180221 Morning Session Analysis
18 February 2021 Morning Session Analysis
Japanese Yen plunged amid Covid-19 worries eased.
During Asian early trading session, Japanese Yen which acts as one of the major currencies that being traded in FX market dive after The World Health Organization (WHO) reported a significant drop in new coronavirus cases last week. Yesterday, WHO revealed that the global figure of new coronavirus cases decreased by 500,000 last week to 2.7 million, a 16 percent drop over the previous week. Back to the first week of January, the global coronavirus additional cases had peaked near 5 million in total. However, nearly all regions of the world have seen a downward trend in new cases since the rollout of vaccination program, while the lockdown measure in countries such as UK and Germany have been proven effective to curb the continue spreading virus. On front of the fatalities due to Covid-19, the figure of new deaths was still high at 81K, but the number has decreased significantly and below 10 percent while comparing to the previous week. With the backdrop of large drop in new virus cases, the global economic outlook turns brighter while igniting the investor’s confidence that the economy will recover back to pre-pandemic level soon. Thus, safe-haven currency such as Japanese Yen threw off tremendously by the investor and seek for riskier asset. As of writing, the pair of USD/JPY ticked up 0.02% to 105.90.
In the commodities market, crude oil price depreciated by 0.10% to $61.60 per barrel after hitting 13 months high level amid continuous drawn in US oil inventories. According to the API data, US API Weekly Crude Oil Stock data came in at -5.800M while the economist forecast was -2.175M. On the other hand, gold price plunged 0.02% to $1776.50 per troy ounce amid easing of market worries toward the spread of virus.
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
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Building Permits (Jan) | 1.704M | 1.679M | – |
| 21:30 | USD – Initial Jobless Claims | 793K | 765K | – |
| 21:30 | USD – Philadelphia Fed Manufacturing Index (Feb) | 26.5 | 20.0 | – |
| 00:00
(19th) |
CrudeOIL – CrudeOIL Inventories | -6.644M | -2.175M | – |
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 bias 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 lower while currently testing the support level at 1.3845. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3900, 1.3960
Support level: 1.3845, 1.3800
EURUSD, H4: EURUSD 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 1.2065.
Resistance level: 1.2065, 1.2105
Support level: 1.2015, 1.1950
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 106.00. MACD which illustrated diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 105.65.
Resistance level: 106.00, 106.30
Support level: 105.65, 105.30
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 the resistance level at 0.7785.
Resistance level: 0.7785, 0.7825
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 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 retracement from the resistance level at 1.2740. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2690.
Resistance level: 1.2740, 1.2770
Support level: 1.2690, 1.2660
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.8985. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.8985, 0.9035
Support level: 0.8920, 0.8850
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 61.10. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 61.95.
Resistance level: 61.95, 62.50
Support level: 61.10, 60.60
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1770.70. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1786.10.
Resistance level: 1786.10, 1809.90
Support level: 1770.70, 1757.70
170221 Afternoon Session Analysis
17 February 2021 Afternoon Session Analysis
Aussie slips following comments from RBA Kent
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell amid comments from RBA Assistant Governor Christopher Kent limit the upside potential. According to his statement, Kent highlights the Australian dollar strength and hints at further measures to tame it for the betterment of the export-driven economy. In doing so, the policymaker also praised the latest extension of the Quantitative Easing (QE). Besides that, tension between U.S and China also continue to weigh on the China-sensitive currency. According to latest development, China is considering to curb exports of rare earth minerals that are crucial to US defence contractors such as Lockheed Martin for the manufacture of sophisticated weaponry and F-35 fighter jets. At the time of writing, AUD/USD slips 0.05% to 0.7753.
In the commodities market, crude oil price remains steady and edge higher 0.09% to $60.02 per barrel as of writing amid deepening energy crisis in the U.S which affect the balance of supply and demand. The market continues to assess the impact of cold weather in the U.S where the extreme temperatures have curtailed more than 2 million barrels a day of U.S. oil. On the other hand, gold price plunged 0.15% to $1792.12 at the time of writing following the strength of greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:00 EUR ECB Monetary Policy Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – CPI (YoY) (Jan) | 0.6% | 0.5% | – |
| 21:30 | USD – Core Retail Sales (MoM) (Jan) | -1.4% | 1.0% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 90.45. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 90.75.
Resistance level: 90.75, 91.10
Support level: 90.45, 90.00
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3900. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3855.
Resistance level: 1.3900, 1.3960
Support level: 1.3855, 1.3750
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.2105. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2065.
Resistance level: 1.2105, 1.2145
Support level: 1.2065, 1.2015
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 106.00. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 106.30.
Resistance level: 106.30, 106.60
Support level: 106.00, 105.65
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7740. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7740.
Resistance level: 0.7785, 0.7815
Support level: 0.7740, 0.7670
NZDUSD, H4: NZDUSD was traded lower following prior breakout above the previous support level at 0.7240. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7165.
