15 February 2021 Morning Session Analysis
Pound jumped after Boris Johnson hinted to lift the lockdown measure soon.
Pound sterling which acts as one of the major currency in FX market managed to recover from its previous losses while intending to break the recent high record after UK Prime Minister Boris Johnson revealed that he is planning to start easing the nation’s lockdown measures soon. Last Saturday, Johnson mentioned that he is ‘optimistic’ toward the development of economic outlook after months of lockdown have been implemented as well as the program of vaccination was also playing its part well. With the backdrop of UK government getting near its target of vaccination, the number of hospitalization and infections fall significantly, thus lockdown measure is planned to be removed soon where school reopening would remained as their priority, which scheduled to be take into effect on 8th March. However, Boris Johnson warned that UK people should remained cautious toward the virus despite there are some sign that the current wave of virus in UK is getting closer to the end. Besides, scientist also vowed that UK should be cautious in planning their exit lockdown strategy as UK may face another huge wave of new virus if lockdown measure eased too fast. As of writing, the pair of GBP/USD surged 0.19% to 1.3870.
In the commodities market, the crude oil price appreciated by 1.01% to $60.30 per barrel after a huge oil drawn showed in last week stock data, while ongoing OPEC+ oil production cut plan continued support this black commodity product price. Besides, gold price dropped 0.09% to $1822.70 a troy ounce amid strengthening of dollar index.
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.45. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 90.00.
Resistance level: 90.45, 90.75
Support level: 90.00, 89.60
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3855. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3855, 1.3900
Support level: 1.3800, 1.3750
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2105. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2145.
Resistance level: 1.2145, 1.2180
Support level: 1.2105, 1.2065
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 105.10. However, MACD which illustrated diminishing bullish momentum signal suggest the pair to undergo technical correction in short term toward the support level at 104.65.
Resistance level: 105.10, 105.65
Support level: 104.65, 104.35
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7740. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7785.
Resistance level: 0.7785, 0.7815
Support level: 0.7740, 0.7670
NZDUSD, H4: NZDUSD 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 0.7240.
Resistance level: 0.7240, 0.7300
Support level: 0.7165, 0.7105
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2690. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2650.
Resistance level: 1.2690, 1.2740
Support level: 1.2650, 1.2610
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.8920. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.8920, 0.8985
Support level: 0.8850, 0.8805
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 60.15. MACD which illustrated bullish bias momentum suggest the commodity to extend gains after it successfully breakout above the resistance level.
Resistance level: 60.15, 61.05
Support level: 59.45, 58.65
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1825.40. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1825.40, 1839.40
Support level: 1803.00, 1765.15