10 February 2020 Afternoon Session Analysis
Antipodean soars amid China’s upbeat economic data.
Among all of the majority currencies, Aussie dollar and New Zealand dollar which also known as antipodean currencies rose significantly following the announcement of positive economic data from their main trading partner- China. According to National Bureau of Statistics of China, China Consumer Price Index (CPI) came in at 5.4%, blowing the past estimates of economist at 4.9% while providing latest sign of China economic strength and underlying inflation pressures is still remain strong. However, the recent outbreak of coronavirus outweigh the positive impact from the economic data and still riding on these antipodean currencies market. According to the latest death toll, the amount of coronavirus deaths have increased to more than 900 people and 3,062 new cases were recorded in the preceding 24 hours. As of now, there is no any vaccine to prevent or cure the coronavirus infection yet, and it is believingly that economic growth will remain subdued and even worse if this situation keep going. During Asian trading session, the pair of AUD/USD notched up 0.48% to 0.6705, while NZD/USD inched up 0.20% to 0.6415.
In the commodity market, crude oil price depreciated by 0.01% to $50.15 per barrel after OPEC and its allies failed to achieve a consensus on the plan of further production cut. In last Friday OPEC meeting, Russia rejected the proposals to slash crude oil output while emphasizing that they need more time to scrutinize the impact of coronavirus on crude oil’s outlook. Besides, gold price slumped by 0.08% to $1568.70 a troy ounce due to strengthening of dollar.
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Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 98.20. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward the resistance level at 98.65.
Resistance level: 98.65, 99.05
Support level: 98.20, 97.70
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 1.2920.
Resistance level: 1.2920, 1.2975
Support level: 1.2820, 1.2760
EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.0960.
Resistance level: 1.0960, 1.1100
Support level: 1.0895, 1.0855
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.60. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 110.20.
Resistance level: 110.20, 110.55
Support level: 109.60, 109.25
AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.6705. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6705.
Resistance level: 0.6705, 0.6720
Support level: 0.6680, 0.6665
NZDUSD, H1: NZDUSD was traded higher while currently testing the 20 moving average line (Red). MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the moving average line.
Resistance level: 0.6430, 0.6455
Support level: 0.6405, 0.6365
USDCAD, Daily: USDCAD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.3265.
Resistance level: 1.3335, 1.3395
Support level: 1.3265, 1.3210
USDCHF, H4: USDCHF was higher while currently testing the resistance level at 0.9780. MACD which illustrated diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 0.9750.
Resistance level: 0.9780, 0.9810
Support level: 0.9750, 0.9720
CrudeOIL, H1: Crude oil price was traded higher while currently testing the 20 moving average line (Red). MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the 20 moving average line (Red).
Resistance level: 50.65, 51.20
Support level: 49.65, 48.80
GOLD_, H1: Gold price was traded lower while currently testing the 20 moving average line (Red). MACD which illustrated bearish bias momentum with the formation of death cross suggest the commodity to extend its losses after it successfully breakout below the 20 moving average line (Red).
Resistance level: 1571.35, 1578.25
Support level: 1564.15, 1558.00