12 March 2021 Morning Session Analysis
Euro surged following ECB Monetary Policy statement.
Euro surged against the US Dollar following the latest’s European Central Bank Monetary Policy meeting on Thursday. According to ECB Monetary Policy Decision, the central bank had left its interest rates maintained at 0.00%, aligned with market expectation while pledging to extend its bond purchases program to keep financial condition steady. Besides, they reiterated that the Pandemic Emergency Purchase Programme (PEPP) with a total envelope of €1,850 billion will continue to be implemented until at least the end of March 2022. In fact, the Government Council will continue to provide ample liquidity through its refinancing operation by implementing the target longer-term refinancing operations (TLTRO III) to support bank lending. Nonetheless, ECB President Christine Lagarde claimed that the accommodative monetary and fiscal policies and the ongoing vaccination campaigns, together with gradual relaxation of covid-19 lock-down restriction could be spurring positive prospect for the economic growth in the course of 2021. As for now, investors would continue to scrutinize the latest Covid-19 vaccine development as well as further crucial economic data in order to receive further trading signal.
In the commodities market, the crude oil price appreciated by 0.05% to $66.05 per barrel as of writing. The oil market extends its gains following President Joe Biden signed the Covid-19 massive stimulus plan into law, insinuating hope toward the stronger economic recovery in future while providing further bullish momentum on the crude oil price. On the other hand, the gold price slumped 0.05% to $1724.00 per troy ounces as of writing amid strengthening US economic data on yesterday.
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 lower while currently testing the support level at 91.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 92.45, 93.35
Support level: 91.25, 90.65
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3985. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3895, 1.4085
Support level: 1.3895, 1.3775
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1960. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2025.
Resistance level: 1.2025, 1.2155
Support level: 1.1960, 1.1910
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 108.40. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 109.15, 109.60
Support level: 108.40, 107.90
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7800. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7800, 0.7880
Support level: 0.7735, 0.7650
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7240. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7240, 0.7365
Support level: 0.7180, 0.7105
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2560. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2560, 1.2605
Support level: 1.2480, 1.2395
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9275. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9275, 0.9380
Support level: 0.9150, 0.9040
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 66.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 66.05, 68.00
Support level: 63.45, 61.45
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1739.05. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1711.30.
Resistance level: 1739.05, 1771.30
Support level: 1711.30, 1679.50