15 March 2022 Morning Session Analysis
US Dollar surged ahead of key FOMC meeting.
The Dollar Index which traded against a basket of six major currencies extend its gains at the start of the week ahead of key Federal Reserve policy-setting meetings. The US 10-year benchmark Treasury yield rose to 2.1419%, the highest since July 2019. Market participants speculated the Federal Reserve would at least increase the interest rate by 25 basis point this week. Though, the Federal Open Market Committee meeting will be focusing on more than a solitary interest rate hike, however. There also will be adjustments upon the economic outlook, projections for the future path of rates and likely to discuss about the bond buying program. Hence, investors would continue to remain their focus on latest development regards of the latest monetary policy statement this week to receive further trading signal. As of writing, the Dollar Index appreciated by 0.03% to 99.10.
In the commodities market, the crude oil price depreciated by 0.14% to 102.41 per barrel as of writing. The oil market extends its gains following China announced on Monday afternoon that all 24 million people in Jilin province would go into lockdown, including the previously locked down city of Changchun. On the other hand, the gold price slumped 0.03% to $1953.44 per troy ounces as of writing amid weakening US Dollar.
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 |
| 15:00 | GBP – Average Earnings Index +Bonus (Jan) | 4.30% | 4.60% | – |
| 15:00 | GBP – Claimant Count Change (Feb) | -31.9K | -28.0K | – |
| 18:00 | EUR – German ZEW Economic Sentiment (Mar) | 54.3 | 10 | – |
| 21:30 | USD – PPI (MoM) (Feb) | 1.00% | 0.90% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower as technical correction.
Resistance level: 99.35, 100.40
Support level: 97.30, 96.45
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 1.3190, 1.3420
Support level: 1.2915, 1.2755
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 1.0975, 1.1135
Support level: 1.0820, 1.0690
USDJPY, H4: USDJPY was traded higher following prior breakout the previous resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 118.90, 120.50
Support level: 117.50, 116.25
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after breakout.
Resistance level: 0.7250, 0.7410
Support level: 0.7180, 0.7095
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6895. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6715.
Resistance level: 0.6800, 0.6895
Support level: 0.6715, 0.6625
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.
Resistance level: 1.2885, 1.2950
Support level: 1.2790, 1.2705
USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.
Resistance level: 0.9425, 0.9580
Support level: 0.9310, 0.9115
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 105.40, 111.60
Support level: 99.35, 92.30
GOLD_, H1: Gold price was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 1973.00, 2005.00
Support level: 1947.40, 1921.55