Resistance level: 0.7240, 0.7300
Support level: 0.7165, 0.7105
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2690. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.2740.
Resistance level: 1.2740, 1.2770
Support level: 1.2690, 1.2650
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.8920. MACD which illustrated bullish bias 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 60.15. However, MACD which illustrated bearish bias momentum suggest the commodity to undergo technical correction in short term.
Resistance level: 60.15, 61.05
Support level: 59.45, 58.65
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1786.10. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1810.70, 1826.95
Support level: 1786.10, 1770.80
170221 Morning Session Analysis
17 February 2021 Morning Session Analysis
Rising US treasury yields, spurring bullish momentum on US Dollar.
The Dollar index which traded against a basket of six major currency pairs had surged significantly following the U.S. treasury yields rose to the highest level since February 2020, as investors start to factor in the full economic impact of a stimulus plan totaling as much as $1.9 trillion. Such big fluctuation in US bond market on Tuesday would indicate that investors seem to be betting on a stronger economic recovery ahead while speculating that the Federal Reserve would have a less accommodative monetary easing program in long run. Higher bond yielding would attract further capital inflow into United States, which spurring significant bullish momentum on the US Dollar. Besides, the US Dollar extend its gains over the backdrop of the positive hopes upon the resolution of Covid-19 pandemic. US President Joe Biden claimed that he believes the U.S. would able to achieve 100 million vaccines shots within 100 days, which dialed up the further market optimism toward the economic progression in the United States. As of writing, the Dollar Index appreciated by 0.11% to 90.60.
In the commodities market, the crude oil price appreciated by 0.10% to $60.10 per barrel as of writing. The oil market edged higher amid wintry conditions had destructed the oil production in Texas, the biggest energy producing state in the United States. According to Bloomberg, as much as 1 million barrels a day of crude oil production has been affected by the winter storm, spurring fears upon the supply destruction of this black commodity. On the other hand, the gold price slumped 1.31% to $1794.10 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:00 EUR ECB Monetary Policy Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – CPI (YoY) (Jan) | 0.6% | 0.5% | – |
| 21:30 | USD – Core Retail Sales (MoM) (Jan) | -1.4% | 1.0% | – |
| 21:30 | USD – PPI (MoM) (Jan) | 0.3% | 0.4% | – |
| 21:30 | CAD – Core CPI (MoM) (Jan) | -0.4% | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 90.40. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 90.85.
Resistance level: 90.85, 91.55
Support level: 90.40, 90.00
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3985. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3855.
Resistance level: 1.3985, 1.4085
Support level: 1.3855, 1.3775
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2150. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2065.
Resistance level: 1.2150, 1.2215
Support level: 1.2065, 1.2010
USDJPY, Daily: 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, 105.10
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7765. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7670.
Resistance level: 0.7765, 0.7865
Support level: 0.7670, 0.7590
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7255. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7165.
Resistance level: 0.7255, 0.7305
Support level: 0.7165, 0.7110
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2690. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2690, 1.2770
Support level: 1.2610, 1.2540
USDCHF, Daily: USDCHF was traded within a range while currently testing the resistance level at 0.8925. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.8925, 0.8980
Support level: 0.8845, 0.8775
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 59.60. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 60.75.
Resistance level: 60.75, 62.00
Support level: 59.60, 58.85
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1791.00. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1816.50, 1841.05
Support level: 1791.00, 1764.65
160221 Afternoon Session Analysis
16 February 2021 Afternoon Session Analysis
Pound extend gains following vaccine optimism.
During late Asian session, the pound sterling which traded against the U.S dollar and other currency pairs have continued to rose over increasing optimism on vaccine rollout and economy reopening. Following latest reports, U.K has reached its self-imposed target to vaccinate all four of the most at-risk groups by mid-February. As of Monday, over 15.3M people have now received their first vaccination, nearly one quarter of all adults in the UK have been vaccinated. On top of that, newly reported infections also continue to drop and the daily death toll has also decline and steadied at 200s for the past few days. The U.K government also forecast that the number of COVID-19 patients will halve in the next month. Following the optimism, investors is now expecting that the U.K economy is reopening and recover, thus pushing the demand for the pound sterling and its value higher. At the time of writing, GBP/USD rose 0.33% to $1.3946 at the time of writing.
In the commodities market, crude oil price soars 0.33% to $1.3948 per barrel as of writing following cold weather shut down refineries in Texas which is the largest crude oil producing state in the U.S. According to reports, the rare deep freeze prompted the state’s electric power suppliers to impose rotating blackouts, leaving nearly 3 million homes and businesses without power. On the other hand, gold price slips 0.11% to $1824.02 a troy ounce at the time of writing following dollar weakness.
Today’s Holiday Market Close
Time Market Event
All Day CNY Spring Festival
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 18:00 | EUR – German ZEW Economic Sentiment (Feb) | 61.8 | 59.6 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.40. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 90.00.
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 1.3855. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3985.
