02 March 2021 Afternoon Session Analysis
Aussie held steady following RBA decision.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs was traded steady after recent rate decision from Reserve Bank of Australia (RBA). The RBA have maintained its interest rate unchanged at a record low of 0.10% as widely expected. On its statement, RBA mention that the central bank will not increase the rate until actual inflation is within the 2-3% target range. On top of that, RBA also stated that it is committed to maintain high supportive monetary conditions until its goals are achieved and prepare to make further adjustments to its purchases according to market conditions. RBA’s readiness to pump the bond market and rejection to rate hike have seem to favoured the buyers, thus supporting the price. At the time of writing, AUD/USD edge higher 0.03% to 0.7757.
In the commodities market, crude oil price plunged 0.47% to $59.86 per barrel as of writing following potential supply concerns. Investors continue to unwound long positions on concern that OPEC may agree to increase global supply in a meeting this week. At the same time, declining demand from China also weigh on the commodity. China’s factory activity growth slipped to a nine-month low in February, which may reflect Chinese crude demand and pressure oil prices. On the other hand, gold price fell 0.69% to $1713.17 a troy ounce at the time of writing following rising dollar strength.
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 Unemployment Change (Feb) | -41K | -13K | – |
| 21:30 | CAD – GDP (MoM)(Dec) | 0.7% | 0.3% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 90.90. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 91.95, 92.05
Support level: 90.90, 89.60
GBPUSD, H4: GBPUSD was traded lower while currently near the support level at 1.3855. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3945, 1.4085
Support level: 1.3855, 1.3775
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2020. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2085, 1.2135
Support level: 1.2020, 1.1955
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 107.00. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 107.00, 107.55
Support level: 106.20, 105.50
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7775. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7775, 0.7860
Support level: 0.7705, 0.7595
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7240. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7365, 0.7440
Support level: 0.7240, 0.7170
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2640. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2720, 1.2785
Support level: 1.2640, 1.2560
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9180. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9180, 0.9280
Support level: 0.9040, 0.8925
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 60.95. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 59.05.
Resistance level: 60.95, 62.55
Support level: 59.05, 57.60
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1725.40. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1677.65.
Resistance level: 1725.40, 1764.10
Support level: 1677.65, 1631.85