27 January 2021 Afternoon Session Analysis
Aussie gains following upbeat inflation data.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have rose due to a better-than-expected inflation figure. According to Australian Bureau of Statistics, Australia’s CPI have rose 0.9% in the fourth quarter, surpassed market expectation of a 0.7% rise. At the same time, National Australia Bank’s Business Conditions data also came in higher at 14 against market forecast of 13. Following the positive data, Aussie dollar have managed to convince buyers for demand. On top of that, increasing risk sentiment in the market that is boosted by coronavirus vaccine updates and optimistic outlook from IMF could further boost the demand for the Aussie. In the U.S Biden administration said Tuesday that it would purchase 100 million doses each of the vaccines made by Pfizer Inc and Moderna Inc, increasing the overall total doses to 600 million while International Monetary Fund (IMF) revised the 2021 global economic growth forecast higher to 5.5% versus 5.2%. At the time of writing, AUD/USD rose 0.06% to 0.7739.
In the commodities market, crude oil price remains steady and edge higher 0.06% to 52.77 per barrel at the time following news of a blast in Saudi Arabia. Saudi-owned Al Arabiya TV cited local reports of an explosion and videos circulating on social media purporting to show a missile being intercepted over Riyadh. Missile attacks and drone strikes claimed by Houthi forces have targeted civilian airports and oil infrastructure in Saudi Arabia, occasionally reaching Riyadh. On the other hand, gold price slips 0.20% to $1847.10 a troy ounce as of writing following dollar strength while market waits for signals from Fed.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
03:00 USD FOMC Statement
(28th)
03:00 USD FOMC Press Conference
(28th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Core Durable Goods Orders (MoM)(Dec) | 0.4% | 0.5% | – |
| 23:30 | USD – Crude Oil Inventories | 4.351M | 0.430M | – |
| 03:00 (28th) |
USD – Fed Interest Rate Decision | 0.25% | 0.25% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was lower following prior retracement from the resistance level at 90.45. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 89.80.
Resistance level: 90.45, 90.90
Support level: 89.80, 89.15
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3715. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3715, 1.3795
Support level: 1.3685, 1.3625
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2180. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2180, 1.2215
Support level: 1.2140, 1.2075
USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 103.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 103.85.
Resistance level: 103.85, 104.05
Support level: 103.55, 103.30
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7735. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7785, 0.7815
Support level: 0.7735, 0.7670
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7235. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7235, 0.7305
Support level: 0.7165, 0.7110
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2690. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2780.
Resistance level: 1.2780, 1.2830
Support level: 1.2690, 1.2630
USDCHF, H4: USDCHF was traded lower while currently near the support level at 0.8845. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.8920, 0.8980
Support level: 0.8845, 0.8800
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 51.75. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 54.00.
Resistance level: 54.00, 55.80
Support level: 51.75, 50.00
GOLD_, H1: Gold price was traded lower while currently testing the support level at 1843.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1861.20 1875.00
Support level: 1843.30, 1827.50