Daily Market Analysis

Market Focus

U.S. stocks climbed as confidence returned to markets, easing concerns about inflation and higher Treasury yields would undermine equity valuations. The Dow Jones Industrial Average surged around 2.2%, led by Boeing, which rose around 7%; at the same time, the S&P 500 rose around 2.1% while the Nasdaq gained about 2.0%. After last week’s intense volatility in bond markets, investors piled back into risk assets, leading a rebound in stock markets. According to the C.F.O. at Bleakley Advisory Group, equity markets will be fluctuate mainly focusing on the benefits of the vaccines and the challenge of higher yield rates this year.

After a huge tumbling week, dropping more than 20%, Bitcoin rallied back near $49,000, riding a broad resurgence in risk assets and a bullish support from Citigroup Inc. Citigroup described Bitcoin as blockchain’s “North Star,” as it laid out a case for the cryptocurrency assets to play a bigger role in the global financial system, mentioning that cryptocurrency assets can potentially become the currency of choice for international trade in the future. At the same time, MicroStrategy Inc has decided to purchase more than $4 billion worth of Bitcoin, boosting the price of Bitcoin as today’s bullish support.

Asian equity markets rebounded as technology giants climbed and expectations became optimistic. Among the markets, Tencent was the notable boost to the MSCI Asia Pacific Index, rising more than 5% today. The Hang Seng Index also climbed more than 1.5% after plans were announced to expand the gauge to 55 members from 52 members.

Market Wrap

Main Pairs Movement

EUR/USD was down around 0.12% as the time of writing as the European Central Bank tried to make meaningful impact on the currency. The ECB announced to help ensure that companies and families can access financial assistance they need to weather this economic storm. In the meantime, the ECB has decided to slow the pace of bond- buying for the purpose of fighting against rising bond yields. However, those actions from the ECB seem to not affectively help the currency.

Cable continued to trade below 1.40 as the US bond yield have resumed gains, lifting the US dollar. Rishi Sunak, UK’s Chancellor of the Exchequer, is set to unveil a new budget later this week and consider pushing up rates that corporations pay. Those agenda will rise the questions of whether the UK is a good place for conducting businesses. As the US bond yields increase and the uncertainty in the UK, Cable is currently in a negative territory as the time of writing.

Gold tumbled more than 6% in February, biggest monthly slump since 2016. As the US bond yield rates increase, they dimmed the appeal of gold, which did not offer interest. Gold is typically viewed as a hedge instrument of untoward inflationary pressures, but apparently gold has responded more to the combination of rising confidence and rising yield rates this time.

Technical Analysis:

EURUSD (Four-hour Chart)

On the four- hour chart, EUR/USD remains on the downside for 1.2022 support. A break of the support level of 1.2022 will confirm a continuous bearish momentum toward the next support at 1.1951. Moreover, on the downside, the bearish momentum is considered as active, supported by both the RSI indicator and MACD; the RSI indicator has not reached the oversold situation while the MACD line is still sitting below the signal line, both suggesting a bearish trend. On the upside, a break from the resistance of 1.2091 will give EUR/USD a bullish signal as it is going to be settled in the ascending channel.

Resistance: 1.2091, 1.2161, 1.2221

Support: 1.2022, 1.1951

GBPUSD (Four-hour Chart)

GBP/USD is hovering around 1.3920 off the high from last week. As the pair consolidates, it remains neutral as the time of writing. On the upside, GBP/USD remains in a bullish trend in the big picture as it is located above the 50 SMA and the ascending channel. On the downside, a break from the current support of 1.3851 will lead the pair toward the next support at 1.3748. At the same time, the MACD line is still below the signal line, suggesting a bearish trend, while the RSI indicator has not reached an oversold condition.

Resistance: 1.3991, 1.4180

Support: 1.3851, 1.3748

XAUUSD (Daily Chart)

In the near- term, gold is due to a pullback as the RSI indicator has reached an oversold condition and the MACD is currently weak, implying a bearish- to- bullish trend; moreover, the pair has reached the lower band of Bollinger Band, also suggesting a retreat. However, in the big picture on the daily chart, gold remains bearish trend as it stays in the 6- month descending trend and it is located below the 50 SMA. A break of the support at $1722 will bring the pair toward the next support at $1676.

