09 March 2021 Morning Session Analysis
Yen slumped amid risk-on sentiment.
The safe-haven currency Japanese Yen extend its losses amid the risk-on sentiment in the FX market following the U.S. government passed the massive $1.9 trillion Covid-19 relief bill on last Saturday, which fostering expectation of strong economic recovery this year while prompting investors to shift their portfolio from safe-haven Yen into other riskier asset. Besides, positive prospect for the Covid-19 development had also diminished market demand toward the safe-haven Yen. According to latest statistic, the number of confirmed Covid-19 cases worldwide has been decreasing for the sixth week in a row. The number of new Covid-19 cases has declined by 11% since last week while the Americans have seen the largest weekly decline with 19%, according to World Health Organization (WHO). On the other hand, the rising U.S. government yield had formed a strong support for US Dollar as it implies a bet that the Federal Reserve will tighten their monetary policy earlier than expected in order to combat inflation risk in future. As of writing, USD/JPY appreciated by 0.08% to 108.95.
In the commodities market, the crude oil price appreciated by 0.31% to $64.85 per barrel as of writing. Nonetheless, the oil market fell more than 1% on yesterday due to technical correction following it reached $70 per barrel. Investors would continue to scrutinize the latest updates with regards of the Covid-19 development in order to gauge the likelihood movement for the oil commodity. On the other hand, the gold commodity slumped 0.04% to $1684.50 per troy ounces amid increasing risk appetite in the global financial market.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
20:00 CrudeOIL EIA Short-term Energy Outlook
Today’s Highlight Economic Data
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Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 92.65. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 92.65, 94.70
Support level: 91.55, 89.90
GBPUSD, H4: GBPUSD was traded within a range while currently testing the upward trend line. Nonetheless, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3870, 1.3985
Support level: 1.3775, 1.3680
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1840. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1960, 1.2155
Support level: 1.1840, 1.1630
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.05. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 109.05, 109.60
Support level: 108.00, 106.95
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7650. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7705, 0.7755
Support level: 0.7650, 0.7590
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7105. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7170, 0.7240
Support level: 0.7105, 0.7050
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2720. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2615.
Resistance level: 1.2720, 1.2785
Support level: 1.2615, 1.2560
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9385. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9385, 0.9505
Support level: 0.9305, 0.9200
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 66.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 63.60.
Resistance level: 66.05, 68.00
Support level: 63.60, 59.60
GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level at 1693.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1693.00, 1711.05
Support level: 1661.50, 1631.85