11 March 2021 Afternoon Session Analysis
Aussie dips following mixed signals.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell amid mixed catalyst in Australia such as fear of mass unemployment. As Australia governments wage subsidy program Jobkeeper is set to expire this month, market fears that at least 300,000 jobs will be lost. On top of that, soaring house prices in Sydney also weigh on the sentiment. According to data, Sydney house price have official broke past its previous 2017 peak. However, losses may be limited following upbeat data. Aussie Consumer Inflation Expectation grew 4.1%, higher than market expectation of 3.5%. Also, on the positive side was Aussie government announced A$1.2 billion package to boost tourism and travelling industry which could help recover economy. At the time of writing, AUD/USD dips 0.02% to 0.7727.
In the commodities market, crude oil price rose 0.45% to $64.92 per barrel as of writing following positive economic outlook. The U.S. House of Representatives gave final approval on Wednesday to one of the largest economic stimulus measures. The stimulus is expected to help speeding economic recovery in U.S and bolstered demand for crude oil in near term. On the other hand, gold price rose 0.27% to $1731.45 a troy ounce at the time of writing following weakness in greenback.
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 breakout below the upward trendline. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 91.55.
Resistance level: 92.10, 92.60
Support level: 91.55, 90.90
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3945. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3945, 1.4085
Support level: 1.3845, 1.3755
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1890. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.1950.
Resistance level: 1.1950, 1.2025
Support level: 1.1890, 1.1830
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.50. However, MACD which illustrated bearish bias momentum signal suggest the pair to undergo technical correction in short term.
Resistance level: 108.50, 109.15
Support level: 107.85, 107.35
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7730. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7730.
Resistance level: 0.7730, 0.7780
Support level: 0.7660, 0.7600
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7175. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7225.
Resistance level: 0.7225, 0.7290
Support level: 0.7175, 0.7105
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2610. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2685, 1.2770
Support level: 1.2610, 1.2555
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9280. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9370.
Resistance level: 0.9370, 0.9430
Support level: 0.9280, 0.9225
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 64.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after its candle successfully closed above the resistance level at 64.55.
Resistance level: 64.55, 66.10
Support level: 63.70, 62.60
GOLD_, H4: Gold price was traded higher following prior breakout above the resistance level at 1718.15. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1738.10.
Resistance level: 1738.10, 1765.20
Support level: 1718.15, 1694.30