Resistance level: 1.3985, 1.4085
Support level: 1.3855, 1.3775
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2150. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2150, 1.2215
Support level: 1.2065, 1.2010
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 105.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 105.65, 106.00
Support level: 105.15, 104.55
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7765. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7865.
Resistance level: 0.7865, 0.7940
Support level: 0.7765, 0.7670
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7255. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
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 1.2610. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2690, 1.2770
Support level: 1.2610, 1.2540
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.8915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.8845.
Resistance level: 0.8915, 0.8980
Support level: 0.8845, 0.8775
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 60.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 61.20, 62.00
Support level: 60.00, 58.85
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1819.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1830.25.
Resistance level: 1830.25, 1840.65
Support level: 1819.60, 1806.45
160221 Morning Session Analysis
16 February 2021 Morning Session Analysis
Japanese Yen wobbled despite upbeat GDP data released.
Japanese Yen which acts as one of the major safe-haven currencies in the world drops in value since earlier last week in spite of recent GDP data showed some sign of recovery in Japan economy. According to the Cabinet Office, Japan GDP came in at 3.0%, stronger than the economist forecast at 2.3%, indicating that the nation’s economy is in the right pace of recovery while stepping closer back to the pre-pandemic level. Nonetheless, Japan Minister of Economic Affair revealed his point of view that economic recovery at a half-way point but still below the pre-pandemic levels. Besides, market participants chose to temporarily flee away from Japanese Yen market as Bank of Japan (BoJ) may seek to clarify in March policy review whether to further deepen its negative rates in order to combat the fallout of virus. Prior to now, BoJ Deputy Governor warned that they are ready to lower their nominal rates in order to fulfill their commitment on achieving the objective of 2% inflation rate. With the backdrop of huge uncertainty over the review in the BOJ meeting, there is no consensus been achieved within BoJ on the final decision yet. As of writing, the pair of USD/JPY rose 0.01% to 105.39.
In the commodities market, the crude oil price depreciated by 0.10% to $60.05 per barrel as of writing after hitting the one-year high level. As of now, this black commodity product was still supported by the ongoing OPEC+ oil production cut, while Middle East tension sparked market worries over oil supply’s disruption. Besides, gold price ticked up 0.03% to $1818.35 per troy ounce amid weakening of US dollar.
Today’s Holiday Market Close
Time Market Event
All Day CNY Spring Festival
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 18:00 | EUR – German ZEW Economic Sentiment (Feb) | 61.8 | 59.6 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.45. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 90.00.
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 1.3900. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 1.3960, 1.4000
Support level: 1.3900, 1.3855
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2105. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2145.
Resistance level: 1.2145, 1.2180
Support level: 1.2105, 1.2065
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 105.10. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 105.65.
Resistance level: 105.65, 106.00
Support level: 105.10, 104.65
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7785. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7785, 0.7815
Support level: 0.7740, 0.7670
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7240. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
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 1.2650. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2610.
Resistance level: 1.2650, 1.2690
Support level: 1.2610, 1.2575
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8920. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.8850.
Resistance level: 0.8920, 0.8985
Support level: 0.8850, 0.8805
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 60.15. MACD which illustrated diminishing bullish momentum suggest the commodity to extend losses toward the support level at 59.45.
Resistance level: 60.15, 61.05
Support level: 59.45, 58.65
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1825.40. However, MACD which illustrated diminishing bearish momentum suggest the commodity to undergo technical correction toward the higher level.
Resistance level: 1825.40, 1839.40
Support level: 1803.00, 1765.15
150221 Afternoon Session Analysis
15 February 2021 Afternoon Session Analysis
Dollar dipped following House of Congress failed to impeach Trump.
Dollar index which gauges its value against a basket of six major currencies sank after US Congress failed to convict former President Trump of inciting the 6th Jan riot in the Capitol in the second impeachment. In the second impeachment trial, seven Republicans joined the Democrats voted to convict Trump, yet support from 67 senators or two-thirds of the chamber would have to be acquired for a conviction. The voting result has illustrated that Trump still having a strong support over Republicans nationally despite his November loss in US Presidency election and his subsequent refusal to concede defeat. In details, it means that failure of Trump impeachment would avoid himself away from disqualification to hold and enjoy any office of honor, trust or profit under the United States while he is also qualified to participate in 2024 US election. According to the Morning Consult Poll, there are 42% of Republicans saying that they will still vote for Donald Trump in the next election. With the backdrop of failing to impeach Trump, US political uncertainty heightened while investors continue eyes on the next step that would be taken by Democrats to convict Trump. As of writing, dollar index dropped by 0.15% to 90.35.
In the commodities market, the crude oil price appreciated by 1.76% to $60.55 per barrel amid 100 oil and gas tankers in Afghanistan have been destroyed by an inferno. Massive fire in Afghanistan caused dozens of tankers were ablaze, interrupted the oil market balance between supply and demand. Besides, gold price ticked up 0.01% to $1824.50 a troy ounce amid weakening of dollar index.
