Daily Analysis

01 March 2021                   Afternoon Session Analysis

Aussie rebounds amid RBA bond buying.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have rebound from its recent low following RBA aggressive intervention in the bond markets. According to reports, RBA has double the size of its daily quantitative easing program and announced that it will would increase bond purchase from $2 billion to $4 billion ranging from November 2024 to May 2028 in order to halt rising bond yields. On the other hand, positive data also help pushing the price higher. According to property consultant CoreLogic, Australian homes prices rose to the highest levels since August 2003 in February. At the time of writing, AUD/USD jumps 0.73% to 0.7759.

In the commodities market, crude oil price rose 1.56% to $62.52 per barrel as of writing following progress on U.S stimulus. U.S. House of Representatives passed a $1.9 trillion coronavirus relief package early Saturday and now heading for U.S senate for voting. Following the potential prospect of stimulus that could boost economy and demand for crude oil, the black commodity receive bid. On the other hand, gold price rebounds 0.90% to $1749.89 a troy ounce at the time of writing amid dollar retreat.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 90.90. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement in short term towards the support level 90.00.

Resistance level: 90.90, 91.55

Support level: 90.00, 89.20

GBPUSD, H4: GBPUSD was traded higher following prior rebound from its recent low. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.4060.

Resistance level: 1.4060, 1.4230

Support level: 1.3850, 1.3685

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.2055. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 1.2055.

Resistance level: 1.2180, 1.2270

Support level: 1.2055, 1.1940

USDJPY, H4: USDJPY was traded higher following recent breakout above the previous resistance level 106.30. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short-term technical correction back towards the level.

Resistance level: 106.95, 107.70

Support level: 106.30, 105.70

AUDUSD, H4: AUDUSD was traded higher following rebound from the support level 0.7720. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7805.

Resistance level: 0.7805, 0.7885

Support level: 0.7720, 0.7655

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7280. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7280, 0.7380

Support level: 0.7175, 0.7095

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2745. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2610.

Resistance level: 1.2745, 1.2865

Support level: 1.2610, 1.2475

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9090. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.9090, 0.9155

Support level: 0.9000, 0.8925

CrudeOIL, H4: Crude oil price was traded higher following rebound from the support level 61.70. MACD which illustrate diminishing bearish bias signal suggest the commodity to extend its rebound towards the resistance level 63.70.

Resistance level: 63.70, 66.25

Support level: 61.70, 59.80

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1724.50. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1769.75.

Resistance level: 1769.75, 1815.15

Support level: 1724.50, 1695.10

1 March 2021          Morning Session Analysis

Dollar retreats as US House passed the $1.9 trillion stimulus package.

The dollar index which gauges its value against a basket of six major currencies failed to extend its gains after hitting the 10 days high-level amid the Democrats managed to pass the $1.9 trillion Coronavirus stimulus relief package in the first chamber of the US House of Congress. Last weekend, The House approved the bill in the voting of 219 – 212, where all the Democrats voted a ‘yes’ in lines with the party while the Republicans all rejected the bill. Despite the Democratic Party have slim majority in the Congress, the massive bill was still successfully passed to the next chamber – Senate as the Biden administration is in rush to approve the package before the expiry of the previous unemployment insurance program. In the Senate, market participants are expecting that the bill whatsoever will be passed eventually and signed by President Biden as the Democrats have the legislation power of budget reconciliation, where they can pass the bill without considering the idea of legislative amendment from the Republican. Nonetheless, investors are still eyeing on the upcoming senate vote in order to scrutinize the further direction of US dollar. During Asian early trading session, Dollar index drops 0.05% to 90.80.

In the commodities market, the crude oil price appreciated by 1.15% to $62.25 per barrel while market still awaiting the OPEC+ meeting which scheduled to be held on later this week. According to the latest news, market economists expect the OPEC+ coalition, where the alliance’s members will agree to increase production in the meeting, reversing some of the output cuts made last year. Besides, the gold price rose by 0.14% to $1736.85 a troy ounce amid weakening of US dollar.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 90.75. MACD which illustrated bullish momentum suggest the index to extend its gains toward the resistance level at 91.10.

