12 March 2021 Afternoon Session Analysis
Dollar remains weak following retreat in bond yield.
During late Asian session, the dollar index which traded against a basket of six major currency pairs have fell as calming bond markets lifted market sentiment and appetite for riskier currencies. According to latest data, 10-year Treasury yield have now currently retreat from its previous high of 1.625% and stabilized around 1.5%. On top of that, recent weaker than expected consumer price index also remain weighing on the greenback. However, potential losses may be limited as US President Biden promises faster recovery and applaud COVID-19 efforts. US President Joe Biden showed readiness to recover faster from the pandemic and promised vaccines to all the American adults by May 01. At the time of writing, dollar index fell 0.17% to $91.50.
In the commodities, crude oil price remains steady and edge higher 0.09% to $65.75 per barrel as of writing following hopes of demand recovery continue to provide support. As the global economy continue to grow while a wider rollout of vaccines against the COVID-19 pandemic allows more people to travel this summer, investors continue to rush into oil market. On top of that, U.S stimulus that signed by U.S President Joe Biden also expected to help speed up U.S economic recovery and increase fuel demand. On the other hand, gold price rose 0.06% to $1718.05 a troy ounce at the time of writing following dollar weakness.
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 |
| 15:00 | GBP – GDP (QoQ) (Q4) | 1.0% | – | – |
| 15:00 | GBP – Manufacturing Production (MoM) (Dec) | 0.3% | -0.7% | – |
| 21:30 | USD – PPI (MoM) (Feb) | 1.3% | 0.4% | – |
| 21:30 | CAD – Employment Change (Feb) | -212.8K | 52.5K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 91.55. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 91.55, 92.10
Support level: 91.25, 90.90
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3990. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3990, 1.4085
Support level: 1.3945, 1.3845
EURUSD, H4: EURUSD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.1950.
Resistance level: 1.2025, 1.2105
Support level: 1.1950, 1.1890
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 108.35. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 109.15.
Resistance level: 109.15, 109.65
Support level: 108.35, 107.85
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7780. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7780.
Resistance level: 0.7780, 0.7835
Support level: 0.7730, 0.7660
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7225. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 0.7225, 0.7290
Support level: 0.7175, 0.7105
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2555. MACD which illustrate bearish bias momentum signal suggest the pair to extend its toward the support level at 1.2485.
Resistance level: 1.2555, 1.2610
Support level: 1.2485, 1.2400
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9225. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9280.
Resistance level: 0.9280, 0.9370
Support level: 0.9225, 0.9180
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 66.10. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after its candle successfully closed above the resistance level at 66.10.
Resistance level: 66.10, 67.70
Support level: 64.55, 63.70
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1718.15. MACD which illustrated bearish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1738.10, 1765.20
Support level: 1718.15, 1694.30