Today’s Holiday Market Close
Time Market Event
All Day USD President’s Day
All Day CNY Spring Festival
All Day Canada Family Day
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 following prior breakout below the previous support level at 90.45. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward 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 1.3900. MACD which illustrated bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3900, 1.3960
Support level: 1.3855, 1.3800
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2105. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2145.
Resistance level: 1.2145, 1.2180
Support level: 1.2105, 1.2065
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 105.10. However, MACD which illustrated diminishing bullish momentum signal suggest the pair to undergo technical correction in short term toward the support level at 104.65.
Resistance level: 105.10, 105.65
Support level: 104.65, 104.35
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7740. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7785.
Resistance level: 0.7785, 0.7815
Support level: 0.7740, 0.7670
NZDUSD, H4: NZDUSD 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 0.7240.
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 1.2690. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2650.
Resistance level: 1.2690, 1.2740
Support level: 1.2650, 1.2610
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.8920. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 0.8920, 0.8985
Support level: 0.8850, 0.8805
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 60.15. MACD which illustrated bullish bias momentum suggest the commodity to extend gains after it successfully breakout above the resistance level.
Resistance level: 60.15, 61.05
Support level: 59.45, 58.65
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1825.40. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1825.40, 1839.40
Support level: 1803.00, 1765.15
150221 Morning Session Analysis
15 February 2021 Morning Session Analysis
Pound jumped after Boris Johnson hinted to lift the lockdown measure soon.
Pound sterling which acts as one of the major currency in FX market managed to recover from its previous losses while intending to break the recent high record after UK Prime Minister Boris Johnson revealed that he is planning to start easing the nation’s lockdown measures soon. Last Saturday, Johnson mentioned that he is ‘optimistic’ toward the development of economic outlook after months of lockdown have been implemented as well as the program of vaccination was also playing its part well. With the backdrop of UK government getting near its target of vaccination, the number of hospitalization and infections fall significantly, thus lockdown measure is planned to be removed soon where school reopening would remained as their priority, which scheduled to be take into effect on 8th March. However, Boris Johnson warned that UK people should remained cautious toward the virus despite there are some sign that the current wave of virus in UK is getting closer to the end. Besides, scientist also vowed that UK should be cautious in planning their exit lockdown strategy as UK may face another huge wave of new virus if lockdown measure eased too fast. As of writing, the pair of GBP/USD surged 0.19% to 1.3870.
In the commodities market, the crude oil price appreciated by 1.01% to $60.30 per barrel after a huge oil drawn showed in last week stock data, while ongoing OPEC+ oil production cut plan continued support this black commodity product price. Besides, gold price dropped 0.09% to $1822.70 a troy ounce amid strengthening of dollar index.
Today’s Holiday Market Close
Time Market Event
All Day USD President’s Day
All Day CNY Spring Festival
All Day Canada Family Day
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 following prior breakout below the previous support level at 90.45. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward 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 1.3855. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3855, 1.3900
Support level: 1.3800, 1.3750
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2105. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2145.
Resistance level: 1.2145, 1.2180
Support level: 1.2105, 1.2065
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 105.10. However, MACD which illustrated diminishing bullish momentum signal suggest the pair to undergo technical correction in short term toward the support level at 104.65.
Resistance level: 105.10, 105.65
Support level: 104.65, 104.35
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7740. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7785.
Resistance level: 0.7785, 0.7815
Support level: 0.7740, 0.7670
NZDUSD, H4: NZDUSD 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 0.7240.
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 1.2690. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2650.
Resistance level: 1.2690, 1.2740
Support level: 1.2650, 1.2610
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.8920. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.8920, 0.8985
Support level: 0.8850, 0.8805
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 60.15. MACD which illustrated bullish bias momentum suggest the commodity to extend gains after it successfully breakout above the resistance level.
Resistance level: 60.15, 61.05
Support level: 59.45, 58.65
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1825.40. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1825.40, 1839.40
Support level: 1803.00, 1765.15
100221 Afternoon Session Analysis
10 February 2021 Afternoon Session Analysis
Aussie slips following weak China CPI.
During late Asian session, the Australian dollar which traded against the greenback and other currency have fell amid disappointing reading from China’s CPI data. According to the National Bureau of Statistics of China, the nation’s CPI have fell to -0.3%, weaker than market expectation of 0%. On top of that, PPI also missing market expectation with the reading of 0.3% against 0.4% forecast. Following the data, the Aussie experience some selling pressure and retreat from its high while market awaits for more signal. At the time of writing, AUD/USD slips 0.07% to $0.7730.