Resistance level: 91.10, 91.60

Support level: 90.75, 90.45

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3945. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3945.

Resistance level: 1.3945, 1.4010

Support level: 1.3845, 1.3755

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2065. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2105, 1.2165

Support level: 1.2065, 1.2015

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 106.45. MACD which illustrated diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 106.75, 107.10

Support level: 106.45, 106.10

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7735. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after its candle closed above the resistance level at 0.7735.

Resistance level: 0.7735, 0.7775

Support level: 0.7700, 0.7670

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7225. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7290.

Resistance level: 0.7290, 0.7335

Support level: 0.7225, 0.7165

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2685. However, MACD which illustrate bullish bias momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 1.2770, 1.2865

Support level: 1.2685, 1.2610

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9090. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction.

Resistance level: 0.9090, 0.9125

Support level: 0.9040, 0.8985

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 62.45. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 62.45, 63.55

Support level: 61.70, 60.65

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1738.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1738.10, 1765.15

Support level: 1716.70, 1698.30

26 February 2021                               Afternoon Session Analysis

Aussie plunged following RBA latest action.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell amid latest surprise move from RBA. According to sources, RBA has announced that it is buying 3-year Australian government bonds worth 3 billion Australian dollars in order to tame the treasury yields that surged to the highest in 22 months. The surprise announcement weighs heavily on the Aussie which recently have been dented by rising U.S yields and dollar strength. On top of that, tension between U.S and China also favour the seller. The Chinese military have criticised the United States for undermining regional peace and stability after a U.S. Navy warship sailed through the Taiwan Strait a day earlier. At the time of writing, AUD/USD slips 0.11% to 0.7860.

In the commodities market, crude oil price retreats 0.46% to $63.16 per barrel as of writing while markets look to OPEC+ for production stance. Saudi Arabia pledged additional production cuts earlier in the year, helping to drain stockpiles and avert oversupply fears. However, there are indications that other member states will propose keeping supply steady, while Russia could push for an increase in production. Investors will focus on OPEC meeting for any changes made by the cartel to production levels. On the other hand, gold price fell 0.17% to $1774.08 a troy ounce at the time of writing amid rising dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.05. However, MACD which illustrated increase bullish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 90.90, 91.50

Support level: 90.05, 89.60

GBPUSD, H4: GBPUSD was traded lower while currently nearby the support level at 1.3955. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.4085, 1.4175

Support level: 1.3955, 1.3855

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2155. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2230, 1.2300

Support level: 1.2155, 1.2095

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 106.10. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 105.65.

Resistance level: 106.05, 106.40

Support level: 105.65, 105.30

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7860. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7985, 0.8105

Support level: 0.7860, 0.7770

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7365. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7440, 0.7510

Support level: 0.7365, 0.7260

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2640. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2640, 1.2720

Support level: 1.2560, 1.2480

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9040. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9085, 0.9145

Support level: 0.9040, 0.8980

CrudeOIL, H1: Crude oil price was traded within a range while currently near the support level at 62.55. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.

Resistance level: 64.40, 66.45

Support level: 62.55, 60.95

GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1764.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1816.05, 1873.40

Support level: 1764.10, 1700.00

26 February 2021            Morning Session Analysis

Dollar jumps amid recent spike in treasury yield.

The dollar index which gauges its value against a basket of six major currencies surged following an unexpected rise in US 10-year treasury yield, raising the market concern across the asset classes. Yesterday, the yield on the benchmark of 10-year treasury yield climbed to the highest level in more than a year following weaker than expected bid in US government debt auction. In fact, the spike on treasury yield lately is showing a global belief that central banks may start to change their tone by pare back their ultra-loosening policy, even most of the them are still remain sceptical in the recent speech with regard to the economic outlook. This belief was derived from the market participant’s optimistic view over the future growth of underlying inflation and economic outlook amid unprecedented government stimulus package as well as smooth-running of vaccination program. Besides, a significant fall in the number of American applying for unemployment insurance has also relieved the market worries over the economic health in US. According to the Department of Labor, US Initial Jobless Claims came in at 730K, lower than the forecast at 838K, indicating the job cut in US started to decline as vaccination accelerate. As of writing, dollar index ticked up by 0.02% to 90.20.

