01 February 2021 Afternoon Session Analysis
Euro slumped over the Covid-19 vaccine shortage.
Euro slumped on last week amid the supply-shortage of the Covid-19 vaccine, had spurred negative prospect over the hopes of economic recovery in European region. According to the Guardian, overnight on Friday the European Union had announced that they would tighten the export rules of vaccine shots produced in the 27 EU countries. Such decision was made a week after pharmaceutical giant AstraZeneca revealed it would cut deliveries of its vaccine to Europe by 60% in the first quarter due to production problems at a factory in Belgium. On the economic data front, the Euro received further bearish momentum over the backdrop of negative GDP data from German Region. According to Statistisches Bundesamt Deutschland, the Germany Gross Domestic Product (GDP) for last quarter had slumped significantly from the previous reading of 8.5% to 0.1%, which dialled down the market optimism toward the economic progression in Euro region. As of writing, EUR/USD depreciated by 0.08% to 1.2125.
In the commodities market, the crude oil price slumped 0.10% to $52.20 per barrel as of writing. The oil market was traded lower last week amid the spiking numbers of the Covid-19 cases from China and South Korea region had diminished the market demand on this black commodity. On the other hand, the gold price appreciated by 0.75% to $1861.00 per troy ounces as of writing amid the war between retail investors and hedge fund had casted a doubt over the US stock market efficiency and stoked a shift in sentiment toward the safe-haven commodity. Last week, the retail investors decided to buy a heavily shorted GameStop in order to punish the Wall Street hedge fund manager.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:55 | EUR – German Manucturing PMI (Jan) | 58.3 | 57.0 | – |
| 17:30 | GBP – Manufacturing PMI (Jan) | 52.9 | 52.9 | – |
| 23:00 | USD – ISM Manufacturing PMI (Jan) | 60.5 | 60.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was lower while currently testing the support level at 90.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 90.90, 91.35
Support level: 90.40, 90.00
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3740. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3740, 1.3795
Support level: 1.3610, 1.3665
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2165. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2065.
Resistance level: 1.2165, 1.2215
Support level: 1.2065, 1.1985
USDJPY, H4: USDJPY was traded within a range while currently near the resistance level at 104.85. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 104.85, 105.10
Support level: 104.55, 104.15
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7615. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7670, 0.7735
Support level: 0.7615, 0.7565
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 0.7235.
Resistance level: 0.7235, 0.7305
Support level: 0.7165, 0.7110
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2770. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2865, 1.2925
Support level: 1.2770, 1.2690
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.8920. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.8920, 0.8980
Support level: 0.8845, 0.8800
CrudeOIL, H4: Crude oil price was traded within a range while currently near the support level at 51.75. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 53.75, 55.80
Support level: 51.75, 50.00
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1868.55. MACD which increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1868.55, 1911.35
Support level: 1824.50, 1779.20