03 March 2021 Afternoon Session Analysis
Aussie gains following upbeat data.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have rosefollowing recent release of Australia’s GDP data. According to Australian Bureau of Statistics, Australia’s GDP for fourth quarter have improved to 3.1%, surpassed market expectation of 2.5%. The positive data have showed that the Australia government’s economic recovery plan is working and is expected to continue its recovery, thus raising investors’ confidence towards the Aussie. Besides that, news from China suggesting a cut in the People’s Bank of China’s (PBOC) reserve requirement ratio (RRR) this month also join the recent risk-on mood to also favor the buyers. At the time of writing, AUD/USD rose 0.06% to $0.7823.
In the commodities market, crude oil price remains pressured and fell 0.11% to $59.89 per barrel at the time of writing following concerns of OPEC pumping up supply. OPEC and its allies are set to meet on Thursday to decide on production decision. OPEC+ sources recently stated that the cartel is considering to increase output of 500,000 barrels per day. Investors now await for the final decision on Thursday. On the other hand, gold price slips 0.18% to $1734.24 a troy ounce at the time of writing amid increasing risk appetite in the market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:30 GBP Annual Budget Release
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:00 | GBP – Composite PMI (Feb) | 41.2 | 49.8 | – |
| 17:00 | GBP – Services PMI (Feb) | 39.5 | 49.7 | – |
| 21:15 | USD – ADP Nonfarm Employment Change (Feb) | 174K | 177K | – |
| 23:00 | USD – ISM Non-Manufacturing PMI (Feb) | 58.7 | 58.7 | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | 1.285M | -0.928M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.90. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.10.
Resistance level: 90.90, 91.50
Support level: 90.10, 89.60
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3985. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3985, 1.4085
Support level: 1.3855, 1.3775
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2090. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2090, 1.2135
Support level: 1.2030, 1.1955
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 107.00. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical orrection.
Resistance level: 107.00, 107.55
Support level: 106.20, 105.50
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7775. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7860.
Resistance level: 0.7860, 0.7985
Support level: 0.7775, 0.7705
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7240. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7365.
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 1.2615. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2720, 1.2785
Support level: 1.2615, 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 while currently testing the support level at 59.35. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 61.60, 63.40
Support level: 59.35, 57.60
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1725.60. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1759.55, 1782.60
Support level: 1725.60, 1702.80