In the commodities market, the crude oil price appreciated by 0.05% to $63.45 per barrel while lingering near the highest level in more than a year as investors are waiting for more signal from the upcoming OPEC+ meeting. In the OPEC+ meeting, the members and their allies will discuss and determine if any adjustment in the oil cuts would be made on April onward. Besides, the gold price drops by 0.01% to $1770.00 a troy ounce after dollar managed to pare its last night losses.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 90.00. MACD which illustrated bullish momentum suggest the index to extend its gains toward the resistance level at 90.45.

Resistance level: 90.45, 90.75

Support level: 90.00, 89.60

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.4010. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.4085, 1.4150

Support level: 1.4010, 1.3945

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2165. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2195, 1.2230

Support level: 1.2165, 1.2105

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 106.45. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 106.45, 106.75

Support level: 106.10, 105.65

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7890. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7850.

Resistance level: 0.7890, 0.7940

Support level: 0.7850, 0.7815

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7374. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7335.

Resistance level: 0.7375, 0.7415

Support level: 0.7335, 0.7300

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2610. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2610, 1.2685

Support level: 1.2555, 1.2485

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9040. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9090.

Resistance level: 0.9090, 0.9125

Support level: 0.9040, 0.8985

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 63.55. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 63.55, 64.80

Support level: 62.45, 61.70

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1765.15. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1786.55, 1803.00

Support level: 1765.15, 1738.10

25 February 2021                               Afternoon Session Analysis

Pound extend gains following reports of faster lockdown exit.

During late Asian session, the pound sterling which traded against the dollar and other currency pairs have rose following reports of UK to exit from lockdown could be faster. According to reports from the Telegraph, U.K.’s exit from lockdown could be accelerated if data on the effect of vaccines proves better than expected. According to the Bloomberg’s tracker, U.K. has administered more than 27 doses per 100 people. Compared to EU, the data outpaces the nation by six doses. The expectation of strong UK vaccine rollout will allow UK to reopen economy quicker than other countries continue to increase market confidence and boosting the price for the pair. At the time of writing, GBP/USD rose 0.06% to 1.4135.

In the commodities market, crude oil price rose 0.11% to $63.42 per barrel as of writing following ongoing optimism on demand recovery. Despite with EIA reported a build in inventories recently, the market was unfazed and supported by latest vaccine news. According to a study published in NEJM, Pfizer’s Covid-19 vaccine has been 92% effective against severe cases of Covid-19 after two doses and 94% effective in preventing symptomatic cases after two doses. On the other hand, gold price slips 0.43% to $1797.09 a troy ounce at the time of writing amid dollar rebound.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.00. However, MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 90.90, 91.50

Support level: 90.00, 89.60

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.4085. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.4175.

Resistance level: 1.4175, 1.4240

Support level: 1.4085, 1.3955

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2165. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2165, 1.2215

Support level: 1.2110, 1.2065

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 106.00. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 106.00, 106.50

Support level: 105.65, 104.95

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7985. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7985, 0.8105

Support level: 0.7860, 0.7770

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7385. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7510.

Resistance level: 0.7510, 0.7660

Support level: 0.7385, 0.7260

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2615. However, MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2460.

Resistance level: 1.2615, 1.2720

Support level: 1.2460, 1.2300

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 higher following prior breakout above the previous resistance level at 62.55. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 64.40, 66.45

Support level: 62.55, 60.95

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1788.40. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1816.05, 1844.50

Support level: 1788.40, 1764.10

25 February 2021            Morning Session Analysis

Japanese Yen plunged amid declining reported virus cases.

