3 February 2020 Afternoon Session Analysis
Aussie slips on poor Caixin PMI.
The Aussie dollar which traded against its peers continue to extend its decline after Caixin Manufacturing PMI data showed poor results. According to Market Economics, the Caixin Manufacturing PMI, which surveys small and medium-sized export-oriented units fell to 51.1, missing market expectation of 51.3. At the same time time, China’s National Bureau of Statistics (NBS) Manufacturing PMI also fell to 50.00 from 50.2. The downbeat that have indicated the economy is remain weak and could possibly extending its slowdown in a period time of time. As China is the largest trading partner to Australia, the Aussie dollar is also influenced by the data. At the same time, the currency also facing pressure from the coronavirus fear as the total of infected and death toll in China continue to increase. At the time of writing, AUD/USD fell 0.07% to 0.6686 while dollar index climbs 0.09% to 97.27.
In the commodities market, crude oil price remain pressured and fell 0.52% to 51.30 as of writing which continue to be dragged down by fears of China coronavirus breakout. On the other hand, gold price plummets 0.42% to $1583.19 at the time of writing amid the recovery of dollar.
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 (Jan) | 43.7 | 45.2 | – |
| 17:30 | GBP – Manufacturing PMI (Jan) | 49.8 | 49.8 | – |
| 23:00 | USD – ISM Manufacturing PMI (Jan) | 47.2 | 48.5 | – |
Technical Analysis
DOLLAR_INDX, H4：Dollar index was traded lower following prior breakout below the previous support level 97.35. NACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the support level 96.95.
Resistance level: 97.35, 97.80
Support level: 96.95, 96.45
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3225. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3095.
Resistance level: 1.3225, 1.3320
Support level: 1.3095, 1.2965
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1085. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.0990.
Resistance level: 1.1085, 1.1165
Support level: 1.0990, 1.0925
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 108.45. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 108.90.
Resistance level: 108.90, 109.25
Support level: 108.45, 107.90
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6675. However, MACD which illustrate bullish bias signal suggest the pair to experience a technical correction towards the resistance level 0.6730.
Resistance level: 0.6730, 0.6775
Support level: 0.6675, 0.6600
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6435. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction towards the resistance level 0.6500.
Resistance level: 0.6500, 0.6560
Support level: 0.6435, 0.6380
USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3260. However, due to lack of clear direction and momentum from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 1.3260, 1.3320
Support level: 1.3185, 1.3125
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9625. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.9695.
Resistance level: 0.9695, 0.9755
Support level: 0.9625, 0.9550
CrudeOIL, H4: Crude oil price was traded lower while currently near the support level 50.50. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 52.60, 54.65
Support level: 50.50, 48.30
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1588.00. MACD which illustrate bearish bias signal suggest the commodity to extend its retracement towards the support level 1561.90.
Resistance level: 1588.00, 1613.35
Support level: 1561.90, 1542.15