In the commodities market, crude oil price fell 0.55% to $58.13 per barrel as of writing following cautious optimism over signs of supply tightness. Market cautiousness start creeping into the market with signs of supply tightness indicated by widening premium on nearest Brent contract. At the same time, concerns also increase after Total SE blamed on the oil industry’s continued under-investment in 2020 while also warning that “cracks in the U.S. shale model” are emerging. On the other hand, gold price rose 0.11% to $1842.07 a troy ounce at the time of writing following dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:00 EUR ECB President Lagarde Speaks
01:00 GBP BoE Gov Bailey Speaks
(11th)
01:30 USD US Federal Budget
(11th)
03:00 USD Fed Chair Powell Speaks
(11th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Core CPI (MoM)(Jan) | 0.1% | 0.2% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -0.994M | 0.985M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the 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, H1: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3795. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3845, 1.3905
Support level: 1.3795, 1.3740
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, 1.2010
USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 104.50. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout the support level.
Resistance level: 105.15, 105.65
Support level: 104.50, 104.05
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7670. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7765, 0.7815
Support level: 0.7670, 0.7590
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7255. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
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. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2770, 1.2840
Support level: 1.2690, 1.2615
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8910. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.8980, 0.9045
Support level: 0.8910, 0.8845
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 58.50. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 57.50.
Resistance level: 58.50, 59.25
Support level: 57.50, 56.70
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1832.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1849.95.
Resistance level: 1849.95, 1871.95
Support level: 1832.05, 1811.05
100221 Morning Session Analysis
10 February 2021 Morning Session Analysis
Dollar dived amid heightening of hopes over stimulus plan.
Dollar index which gauges its value against a basket of six major currencies failed to recover its losses after being rejected from the two months high level amid positive development of US stimulus plan. Last week, U.S. Senate approved a budget resolution with the voting of 51-to-50 that will allow for a fast tracking of the $1.9 trillion coronavirus relief plan proposed by the Biden administration to be approved without Republican support. The democrats have released part of the plan’s detail yesterday which including $1400 direct payment to each American, expand tax credits for families with children and so on. With the backdrop of massive fiscal relief plan, a large amount of dollar will be injected into the market, interrupting the balance between supply and demand in dollar market, thus it is believingly will depreciates the value of US dollar. Besides, ultra-easing monetary policy in US is also restricting the gains of dollar, as Fed insisted that no rate hike in short term of future until economic inflation pressure and unemployment make a substantial gain. As of writing, dollar index dropped 0.52% to 90.45.
In the commodities market, the crude oil price depreciated by 0.14% to $58.36 per barrel after API released another consecutive week with crude oil drawn. According to the API, US Weekly Crude Oil Stock reduced by 3.500M, while the economist forecast a gain at 1.340M, diminished the market worries over the unbalancing oil market under the fallout pandemic. Besides, gold price ticked up by 0.02% to $1838.60 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
21:00 EUR ECB President Lagarde Speaks
01:00 GBP BoE Gov Bailey Speaks
(11th)
01:30 USD US Federal Budget
(11th)
03:00 USD Fed Chair Powell Speaks
(11th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Core CPI (MoM)(Jan) | 0.1% | 0.2% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -0.994M | 0.985M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.45. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 90.00.
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 1.3800. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3855.
Resistance level: 1.3855, 1.3900
Support level: 1.3800, 1.3750
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2105. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2145.
Resistance level: 1.2145, 1.2180
Support level: 1.2105, 1.2065
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 104.65. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 104.35.
Resistance level: 104.65, 105.10
Support level: 104.35, 104.00
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7740. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 0.7740, 0.7785
Support level: 0.7670, 0.7635
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7235. MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 0.7235, 0.7300
Support level: 0.7165, 0.7105
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2685. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2770, 1.2800
Support level: 1.2685, 1.2610.
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.8920. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.8850.
Resistance level: 0.8920, 0.8985
Support level: 0.8850, 0.8760
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 57.80. However, MACD which illustrated bearish bias momentum suggest the commodity to undergo technical correction in short term.
Resistance level: 58.65, 59.45
Support level: 57.80, 56.65
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1839.50. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1825.40.
Resistance level: 1839.50, 1862.50
Support level: 1825.40, 1803.00
090221 Afternoon Session Analysis
09 February 2021 Afternoon Session Analysis
Dollar pressured following doubts over U.S recovery.
During late Asian session, the dollar index which traded against a basket of six major currency pair have fell to its lowest level in a week as market starting to doubt on a fast U.S economic recovery from COVID-19. On U.S stimulus front, Biden’s US$1.9 trillion Covid-19 relief package is expected to pass through Congress before March 15 even without Republican support. The package is expected to help the U.S economy to recover in near term, however, there are worries that huge fiscal spending, alongside the continuous ultra-easy Federal Reserve monetary policy, could see the dollar decline in the long term. Investors concern that the large amount of stimulus could widen further the problem of U.S current account deficit, thus weighing heavily on the greenback. At the time of writing, dollar index fell 0.20% to 90.68.
In the commodities market, crude oil price continues to extend gains and soars 0.55% to $58.38 per barrel as of writing over ongoing supply cuts and hopes of fuel demand recovery. Implementation of additional supply cuts from Saudi Arabia in February are helping to reduce supply and support the commodity price. Also boosting investor hopes are the continuous global rollout of COVID-19 vaccines and data suggesting that the virus has peaked in countries such as the U.S. On the other hand, gold price jumps 0.56% to $1840.45 a troy ounce at the time of writing following dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:00 CrudeOil EIA Short-Term Energy Outlook
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 23:00 | USD – JOLTs Job Openings (Dec) | 6.527M | 6.500M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.85. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.45.
