28 February 2022 Afternoon Session Analysis
Escalating tensions Russia-Ukraine, spurring demand on safe-haven Japanese Yen.
The rising tensions between Russia-Ukraine recently had spurred further risk-off sentiment in the global financial market, which prompting investors to shift their portfolio toward safe-haven asset while insinuating bullish momentum on the Japanese Yen. According to Reuters, the most recent sanctions from European countries will ban Russian lenders from using the global SWIFT messaging system, while raising concerns upon the ability for Central Bank of the Russian Federation ability to stabilize the Russian financial system. Nonetheless, Russian and Ukraine officials will meet at the border with Belarus, but Ukrainian President Volodymyr Zelenskiy remained sceptical about the talks between both countries. Though, as of writing investors would continue to scrutinize the latest updates with regards of war prospect between Russia-Ukraine to receive further trading signal. As of writing, USD/JPY depreciated by 0.05% to 115.45.
In the commodities market, the crude oil price appreciated by 4.41% to $97.55 per barrel as of writing. The crude oil price jumped significantly amid escalating sanctions against Russia over its invasion of Ukraine had increased concerns upon the supply disruption in future. On the other hand, the gold price appreciated by 1.08% to $1909.65 per troy ounces as of writing amid diminishing risk appetite in the global financial market.
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 97.35. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 97.35, 98.20
Support level: 96.50, 95.75
GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.3355. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3440, 1.3500
Support level: 1.3355, 1.3275
EURUSD, H1: EURUSD was traded lower while currently near the support level at 1.1125. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1230, 1.1290
Support level: 1.1125, 1.1010
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 115.65. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 115.65, 116.25
Support level: 114.60, 113.65
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7205. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7125.
Resistance level: 0.7205, 0.7270
Support level: 0.7125, 0.7055
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6715. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6535.
Resistance level: 0.6715, 0.6865
Support level: 0.6535, 0.6430
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.2800. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2800, 1.2950
Support level: 1.2655, 1.2475
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9270. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9270, 0.9345
Support level: 0.9175, 0.9095
CrudeOIL, H4: Crude oil price was traded lower while currently near the support level at 95.45. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 98.05, 100.15
Support level: 95.45, 93.05
GOLD_, H1: Gold price was traded lower while currently testing the support level at 1906.90. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1929.40, 1946.30
Support level: 1906.90, 1888.35