01 March 2021 Afternoon Session Analysis
Aussie rebounds amid RBA bond buying.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have rebound from its recent low following RBA aggressive intervention in the bond markets. According to reports, RBA has double the size of its daily quantitative easing program and announced that it will would increase bond purchase from $2 billion to $4 billion ranging from November 2024 to May 2028 in order to halt rising bond yields. On the other hand, positive data also help pushing the price higher. According to property consultant CoreLogic, Australian homes prices rose to the highest levels since August 2003 in February. At the time of writing, AUD/USD jumps 0.73% to 0.7759.
In the commodities market, crude oil price rose 1.56% to $62.52 per barrel as of writing following progress on U.S stimulus. U.S. House of Representatives passed a $1.9 trillion coronavirus relief package early Saturday and now heading for U.S senate for voting. Following the potential prospect of stimulus that could boost economy and demand for crude oil, the black commodity receive bid. On the other hand, gold price rebounds 0.90% to $1749.89 a troy ounce at the time of writing amid dollar retreat.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:55 | EUR – German Manufacturing PMI (Feb) | 60.6 | 60.6 | – |
| 17:30 | GBP – Manufacturing PMI (Feb) | 54.9 | 54.9 | – |
| 23:00 | USD – ISM Manufacturing PMI (Feb) | 58.7 | 58.8 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 90.90. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement in short term towards the support level 90.00.
Resistance level: 90.90, 91.55
Support level: 90.00, 89.20
GBPUSD, H4: GBPUSD was traded higher following prior rebound from its recent low. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.4060.
Resistance level: 1.4060, 1.4230
Support level: 1.3850, 1.3685
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.2055. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 1.2055.
Resistance level: 1.2180, 1.2270
Support level: 1.2055, 1.1940
USDJPY, H4: USDJPY was traded higher following recent breakout above the previous resistance level 106.30. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short-term technical correction back towards the level.
Resistance level: 106.95, 107.70
Support level: 106.30, 105.70
AUDUSD, H4: AUDUSD was traded higher following rebound from the support level 0.7720. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7805.
Resistance level: 0.7805, 0.7885
Support level: 0.7720, 0.7655
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7280. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7280, 0.7380
Support level: 0.7175, 0.7095
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2745. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2610.
Resistance level: 1.2745, 1.2865
Support level: 1.2610, 1.2475
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9090. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9090, 0.9155
Support level: 0.9000, 0.8925
CrudeOIL, H4: Crude oil price was traded higher following rebound from the support level 61.70. MACD which illustrate diminishing bearish bias signal suggest the commodity to extend its rebound towards the resistance level 63.70.
Resistance level: 63.70, 66.25
Support level: 61.70, 59.80
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1724.50. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1769.75.
Resistance level: 1769.75, 1815.15
Support level: 1724.50, 1695.10