Resistance: 1867, 1951, 2065

Support: 1722, 1676

Economic Data

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Daily Market Analysis

Market Focus

US tech stocks staged a modest rebounded on the last day of a tumultuous week as a global bond rout eased, sending the yield on 10-year Treasuries tumbling below 1.5%. Gains for Microsoft Corp. and Amazon.com Inc. helped lift the Nasdaq 100 about 0.6%. Energy producers and banks were among the worst performers, dragging down the Dow Jones Industrial Average. The dollar jumped for a second day, helping fuel a slump in commodities from oil to gold to copper.

Investors are getting increasingly worried that accelerating inflation could trigger a pullback in monetary policy support that has fueled gains in risk assets amid the pandemic. Fed Jerome Powell says higher Treasury yields reflect optimism on the outlook for growth and officials have stressed that the central bank has no plans to tighten policy given lingering weakness in the labor market.

Asian shares tumbled in line with Thursday’s rout in the U.S., and European gauges also closed lower. Global bonds stabilizes after central banks from Asia to Europe moved to calm a panic that had sent U.S. government bond yields to their highest level in a year and spurred a selloff in stock market.

The Nas 100 pared its weekly loss to about 5%, still the worst since Oct, amid concern that valuations for tech stocks that soared during the pandemic have gotten out of hand. Elsewhere, copper slid the most in four months, falling from a nine-year high. Gold fell to the lowest since June.

Market Wrap

Main Pairs Movement

EURUSD has extended its falls and struggles around 1.21 as the risk-off mood and elevated US bond yields favor the dollar. President Biden’s stimulus bill ran into a snag. The Fed’s preferred inflation measure and end-of-month flows are eyed.

GBPUSD has fallen sharply, trading below 1.39 and down some 350 pips from the highs. The USD picks up bids as the bond market rout seems to resume. BoE Governor Bailey expects a negative first quarter for the economy.

Soaring US Treasury yields and falling equities keep leading currencies. Japanese data came in slightly better than expected, indicated slowing economic progress. USDJPY is technically bullish near fresh 2021 highs.

DXY keeps the bid tone unchanged above 90.75 on Friday. A buoyant US dollar is weighing on USD priced crude oil markets on the final trading day of the week. WTI has slipped more than $1.0 and back into the low $62.00.

Technical Analysis:

USDCAD (Four-hour Chart)

The Loonie builds on its previous day’s positive notion and advances towards the 1.2717 resistance level at the time of writing. The rally in USDCAD is still largely supported by the growing risk aversion sentiment and rising US yields. The DXY has now surpassed the 90.85 threshold. From a technical perspective, the two-day winning streak of the Loonie is supported by the MACD histogram. However, with a close-to-70 RSI, the upward trend of the pair might not be sustainable for too long. If the Loonie can consolidate above the 1.2717 price level, the following resistance can be seen around 1.2755, then 1.28. Conversely, if the Loonie loses positive traction, the most immediate cushion can be found at 1.2634, 1.2619, and 1.2567.

Resistance: 1.2717, 1.2755, 1.28

Support: 1.2634, 1.2619, 1.2567

AUDUSD (Four-hour Chart)

Coming under the bearish pressure on Thursday, the Aussie pair first attempted to stay above the 0.78 price level; however, during the late Europe trading session, a renewed bearish pressure collapsed and dragged Aussie toward the low 0.77s. The pair has lost more than 100 pips on the day as the greenback continues to gather strength ahead of the weekend. Technically speaking, a positive correction is likely in the near future as the RSI is now fluctuating below 30. Although the recent plummet of the pair is not supported by the 15-Day SMAVG, the drastic sell-off on the pair is reflected significantly on the MACD histogram. Now testing the critical 0.77 support at the moment, a break below would easily further extend the Aussie’s bearish momentum.

Resistance: 0.7734, 0.7788, 0.7872

Support: 0.7703, 0.7675, 0.7633

XAUUSD (Four-hour Chart)

While the risk-off sentiment dominates the markets, the safe-haven pair – XAUUSD, has yet to gain any positive traction for the second straight day. In contrast, the elevated US bond yields continued to support the market’s demands and strengthened the DXY. On the last day of the week, XAUUSD has dipped more than $50 dollars, erasing more than 2.5% of the Gold’s value. From a technical perspective, the 60-Day SMAVG is supporting the XAUUSD bearish momentum. However, given that the RSI has now reached the 23s, it is reasonable to see a reverse in the trend. In the bigger picture, given that the markets are mostly turning their heads toward an overall rebound across the global economy, the demand for Gold is likely to grow; as a result, it would not be a surprise to see the precious metal to dip lower in the foreseeable future.

