4 March 2022 Morning Session Analysis
More frequent rate hike from Fed.
Market participants feed upon Federal Reserve’s latest hawkish signal following testimony from Fed Chair Jerome Powell. During the testimony session, Powell reiterates his support for a 25-basis point interest rate hike during their next policy meeting on 16th March 2022. Powell also emphasized that the central bank’s main focus will be placed upon curbing rising inflation even though Russia-Ukraine tension may create spillover effect on US economy. Likewise, he also commented that US economy is strong enough to weather through a few rounds of rate hike due to robust hiring after the pandemic. When asked with regards to the upper limit of interest rate, Powell suggests that it may be more than their projected range of 2-2.5%, while all decisions will be based on future economic data. As of writing, the dollar index was down slightly by 0.01% to 97.68.
As for commodities market, crude oil price was up by 0.85% to $109.29 per barrel following a rebound from lower levels. On the other hand, gold price depreciates by 0.05% to $1,935.78 a troy ounce due to diminishing risks in between Russia and Ukraine.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | UK – Construction PMI (Feb) | 56.3 | 54.3 | – |
| 21:30 | USD – Nonfarm Payrolls (Feb) | 467K | 450K | – |
| 21:30 | USD – Unemployment Rate (Feb) | 4.00% | 3.90% | – |
| 23:00 | CAD – Ivey PMI (Feb) | 50.7 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the index to be traded higher after breaking its resistance level.
Resistance level: 97.65, 98.80
Support level: 96.60, 95.80
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which diminished illustrate bullish signal suggests the pair to be traded lower in short-term.
Resistance level: 1.3355, 1.3420
Support level: 1.3290, 1.3220
EURUSD, H4: EURUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 1.1065, 1.1130
Support level: 1.0985, 1.0860
USDJPY, Daily: USDJPY was traded lower following prior retracement from higher level. MACD which bearish momentum suggests the pair to be traded lower in short-term.
Resistance level: 116.25, 117.00
Support level: 115.40, 114.55
AUDUSD, H4: AUDUSD was traded lower following prior retracement from higher level. MACD which diminished illustrate bullish signal suggests the pair to be traded lower in short-term.
Resistance level: 0.7335, 0.7385
Support level: 0.7300, 0.7270
NZDUSD, H4: NZDUSD was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish signal suggests the pair to be traded lower in short-term.
Resistance level: 0.6840, 0.6880
Support level: 0.6785, 0.6745
USDCAD, H4: USDCAD was traded higher following prior rebound from lower levels. MACD which illustrate bullish momentum suggests the pair to be traded higher in short-term.
Resistance level: 1.2715, 1.2785
Support level: 1.2660, 1.2595
USDCHF, H4: USDCHF was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 0.9190, 0.9210
Support level: 0.9165, 0.9130
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from lower levels. MACD which illustrate diminished bullish signal suggests its price to be traded higher in short-term.
Resistance level: 113.55, 120.00
Support level: 106.60, 99.50
GOLD_, H4: Gold price was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish signal suggests its price to be traded higher in short-term.
Resistance level: 1960.55, 1991.50
Support level: 1921.95, 1886.90