9 March 2022 Morning Session Analysis
Stagflation risk lingers, safe-haven Dollar surged.
The Dollar Index which traded against a basket of six major currencies continue to extend its gain amid risk-off sentiment in the market, which prompting investors to purchase safe-haven Dollar. Currently, market participants remained concerns that the rising commodities price triggered by Russian-Ukraine war would likely to spur stagflation risk in future, dialed down the market optimism toward the economic progression in the United States. According to Reuters, US President Joe Biden announced a ban on Russian oil and other energy imports from Russia on Tuesday in retaliation for the invasion of Ukraine. As for now, investors would continue to focus on the FOMC meeting next week to gauge the likelihood movement for the US Dollar. The Dollar Index appreciated by 0.05% to 99.10.
In the commodities market, the crude oil price surged 0.46% to $126.45 per barrel as of writing. The oil market continues to edge higher amid the implementation of sanction would disrupt the oil supply in future. On the other hand, the gold price appreciated by 0.05% to $2,048.45 per troy ounces as of writing as investors shifted their portfolio toward safe-haven gold to hedge against the high inflation risk in future.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 23:00 | USD – JOLTs Job Openings (Jan) | 10.925M | 10.925M | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -2.597M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 98.85. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 100.25.
Resistance level: 100.25, 101.20
Support level: 98.85, 97.30
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3095. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3190, 1.3290
Support level: 1.3095, 1.2985
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.0945. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.0945, 1.1075
Support level: 1.0820, 1.0690
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 114.60. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout the resistance level.
Resistance level: 115.65, 116.25
Support level: 114.60, 113.65
AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.7410. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses.
Resistance level: 0.7410, 0.7525
Support level: 0.7265, 0.7180
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6715.
Resistance level: 0.6895, 0.7050
Support level: 0.6715, 0.6535
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2885. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout.
Resistance level: 1.2885, 1.2950
Support level: 1.2785, 1.2705
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9270. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9345.
Resistance level: 0.9345, 0.9420
Support level: 0.9270, 0.9175
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from lower levels. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower amid technical correction.
Resistance level: 127.30, 132.55
Support level: 122.80, 115.85
GOLD_, H1: Gold price was traded higher following prior rebound from lower levels. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 2055.70, 2070.75
Support level: 2025.95, 2001.45