15 March 2021 Morning Session Analysis
Dollar surged amid US Treasury Yield steadied.
Dollar index which gauge its value against a basket of six major currencies rose, recovering its losses from the previous day amid US 10-years treasury yield shot to the highest level in over a year on last Friday. In the last trading session, US 10 years treasury yield jumped to 1.635%, the highest level since February 2020, indicating a sign of investors ’s optimism over the economic outlook following the unleash of new round stimulus plan. Last week, the Democrats have achieved the milestone of passing the $1.9 trillion coronavirus relief package without the support of Republican before the previous package expired. President Joe Biden has signed the US economic rescue plan into law immediately after the House revoted the amended stimulus plan. Moreover, the steepening of yield curve between 2-year and 10-year has also widened while hit its record high since September 2015, which viewed as a good sign of positive economic outlook. On the data front, US Michigan Consumer Sentiment for the month of March came in at 83.0, stronger than the economist forecast at 78.5, exerted some bullish momentum in the dollar market. As of writing, dollar index ticked up 0.01% to 91.70.
In the commodities, crude oil price rose by 0.79% to $66.05 per barrel as US oil rigs number has fallen in the week of March 12. According to the Baker Hughes, US Oil Rig Count has reduced from previous reading of 310 to 309, slightly boosting up the oil market sentiment. Besides, the gold price depreciated by 0.08% to $1726.35 a troy ounce amid the strengthening of dollar index.
Today’s Holiday Market Close
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 91.55. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward the resistance level at 92.10.
Resistance level: 92.10, 92.60
Support level: 91.55, 91.35
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3990.
Resistance level: 1.3990, 1.4085
Support level: 1.3945, 1.3845
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1950. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above 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 119.15. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 109.15.
Resistance level: 109.15, 109.65
Support level: 108.35, 107.85
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7730. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 0.7780, 0.7835
Support level: 0.7730, 0.7660
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7175. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.
Resistance level: 0.7175, 0.7225
Support level: 0.7105, 0.7075
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2485. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2400.
Resistance level: 1.2485, 1.2555
Support level: 1.2400, 1.2340
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9280. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.
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 66.10. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after its candle successfully closed above the resistance level at 66.10.
Resistance level: 66.10, 67.70
Support level: 64.55, 63.70
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1718.15. MACD which illustrated diminishing bearish momentum signal 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