9 February 2021 Morning Session Analysis
Pound surged amid Covid-19 cases eased in UK.
Pound sterling which act one of the major currencies that being traded in FX market managed to recover its losses yesterday while lingering near the highest level in almost two years as market worries eased following significant drop of virus confirmed cases in UK. After months of national lockdown, the figures of positive tests in UK are falling from the peak at 60k per day to now not more than 20k in average. The confirmed cases in UK have now dropped to pre-Christmas level signifying that the lockdown measure is working, while the rollout of vaccine have also successfully brought down the number of infections. As of now, there are about 12 million people in UK have received the first dose of vaccine, aiming for a target of 15 million people vaccinated in the mid of February. Despite ongoing vaccination programme seem to be very successful and on schedule as well, but the lockdown restrictions are not expected to be eased at the moment as UK government planned to not lift the restriction at least until beginning of March. As of writing, the pair of GBP/USD up 0.01% to 1.3739.
In the commodities market, the crude oil price depreciated by 0.19% to $57.95 per barrel after hitting the highest level in 1 year amid increasing of economic revival hopes following the rollout of vaccines. Besides, gold price dropped by 0.09% to $1830.00 per troy ounce due to strengthening of dollar index during Asian early trading session.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:00 CrudeOil EIA Short-Term Energy Outlook
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 23:00 | USD – JOLTs Job Openings (Dec) | 6.527M | 6.500M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 91.10. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 90.75.
Resistance level: 91.10, 91.60
Support level: 90.75, 90.45
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level at 1.3750. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 1.3750, 1.3800
Support level: 1.3695, 1.3620
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2015. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2065.
Resistance level: 1.2065, 1.2105
Support level: 1.2015, 1.1950
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.65. MACD which illustrated bearish momentum signal suggest the pair to extend its losses toward the support level at 105.10.
Resistance level: 105.65, 106.00
Support level: 105.10, 104.65
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7670. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7740.
Resistance level: 0.7740, 0.7785
Support level: 0.7670, 0.7635
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7165. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7235.
Resistance level: 0.7235, 0.7300
Support level: 0.7165, 0.7105
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2770. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2685.
Resistance level: 1.2770, 1.2800
Support level: 1.2685, 1.2610.
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8985. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9035, 0.9075
Support level: 0.8985, 0.8920
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 57.80. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 58.65.
Resistance level: 58.65, 59.45
Support level: 57.80, 56.65
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1839.50. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1825.40.
Resistance level: 1839.50, 1862.50
Support level: 1825.40, 1803.00