The Japanese Yen which act as one of the major safe-haven currencies in the world was being threw off by the investors as market risk sentiment heightened following an obvious drop in global virus cases. According to the World Health Organisation (WHO), global coronavirus cases declined by 11% in the week leading up to February 21, marking the sixth consecutive week of falling in virus confirmed cases. On the death toll front, CNN has reported that there were 66k fatalities recorded as of last week, a 20% lower than the week before. The fall in infections and death rate was mainly contributed by the effort of lockdown measure as well as the effectiveness of the vaccination program. Besides, the one-shot Covid-19 vaccine made by Johnson & Johnson has proved that it provides strong protection against severe diseases and death from pandemic, and credible to reduce the spread of virus by vaccinated people widely. The rollout of vaccines boosted the market participant optimism toward the global market outlook as they believe that the pandemic will come to an end soon. As of writing, the pair of USD/JPY rose by 0.06% to 105.90.

In the commodities market, the crude oil price appreciated by 0.02% to $63.45 per barrel despite oil stock build been shown as of last week. According to the EIA, US Crude Oil Inventories rose by 1.285M, missing the economist forecast at -5.190M, exacerbating the market panic over the supply glut issue. However, oil price still eventually managed to extend its gains as market optimism over economic outlook overweigh the disappointed inventories data. Besides, the gold price depreciated by 0.09% to $1803.20 a troy ounce amid strengthening of dollar index.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.00. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 90.45, 90.75

Support level: 90.00, 89.60

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.4150. However, MACD which illustrated bearish bias momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.4150, 1.4200

Support level: 1.4085, 1.4010

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2165. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2165, 1.2195

Support level: 1.2105, 1.2065

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 106.10. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 106.10, 106.45

Support level: 105.65, 105.30

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7970. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7970, 0.8000

Support level: 0.7940, 0.7890

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7450. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7450, 0.7500

Support level: 0.7415, 0.7375

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2555. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 1.2485.

Resistance level: 1.2555, 1.2610

Support level: 1.2485, 1.2400

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9090. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9040.

Resistance level: 0.9090, 0.9125

Support level: 0.9040, 0.8985

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 63.55. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 63.55, 64.80

Support level: 62.45, 61.70

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1786.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1803.00, 1825.40

Support level: 1786.55, 1765.15

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

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

24 February 2021            Morning Session Analysis

Dollar dived amid Jerome Powell’s dovish stance on economic outlook.

The dollar index which gauges its value against a basket of six major currencies wobbles after Federal Reserve Chairman Jerome Powell delivered its pessimistic view with regard to the nation’s economy outlook during his presentation of semi-annual monetary policy report. In his statement, Powell revealed that the economy is still far away from the pre-pandemic level despite a strong rebound from recession could be seen recently, thus accommodative monetary policy will be remained where there will be no changes with the rock bottom interest rate as well as the ongoing large scale bond purchasing program. Moreover, he pointed that unemployment rate has started to decline after surging significantly last year, but the official jobless rate showing that the labour market in US is still weak and vulnerable. Besides, the underlying inflation pressure remains below their 2% of objective, prices of goods and services particularly soft due to adverse effect from the fallout of pandemic. Therefore, Federal Reserve is remains committed to use full range of available tools to support the economy through this difficult period. As of writing, dollar index ticked up 0.12% to 90.12.

In the commodities market, the crude oil price depreciated by 0.02% to $61.15 per barrel as investor took profit after the oil price hitting the 1 year high-level yesterday. Besides, US API has also reported some stock-build as of last week. According to the API, US Weekly Crude Oil Stock came in at 1.026M, missing the economist forecast at -5.372M, igniting the market worries over the equilibrium of oil market. Furthermore, the gold price dropped 0.03% to $1806.50 a troy ounce amid weakening of US dollar.

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

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 undergo technical correction in short term.

Resistance level: 90.45, 90.75

Support level: 90.00, 89.60

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.4085. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.4150.

Resistance level: 1.4150, 1.4215

Support level: 1.4085, 1.4010

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 the support level at 1.2105.

Resistance level: 1.2165, 1.2195

Support level: 1.2105, 1.2065

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 105.30. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 105.30, 105.65

Support level: 105.10, 104.65

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the lower level.

Resistance level: 0.7940, 0.7970

Support level: 0.7890, 0.7850

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7335. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 0.7335, 0.7375

Support level: 0.7300, 0.7240

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2615. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 1.2610, 1.2685

Support level: 1.2555, 1.2485

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9040. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9080.

