29 January 2021 Afternoon Session Analysis
Aussie slips as risk appetite dwindles.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell amid dwindling risk appetite due to equity restriction and U.S-China tension. On data front, Australia’s PPI have improved by 0.5%, better than previous reading of 0.4%. However, the data failed to excite the buyers. Following Gamestop saga, various broking houses have stopped offering some of those equities for trading while the US House Financial Services Committee is up for hearing on short selling and online trading platforms. Equity restrictions for retail traders have affect sentiment off-late which also weigh on the risk. On top of that, tensions between U.S and China also added extra burden for the sentiment. US secretary of state says U.S will stand with Southeast Asian allies in the face of pressure from Beijing in South China Sea. At the time of writing, AUD/USD fell 0.29% to $0.7654.
In the commodities market, crude oil price remains pressured and fell 0.16% to $52.30 per barrel as of writing following concerns over delayed vaccine rollouts and new coronavirus strains. News of the South African variant reaching the United States, concerns about a flood of new cases in Israel despite its success in vaccinating its population, and vaccine distribution issues in Europe and the United States are weighing heavily on the market. On the other hand, gold price slips 0.04% to $1842.93 a troy ounce following dollar strength.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:55 | EUR – German Unemployment Change (Jan) | -37K | 6K | – |
| 17:00 | EUR – German GDP (QoQ)(Q4) | 8.5% | – | – |
| 21:30 | CAD – GDP (MoM)(Nov) | 0.4% | 0.4% | – |
| 23:00 | USD – Pending Home Sales (MoM)(Dec) | -2.6% | -0.1% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was higher following prior rebound from the support level at 90.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 90.90.
Resistance level: 90.90, 91.35
Support level: 90.50, 90.00
GBPUSD, H4: GBPUSD was traded lower following prior retracement form the resistance level at 1.3725. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3665.
Resistance level: 1.3725, 1.3795
Support level: 1.3665, 1.3610
EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.2065. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2165, 1.2215
Support level: 1.2065, 1.1985
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 104.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 104.55, 104.85
Support level: 104.15, 103.85
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the support level at 0.7670. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7670, 0.7735
Support level: 0.7615, 0.7565
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7165. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7235, 0.7305
Support level: 0.7165, 0.7110
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2865. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2865, 1.2925
Support level: 1.2780, 1.2690
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.8845. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.8920, 0.8980
Support level: 0.8845, 0.8800
CrudeOIL, H4: Crude oil price was traded within a range while currently near the support level at 51.75. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.
Resistance level: 53.75, 55.80
Support level: 51.75, 50.00
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1868.55. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1824.50.
Resistance level: 1868.55, 1911.35
Support level: 1824.50, 1779.20