1 March 2021 Morning Session Analysis
Dollar retreats as US House passed the $1.9 trillion stimulus package.
The dollar index which gauges its value against a basket of six major currencies failed to extend its gains after hitting the 10 days high-level amid the Democrats managed to pass the $1.9 trillion Coronavirus stimulus relief package in the first chamber of the US House of Congress. Last weekend, The House approved the bill in the voting of 219 – 212, where all the Democrats voted a ‘yes’ in lines with the party while the Republicans all rejected the bill. Despite the Democratic Party have slim majority in the Congress, the massive bill was still successfully passed to the next chamber – Senate as the Biden administration is in rush to approve the package before the expiry of the previous unemployment insurance program. In the Senate, market participants are expecting that the bill whatsoever will be passed eventually and signed by President Biden as the Democrats have the legislation power of budget reconciliation, where they can pass the bill without considering the idea of legislative amendment from the Republican. Nonetheless, investors are still eyeing on the upcoming senate vote in order to scrutinize the further direction of US dollar. During Asian early trading session, Dollar index drops 0.05% to 90.80.
In the commodities market, the crude oil price appreciated by 1.15% to $62.25 per barrel while market still awaiting the OPEC+ meeting which scheduled to be held on later this week. According to the latest news, market economists expect the OPEC+ coalition, where the alliance’s members will agree to increase production in the meeting, reversing some of the output cuts made last year. Besides, the gold price rose by 0.14% to $1736.85 a troy ounce amid weakening of 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 |
| 16:55 | EUR – German Manufacturing PMI (Feb) | 60.6 | 60.6 | – |
| 17:30 | GBP – Manufacturing PMI (Feb) | 54.9 | 54.9 | – |
| 23:00 | USD – ISM Manufacturing PMI (Feb) | 58.7 | 58.8 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 90.75. MACD which illustrated bullish momentum suggest the index to extend its gains toward the resistance level at 91.10.
Resistance level: 91.10, 91.60
Support level: 90.75, 90.45
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3945. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3945.
Resistance level: 1.3945, 1.4010
Support level: 1.3845, 1.3755
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2065. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2105, 1.2165
Support level: 1.2065, 1.2015
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 106.45. MACD which illustrated diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 106.75, 107.10
Support level: 106.45, 106.10
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7735. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after its candle closed above the resistance level at 0.7735.
Resistance level: 0.7735, 0.7775
Support level: 0.7700, 0.7670
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7225. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7290.
Resistance level: 0.7290, 0.7335
Support level: 0.7225, 0.7165
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2685. However, MACD which illustrate bullish bias momentum signal suggest the pair to undergo technical correction in short term.
Resistance level: 1.2770, 1.2865
Support level: 1.2685, 1.2610
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9090. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction.
Resistance level: 0.9090, 0.9125
Support level: 0.9040, 0.8985
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 62.45. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 62.45, 63.55
Support level: 61.70, 60.65
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1738.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1738.10, 1765.15
Support level: 1716.70, 1698.30