17 February 2021 Afternoon Session Analysis
Aussie slips following comments from RBA Kent
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell amid comments from RBA Assistant Governor Christopher Kent limit the upside potential. According to his statement, Kent highlights the Australian dollar strength and hints at further measures to tame it for the betterment of the export-driven economy. In doing so, the policymaker also praised the latest extension of the Quantitative Easing (QE). Besides that, tension between U.S and China also continue to weigh on the China-sensitive currency. According to latest development, China is considering to curb exports of rare earth minerals that are crucial to US defence contractors such as Lockheed Martin for the manufacture of sophisticated weaponry and F-35 fighter jets. At the time of writing, AUD/USD slips 0.05% to 0.7753.
In the commodities market, crude oil price remains steady and edge higher 0.09% to $60.02 per barrel as of writing amid deepening energy crisis in the U.S which affect the balance of supply and demand. The market continues to assess the impact of cold weather in the U.S where the extreme temperatures have curtailed more than 2 million barrels a day of U.S. oil. On the other hand, gold price plunged 0.15% to $1792.12 at the time of writing following the strength of greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:00 EUR ECB Monetary Policy Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – CPI (YoY) (Jan) | 0.6% | 0.5% | – |
| 21:30 | USD – Core Retail Sales (MoM) (Jan) | -1.4% | 1.0% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 90.45. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 90.75.
Resistance level: 90.75, 91.10
Support level: 90.45, 90.00
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3900. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3855.
Resistance level: 1.3900, 1.3960
Support level: 1.3855, 1.3750
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.2105. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2065.
Resistance level: 1.2105, 1.2145
Support level: 1.2065, 1.2015
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 106.00. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 106.30.
Resistance level: 106.30, 106.60
Support level: 106.00, 105.65
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7740. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7740.
Resistance level: 0.7785, 0.7815
Support level: 0.7740, 0.7670
NZDUSD, H4: NZDUSD was traded lower following prior breakout above the previous support level at 0.7240. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7165.
Resistance level: 0.7240, 0.7300
Support level: 0.7165, 0.7105
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2690. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.2740.
Resistance level: 1.2740, 1.2770
Support level: 1.2690, 1.2650
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.8920. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.8985.
Resistance level: 0.8985, 0.9040
Support level: 0.8920, 0.8850
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 60.15. However, MACD which illustrated bearish bias momentum suggest the commodity to undergo technical correction in short term.
Resistance level: 60.15, 61.05
Support level: 59.45, 58.65
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1786.10. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1810.70, 1826.95
Support level: 1786.10, 1770.80