Resistance level: 0.9080, 0.9125

Support level: 0.9040, 0.8985

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 61.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 60.65.

Resistance level: 61.70, 62.45

Support level: 60.65, 59.80

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1803.00.  MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1825.40, 1839.50

Support level: 1803.00, 1786.55

23 February 2021                               Afternoon Session Analysis

Pound soars as UK loosen restriction.

During late Asian session, the pound sterling which traded against the greenback and other currency pairs continue to extend its gains following announcement of COVID-19 lockdown exit strategy from Boris Johnson. According to reports, UK Prime Minister Boris Johnson stated that the coronavirus epidemic prevention and control plan is divided into 4 phases and each phase lasted for 5 weeks to ensure that the trend of the epidemic spread steadily decline. In the first phase, all schools will be reopened, and recreational activities in public places will be slowly reopen, with no more than 2 people per group. Most economic sectors will only be allowed to reopen in the second phase beginning on April 12. He stated that all social restrictions that imposed due to Covid-19 could be lifted by June 21 at the earliest. As a result, investors are more optimistic towards U.K economy in the months ahead. At the time of writing, GBP/USD rose 0.10% to 1.4073.

In the commodities market, crude oil price soars 0.87% to $62.64 per barrel as of writing following slow output return. According to reports, oil producers in Texas could take at least two weeks to restart the of crude output of more than 2 million barrels per day (bpd) that shut down as frozen pipes and power supply interruptions due to cold weather slowing their recovery, On the other hand, gold price edge higher 0.23% to $1813.54 a troy ounce at the time of writing amid ongoing dollar weakness.

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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.15. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 89.60.

Resistance level: 90.15, 90.85

Support level: 89.60, 89.10

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.4085. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.4085, 1.4175

Support level: 1.3955, 1.3855

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2165. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2165, 1.2215

Support level: 1.2110, 1.2065

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 104.95. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

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 increasing bearish 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, Weekly: NZDUSD was traded higher while currently testing the resistance level at 0.7335. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7335, 0.7510

Support level: 0.7155, 0.6890

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2595. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2690, 1.2770

Support level: 1.2595, 1.2540

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8980. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.8925.

Resistance level: 0.8980, 0.9045

Support level: 0.8925, 0.8845

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 62.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

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

23 February 2021            Morning Session Analysis

Kiwi jumped following an improvement in credit rating to AA++.

The New Zealand dollar which broadly known as Kiwi managed to stretched its gains while hitting the 22 months high-level yesterday as the well-known global credit rating agency – Standard and Poor (S&P) upgraded the rating of New Zealand back to the level seen in year 2009. The upgrade in New Zealand’s rating from AA – – to AA++ is effectively sending signals to the global investors that New Zealand is on a positive economic trajectory. The higher credit ratings and a ‘stable outlook’ attached typically will attract more overseas capital flow into the local market, exerting huge buying momentum in Kiwi market. However, the gain of Kiwi was limited following the release of a downbeat economic data. According to the Statistics New Zealand, Retail Sales data came in at -2.7%, missing the economist forecast at -0.5%, showing that the consumer spending behaviour in New Zealand tampered, where pandemic’s fallout continue to weigh on the nation’s economic recovery. During Asian early trading session, the pair of NZD/USD dropped 0.01% to 0.7327.

In the commodities market, crude oil price appreciated by 0.85% to $59.50 per barrel as of writing amid Texas Freeze outweighs the market pessimism over the adjustment of oil production cuts in the upcoming OPEC+ meeting. As of now, market participants are eyeing the 3^rd – 4^th March meeting which in a large extent would determine the balance of global oil market as well as the future direction of the oil price. Besides, the gold price surged 0.08% to $1811.10 a troy ounce amid weakening of dollar index.

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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.00. MACD which illustrated bearish bias momentum suggest the index to extend its losses after it successfully breakout below the support level at 90.00.

Resistance level: 90.45, 90.75

Support level: 90.00, 89.60

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.4085. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.4085, 1.4150

Support level: 1.4010, 1.3945

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2165. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.2165, 1.2195

Support level: 1.2105, 1.2065

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 105.10. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 104.65.

