05 February 2021 Afternoon Session Analysis
Aussie remain pressured following RBA events.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs stay depressed and fell despite with the Reserve Bank of Australia revise its forecast higher. The RBA monetary policy statement has carried an upward revision to the 2020 gross domestic product (GDP) forecast and the downward revision of the jobless rate forecast out to 2022. However, the central bank does not expect to reach inflation and employment target before and is unlikely to raise rates before 2024 even with improvement in the economic outlook. On data front, Australia’s Retail Sales came in at -4.1% against previous reading of -4.2%. The decline was expected following the strong Black Friday sales in November. Based on central’s bank dovish tone and unimpressive data, the pressure for the pair is expected to be maintain in near term. At the time of writing, AUD/USD slips 0.07% to 0.7588.
In the commodities market, crude oil price rose 0.35% to $56.63 per barrel as of writing following market continue to cheer on OPEC and its allies to cut output and contribute to tighter global crude supply. At the same time, the ongoing rollout of vaccine also expected to support global oil demand over the coming months. On the other hand, gold price plunged 0.16% to $1794.15 a troy ounce at the time of writing amid ongoing dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:30 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Nonfarm Payrolls (Jan) | -140K | 50K | – |
| 21:30 | USD – Unemployment Rate (Jan) | 6.7% | 6.7% | – |
| 21:30 | CAD – Employment Change (Jan) | -62.6K | -47.5K | – |
| 23:00 | CAD – Ivey PMI (Jan) | 46.7 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous 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: 92.05, 92.90
Support level: 91.20, 90.45
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3680. MACD which illustrate increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance 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 1.1940. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2010, 1.2065
Support level: 1.1940, 1.1860
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 105.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistanc3e level.
Resistance level: 105.65, 106.00
Support level: 105.15, 104.50
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7555. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7670, 0.7765
Support level: 0.7555, 0.7405
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7165. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7110.
Resistance level: 0.7165, 0.7235
Support level: 0.7110, 0.7050
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2770. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2765.
Resistance level: 1.2765, 1.2925
Support level: 1.2670, 1.2690
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9045. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9045, 0.9085
Support level: 0.8980, 0.8920
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 56.00. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 57.65, 59.00
Support level: 56.00, 53.80
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1790.05. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1810.70, 1827.10
Support level: 1790.05, 1765.00