4 March 2021 Morning Session Analysis
Dollar wobbles following the release of downbeat ADP data.
The dollar index which gauges its value against a basket of six major currencies failed to extend its rally yesterday, hovering near 91.00 amid a disappointing job data was released yesterday. According to the ADP, US NonFarm Employment Change data came in at 117K, missing the economist forecast at 177K, indicating that the nation’s labour market remain weak and vulnerable. Despite the US virus confirmed cases dropped significantly and the local government has lifted the containment measures, US labour market should have started to recover from the fallout of Covid-19 by appearing with more job opportunities, but it differs from the fact. However, on the bright side, there is still some growth could be noticed in the job data where it mainly came from the services sector. On the other side, investors are now shifting their attention toward the latest development of stimulus plan. According to the latest news, US Senate and President Biden have struck a deal where they agreed to phase out direct check payment more quickly in the $1.9 trillion stimulus plan. Therefore, it is seemingly that the latest proposal will be sent to House of Senate for voting in anytime soon. During Asian trading session, dollar index ticked up 0.21% to 91.00.
In the commodities market, the crude oil price appreciated by 0.02% to $61.00 per barrel amid recent news stated that OPEC+ is considering keeping their collective oil production cuts in April. According to the Reuters, some key members in OPEC+ revealed that they are intended to stick with the current oil cut plan in April. Besides, gold price dropped 0.04% to $1710.35 per troy ounce amid dollar’s strengthened.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
01:05 USD Fed Chair Powell Speaks
(5th March)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Construction PMI (Feb) | 49.2 | 51.0 | – |
| 21:30 | USD – Initial Jobless Claims | 730K | 750K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.90. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 90.90, 91.55
Support level: 90.45, 90.00
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3945. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after its candle closed below the support level at 1.3945.
Resistance level: 1.4000, 1.4085
Support level: 1.3945, 1.3845
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2065. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after its candle closed below the support level at 1.2065.
Resistance level: 1.2105, 1.2165
Support level: 1.2065, 1.2025
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.10. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 107.10, 107.35
Support level: 106.75, 106.45
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the support level at 0.7775. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7735.
Resistance level: 0.7775, 0.7815
Support level: 0.7735, 0.7700
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7225. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7290, 0.7335
Support level: 0.7225, 0.7165
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2610. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.2685.
Resistance level: 1.2685, 1.2770
Support level: 1.2610, 1.2555
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9180. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9225.
Resistance level: 0.9225, 0.9290
Support level: 0.9180, 0.9125
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 60.65. However, MACD which illustrated bullish bias momentum suggest the commodity to undergo technical correction in short term.
Resistance level: 61.70, 62.45
Support level: 60.65, 59.80
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1716.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after its candle closed below the support level at 1716.70.
Resistance level: 1738.10, 1765.20
Support level: 1716.70, 1698.30