Resistance level: 105.10, 105.30

Support level: 104.65, 104.35

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 0.7940, 0.7970

Support level: 0.7890, 0.7850

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7335. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7300.

Resistance level: 0.7335, 0.7375

Support level: 0.7300, 0.7240

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2610. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2610, 1.2685

Support level: 1.2555, 1.2485

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8985. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.8920.

Resistance level: 0.8985, 0.9040

Support level: 0.8920, 0.8850

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 61.70. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 61.70, 62.45

Support level: 60.65, 59.80

GOLD_, H4: Gold price was traded higher while currently testing the downward trendline. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the trendline.

Resistance level: 1825.40, 1839.50

Support level: 1803.00, 1786.55

22 February 2021                               Afternoon Session Analysis

Dollar slumped amid risk-on sentiment.

The Dollar Index which traded against a basket of six major currency pairs slumped following the number of global Covid-19 cases reported has continued to fall, with 2.7 million new cases last week, a 16% decline compared to the previous week, which spurring risk-on sentiment in the FX market while stoking in shift in sentiment toward riskier currencies such as Pound Sterling and Australian Dollar. The Australia was also set a report of no local cases for a third consecutive day, while UK Prime Minister Boris Johnson plan to ease the current Covid-19 lockdowns today. Investors speculated that the safe-haven greenback is likely to slump further amid positive expectation on the global economic recovery from Covid-19. Nonetheless, the US Dollar had limited its losses amid the recent gains in long-term Treasury yields and an improved US Covid-19 response had spurred some positive prospect on the US Dollar. Nonetheless, investors would continue to scrutinize the latest updates with regards of the US economic stimulus plan in order to gauge the likelihood movement for the index. As of writing, the Dollar Index depreciated by 0.02% to 90.30.

In the commodities market, crude oil price surged 1.19% to $59.70 per barrel as of writing over the backdrop of positive oil inventory data from US region. According to Energy Information Administration, the U.S. Crude oil inventory data came in at -7.258M, which better than the market expectation at -2.429M, which providing some bullish momentum on this black commodity. On the other hand, the gold price appreciated by 0.05% to $1784.05 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.40. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 90.40, 90.85

Support level: 90.00, 89.60

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3955. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.4085, 1.4175

Support level: 1.3955, 1.3855

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2065. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2150, 1.2215

Support level: 1.2065, 1.2020

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 105.65. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 105.65, 106.00

Support level: 105.10, 104.55

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7880. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7880, 0.7940

Support level: 0.7800, 0.7720

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7305. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7305, 0.7350

Support level: 0.7255, 0.7165

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2600. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2690, 1.2770

Support level: 1.2600, 1.2540

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.8980. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.8980, 0.9045

Support level: 0.8925, 0.8845

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 58.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 60.50.

Resistance level: 60.50, 61.65

Support level: 58.65, 57.65

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1764.10. AMCD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1795.35.

Resistance level: 1795.35, 1825.25

Support level: 1764.10, 1731.65

22 February 2021            Morning Session Analysis

Pound surged following UK planned to ease their lockdown gradually.

Pound sterling which act as one of the major currencies that is being traded in FX market climbed as UK government will start to lift their lockdown restriction in a cautious approach. According to a UK senior minister statement, restriction in UK will be removed gradually to judge the impacts while putting more effort on the ongoing vaccination programme in order to achieve herd immunity as soon as possible. As of now, investors are still waiting for the UK Prime Minister’s roadmap on lockdown easing that scheduled to put to Member of Parliament on later today. Nonetheless, Boris Johnson revealed that reopening school will still be the priority of his plan, while some other restriction such as rules of socialising in a public space will be relaxed as well. On the other hand, pound appeal got boosted up significantly as the vaccination program in UK is running well where the total number of UK citizens who has received the first dose of vaccine rose to 26.3% as of last week. In a comparison on the number of infections, UK has reported a lower number of daily cases at 9.8K yesterday while comparing to the number during the end of year 2020, a large gap been identified while showing that the effectiveness of vaccination takes place in curbing the transmission of virus. During Asian trading session, the pair of GBP/USD rose by 0.01% to 1.4015.

