7 March 2022 Morning Session Analysis
Safe-haven rises as tension continues.
Safe-haven such as US dollar extended its gains on Monday after market participants reshuffles their portfolio to brace higher tensions in between Russia and Ukraine. Last weekend, White House released a statement stating that Russia’s attack on Ukraine’s nuclear facility is “highly irresponsible” and targeting upon a country’s infrastructure is an act of war crime. On a separate report, UK Ministry of Defense confirmed that high level of Russian air strikes was launched over several Ukrainian cities such as Kharkiv, Mykolaiv and Chernihiv. Russia has pushed forward with their objectives despite two rounds of talks were being held between both countries. In addition, US dollar received subsequent bullish support following the release of upbeat Nonfarm Payrolls report. The latest reading shows that US jobs market continues to progress further, spurring speculation for more frequent interest rate hikes from Federal Reserve. As of writing, the dollar index was up 0.02% to 98.44.
As for commodities, crude oil price rose 8.97% to $126.05 per barrel after US contemplates to ban Russian oil imports. On the other hand, gold price was up 0.99% to $1,986.55 a troy ounce due to tensions in between Russia and Ukraine.
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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: 98.80, 99.80
Support level: 97.65, 96.55
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which diminished bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 1.3220, 1.3290
Support level: 1.3150, 1.3070
EURUSD, H4: EURUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking its support level.
Resistance level: 1.0985, 1.1065
Support level: 1.0860, 1.0770
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: 115.40, 116.25
Support level: 114.55, 113.50
AUDUSD, H4: AUDUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 0.7425, 0.7470
Support level: 0.7385, 0.7335
NZDUSD, H1: NZDUSD was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the pair to be traded hihger in short-term.
Resistance level: 0.6920, 0.6955
Support level: 0.6880, 0.6840
USDCAD, H4: USDCAD was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.2785, 1.2835
Support level: 1.2715, 1.2660
USDCHF, H4: USDCHF was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 0.9210, 0.9230
Support level: 0.9190, 0.9165
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests its price to be traded higher after breaking the resistance level.
Resistance level: 127.50, 134.50
Support level: 120.00, 113.55
GOLD_, H4: Gold price was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests its price to be traded higher after breaking the resistance level.
Resistance level: 1991.50, 2035.00
Support level: 1960.55, 1921.95