Resistance: 1766, 1779, 1804

Support: 1715, 1708, 1683

Economic Data

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Daily Market Analysis

Market Focus

US equities plummeted whilst the selloff in global bonds deepened, the US 10-year treasury yield SOARED to one-year high of 1.545%, a jaw-dropping 10.56% in one day. Technology stocks were leading the rout, the Nasdaq 100 slumped about 3.6%. The recent Tesla-ARK synergy took a big hit today, Tesla Inc dropped 9.17% while ARK Innovation ETF down 6.7%. It was blood bath in the S&P 500 Index as well, every sector ended up in the red, with Consumer Discretionary sector suffered the worst of 3.61%.

Several Federal Reserve presidents argued Thursday that rising Treasury yields reflect economic optimism for a solid recovery from the Covid-19 crisis and stressed that the central bank is not planning to tighten policy in the near term. St. Louis Fed president James Bullard told Bloomberg report that “rise in yields is probably a good sign so far because it does reflect better outlook for US economic growth and inflation expectations which are closer to the committee’s inflation target.”

Coronavirus hospitalization rate dropped 72% in a month in the US as the vaccination push accelerated. Meanwhile, President Joe Biden said the federal government will distribute Johnson & Johnson’s vaccine as fast as the company can manufacture it, assuming the shot is approved by the FDA.

Market Wrap

Main Pairs Movement

Aussie staged a significant pullback upon touching 0.8 hurdle, closed the day down 1.2%. This retreat is hardly any surprise since the pair has been overstretched since last week, probably plenty of profit taking orders were triggered a bit north of 0.8. On the other hand, Kiwi was slightly behind its peer, dropped 0.86%.

Euro dollar ended where it started, albeit ramping up 0.64% during European session. The dollar index is clinging to 90.25 near closing hours. US Core Durable Goods Orders for January doubled expectation to 1.4%, and Initial Jobless Claims printed 730,000, beating forecast of 838,000.

Speculators were dumping Cable amid bond selloffs, erased 0.92% on Thursday. The pair is currently hovering above 1.401. US bond market was under pressure since investors were optimistic on global economic outlook, thus betting on higher growth and inflation ahead. The safe-haven US greenback becomes attractive as investors worrisome in overvaluation in the stock market.

Another ugly day for Gold, which has been losing core value since this year as market grew confident on economic recovery around the globe. The negative link between Gold and US Treasury yield continues to drag the precious metal lower and lower.

Technical Analysis:

EURUSD (Daily Chart)

Euro dollar ramped up as much as 0.64% in earlier session, but pared most of its gain amid soaring US treasury yield. This pair was capped by 1.22 hurdle, created a long upper wick on the daily chart. Nonetheless, bullish bias is very much intact for now. It managed to stand above the short term descending trendline, and has validated that the breakthrough was indeed solid. If price heads south, we expect the downward trendline to provide defense for the euro again. If broken, then the shared currency will find support upon meeting the long standing ascending trendline. Conversely, it will have to find acceptance above 1.22 to boost bullish momentum. MACD on the daily chart points to a bullish trend.

Resistance: 1.22, 1.2327

Support: 1.193, 1.163

USDJPY (Daily Chart)

USDJPY has been on a textbook like zig-zag uptrend, which was bolstered by the blue ascending line. The pair was heavily linked to the US treasury yield as the Japanese Yen is particularly vulnerable under surging yield. However, this pair somehow lagged behind Thursday’s soaring yield, only up 0.3% while the 10-year treasury yield was up 9%. This could suggest exhausting bullish strength, and offer another chance for the bears to contest the ascending trendline, which intersect with 38.2% Fibonacci support near 105.4. The bulls should flourish in the long term, near resistance sits around 50% Fibonacci of 106.72.

