10 March 2022 Morning Session Analysis
Easing tensions between Russia-Ukraine, safe-haven Dollar dipped.
The Dollar Index which traded against a basket of six major currencies slumped amid positive hopes upon the diplomatic resolution to the Russia-Ukraine, which spurring risk appetite in the global financial market while prompting investors to shift their portfolio toward riskier asset. According to Reuters, Maria Zakharova claimed that the Russia will achieve its goal of ensuring Ukraine’s neutral status and would prefer to achieve consensus through talks instead of war. Besides, she also reiterated that Russian hopes to achieve more significant progress in the next round of talks with Ukraine. Nonetheless, the gains experienced by the US Dollar was limited by the upbeat economic data from US region. According to Bureau of Labor Statistics, US JOLTs Job Opening came in at 11.263M, exceeding the market forecast at 10.925M. As of writing, the Dollar Index depreciated by 1.07% to 98.00.
In the commodities market, the crude oil price rebounded 0.14% to $111.14 per barrel as of writing following the released of bullish inventory data. According to Energy Information Administration (EIA), US Crude Oil Inventories came in at -1.863M, less than the market forecast at -0.657M. On the other hand, the gold price slumped 0.03% to $1991.45 per troy ounces as of writing amid risk-on sentiment in the market following the easing tensions between Russian-Ukraine.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 EUR EUR Leader Summit
20:45 EUR ECB Monetary Policy Statement
20:45 EUR ECB Interest Rate Decision (Mar)
21:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Core CPI (MoM) (Feb) | 0.60% | 0.50% | – |
| 21:30 | USD – Initial Jobless Claims | 215K | 216K | – |
Technical Analysis
DOLLAR_INDX, Weekly: Dollar index was traded lower following prior retracement from the higher level. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 98.95, 100.40
Support level: 97.30, 95.25
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3190. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout.
Resistance level: 1.3190, 1.3290
Support level: 1.3095, 1.2985
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0975. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain.
Resistance level: 1.1135, 1.1245
Support level: 1.0975, 1.0820
USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 114.60. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout the resistance level.
Resistance level: 116.25, 117.50
Support level: 114.60, 113.65
AUDUSD, H4: AUDUSD was traded higher following prior rebounded from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains.
Resistance level: 0.7410, 0.7525
Support level: 0.7265, 0.7180
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6715.
Resistance level: 0.6895, 0.7050
Support level: 0.6715, 0.6535
USDCAD, H4: USDCAD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it breakout.
Resistance level: 1.2885, 1.2950
Support level: 1.2785, 1.2705
USDCHF, Daily: USDCHF was traded higher while testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it breakout.
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. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after successfully breakout.
Resistance level: 116.80, 127.05
Support level: 107.45, 92.30
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1996.85. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1996.85, 2016.70
Support level: 1976.75, 1959.60