25 January 2021 Afternoon Session Analysis
Dollar firmed following worsening pandemic.
During late Asian session, the U.S dollar which traded against a basket of six major currency pairs have rose as fresh worries towards the coronavirus have spurred demand for safe-haven such as the greenback. In the U.S, the country has now surpassed 25 million confirmed cases. However, due to many people get infected but never tested, the true number of cases could potential far higher. With the current situation, investors hope that at least a part of his $1.9 trillion coronavirus relief plan will come through soon, but Biden still need bipartisan support to push his agenda. Coronavirus cases in the other countries also show no signs of slowing and continue weigh on market sentiment. At the time of writing, dollar index rose 0.02% to 90.09.
In the commodities market, crude oil price remains pressured and fell 0.16% to $52.17 per barrel at the time of writing amid demand concerns due to COVID-19. China, one of the world’s largest consumer have reported a climb in new COVID-19 cases driven by a spike in infections among previously symptomless patients. The continuous spread of virus in China increases risk for oil demand, thus dragging the sentiment for the commodity lower. On the other hand, gold price rose 0.03% to $1854.78 a troy ounce at the time of writing following coronavirus risk propelled demand for safe-haven commodity such as gold.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:45 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:00 | EUR – German ifo Business Climate Index (Jan) | 92.1 | 91.8 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded flat near the MA lines. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the dollar to be traded higher in short term towards the resistance level 90.55.
Resistance level: 90.55, 91.40
Support level: 89.65, 88.90
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3700. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.3700, 1.3855
Support level: 1.3490, 1.3300
EURUSD, H4: EURUSD was traded flat near the support level 1.2145. MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.2295, 1.2395
Support level: 1.2145, 1.2010
USDJPY, H4: USDJPY was traded higher following recent breakout above the previous resistance level 103.70. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 104.50.
Resistance level: 104.50, 105.15
Support level: 103.70, 102.90
AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent rebound from its low level. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher in short term towards the resistance level 0.7785.
Resistance level: 0.7785, 0.7885
Support level: 0.7655, 0.7555
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.7175. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7280.
Resistance level: 0.7280, 0.7380
Support level: 0.7175, 0.7095
USDCAD, H4: USDCAD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement in short term towards the support level 1.2665.
Resistance level: 1.2830, 1.2955
Support level: 1.2665, 1.2540
USDCHF, H4: USDCHF was traded flat near the support level 0.8840. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.8920.
Resistance level: 0.8920, 0.8985
Support level: 0.8840, 0.8775
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 52.70. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses towards the support level 50.85.
Resistance level: 52.70, 54.60
Support level: 50.85, 48.65
GOLD_, H4: Gold price was traded flat while currently testing the resistance level 1859.65. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower towards the support level 1815.15.
Resistance level: 1859.65, 1895.30
Support level: 1815.15, 1769.75