6 April 2022 Morning Session Analysis
Rate hike expectation hovered in market, US Dollar surged.
The Dollar Index which traded against a basket of six major currencies surged into its highest level in nearly two years following the Federal Reserve unleashed their hawkish tone toward the economic progression in the United States by impressing openness to hefty rate increases of half a percentage point. According to Reuters, Fed Governor Lael Brainard, usually one of the Fed’s dovish policymakers, claimed that she expected the Federal Reserve would increase the interest rate significantly and a rapid reduction on their bond purchasing program to stabilize the Fed balance sheet. She also reiterated that further contractionary monetary policy is needed in order to combat the spiking inflation risk in future. Besides, Kansas City Fed President Esther George also remarks on Tuesday that he claimed that she would support a 50-basis point of rate hike to reduce the size of the Fed’s nearly $9 trillion balance sheet in debt. As of writing, the Dollar Index appreciated by 0.49% to 99.48.
In the commodities market, the crude oil price slumped 0.40% to $101.75 per barrel as of writing. The oil market edged lower over the backdrop of downbeat inventory data. According to American Petroleum Institute, US API Weekly Crude Oil stock came in at 1.080M, higher than the market forecast at -1.558M. On the other hand, the gold price depreciated by 0.08% to $1921.90 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Construction PMI (Mar) | 59.1 | 57.3 | – |
| 22:00 | CAD – Ivey PMI (Mar) | 60.6 | – | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -3.449M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after breakout.
Resistance level: 99.35, 100.40
Support level: 97.80, 96.45
GBPUSD, H4: GBPUSD 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: 1.3090, 1.3195
Support level: 1.3000, 1.2855
EURUSD, H4: EURUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 1.0970, 1.1135
Support level: 1.0895, 1.0825
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level. However, MACFD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 123.55, 125.55
Support level: 121.30, 118.95
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level.
Resistance level: 0.7660, 0.7785
Support level: 0.7535, 0.7415
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses.
Resistance level: 0.6975, 0.7045
Support level: 0.6900, 0.6800
USDCAD, Daily: USDCAD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 1.2635, 1.2750
Support level: 1.2485, 1.2315
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after breakout.
Resistance level: 0.9295, 0.9425
Support level: 0.9115, 0.9035
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses.
Resistance level: 101.50, 107.10
Support level: 97.75, 92.50
GOLD_, H4: Gold price was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after breakout.
Resistance level: 1944.55, 1973.00
Support level: 1912.60, 1881.35