23 February 2021 Afternoon Session Analysis
Pound soars as UK loosen restriction.
During late Asian session, the pound sterling which traded against the greenback and other currency pairs continue to extend its gains following announcement of COVID-19 lockdown exit strategy from Boris Johnson. According to reports, UK Prime Minister Boris Johnson stated that the coronavirus epidemic prevention and control plan is divided into 4 phases and each phase lasted for 5 weeks to ensure that the trend of the epidemic spread steadily decline. In the first phase, all schools will be reopened, and recreational activities in public places will be slowly reopen, with no more than 2 people per group. Most economic sectors will only be allowed to reopen in the second phase beginning on April 12. He stated that all social restrictions that imposed due to Covid-19 could be lifted by June 21 at the earliest. As a result, investors are more optimistic towards U.K economy in the months ahead. At the time of writing, GBP/USD rose 0.10% to 1.4073.
In the commodities market, crude oil price soars 0.87% to $62.64 per barrel as of writing following slow output return. According to reports, oil producers in Texas could take at least two weeks to restart the of crude output of more than 2 million barrels per day (bpd) that shut down as frozen pipes and power supply interruptions due to cold weather slowing their recovery, On the other hand, gold price edge higher 0.23% to $1813.54 a troy ounce at the time of writing amid ongoing dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
23:00 USD Fed Chair Powell Testifies
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – Average Earning Index + Bonus (Dec) | 3.6% | 4.1% | – |
| 15:00 | GBP – Claimant Count Change (Jan) | 7.0K | 35.0K | – |
| 18:00 | EUR – CPI (YoY)(Jan) | 0.3% | 0.2% | – |
| 23:00 | USD – CB Consumer Confidence (Feb) | 89.3 | 90.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.15. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 89.60.
Resistance level: 90.15, 90.85
Support level: 89.60, 89.10
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.4085. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.4085, 1.4175
Support level: 1.3955, 1.3855
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2165. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2165, 1.2215
Support level: 1.2110, 1.2065
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 104.95. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 105.65, 106.00
Support level: 104.95, 104.55
AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level at 0.7940. MACD which increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7880.
Resistance level: 0.7940, 0.7980
Support level: 0.7880, 0.7800
NZDUSD, Weekly: NZDUSD was traded higher while currently testing the resistance level at 0.7335. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7335, 0.7510
Support level: 0.7155, 0.6890
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2595. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2690, 1.2770
Support level: 1.2595, 1.2540
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8980. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.8925.
Resistance level: 0.8980, 0.9045
Support level: 0.8925, 0.8845
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 62.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 62.55, 64.40
Support level: 58.90, 55.85
GOLD_, H4: Gold price was traded higher while currently near the resistance level at 1818.80. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1818.80, 1844.50
Support level: 1788.40, 1764.10