10 February 2021 Afternoon Session Analysis
Aussie slips following weak China CPI.
During late Asian session, the Australian dollar which traded against the greenback and other currency have fell amid disappointing reading from China’s CPI data. According to the National Bureau of Statistics of China, the nation’s CPI have fell to -0.3%, weaker than market expectation of 0%. On top of that, PPI also missing market expectation with the reading of 0.3% against 0.4% forecast. Following the data, the Aussie experience some selling pressure and retreat from its high while market awaits for more signal. At the time of writing, AUD/USD slips 0.07% to $0.7730.
In the commodities market, crude oil price fell 0.55% to $58.13 per barrel as of writing following cautious optimism over signs of supply tightness. Market cautiousness start creeping into the market with signs of supply tightness indicated by widening premium on nearest Brent contract. At the same time, concerns also increase after Total SE blamed on the oil industry’s continued under-investment in 2020 while also warning that “cracks in the U.S. shale model” are emerging. On the other hand, gold price rose 0.11% to $1842.07 a troy ounce at the time of writing following dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:00 EUR ECB President Lagarde Speaks
01:00 GBP BoE Gov Bailey Speaks
(11th)
01:30 USD US Federal Budget
(11th)
03:00 USD Fed Chair Powell Speaks
(11th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Core CPI (MoM)(Jan) | 0.1% | 0.2% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -0.994M | 0.985M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the support level at 90.40. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 90.40, 90.85
Support level: 90.00, 89.60
GBPUSD, H1: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3795. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3845, 1.3905
Support level: 1.3795, 1.3740
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2065. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2150, 1.2215
Support level: 1.2065, 1.2010
USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 104.50. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout the support level.
Resistance level: 105.15, 105.65
Support level: 104.50, 104.05
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7670. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7765, 0.7815
Support level: 0.7670, 0.7590
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7255. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7255, 0.7305
Support level: 0.7165, 0.7110
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2690. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2770, 1.2840
Support level: 1.2690, 1.2615
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8910. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.8980, 0.9045
Support level: 0.8910, 0.8845
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 58.50. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 57.50.
Resistance level: 58.50, 59.25
Support level: 57.50, 56.70
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1832.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1849.95.
Resistance level: 1849.95, 1871.95
Support level: 1832.05, 1811.05