18 February 2021 Morning Session Analysis
Japanese Yen plunged amid Covid-19 worries eased.
During Asian early trading session, Japanese Yen which acts as one of the major currencies that being traded in FX market dive after The World Health Organization (WHO) reported a significant drop in new coronavirus cases last week. Yesterday, WHO revealed that the global figure of new coronavirus cases decreased by 500,000 last week to 2.7 million, a 16 percent drop over the previous week. Back to the first week of January, the global coronavirus additional cases had peaked near 5 million in total. However, nearly all regions of the world have seen a downward trend in new cases since the rollout of vaccination program, while the lockdown measure in countries such as UK and Germany have been proven effective to curb the continue spreading virus. On front of the fatalities due to Covid-19, the figure of new deaths was still high at 81K, but the number has decreased significantly and below 10 percent while comparing to the previous week. With the backdrop of large drop in new virus cases, the global economic outlook turns brighter while igniting the investor’s confidence that the economy will recover back to pre-pandemic level soon. Thus, safe-haven currency such as Japanese Yen threw off tremendously by the investor and seek for riskier asset. As of writing, the pair of USD/JPY ticked up 0.02% to 105.90.
In the commodities market, crude oil price depreciated by 0.10% to $61.60 per barrel after hitting 13 months high level amid continuous drawn in US oil inventories. According to the API data, US API Weekly Crude Oil Stock data came in at -5.800M while the economist forecast was -2.175M. On the other hand, gold price plunged 0.02% to $1776.50 per troy ounce amid easing of market worries toward the spread of virus.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:30 EUR ECB Publishes Account of Monetary Policy Meeting
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Building Permits (Jan) | 1.704M | 1.679M | – |
| 21:30 | USD – Initial Jobless Claims | 793K | 765K | – |
| 21:30 | USD – Philadelphia Fed Manufacturing Index (Feb) | 26.5 | 20.0 | – |
| 00:00
(19th) |
CrudeOIL – CrudeOIL Inventories | -6.644M | -2.175M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 90.75. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 91.10.
Resistance level: 91.10, 91.60
Support level: 90.75, 90.45
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3845. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3900, 1.3960
Support level: 1.3845, 1.3800
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 1.2065.
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 106.00. MACD which illustrated diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 105.65.
Resistance level: 106.00, 106.30
Support level: 105.65, 105.30
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7720. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7785.
Resistance level: 0.7785, 0.7825
Support level: 0.7720, 0.7670
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7165. 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 retracement from the resistance level at 1.2740. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2690.
Resistance level: 1.2740, 1.2770
Support level: 1.2690, 1.2660
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.8985. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.8985, 0.9035
Support level: 0.8920, 0.8850
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 61.10. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 61.95.
Resistance level: 61.95, 62.50
Support level: 61.10, 60.60
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1770.70. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1786.10.
Resistance level: 1786.10, 1809.90
Support level: 1770.70, 1757.70