Resistance level: 90.85, 91.55
Support level: 90.45, 90.00
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.3795. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3795, 1.3860
Support level: 1.3740, 1.3685
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, 1.2010
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 105.15. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 104.50.
Resistance level: 105.15, 105.65
Support level: 104.50, 104.05
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7670. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7765, 0.7815
Support level: 0.7670, 0.7590
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7255. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7255, 0.7305
Support level: 0.7165, 0.7115
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2770. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2770, 1.2840
Support level: 1.2690, 1.2615
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.8980. MACD which illustrated increasing bearish momentum suggest the pair to extend its gains toward support level at 0.8920.
Resistance level: 0.8980, 0.9045
Support level: 0.8920, 0.8845
CrudeOIL, Weekly: Crude oil price was traded higher while currently testing the resistance level 60.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 60.30, 65.35
Support level: 49.95, 41.60
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1833.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1850.40.
Resistance level: 1850.40, 1871.95
Support level: 1833.80, 1819.25
090221 Morning Session Analysis
9 February 2021 Morning Session Analysis
Pound surged amid Covid-19 cases eased in UK.
Pound sterling which act one of the major currencies that being traded in FX market managed to recover its losses yesterday while lingering near the highest level in almost two years as market worries eased following significant drop of virus confirmed cases in UK. After months of national lockdown, the figures of positive tests in UK are falling from the peak at 60k per day to now not more than 20k in average. The confirmed cases in UK have now dropped to pre-Christmas level signifying that the lockdown measure is working, while the rollout of vaccine have also successfully brought down the number of infections. As of now, there are about 12 million people in UK have received the first dose of vaccine, aiming for a target of 15 million people vaccinated in the mid of February. Despite ongoing vaccination programme seem to be very successful and on schedule as well, but the lockdown restrictions are not expected to be eased at the moment as UK government planned to not lift the restriction at least until beginning of March. As of writing, the pair of GBP/USD up 0.01% to 1.3739.
In the commodities market, the crude oil price depreciated by 0.19% to $57.95 per barrel after hitting the highest level in 1 year amid increasing of economic revival hopes following the rollout of vaccines. Besides, gold price dropped by 0.09% to $1830.00 per troy ounce due to strengthening of dollar index during Asian early trading session.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:00 CrudeOil EIA Short-Term Energy Outlook
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 23:00 | USD – JOLTs Job Openings (Dec) | 6.527M | 6.500M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 91.10. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 90.75.
Resistance level: 91.10, 91.60
Support level: 90.75, 90.45
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level at 1.3750. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 1.3750, 1.3800
Support level: 1.3695, 1.3620
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2015. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2065.
Resistance level: 1.2065, 1.2105
Support level: 1.2015, 1.1950
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.65. MACD which illustrated bearish momentum signal suggest the pair to extend its losses toward the support level at 105.10.
Resistance level: 105.65, 106.00
Support level: 105.10, 104.65
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7670. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7740.
Resistance level: 0.7740, 0.7785
Support level: 0.7670, 0.7635
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7165. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7235.
Resistance level: 0.7235, 0.7300
Support level: 0.7165, 0.7105
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2770. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2685.
Resistance level: 1.2770, 1.2800
Support level: 1.2685, 1.2610.
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8985. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9035, 0.9075
Support level: 0.8985, 0.8920
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 57.80. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 58.65.
Resistance level: 58.65, 59.45
Support level: 57.80, 56.65
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1839.50. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1825.40.
Resistance level: 1839.50, 1862.50
Support level: 1825.40, 1803.00
080221 Afternoon Session Analysis
08 February 2021 Afternoon Session Analysis
Pound remains strong following BoE boost outlook.
During late Asian session, the pound sterling which traded against the dollar and other currency pairs have rose following last week policy decision from BoE. The BoE left its monetary policy unchanged as expected, and lowered its Q1 2021 growth forecasts for Britain. However, markets were most excited about the bank’s indication that it was giving no signals on negative interest rates. BoE Governor Andrew Bailey have denied market speculation on interest rate cuts towards negative levels for the foreseeable future. He stressed that they are still studying on the approach and it will not be implemented for the next 6 months. At the same time, the market also remains positive on vaccine rollout in the country where UK vaccine rollout success could lead to a brighter second half of the year. At the time of writing, GBP/USD rose 0.03% to 1.3728.
In the commodities market, crude oil price extends its gains and soars 0.47% to $57.30 per barrel as of writing following supply cuts among key producers. Saudi Arabia’s pledge of extra supply cuts in February and March on the back of reductions by other members of the OPEC and its allies, including Russia, is helping to balance global markets and tighten global supply. On the other hand, gold price edge higher 0.06% to $1811.88 a troy ounce at the time of writing following ongoing dollar weakness.
