08 March 2021 Afternoon Session Analysis
Aussie pressured as risk mood reversed.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell as market risk sentiment turns sour and diminishing the appeal for commodity-linked currency pair. On U.S front, upbeat jobs data and overall strength in treasury yields support demand for greenback. Non-Farm Payroll and Unemployment Rate both came in better than expectation. On top of that, passing of Biden’s $1.9 trillion stimulus by U.S Senate also help provide extra boost for greenback, which in turn also weigh on the Aussie at the same time. On China front, China Vice-Chairman of National Development and Reform Commission (NDRC) stated that economy recovery is not solid just yet and must cope with risk from overseas. The downbeat comments also weigh on the Aussie. At the time of writing, AUD/USD slips 0.11% to 0.7692.
In the commodities market, crude oil price soars 1.92% to $67.50 per barrel as of writing following reports of attack on Saudi oil facilities. According to reports from Aljazeera, Yemen’s Houthi forces fired drones and missiles at the heart of Saudi Arabia’s oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura which could potentially disrupt oil supply and production. On the other hand, gold price rebounds 0.48% to $1708.11 a troy ounce at the time of writing following recent weakness in dollar.
Today’s Holiday Market Close
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Today’s Highlight Events
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 92.15. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a short-term technical correction towards the support level 91.55.
Resistance level: 92.15, 93.00
Support level: 91.55, 90.90
GBPUSD, H4: GBPUSD was traded flat near the resistance level 1.3850. However, MACD which illustrate persistent bearish momentum signal suggest the pair to be traded lower towards the support level 1.3685.
Resistance level: 1.3850, 1.4060
Support level: 1.3685, 1.3550
EURUSD, H4: EURUSD was traded lower following recent breakout below the previous support level 1.1940. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.1765.
Resistance level: 1.1940, 1.2055
Support level: 1.1765, 1.1620
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 108.55. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 107.70.
Resistance level: 108.55, 109.20
Support level: 107.70, 106.95
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7725. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 0.7725.
Resistance level: 0.7725, 0.7805
Support level: 0.7640, 0.7555
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7175. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7175, 0.7280
Support level: 0.7095, 0.7010
USDCAD, H4: USDCAD remain traded in a sideway channel while currently trading near the support level 1.2610. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.2745, 1.2865
Support level: 1.2610, 1.2475
USDCHF, H4: USDCHF was traded flat while currently testing the support level 0.9295. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 0.9365, 0.9455
Support level: 0.9295, 0.9230
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 66.25. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains towards the resistance level 68.35.
Resistance level: 68.35, 70.40
Support level: 66.25, 63.70
GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1715.35. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 1715.35, 1769.75
Support level: 1677.25, 1641.35