09 March 2021 Afternoon Session Analysis
Dollar extend gains on rising yields and recovery.
During late Asian session, the dollar index which traded against a basket of six major currency pairs have continue to soar following higher bond yields and expectation of fast economy recovery added advantage for the greenback. U.S 10-year Treasury yields remain resilient and hovered around 1.6% as market continue to expect higher inflation and upbeat prospect for U.S economy. The expectation of faster recovery also increased following data reported about 30 million people, or 9.2% of the U.S. population have been vaccinated. On top of that, greenback sentiment was also supported by recent passing of U.S stimulus. The plan will be returned and voted in the House of Representatives on Wednesday before it is sent to U.S. President Joe Biden for signature and formal implementation. At the time of writing, dollar index rose 0.10% to 92.36.
In the commodities market, crude oil price rose 1.04% to $65.30 per barrel as of writing following expectation of global economic recovery that could increase fuel demand. Market focus remains on economic recovery as U.S. Treasury Secretary Janet Yellen stated on Monday that President Joe Biden’s $1.9 trillion coronavirus aid package will provide enough resources to fuel a “very strong” U.S. economic recovery. On the other hand, gold price slips 0.11% to $1686.53 a troy ounce at the time of writing amid rising dollar strength.
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, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 92.10. However, MACD which illustrated diminishing bullish momentum suggest the index to undergo technical correction in short term.
Resistance level: 92.60, 93.00
Support level: 92.10, 91.55
GBPUSD, H4: GBPUSD was traded flat near the resistance level at 1.3845. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3845, 1.3945
Support level: 1.3755, 1.3625
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1830. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term toward higher level.
Resistance level: 1.1890, 1.1950
Support level: 1.1830, 1.1755
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.15. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 109.15, 109.65
Support level: 108.55, 107.85
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the support level at 0.7660. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term toward higher level.
Resistance level: 0.7660, 0.7730
Support level: 0.7600, 0.7560
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 undergo technical rebound in short term.
Resistance level: 0.7165, 0.7225
Support level: 0.7105, 0.7075
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2685. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2610.
Resistance level: 1.2685, 1.2770
Support level: 1.2610, 1.2555
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9370. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 0.9370, 0.9430
Support level: 0.9290, 0.9225
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 64.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 66.10.
Resistance level: 66.10, 67.70
Support level: 64.55, 63.70
GOLD_, H4: Gold price was traded higher following prior rebound from the bottom level of downward channel. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains in short term.
Resistance level: 1694.05, 1712.45
Support level: 1666.70, 1637.45