10 March 2021 Morning Session Analysis
Euro slumped ahead of ECB meeting.
The euro extend its losses on Tuesday ahead of the European Central Bank meeting amid market participants speculated that the European Central Bank would maintain its aggressive expansionary monetary policy in order to boost the economic momentum in European region. During the monetary policy meeting on Thursday, the ECB is expected to hold interest rate steady while extending its bond purchasing program to maintain favourable financing conditions. On the data front, Euro received further bearish momentum over the backdrop of downbeat data from Eurozone region yesterday. According to Eurostat, Eurozone Gross Domestic Product (GDP) for last quarter had notched down significantly from the previous reading of 12.4% to -0.7%, worse than the market forecast at -0.6%, amid the lockdown measures across the euro area had weighed on economic growth. Nonetheless, investors would continue to scrutinize the latest updates with regards of the Covid-19 vaccine development as well as ECB monetary policy decision to gauge the likelihood movement for the currency. As of writing, EUR/USD depreciated by 0.04% to 1.1900.
In the commodities market, the crude oil price slumped 0.05% to 63.90 per barrel as of writing following the crude oil inventory data was released. According to American Petroleum Institute (API), the U.S. API Weekly Crude Oil stock had increased significantly from the previous reading of 7.356M to 12.792M, exceeding the market forecast at -0.833M. On the other hand, the gold price appreciated by 0.05% to $1715.70 per troy ounces as some investors had started to shift their portfolio toward safe-haven commodity to hedge against future inflation risk.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Core CPI (MoM) (Jan) | 0.1% | 0.2% | – |
| 23:00 | BoC Interest Rate Decision | 0.25% | 0.25% | |
| 23:30 | CrudeOIL – Crude Oil Inventories | -0.994M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 91.55.
Resistance level: 92.45, 93.35
Support level: 91.55, 90.65
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3895. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3895, 1.3985
Support level: 1.3775, 1.3680
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1845. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1960.
Resistance level: 1.1960, 1.2155
Support level: 1.1845, 1.1630
USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 108.40. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 109.60, 111.00
Support level: 108.40, 106.95
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7720. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7720, 0.7800
Support level: 0.7650, 0.7590
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7180. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7180, 0.7240
Support level: 0.7105, 0.7050
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2615. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2720, 1.2785
Support level: 1.2615, 1.2560
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9275. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9380, 0.9505
Support level: 0.9275, 0.9150
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 63.70. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 66.05, 68.00
Support level: 63.70, 61.45
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1728.65. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1728.65, 1771.30
Support level: 1679.55, 1630.50