11 March 2022 Morning Session Analysis
Dollar surged amid hawkish expectation from Fed.
The Dollar Index which traded against a basket of six major currencies rebounded over the backdrop of hawkish expectation from the Federal Reserve following the year-on-year CPI hits 40-years high yesterday. According to Bureau of Labor Statistics, US Core Consumer Price Index (CPI) YoY notched up significantly from the previous reading of 6.0% to 6.4%, exceeding the market forecast at 5.9%. The high inflation risk sparked hopes upon the rate hike from the Federal Reserve during the FOMC meeting next week. Tightening Monetary Policy would likely to diminish the money circulation for the US Dollar, which spurring bullish momentum on the pair. Nonetheless, the gains experienced by the US Dollar was limited by the bearish job data. Department of Labor reported that US Initial Jobless Claims came in at 227K, missing the market forecast at 217K. As of writing, the Dollar Index appreciated by 0.56% to 98.52.
In the commodities market, the crude oil price appreciated by 1.52% to $108.30 per barrel as of writing. The crude oil price edged higher amid rising tensions between Russia-Ukraine following Ukraine-Russia talks in Turkey ended with no progress on Ceasefire. On the other hand, the gold price depreciated by 0.07% to $1995.55 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 EUR EUR Leader Summit
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – GDP (MoM) | -0.20% | – | – |
| 15:00 | GBP – Manufacturing Production (MoM) (Jan) | 0.20% | 0.20% | – |
| 21:30 | CAD – Employment Change (Feb) | -200.1K | 160.0K | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses.
Resistance level: 98.95, 100.40
Support level: 97.30, 95.25
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after successfully breakout.
Resistance level: 1.3190, 1.3290
Support level: 1.3095, 1.2985
EURUSD, H4: EURUSD was traded lower while currently testing the support level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
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 increasing bullish momentum suggest the pair to extend its gains toward resistance level.
Resistance level: 0.7410, 0.7525
Support level: 0.7265, 0.7180
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 0.6895, 0.7050
Support level: 0.6715, 0.6535
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.
Resistance level: 1.2785, 1.2885
Support level: 1.2705, 1.2635
USDCHF, Daily: USDCHF was traded higher following prior rebounded from the support level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.
Resistance level: 0.9345, 0.9420
Support level: 0.9175, 0.9095
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher as technical correction.
Resistance level: 116.80, 127.05
Support level: 106.55, 99.45
GOLD_, H1: Gold price was traded within a range while currently testing the resistance level. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower.
Resistance level: 1996.85, 2016.70
Support level: 1976.75, 1959.60