In the commodities market, crude oil price appreciated by 0.85% to $59.50 per barrel as of writing amid severe storm swept through the US, while estimating about few million bpd of oil production in Texas were being affected. Besides, gold price ticked up by 0.01% to $1784.50 a troy ounce amid weakening of dollar index.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward the resistance level at 90.45.

Resistance level: 90.45, 90.75

Support level: 90.00, 89.60

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.4010. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.4085.

Resistance level: 1.4085, 1.4150

Support level: 1.4010, 1.3945

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.2155, 1.2195

Support level: 1.2105, 1.2065

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.65. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 105.10.

Resistance level: 105.65, 106.10

Support level: 105.10, 104.65

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7890. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7890, 0.7940

Support level: 0.7850, 0.7815

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7300. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7300, 0.7335

Support level: 0.7240, 0.7165

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2610. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2555.

Resistance level: 1.2610, 1.2685

Support level: 1.2555, 1.2485

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.8985.

Resistance level: 0.8985, 0.9040

Support level: 0.8920, 0.8850

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 59.80. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 59.80, 60.65

Support level: 58.70, 57.80

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1786.55. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1786.55, 1803.00

Support level: 1765.15, 1738.10

19 February 2021                               Afternoon Session Analysis

Aussie slips following downbeat data.

During late Asian session, the Australian dollar which traded against the dollar and other currency pairs have erased some early gains and fell after the recent release of Retail Sales data. According to the Australian Bureau of Statistics, consumer spending in Australia as represented by Retail Sales for January have grown only 0.6%, weaker than market expectation of 2.0%. At the same time, dwindling market risk appetite also weigh on the pair following reports of virus variant resistant to jabs and investors are starting to get tired waiting for the U.S stimulus. At the time of writing, AUD/USD fell 0.02% to 0.7763.

In the commodities market, crude oil price fell 2.19% to 58.96 per barrel as of writing following concerns on crude oil demand. While the extreme cold weather has shut one-third of U.S crude production, market attention has turned to impact on refiners where refineries that shut down by the extreme cold weather may take a longer to revive their operations and dent crude oil demand. On the other hand, gold price extends losses and plunged 0.36% to $1769.10 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

Tentative               USD                                        Fed Monetary Policy Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 90.85. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.40.

Resistance level: 90.85, 91.55

Support level: 90.40, 90.00

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3985. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3985, 1.4085

Support level: 1.3855, 1.3775

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2065. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2150.

Resistance level: 1.2150, 1.2215

Support level: 1.2065, 1.2020

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 105.55. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 106.00, 106.50

Support level: 105.55, 105.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7720. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7800.

Resistance level: 0.7800, 0.7865

Support level: 0.7720, 0.7670

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7255.

Resistance level: 0.7255, 0.7305

Support level: 0.7165, 0.7110

USDCAD, H4: USDCAD was traded within a range while currently testing the support level at 1.2690. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower after it successfully breakout below the support level.

Resistance level: 1.2770, 1.2840

Support level: 1.2690, 1.2610

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.8980. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.8980, 0.9045

Support level: 0.8925, 0.8845

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 60.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 58.65.

Resistance level: 60.25, 61.65

Support level: 58.65, 57.65

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1764.10. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1795.35, 1825.25

Support level: 1764.10, 1731.65

19 February 2021            Morning Session Analysis

Dollar plunged amid downbeat labor data.

Dollar index which gauges its value against a basket of six rival currencies sank after hitting 10 days high level amid the recent job data against the market expectation, exerting huge sell-off pressure in dollar market. As of last week, the number of Americans filing for unemployment insurance unexpectedly increased significantly, raising the public worries over tepid growth in labor sector despite slowing down in Covid-19 infection. According to the Department of Labour, US Initial Jobless Claims data came in at 861K, missing the economist forecast at 765K while also slightly higher than the preliminary reading at 848K. With the backdrop of disappointing data, it transformed a huge pressure on Biden administration to push for $1.9 trillion stimulus package as soon as possible in order to regains the momentum of recovery. According to the latest news, House of Democrats are now finalizing the plan details, expecting it would be brought onto the table of House to vote by the end of next week. It is noteworthy that majority of the lawmakers hopes that the plan could be passed to Senate before the end of February as ongoing government-funded benefits will expire in mid of March. As of writing, dollar index falls 0.44% to 90.55.

