11 March 2021 Morning Session Analysis
Dollar slumped following US treasury yield stabilize.
The U.S. Treasury yields pulled back on yesterday over the backdrop of bearish inflation data from the United States, which spurring significant bearish momentum on the Dollar Index. According to U.S. Bureau of Labor Statistics, U.S. Core Consumer Price Index (CPI) for last month came in at 0.1%, worse than the market forecast at 0.2%, which dialled down the market optimism toward the inflation and economic recovery expectation while weighing on the US Treasury Yield. Lower yield would normally be dragging down the appeal of the US Dollar since capital flows are attracted to higher yielding currencies, which prompting investors selloff the US Dollar while shifting their portfolio toward other high yielding currencies. Nonetheless, the losses experienced by the US Dollar was limited amid hopes upon the resolution of the Covid-19 would able to enhance economic momentum in the United States. According to latest data, the new Covid-19 cases in the United States continue to decline, while hospitalization dropped by 16% and deaths were down nearly 11% compare to past few weeks. As of writing, the Dollar Index depreciated by 0.18% to 91.72.
In the commodities market, the crude oil price slumped 0.02% to $64.50 per barrel as of writing following the crude oil inventory data was released on yesterday. According to Energy Information Administration, the U.S. Crude Oil Inventories came in at 13.798M, exceeding the market forecast at 0.816M. On the other hand, the gold price surged 0.05% t0 $1726.80 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:45 | EUR – ECB Interest Rate Decision (Mar) | 0.00% | 0.00% | – |
| 21:30 | USD – Initial Jobless Claims | 745K | 725K | – |
| 23:00 | USD – JOLTs Job Openings (Jan) | 6.646M | 6.500M | – |
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 following prior breakout above the previous resistance level at 1.3895. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3985.
Resistance level: 1.3895, 1.4085
Support level: 1.3895, 1.3775
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1910. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1960.
Resistance level: 1.1960, 1.2020
Support level: 1.1910, 1.1845
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 108.40. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 109.15, 109.60
Support level: 108.40, 107.90
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7735. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7735, 0.7800
Support level: 0.7650, 0.7590
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7180. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7140, 0.7365
Support level: 0.7180, 0.7105
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2615. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2720, 1.2785
Support level: 1.2615, 1.2560
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9275. MACD which illustrated diminishing bullish 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 higher following prior rebound from the support level at 63.45. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 66.05.
Resistance level: 66.05, 68.00
Support level: 63.45, 61.45
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1711.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1739.05, 1771.30
Support level: 1711.30, 1679.50