19 February 2021 Afternoon Session Analysis
Aussie slips following downbeat data.
During late Asian session, the Australian dollar which traded against the dollar and other currency pairs have erased some early gains and fell after the recent release of Retail Sales data. According to the Australian Bureau of Statistics, consumer spending in Australia as represented by Retail Sales for January have grown only 0.6%, weaker than market expectation of 2.0%. At the same time, dwindling market risk appetite also weigh on the pair following reports of virus variant resistant to jabs and investors are starting to get tired waiting for the U.S stimulus. At the time of writing, AUD/USD fell 0.02% to 0.7763.
In the commodities market, crude oil price fell 2.19% to 58.96 per barrel as of writing following concerns on crude oil demand. While the extreme cold weather has shut one-third of U.S crude production, market attention has turned to impact on refiners where refineries that shut down by the extreme cold weather may take a longer to revive their operations and dent crude oil demand. On the other hand, gold price extends losses and plunged 0.36% to $1769.10 a troy ounce at the time of writing following dollar rebound.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative USD Fed Monetary Policy Report
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – Retail Sales (MoM)(Jan) | 0.3% | -2.5% | – |
| 16:30 | EUR – German Manufacturing PMI (Feb) | 57.1 | 56.5 | – |
| 17:30 | GBP – Composite PMI | 41.2 | – | – |
| 17:30 | GBP – Manufacturing PMI | 54.1 | – | – |
| 17:30 | GBP – Services PMI | 39.5 | – | – |
| 21:30 | CAD – Core Retail Sales (MoM)(Dec) | 2.1% | -2.0% | – |
| 23:00 | USD – Existing Home Sales (MoM)(Jan) | 0.7% | -1.5% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 90.85. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.40.
Resistance level: 90.85, 91.55
Support level: 90.40, 90.00
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3985. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3985, 1.4085
Support level: 1.3855, 1.3775
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2065. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2150.
Resistance level: 1.2150, 1.2215
Support level: 1.2065, 1.2020
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 105.55. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 106.00, 106.50
Support level: 105.55, 105.05
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7720. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7800.
Resistance level: 0.7800, 0.7865
Support level: 0.7720, 0.7670
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 0.7255.
Resistance level: 0.7255, 0.7305
Support level: 0.7165, 0.7110
USDCAD, H4: USDCAD was traded within a range while currently testing the support level at 1.2690. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower after it successfully breakout below the support level.
Resistance level: 1.2770, 1.2840
Support level: 1.2690, 1.2610
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.8980. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.8980, 0.9045
Support level: 0.8925, 0.8845
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 60.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 58.65.
Resistance level: 60.25, 61.65
Support level: 58.65, 57.65
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1764.10. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1795.35, 1825.25
Support level: 1764.10, 1731.65