, 1.4175
Support level: 1.3955, 1.3855
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2155. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2230, 1.2300
Support level: 1.2155, 1.2095
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 106.10. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 105.65.
Resistance level: 106.05, 106.40
Support level: 105.65, 105.30
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7860. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7985, 0.8105
Support level: 0.7860, 0.7770
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7365. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7440, 0.7510
Support level: 0.7365, 0.7260
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2640. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2640, 1.2720
Support level: 1.2560, 1.2480
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9040. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9085, 0.9145
Support level: 0.9040, 0.8980
CrudeOIL, H1: Crude oil price was traded within a range while currently near the support level at 62.55. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.
Resistance level: 64.40, 66.45
Support level: 62.55, 60.95
GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1764.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1816.05, 1873.40
Support level: 1764.10, 1700.00