07 March 2022 Afternoon Session Analysis
US Dollar surged amid upbeat job data.
The Dollar Index which traded against a basket of six major currencies received significant bullish momentum over the backdrop of upbeat economic data last week, spurring hopes upon the rate hike from Federal Reserve in future. According to Bureau of Labor Statistics, US Unemployment rate notched down from the previous reading of 4.0% to 3.8%, better than the market forecast at 3.9%. Meanwhile, US Nonfarm Payrolls increased from the preliminary reading of 481K to 678K, which exceeding the market forecast at 400K. As both crucial jobs data from US region fared better than expectation, which dialled up the market optimism toward the economic progression in the United States while increasing odds for the implementation of contractionary monetary policy. Such policy as well as the rate hike would likely to reduce the money circulation in the global financial market, increase the appeal for US Dollar. As of writing, the Dollar Index appreciated by 0.43% to 99.10.
In the commodities market, the crude oil price surged 7.75% to 125.40 per barrel as of writing amid rising tensions between Russia-Ukraine would continue to jeopardize the supply for the crude oil in future. On the other hand, the gold price appreciated by 0.96% to $1989.20 per troy ounces as of writing amid risk-off sentiment in the global financial market, spurring bullish momentum on the safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 98.95. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 98.95, 100.25
Support level: 97.30, 96.25
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3190. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3290, 1.3420
Support level: 1.3190, 1.3095
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.0820. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.0945, 1.1075
Support level: 1.0820, 1.0690
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 114.60. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 115.65, 116.25
Support level: 114.60, 113.65
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7410. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7410, 0.7525
Support level: 0.7285, 0.7180
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6895. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6895, 0.7050
Support level: 0.6715, 0.6535
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2715. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2800, 1.2875
Support level: 1.2715, 1.2635
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9175. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9270, 0.9345
Support level: 0.9175, 0.9095
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 112.80. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 132.55, 145.05
Support level: 112.80, 115.85
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 2001.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 2001.45, 2025.95
Support level: 1967.90, 1946.30