24 February 2021 Afternoon Session Analysis
Kiwi soars following RBNZ interest rate decision.
During late Asian session, the New Zealand Kiwi which traded against the dollar and other currency pairs have experience fresh bid after recent rate decision from Reserve Bank of New Zealand’s (RBNZ) on early today. The central bank has maintained its interest rate unchanged at 0.25% and holding the large-scale asset purchase program at NZD 100 million. Besides that, RBNZ also stated that the New Zealand economy is strong enough that further stimulus was not necessary for now. However, RBNZ is committed to provide more stimulus if required. Following positive comments from RBNZ, the demand for New Zealand Kiwi soared. On the other hand, recent upbeat news from AstraZeneca coupled with further easing of lockdown from various countries also favour market risk appetite which provide more boost for the pair. At the time of writing, NZD/USD rose 0.16% to $1.3577.
In the commodities market, crude oil price slips 0.07% to $61.12 per barrel as of writing amid downbeat projections towards the U.S economic outlook. Oil price retreat from their high after Powell told a Senate banking committee that the outlook for the U.S. economy remained “highly uncertain,” with recovery appearing uneven and far from complete despite progress from Covid-19 vaccinations. At the same time, prospect of supply recovers faster than refineries also weighs heavily on the commodity as API recent showed an unexpected increase in inventories. On the other hand, gold price slides 0.09% to $1808.21 a troy ounce at the time of writing following dollar rebound.
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 | EUR – German GDP (QoQ)(Q4) | 8.5% | 0.1% | – |
| 23:00 | USD – New Home Sales (Jan) | 842K | 855K | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -7.258M | -5.190M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.00. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 90.90, 91.50
Support level: 90.00, 89.60
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.4175. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.4175, 1.4240
Support level: 1.4085, 1.3955
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2165. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2110.
Resistance level: 1.2165, 1.2215
Support level: 1.2110, 1.2020
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 104.95. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 105.65.
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 diminishing bullish 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, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7385. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout its resistance level.
Resistance level: 0.7385, 0.7510
Support level: 0.7260, 0.7155
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2620. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2620, 1.2690
Support level: 1.2540, 1.2470
USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9045. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9145.
Resistance level: 0.9145, 0.9280
Support level: 0.9045, 0.8980
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 62.55. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 58.90.
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