04 March 2021 Afternoon Session Analysis
Aussie steady following mixed data.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have regain some traction despite recent data showing mixed numbers. Australia Retail Sales have eased to 0.5%, missing market expectation of 0.6%. However, investors were paying little attention to the soft Retail Sales figure due to strong trade data. According to Australian Bureau of Statistics, trade balance in Australia improved significantly to 10,142M, surpassed market expectation of 6500M. Besides that, the pair also continue to be supported by market risk appetite as the world are recovering from coronavirus pandemic. At the time of writing, AUD/USD edge higher 0.19% to 0.7788.
In the commodities market, crude oil price jumps 0.72% to $61.41 as of writing following ongoing prospect of maintain supply cut. The market had been expecting OPEC+ to ease production cuts by around 500,000 barrels per day (bpd) from April. However, there are sources stated that OPEC+, are considering rolling over production cuts into April instead of raising output, as a recovery in oil demand remains fragile due to the coronavirus crisis. On the other hand, gold price fell 0.03% to $1711.18 a troy ounce at the of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
01:05 USD Fed Chair Powell Speaks
(5th March)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Construction PMI (Feb) | 49.2 | 51.0 | – |
| 21:30 | USD – Initial Jobless Claims | 730K | 750K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.95. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 90.95, 91.50
Support level: 90.10, 89.60
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3985. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3855.
Resistance level: 1.3985, 1.4085
Support level: 1.3855, 1.3775
EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.2030. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2090, 1.2135
Support level: 1.2030, 1.1955
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.00. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 107.00, 107.55
Support level: 106.20, 105.50
AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.7780. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7780, 0.7830
Support level: 0.7725, 0.7695
NZDUSD, H4: NZDUSD was traded within a range while currently testing the support level at 0.7240. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7365, 0.7440
Support level: 0.7240, 0.7170
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2615. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2720.
Resistance level: 1.2720, 1.2785
Support level: 1.2615, 1.2560
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9200. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9200, 0.9280
Support level: 0.9040, 0.8925
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 60.75. However, MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 62.00, 63.60
Support level: 60.75, 59.35
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1711.05. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1737.55, 1759.55
Support level: 1711.05, 1685.85