Dollar Up Despite Friday’s Disappointing U.S. Jobs Data
February 8, 2021Dollar Down, Economic Recovery Hopes Continue to Grow
February 10, 2021EURUSD
The EURUSD Last week’s losses to the European single currency recovered during this week’s first trade meeting. For the first major resistance test at 1.2098 and possible breakthrough, sentiment remained positive, which could test the next major resistance at 1.2181. Currently there are no planned economic events and news expected to affect the market.
GBPUSD
The GBPUSD managed to move out of the range, formed about two weeks ago and traded at 1.3740 in violation of the central resistance level, which now serves as a key support area. The breach described a completely bullish scenario to test the next significant resistance level at 1.3800, followed by 1.4000. If there is a bearish advance, we may see a trade return in the 1.3633 – 1.3740 range. As a result, the positive sentiment of market participants should not change, unless the bears move the pair to a support level very close to 1.3448.
USDJPY
The USDJPY just below the resistance level at 105.62, where the bears took control and directed to move the currency pair towards a test of the support level at 104.85. If the U.S. dollar continues to lose ground against the Japanese yen and the breach of the mentioned support is to be confirmed, it could be followed by a deeper sell-off in order for the main support zone at 104.19 to be
AUDUSD
The AUDUSD has broken above 0.77 and could be headed towards 0.78—0.7820 in the near term. View is bullish for the near term as Copper heads towards 3.70/80.
USDCAD
The USDCAD reverse from 1.2880 extends lower but it’s staying above 1.2684 minor support. Intraday bias remains neutral first and another rise could still be seen. on the upside, break of 1.2880 will resume the rebound form 1.2588 short term bottom to 1.2994 support turned resistance. However, break of 1.2684 minor support will argue that the rebound has completed and bring retest of 1.2588 low.
WTI
The crude oil has broken above our expected 58 which is an important trend resistance on the weekly charts and while the pries trades higher, the bulls could take it towards 65 on the upside.
XAUUSD
The Precious metals has bounced well but needs to break above 1880 in order to target 1920-1940 on the upside. While below 1880, we may not negate a fall back towards 1800 or lower again.