Resistance: 106.72, 108

Support: 104.6, 103.8, 102.7

XAUUSD (Daily Chart)

Gold plunged another 1.51% on Thursday, it is on a three losing streak. The precious metal touched as low as 1765, which was the 50% Fibonacci support since last November. It was the second attempt to breach lower within a week, the more frequent a support is under attack, the more fragile it becomes. Moreover, US 10Y treasury inflation-index security rate (aka 10Y real treasury yield) has been rapidly rising from the bottom, a higher real yield usually leads to declining safe-haven gold price. SPDR and iShares Gold ETF continues to load off their holding amid plummeting gold price. However, investors should be alerted as we also witnessed quite some volatility in the equity market, which could draw attention for safe-haven sheltering assets.

Resistance: 1823, 1872

Support: 1765, 1691

Economic Data

Daily Market Analysis

Market Focus

US equities reversed losses and staged a rally as Federal Reserve Chairman Jerome Powell reaffirmed his view that the economy needs support. Government bond yields climbed along with oil prices.

Energy and industrial companies led gains in the S&P 500 Index, offsetting weakness for tech stocks. Banks advanced, sending an industry gauge to its highest since 2007, and small caps rallied more than 2% after U.S. regulators said Johnson & Johnson’s Covid 19 vaccine is safe and effective. Tesla Inc. gained after Ark investment Management’s Cathie Wood said she bought shares during this week’s selloff. US 10-year yields touched 1.43%, the highest since Feb 2020, before paring the increase.

Fed Chair Powell testified before lawmakers, saying the U.S. economy still had a long way to go to reach maximum employment and the Fed’s targeted inflation, a signal he wants to remain accommodative. Equity investors are weighing predictions for a post-pandemic surge in economic activity and corporate earnings with concerns that higher interest rates could dent the appeal of stocks.

While Europe Stoxx 600 climbed, the Asian stocks tumbled as Hong Kong officials announced its first stamp-duty increase on stock trades since 1993.

Market Wrap

Main Pairs Movement

US Treasury yields are back up, flirting with one-year highs and backing dollar’s gains. EURUSD trades was seen near daily lows in the 1.2130s area before Powell’s testimony and bounced back above 1.2160s afterward.

The Australian dollar is up against its American rival, trading above 0.7960 price zone. Substantial gains in Wall Street underpin the commodity-linked currency.

The loonie remained depressed through the early European session and was last seen in 1.2510s, breaking below the 34-month lows set earlier this Wednesday.

DXY keeps the rangebound trading in the 90.00 region. Front-month futures contracts for the WTI continues to advance to the upside on Wednesday and briefly even managed to rally above the $63.00 level for the first time since Jan 2020.

Technical Analysis:

USDJPY (Four-hour Chart)

After a weak start for the week, USDJPY regained strong positive traction and posted its second consecutive wins today. A recovery in the investors sentiment across US equity markets undermines the safe-have JPY and the greenback reclaimed some momentum after the US yields peaked at 1.429%. From a technical perspective, a recent golden cross between the pair’s 21-Day and 60-Day SMAVG indicates a bullish momentum has formed. The MACD histogram also supports the bulls. However, as the RSI approaches mid-60s, the bulls might not have much room to advance further before a downward correction kicks in to adjust the price action. If USDJPY can find acceptance above the 106 price level, it can certainly open the doors for more gains. However, if the ongoing trend is reversed, we can expect to see USDJPY to rest near 105.76 before dipping down towards 105.45, then104.95.

Resistance: 106.23, 106.43

Support: 105.76, 105.45, 104.95

GBPUSD (Four-hour Chart)

Fail to extend further above the 1.4237 resistance, the Cable retreated modestly below the 1.41 level. A combination of the BoE pushing back on the need for negative rates and the Covid-19 vaccine rollouts attract investment back to sterling. Technically speaking, the Cable is still on the upside as both 15-Day SMAVG and MACD histogram suggested. The ongoing retreat is largely due to a rising demand for the greenback on the day. If all things remained the same, the sterling still has the upper hand of being one of the first countries to reopen its economy. Thus, a consolidation above the 1.42 will enhance the investors’ confidence in longing the pair. Nevertheless, upcoming UK politics and Brexit related issues still pose some threats to the sustainability of the UK economy. In all, investors can expect a bullish Cable in the short- to mid-term, but looking ahead, uncertainty surrounding the UK politics require investors to stay cautious on potential deterioration of the sterling’s outlook.