In the commodities market, crude oil price depreciated by 0.65% to $60.00 per barrel as a report showed that Iraq has boosted their oil production significantly since the beginning of February. According to the Bloomberg, Iraq increased their production by 4.4% to 3.44 million barrels per day despite they have promised to restrain production last month. On the other hand, gold price ticked up 0.02% to $1776.50 per troy ounce amid weakening of US dollar.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

Tentative         USD                   Fed Monetary Policy Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.75. MACD which illustrated bearish momentum suggest the index to extend its losses toward the support level at 90.45.

Resistance level: 90.75, 91.10

Support level: 90.45, 90.00

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3950. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.4000.

Resistance level: 1.4000, 1.4050

Support level: 1.3950, 1.3845

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2065. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2105.

Resistance level: 1.2105, 1.2155

Support level: 1.2065, 1.2015

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 105.65. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 106.00, 106.45

Support level: 105.65, 105.30

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7775. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7775, 0.7815

Support level: 0.7725, 0.7670

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7165. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7240.

Resistance level: 0.7240, 0.7300

Support level: 0.7165, 0.7105

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2685. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2610.

Resistance level: 1.2685, 1.2740

Support level: 1.2610, 1.2545

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8985. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.8920.

Resistance level: 0.8985, 0.9040

Support level: 0.8920, 0.8850

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 59.70. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 60.65, 61.70

Support level: 59.70, 58.65

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1770.75. However, MACD which illustrated diminishing bearish momentum suggest the commodity to undergo technical correction toward the higher level.

Resistance level: 1784.95, 1810.10

Support level: 1770.70, 1757.70

18 February 2021                               Afternoon Session Analysis

Dollar extend gains following FOMC meeting.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have continue to extend its rally following the release of meeting minutes from FED. According to the latest meeting minutes, Fed members stated that policy easing would be maintained for a longer period to support economic recovery. The suggestion was given due to the current economic situation which is still far from the set target and it will take time to recover gradually. However, Fed also commented that the momentum of economic recovery has been booming for the past few months and the job market has shown significant recovery signals. The Fed also noted that the inflation rate is expected to increase gradually due to surging consumer spending after vaccines were widely distributed and social imprisonment relaxed in the future. At the same time, high US treasury also continue to support the demand for the greenback. At the time of writing, dollar index rose 0.05% to 90.85.

In the commodities market, crude oil price soars 0.39% to $61.89 per barrel as of writing following Texas cold weather continue to affect oil supply. The ongoing snap continue to sweeping Texas and shut at least a fifth of U.S. refining output and a million barrels of crude production. Experts stated that the weather could continue to hamper crude output for a longer period. On the other hand, gold price rebounds 0.43% to $1784.12 a troy ounce amid technical correction after recently plunged about 1% due to dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:30                     EUR                                        ECB Publishes Account of Monetary Policy Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.90. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 90.90, 91.55

Support level: 90.40, 90.00

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3845. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3950, 1.4085

Support level: 1.3845, 1.3750

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.2065. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2065, 1.2150

Support level: 1.2010, 1.1955

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 106.10. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 105.65.

Resistance level: 106.10, 106.50

Support level: 105.65, 105.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7720. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7815.

Resistance level: 0.7815, 0.7865

Support level: 0.7720, 0.7670

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7165. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7255.

Resistance level: 0.7255, 0.7305

Support level: 0.7165, 0.7110

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2690. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2770, 1.2840

Support level: 1.2690, 1.2610

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.8980. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.8980, 0.9045

Support level: 0.8925, 0.8845

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 60.40. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 62.80.

Resistance level: 62.80, 65.20

Support level: 60.35, 58.40

GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1777.80. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1821.75, 1872.75

Support level: 1777.80, 1720.70