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 testing the support level 90.90. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 92.00, 93.00
Support level: 90.90, 90.00
GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing the resistance level 1.3745. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a short-term technical correction in short term towards the support level 1.3555.
Resistance level: 1.3745, 1.3895
Support level: 1.3555, 1.3440
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.2055. However, MACD which illustrate starting of diminishing bullish momentum suggest the pair to be traded lower as a short-term technical correction towards the support level 1.1905.
Resistance level: 1.2055, 1.2180
Support level: 1.1905, 1.1770
USDJPY, H4: USDJPY was traded lower following recent retracement from the resistance level 105.70. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement in short term towards the support level 105.15.
Resistance level: 105.70, 106.10
Support level: 105.15, 104.50
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.7655. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7785.
Resistance level: 0.7785, 0.7885
Support level: 0.7655, 0.7555
NZDUSD, H4: NZDUSD remain traded in a sideway channel. However, MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher towards the resistance level 0.7235.
Resistance level: 0.7235, 0.7310
Support level: 0.7110, 0.7010
USDCAD, H4: USDCAD was traded lower following recent retracement from the resistance level 1.2830. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.2665.
Resistance level: 1.2830, 1.2955
Support level: 1.2665, 1.2540
USDCHF, H4: USDCHF was traded lower following recent breakout below the previous support level 0.9000. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.8920.
Resistance level: 0.9000, 0.9090
Support level: 0.8920, 0.8840
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 57.55. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a technical correction towards the support level 56.00
Resistance level: 57.55, 59.55
Support level: 56.00, 53.90
GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1815.15. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 1815.15, 1859.30
Support level: 1769.75, 1737.95
080221 Morning Session Analysis
8 February 2021 Morning Session Analysis
Dollar plummeted following mixed labour data released.
Dollar index which gauge its value against a basket of six major currencies plunged following US reported a series of mixed data last Friday. According to the Bureau of Labour Statistics, US Nonfarm Payroll increased from the preliminary reading of -227K to 49K, but still slightly weaker than the economist forecast at 50K, as the ongoing nation’s movement control caused huge damage on hospitality industry where governments forced the hotels, bar and restaurant to close in order to curb the spread of Covid-19 . Besides, US Unemployment data came in at 6.3%, far lower than the broadly forecasted reading at 6.7%, indicating some sign of recovery in US labour market while marking a return of gain in the first month of year 2021. On the other hand, positive progress in US stimulus plan has also sparked another round of sell-off pressure in dollar market. Last Friday, US Senate passed a budget resolution as Democrats move forward with the process to pass a $1.9 trillion coronavirus relief bill without Republican votes. The package includes $1,400 stimulus checks, a supplemental jobless benefit and COVID-19 vaccine and testing funds. Besides, US President Joe Biden also warned that Republican efforts to pass a smaller bill would only prolong the economy’s path to recovery. During Asian trading session, dollar index dropped 0.15% to 90.90.
In the commodities market, the crude oil price appreciated by 0.35% to $56.65 per barrel amid OPEC+ oil cut plan in place while market participant worries over the economy outlook diminished following the rollout of vaccines. Besides, gold price surged by 0.50% to $1815.00 per troy ounce due to 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
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 91.10. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 90.75.
Resistance level: 91.10, 91.60
Support level: 90.75, 90.45
GBPUSD, H4: GBPUSD was traded higher while currently testing the previous upward trendline. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the trendline.
Resistance level: 1.3750, 1.3800
Support level: 1.3695, 1.3620
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2015. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2065.
Resistance level: 1.2065, 1.2105
Support level: 1.2015, 1.1950
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.65. MACD which illustrated bearish momentum signal suggest the pair to extend its losses toward the support level at 105.10.
Resistance level: 105.65, 106.00
Support level: 105.10, 104.65
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7670. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7670, 0.7740
Support level: 0.7635, 0.7565
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7165. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7235.
Resistance level: 0.7235, 0.7300
Support level: 0.7165, 0.7105
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2770. MACD which illustrate bearish bias momentum signal suggest the pair to be traded lower toward the support level at 1.2800.
Resistance level: 1.2770, 1.2800
Support level: 1.2685, 1.2610.
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8985. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9035, 0.9075
Support level: 0.8985, 0.8920
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 56.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction in short term toward lower level.
Resistance level: 57.80, 58.65
Support level: 56.65, 55.40
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1803.00. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1825.40.
Resistance level: 1825.40, 1839.50
Support level: 1803.00, 1765.15
050221 Afternoon Session Analysis
05 February 2021 Afternoon Session Analysis
Aussie remain pressured following RBA events.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs stay depressed and fell despite with the Reserve Bank of Australia revise its forecast higher. The RBA monetary policy statement has carried an upward revision to the 2020 gross domestic product (GDP) forecast and the downward revision of the jobless rate forecast out to 2022. However, the central bank does not expect to reach inflation and employment target before and is unlikely to raise rates before 2024 even with improvement in the economic outlook. On data front, Australia’s Retail Sales came in at -4.1% against previous reading of -4.2%. The decline was expected following the strong Black Friday sales in November. Based on central’s bank dovish tone and unimpressive data, the pressure for the pair is expected to be maintain in near term. At the time of writing, AUD/USD slips 0.07% to 0.7588.
