[email protected]
+44 7862 068336
Open Live Account Open Demo Account Client Login Partners Login Download MT4 Contact Us
cfm-footer-logo-whitecfm-footer-logo-whitecfm-footer-logo-whitecfm-footer-logo-white
  • About Us
    • CF Merchants
    • Why Choose Us
    • Registering Bodies
    • Security of Funds
    • Legal Documents
  • Trading
    • Products
      • Forex
      • Commodities
      • CFDs
      • INDICES
      • Cryptocurrencies
    • Platform
      • META TRADER 4
    • Pricing
      • Product Knowledge
      • Trading Hours
      • Execution Policy
      • Expiration of CFD’s
  • Accounts
    • Accounts Comparison
    • Islamic Accounts
    • Deposit & Withdrawals
  • Research & Education
    • CFM Academy
      • What is Forex?
      • E-Book
      • Forex Glossary
    • News
      • Forex News
      • Crypto News
      • Education News
    • Market
      • Economic Calendar
      • Market Analysis
  • Promotions
    • 50% Deposit Bonus
  • Partnership
  • Contact Us
✕
  • Home
  • Market Analysis
  • Dollar Up Despite Friday’s Disappointing U.S. Jobs Data
Dollar Edges Lower, Consolidating After Week’s Gains
February 5, 2021
Bitcoin tops $47,000 for first time
February 9, 2021
Published by CF Merchants on February 8, 2021
Categories
  • Market Analysis
Tags

EURUSD

The EURUSD broke support levels 1.2020 and 1.2000. The pair was trading near the 1.1950 level and formed a low at 1.1951. Recently, there was a reversal above the 1.2000 level. The pair recently dropped from 1.2156 high to a low of 1.1951 and a 50% Fib retracement level. Conversely, there is strong resistance at 1.2100 and a simple 100 moving average (4 hours). There is also a key bearish trend line forming with resistance near 1.2100 on the same chart.

A clear break above the trend line resistance could lead the EURUSD to the 1.2150 resistance or the 200 simple moving average (4 hours). Even higher gains may be required to test the 1.2200 barrier. If there is a fresh drop, the pair could look to 1.1950 support again.

GBPUSD

The GBPUSD is currently neutral. There is some stability to be seen, but a further rally is expected with support from 1.3564. . On the upside, break of 1.3758 will extend the uptrend from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, break of 1.3564 support will turn bias to the downside for deeper correction instead.

USDJPY

The USDJPY initially remains neutral for some stability. Downside of retreat should be contained above 104.39 resistance turned support to bring another rally. On the upside, break of 105.76 will resume the rebound from 102.58, for 38.2% retracement of 111.71 to 102.58 at 106.06.

AUDUSD

The AUDUSD has bounced well to in line with the rise in. We may expect an immediate rise to 0.77 which if breaks could extend towards 07750 on the upside. Immediate view is bullish.

USDCAD

The USD CAD remains neutral and some stability can be seen. It is in favor of recovery from a short-term low of 1.2588, while 1.2684 is somewhat supportive. . Break of 1.2880 will target 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 traded next major resistance level near 57.35. Only a strong breakout above this level can lead to further gains. This means that a reversal near 57.35 would likely lead to a reversal. The initial resistance target at this point is near the previously set resistance level of 53.77. The price level near 40.55 however marks the 61.8 Fibonacci retracement level for the decline from 65.62 in January 2020 through the zero level on 20th April.

XAUUSD

The Precious metals increased from 1784 to 1800 above, as opposed to the expected decrease of 1760-171740. The rise was due to the fact that the dollar index could not exceed 91.50 and fell from 91.60 to test 91 on the downside. If the index re-attempts to bounce from 91 again, Gold could have some scope of falling back towards 1800-1780 again in the near term. Overall we cannot negate a bearish possibility while below 1860.

Share
1
CF Merchants
CF Merchants

Related posts

May 7, 2021

Dollar under pressure as U.S. payrolls data could spur more risk-taking


Read more
May 6, 2021

Dollar holds near two-week high, U.S. jobs data eyed for Fed clues


Read more
May 5, 2021

Asia Shares Subdued By Tech Retreat, U.s. Futures Steady


Read more

Leave a Reply Cancel reply

You must be logged in to post a comment.

[email protected]
[email protected]
+44 7862 068336

    Legal: CF Merchants is the trading name of Commodity and Forex Merchants registered and regulated in many Jurisdictions. CF Merchants Limited is regulated with license number 24535/2018, at Suite 305, Griffith Corporate Center, P. O. Box 1510, Beachmont, Kingstown, Saint Vincent and the Grenadines as an International Broker Company under the company act of Saint Vincent & the Grenadines. The objects of the Company are all subject matters not forbidden by International Business Companies (Amendments and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines 2009, in particular but not exclusively all commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well to provide brokerage, training and managed account services in currencies, commodities, indexes and leveraged financial instruments.
    Commodity and Forex Merchants Limited is authorized under license number 1092420 by the Companies House, Cardiff, United Kingdom on 21st August 2017.

    High Risk Investment Warning: Margin FX are leveraged products that carry an extraordinary level of risk to your funds. Trading is not suitable for everyone and may result in you losing significantly more than your investments and therefore, you should not speculate with capital that you cannot afford to lose. You should consider whether you understand how this work and whether you can afford to take the high risk of losing your money. All the trading related information on this website is general in nature and does not take into account your or your client’s personal intentions, financial conditions and needs. We encourage you to seek independent advice if necessary. It is the responsibility of the client to ascertain whether he/she is allowed to use the services of the CF Merchants based on the legal requirements in his/her country of residence. Please read full Risk Disclaimer for more details.

    Regional Restrictions: CF Merchants (SV) Ltd does not provide services and accept applications from the residents of certain countries, such as United States of America, Canada, Israel, North Korea and Saint Vincent & The Grenadines. The statistics on this website is not directed at residents in any country or jurisdiction where such distribution or use would be contradictory to local law or regulation.

    © 2011-2020 CF Merchants Ltd.

    • Terms & Conditions
    • Privacy Policy
    • Fraud Warning
    • Risk Disclosure
    • AML Policy
    • Client Agreement
    • IB Agreement
    • Power of Attorney