{"id":154852,"date":"2021-02-03T04:25:18","date_gmt":"2021-02-03T04:25:18","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=154852"},"modified":"2021-02-03T04:27:00","modified_gmt":"2021-02-03T04:27:00","slug":"030221-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030221-afternoon-session-analysis\/","title":{"rendered":"030221 Afternoon Session Analysis"},"content":{"rendered":"

03 February 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

Kiwi soars amid upbeat jobs data.<\/strong><\/span><\/p>\n

During late Asian session, the New Zealand Kiwi which traded against the dollar and other currency pairs have rose following a better than expected New Zealand\u2019s job report for the fourth quarter. According to Statistics New Zealand, the Unemployment rate have dropped to 4.9%, better than market expectation of 5.6%. On top of that, Employment Change also came in higher at 0.6%, beating market expectation of 0%. Following the positive data, the Reserve Bank of New Zealand could well keep its bullish bias and cheering for the strong fight Jacinda Ardern gave to the coronavirus which in turn suggests the pair have brighter spots to cheer, thus pushing the price higher. At the time of writing, NZD\/USD jumps 0.38% to 0.7214.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price remains strong and rose 0.06% to $54.95 per barrel as of writing following expectations global oil stocks will fall back to more normal levels this year. Following latest assessment by OPEC, oil stockpiles is expected decline to below a five-year average by June. OPEC+ expects output cuts will keep the market in deficit throughout this year. On the other hand, gold price rebounds 0.19% to 1841.78 a troy ounce at the time of writing amid weakening dollar.<\/p>\n

 <\/p>\n

Today\u2019s Holiday Market Close<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event <\/strong><\/p>\n

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Events<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

16:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB Monetary Policy Statement<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Composite PMI (Jan)<\/td>\n40.6<\/td>\n40.6<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Services PMI (Jan)<\/td>\n38.8<\/td>\n38.8<\/td>\n–<\/td>\n<\/tr>\n
18:00<\/td>\nEUR \u2013 PPI (MoM)(Dec)<\/td>\n0.4%<\/td>\n0.7%<\/td>\n–<\/td>\n<\/tr>\n
21:15<\/td>\nUSD \u2013 ADP Nonfarm Employment Change (Jan)<\/td>\n-123K<\/td>\n49K<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 ISM Non-Manufacturing PMI (Jan)<\/td>\n57.7<\/td>\n56.8<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n-9.910M<\/td>\n0.446M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Technical Analysis<\/u><\/strong><\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was higher while currently testing the resistance level at 91.20. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 91.20, 92.05<\/p>\n

Support level: 90.45, 89.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3680. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3680, 1.3740<\/p>\n

Support level: 1.3610, 1.3545<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.2010. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2065.<\/p>\n

 <\/p>\n

Resistance level: 1.2165, 1.2215<\/p>\n

Support level: 1.2010, 1.1965<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded within a range while currently testing the resistance level at 105.00. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 105.00, 105.35<\/p>\n

Support level: 104.50, 104.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level at 0.7670. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7670, 0.7815<\/p>\n

Support level: 0.7550, 0.7415<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>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 0.7235.<\/p>\n

 <\/p>\n

Resistance level: 0.7235, 0.7305<\/p>\n

Support level: 0.7165, 0.7110<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2770. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.2865, 1.2925<\/p>\n

Support level: 1.2770, 1.2690<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.8980. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.8980, 0.9040<\/p>\n

Support level: 0.8920, 0.8845<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the resistance level at 53.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 55.90, 57.45<\/p>\n

Support level: 53.70, 51.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded lower while currently testing the support level at 1832.15. However, due to lack of signal from MACD, it is suggested that to wait for further signal before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1871.95, 1890.30<\/p>\n

Support level: 1832.15, 1810.70<\/p>\n","protected":false},"excerpt":{"rendered":"

03 February 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Kiwi soars amid upbeat jobs data. During late Asian session, the New Zealand Kiwi which traded against the dollar and other currency pairs have rose following a better than expected New Zealand\u2019s job report for the fourth quarter. According to Statistics New Zealand, the Unemployment rate have dropped to […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/154852"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=154852"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/154852\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=154852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=154852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=154852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}