In the commodities market, crude oil price rose 0.35% to $56.63 per barrel as of writing following market continue to cheer on OPEC and its allies to cut output and contribute to tighter global crude supply. At the same time, the ongoing rollout of vaccine also expected to support global oil demand over the coming months. On the other hand, gold price plunged 0.16% to $1794.15 a troy ounce at the time of writing amid ongoing dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:30 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Nonfarm Payrolls (Jan) | -140K | 50K | – |
| 21:30 | USD – Unemployment Rate (Jan) | 6.7% | 6.7% | – |
| 21:30 | CAD – Employment Change (Jan) | -62.6K | -47.5K | – |
| 23:00 | CAD – Ivey PMI (Jan) | 46.7 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 91.20. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 92.05, 92.90
Support level: 91.20, 90.45
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3680. MACD which illustrate increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3680, 1.3740
Support level: 1.3605, 1.3545
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1940. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2010, 1.2065
Support level: 1.1940, 1.1860
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 105.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistanc3e level.
Resistance level: 105.65, 106.00
Support level: 105.15, 104.50
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7555. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7670, 0.7765
Support level: 0.7555, 0.7405
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7165. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7110.
Resistance level: 0.7165, 0.7235
Support level: 0.7110, 0.7050
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2770. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2765.
Resistance level: 1.2765, 1.2925
Support level: 1.2670, 1.2690
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9045. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9045, 0.9085
Support level: 0.8980, 0.8920
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 56.00. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 57.65, 59.00
Support level: 56.00, 53.80
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1790.05. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1810.70, 1827.10
Support level: 1790.05, 1765.00
050221 Morning Session Analysis
5 February 2021 Morning Session Analysis
Pound skyrocketed amid hawkish BoE statement.
Pound sterling which act as one of the major currencies in the FX market jumped significantly after Bank of England (BoE) left it monetary policy unchanged while putting off the possibility to further cut interest rate in anytime soon. In the BoE meeting, the board of members unanimously agreed to keep it cash rate at 0.10%, while agreed to set the deadline for commercial banks to prepare themselves as negative lending rates are remains as part of their toolkit. Despite, the possibility of negative rates has grown but it would take a significant event to prompt its use. Besides, BoE also revealed their forecast where expecting UK economy will recover rapidly as the ongoing vaccination programme is assumed to lead to an easing of national lockdown as well as public health concern. However, UK GDP is still expected to shrink in the first quarter of year 2021 as the recovery pace was interrupted by the result of latest national lockdown. Last but not least, BoE also maintain its asset-purchase plan at 895 billion pounds ($1.2 trillion). In overall, hawkish signal from BoE has sparked huge buying pressure in pound market, yet investors will still eyeing on the possibility of implementing negative rate from time to time. As of writing, the pair of GBP/USD surged by 0.02% to 1.3675.
In the commodities market, the crude oil price appreciated by 0.04% to $56.48 per barrel amid ongoing oil production cut plan continue override the market concern over new variant of virus. Besides, gold price plunged by 0.05% to $1793.75a troy ounce amid hawkish statement from Bank of England diminished the investors demand toward safe-haven asset.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:30 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Nonfarm Payrolls (Jan) | -140K | 50K | – |
| 21:30 | USD – Unemployment Rate (Jan) | 6.7% | 6.7% | – |
| 21:30 | CAD – Employment Change (Jan) | -62.6K | -47.5K | – |
| 23:00 | CAD – Ivey PMI (Jan) | 46.7 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 91.10. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 91.60.
Resistance level: 91.60, 92.10
Support level: 91.10, 90.75
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3620. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3695.
Resistance level: 1.3695, 1.3750
Support level: 1.3620, 1.3535
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1985. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.1935.
Resistance level: 1.1985, 1.2015
Support level: 1.1935, 1.1880
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 105.50. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully closed above the resistance level.
Resistance level: 105.50, 105.75
Support level: 105.10, 104.65
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower level. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7635.
Resistance level: 0.7635, 0.7670
Support level: 0.7565, 0.7505
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7165. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7165, 0.7235
Support level: 0.7105, 0.7030
USDCAD, H4: USDCAD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower toward the support level at 1.2800.
Resistance level: 1.2865, 1.2930
Support level: 1.2800, 1.2770
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9035. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9075.
Resistance level: 0.9075, 0.9140
Support level: 0.9035, 0.8985
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 55.40. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 56.65.
Resistance level: 56.65, 57.80
Support level: 55.40, 53.75
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1803.00. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 1765.15.
Resistance level: 1803.00, 1825.40
Support level: 1765.15, 1736.15