Resistance: 1.4182, 1.4237

Support: 1.4089, 1.4059, 1.3977

XAUUSD (Four-hour Chart)

Although the Gold has made quite a few attempts to break above resistance levels at $1817, $1855, and $1875, the overall trend for the precious metal seems to be confined substantially on the back foot since the pair topped around $1960 in early Jan. The overall improved risk-on sentiment and the ongoing rising US 10-year Yields both crushed the XAUUSD bulls’ hopes to reclaim $1900. From a technical perspective, the 60-Day SMAVG supports the bearish momentum. The 48ish RSI indicate that investors are undecisive at the moment. If XAUUSD can find acceptance above $1804, the precious metal can be trapped between $1804 and $1817. On the flip side, a price action that dragged XAUUSD below $1800 can leave the market under pressure. The XAUUSD bears are eyeing $1767 if the yellow metal bulls failed to keep the pair above $1788.   

Resistance: 1804, 1817, 1825

Support: 1788, 1774, 1767

Economic Data

Daily Market Analysis

Market Focus

US equity market took a hit at its opening on Tuesday ahead of Powell testimony, the S&P 500 Index declined as much as 1.8% whereas the Nasdaq 100 plunge reached 3.5%. These losses were mostly pared after reassuring comments from the Fed chairman Jerome Powell on inflation and the outlook for growth. Energy stocks and Media stocks were leading the gains, while Food & Staples Retailing and Auto sectors lagged behind in the S&P 500 Index.

President Joe Biden on Tuesday indicated the congressional vote for the proposed $1.9 trillion stimulus package will be close. The House Budget Committee pushed Biden’s pandemic-relief legislation, setting it up to pass the lower chamber by the end of this week. Even Biden seems to be quite confident in finalizing a bipartisan deal, but Senator Susan Collins told reporters she doesn’t see a single GOP vote the President’s pandemic relief bill.

Bloomberg’s key takeaways from Federal Reserve Chairman Jerome Powell’s testimony before the US Senate Banking Committee:

Market Wrap

Main Pairs Movement

Euro dollar recovery stalled albeit Powell was pouring cold water on the US greenback, the pair dipped 0.08% on Tuesday. Meanwhile, the dollar index gained 0.14% to 90.13.

The Sterling outperformed the US dollar amid upbeat employment data, rallied 0.37%. According to the official release, the ILO unemployment rate hit 5.1%, as expected, in the three months to December. Average Earnings Including Bonus in the same quarter were up 4.7%, beating the 4.2% expected. Also, the number of unemployed people decreased by 20K in January, much better than the 35K increase anticipated.

The European safe-haven Swiss Frac was the worst performer among its G-10 peers against the US dollar, USDCHF soared 1.03%. This move somewhat resembles recent rally in USDJPY. The surging US 10-year treasury yield took a pause on Tuesday, it is currently hovering above 1.34%. As long as yield are hanging high, then investors will shift their attention away from safe-haven currencies.

Bitcoin relentlessly plunged as much as 17% on Tuesday, reached lowest price in three weeks, closed the day down 11%. Meanwhile, Ethereum was more volatile, plummeted as much as 24%, and pared half of its loss near end of day.

Technical Analysis:

EURCHF (Daily Chart)

EURCHF refreshed new highs since November 2019, currently trading around 1.0983. The pair is on a six-winning streak after trapping between 1.089 and 1.0742 for four months, and is looking to contest resistance of 1.1057. It is well bolstered by an ascending trendline, but the recent spike seems to be running ahead of itself, RSI of 79 may prompt some pullbacks before it could resume its bullish run. The sudden surge was powered by rising 10-year European bond yields as indicated in yellow curve. This pair could be exposed to potential downside risk since higher Euro could draw ECB’s attention to intervene.

Resistance: 1.1057, 1.1187

Support: 1.089, 1.0742, 1.0672

GBPUSD (Weekly Chart)

The Cable continued to capitalize on its gain, taken down multiple hurdles along the way. The bulls seem to be invincible as strong fundamentals act as a backdrop for the Pound. It has been edging higher and higher while staying well within upper Bollinger band since last July. That being said, it will soon run into 1.416 resistance, combined with overextended RSI of 72.3 on the weekly chart, we could finally see some retreats triggered by profit taking orders. However, the bullish bias for Sterling will be here to stay throughout 2021. On the downside, 1.38 handle would be a nice cushion to fall on.

