25 February 2020 Afternoon Session Analysis
Euro rose over bullish Germany data.
Euro extended its gains from lower level since yesterday following an improvement in sentiment towards businesses in Germany. According to Ifo, Germany’s Business Climate Index for the month of February rose to 96.1, slightly higher than forecast of 95.3. However, out of all four sectors that are being measured, only manufacturing sector receives an uptick in its index while three others including services, trade and construction received significant depreciation. In addition, analysts believe that the data is rather outdated as the survey is taken before coronavirus spreads in Italy. The virus has infected more than 220 individuals and it has pushed Italy authorities to lockdown several towns which is believed to be the epicentre of the epidemic. Thus, the virus which poses a threat upon Italy’s economy may highly likely to affect Germany as well as EU zone’s economy are interdependent to each other. As of writing, pair of EUR/USD rose 0.08% to 1.0861.
In the commodities market, crude oil price rose 0.59% to $51.45 per barrel. Oil futures rebounds from its lower level after Saudi Aramco CEO Amin Nasser expects coronavirus impact on global oil demand to be short-lived. He also expects consumption to rise in the second half of the year. On the other hand, gold price slumped 0.27% to $1,655.89 a troy ounce due to technical correction after touching 7-years high on yesterday.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German GDP (QoQ) (Q4) | 0.1% | 0.1% | – |
| 23:00 | USD – CB Consumer Confidence (Feb) | 131.6 | 132.0 | – |
| 05:30
(26th) |
CrudeOIL – API Weekly Crude Oil Stock | 4.200M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 99.40. MACD which illustrate bearish bias signal suggest the dollar to extend its retracement towards the support level 98.90.
Resistance level: 99.40, 99.90
Support level: 98.90, 98.35
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.2960. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2960, 1.3080
Support level: 1.2865, 1.2750
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.0885. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.0885.
Resistance level: 1.0885, 1.0990
Support level: 1.0785, 1.0680
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 110.95. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 110.10.
Resistance level: 110.95, 112.10
Support level: 110.10, 109.20
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.6595. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.6675.
Resistance level: 0.6675, 0.6765
Support level: 0.6595, 0.6500
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6305. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.6385.
Resistance level: 0.6385, 0.6490
Support level: 0.6300, 0.6235
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3260. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3325.
Resistance level: 1.3325, 1.3380
Support level: 1.3260, 1.3170
USDCHF, H4: USDCHF was traded lower following prior retracement from its high level. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.9755.
Resistance level: 0.9835, 0.9915
Support level: 0.9755, 0.9695
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 51.20. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its rebound towards the resistance level 52.55.
Resistance level: 52.55, 54.20
Support level: 51.20, 49.55
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1646.30. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1676.90, 1717.10
Support level: 1646.30, 1613.35