04 February 2021 Afternoon Session Analysis
Aussie gains following positive trade data.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have rose as the pair have benefitted from the recent upbeat Australia’s trade data. According to Australian Bureau of Statistics, the trade surplus has widened to A$6.785 million in December from November’s A$5.022 million, with exports registering a month-on-month growth of 3% versus 3% in November and imports falling by 2% against November’s 10% rise. On top of that, news of Australian Prime Minister Scott Morrison to buy more additional vaccine also provide boost for the Aussie. With vaccinations likely to kick-off end of this month, Australian Prime Minister Scott Morrison stated that his government would buy another 10 million doses of Pfizer’s vaccine. With the risk-on market mood and upbeat Australian trade data, the value of Aussie receives a boost in demand and pushing its price higher. At the time of writing, AUD/USD rose 0.33% to 0.7639.
In the commodities market, crude oil price remains strong and soars 0.45% to $56.14 per barrel as of writing following OPEC+ alliance of major producers stuck to a reduced output policy at a meeting on Wednesday. OPEC and its allies, known as OPEC+, have extended its current oil output policy at a meeting on Wednesday, a sign that producers are happy that their deep supply cuts are draining inventories. On the other hand, gold price slips 0.63% to $1822.56 a troy ounce at the time of writing amid increasing risk on mood and 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 |
| 17:30 | GBP – Construction PMI (Jan) | 54.6 | 52.9 | – |
| 20:00 | GBP – BoE Interest Rate Decision (Feb) | 0.10% | 0.10% | – |
| 21:30 | USD – Initial Jobless Claim | 847K | 830K | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was higher while currently testing the resistance level at 91.20. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 91.20, 92.05
Support level: 90.45, 89.60
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3605. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3680, 1.3740
Support level: 1.3605, 1.3545
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2010. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2065, 1.2115
Support level: 1.2010, 1.1965
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 105.15. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 105.15, 105.65
Support level: 104.50, 104.05
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7600. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7670.
Resistance level: 0.7670, 0.7765
Support level: 0.7600, 0.7505
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7235. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7165.
Resistance level: 0.7235, 0.7305
Support level: 0.7165, 0.7110
USDCAD, H4: USDCAD was traded within a range while currently near the support level at 1.2770. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2865, 1.2925
Support level: 1.2770, 1.2690
USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.8980. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9040.
Resistance level: 0.9040, 0.9085
Support level: 0.8920, 0.8920
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 56.00. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 56.00, 57.65
Support level: 53.80, 51.85
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1832.15. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1810.70.
Resistance level: 1832.15, 1871.95
Support level: 1810.70, 1777.50