Resistance: 1.416, 1.4377

Support: 1.38, 1.338

XAUUSD (Daily Chart)

Gold recovered some ground after failing its second attempt to breach below support line of $1765. Currently, it is retracing back towards $1823, which it spent quite some efforts to penectrate. This former support would likely to turn into a strong resistance for the yellow metal to overcome given its recent bearish bias. We have seen consistent unloading from few of the largest Gold ETF such as the SPDR Gold ETF and iShares Gold Trust. If our theory is on point, then the bears will be threatening to breakthough 50% Fibonacci of $1765, followed by $1691.

Resistance: 1823, 1872

Support: 1765, 1691

Economic Data

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About VT Markets

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Daily Market Analysis

Market Focus

Tech stocks dropped on valuation concerns while commodities rallied, and bond yields rose with investors pricing in stronger growth and faster inflation as the global economy recovers. The Nasdaq 100 tumbled more than 2.5% to a three-week low as investors questioned the appeal of expensive, growth-focused stocks. The S&P 500 Index fell for a fifth day, its longest losing streak in a year. Gains for energy shares and financial companies limited losses on the Dow Jones Industrial Average. European and Asian markets were broadly negative.

Commodities were almost uniformly green. Brent oil climbed above $65 a barrel as Goldman Sachs Group Inc. predicted prices could advance into the $70s in coming months. Copper briefly rose above $9,000 a metric ton for the first time in nine years, taking another step closer to an all-time high set in 2011 as investors bet that supply tightness will increase as the world recovers from the pandemic.

After a tremendous run from the depths of the pandemic selloff 11 months ago, stocks are under scrutiny as an increase an interest rates bolsters the appeal of fixed-income investments.

According to Scott Knapp, a chief market strategist of CUNA Mutual Group, “Long-duration assets are the ones that are most vulnerable in a rising interest rate environment. The exact same stocks that led the market higher when interest rates were plummeting are the ones most vulnerable when interest rates rise.”

Treasury yields climbed and a key part of the curve – the gap between 5- and 30-year yields – touched the highest level in more than five years.

Market Wrap

Main Pairs Movement

The EURUSD pair trades just below the 1.2170/80 resistance area, lacking momentum despite the broad dollar’s weakness. Risk is skewed to the upside. The Aussie pair trades around 0.7920, as a better market mood and firmer commodity prices, underpin AUDUSD. US Treasury yields keep setting the market’s tone. The Loonie pair rose to 1.2650 during the early American session but lost its traction with the rising crude oil prices providing a boost to the commodity-sensitive CAD.

With decreasing US yields, DXY turned south and is approaching 90.00. Crude Oil prices regain the smile at the beginning of the week and push the barrel of WTI back above the key barrier at $60.00. The uptick in crude oil prices comes amidst the persistent weakness hitting the dollar, while activity in Texas is expected to gradually return to normality following the recent extreme freezing weather conditions.

Technical Analysis:

USDJPY (Four-hour Chart)

After failing to find acceptance above the 105.88 resistance level earlier today, the USDJPY gradually tumbled near 105 in the following sessions. At the moment, the USDJPY is teasing the 105 support level at 105.04. Please note that the price range USDJPY is trading at currently is also the lowest seen in a week. A declined in the US yields weakened the greenback, but no rebound has been formed as the DXY continued to dive lower, sitting around 90.009 (the lowest in a month). From a technical perspective, the USDJPY is still on a bullish trend as indicated by the 21-Day SMAVG. Therefore, it is inferable that the plummet of USDJPY is mainly constructed by the fundamental outlook of the lowered US yields circulating the markets. In other words, the fundamental outweigh the technical. Given that the RSI is nearing the oversold threshold, a positive correction can be expected.

Resistance: 105.40, 105.88

Support: 105, 104.79, 104.53

GBPUSD (Four-hour Chart)

The Cable pair extended to a multi-year high after UK PM Boris Johnson announced his plan to ease UK’s lockdown in a four-step procedure. On top of that, a broad-based greenback weakness also helps fuel the surge of Cable. At the moment, we can see that the Cable has been confined in an uptrend channel since the beginning of Feb and some higher highs are suggesting the bullish GBPUSD is well-supported. Additionally, from a technical perspective, both 15-Day SMAVG and MACD histogram indicate that the Cable remains on a bullish momentum. However, as the RSI for the pair is almost hitting the 70 line, a downward correction is likely. On the side note, if GBPUSD can penetrate the 1.4085 resistance, the following resistance would be 1.4150.

Resistance: 1.4085, 1.4150

Support: 1.4009, 1.3977, 1.3900

XAUUSD (Four-hour Chart)

The precious metal extends its modest gain from last Friday amid a broad-based greenback weakness and advances north above $1800. At the time of writing, the XAUUSD is trading around $1808. Technically speaking, the recent rise of XAUUSD is supported by the MACD histogram. However, in the bigger picture, the price action of the precious metal has yet to overturn the bearish trend implied by the 60-Day SMAVG. The low 60s RSI indicate that the bulls are dominating the market at the moment, but there is little room for them to further extend their gains. If XAUUSD can sit wellabove the $1808 resistance, the next resistance level the bulls are within reach is $1817, followed by $1825. Conversely, the most immediate cushion for XAUUSD is $1788 and $1774.

Resistance: 1789, 1823, 1872

Support: 1765, 1691

Economic Data

Dear Client,

We are pleased to inform you that VT Markets will officially launch MetaTrader 5 on February 23, 2021, and the existing Metatrader 4 will not be affected in any way.
Clients can open a live MT5 trading account by selecting “MT5” in “Trading Platform Type” when registering a live account.

Download link for MetaTrader 5 desktop version:
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Download link for MetaTrader 5 iPhone/iPad version:
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Download MetaTrader 5 for Android version:
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About MetaTrader 5：
[Desktop version login method]
At first, clients must apply for an MT5 live account on the official website and download the desktop version of MT5. Then searvh for [VT Markets Pty Ltd] in the trader, and use the existing account to log in. Please select the server [VTMarkets-Live] for live accounts, and [VTMarkets-Demo] for demo accounts.

[Mobile Version Login Method]
After downloading the mobile version, a Metatrader5 demo trading account will be automatically created. After the automatic creation, if you have already registered a live MT5 account, please searched for [VT Markets Pty Ltd] in the dealer, then you can directly use your existing account to log in. For live accounts, please select the server [VTMarkets-Live], for demo accounts, please select the server [VTMarkets-Demo].

If you have not yet registered for an MT5 account, please click [New Account], then click [Register a New Account] and follow the registration page on the official website to register, after successful registration, you can use your existing account to login.

To help clients better understand and use MetaTrader 5 easily, please refer to the following introduction:
1. MetaTrader 5 trading software provides clients with the most powerful trading experience in the mainstream financial market. The software also offers one-sided positions for exchanges and locking functions for established Forex trading (multiple positions are allowed per financial instrument, including reverse and simultaneous positions).

2. MetaTrader 5 software also allows the use of EA trading and trading signals to automate trades.

3. The MetaTrader 5 chart system includes 21 time periods, from one minute to one month. This diversity of time periods allows determining short-term price fluctuations base on long-term price trends. MetaTrader 5 provides more than 80 built-in technical indicators and analytical objects to achieve the most detailed price analysis.

4. MetaTrader 5 trading software provides advanced financial trading functions, as well as more advanced technical analysis and basic analysis tools, such as financial news and economic calendars, which can also be used to forecast the price dynamics of MetaTrader 5 financial trading instruments. Analysis of different economic indicators, overview of financial reports from international news agencies, forecasting the movement and impact of Forex stock prices. The entire software system also provides traders with advanced algorithmic and group trading tools.

Friendly notice：
1. If you have any questions regarding the use of the MetaTrader 5, you can view the User Guide in the Help section after logging in to the MetaTrader 5 trading platform.

2. At present, there is no MetaTrader 5 installation software under the Mac OS operating system. If you want to install it, you need to build a virtual windows system environment first, but its stability cannot be guaranteed.

VT Markets will continue to provide more diversified and quality trading services and customer experience through brand upgrades and product innovations!

Thank you for choosing VT Markets as your broker and have a great day!

If you would like more information, please don’t hesitate to contact [email protected].