16 March 2021 Morning Session Analysis
Euro dipped following EU countries banned Astra Zeneca vaccine.
The euro which acting as the single currency in the European Union was having mixed pattern while ending the last trading session at a lower level yesterday as part of the countries in EU announced to suspend the use of Astra Zeneca’s vaccine amid safety fears, disrupting the progress of vaccinations. The EU countries including Germany, Italy and France have revealed that their decision on banning the Astra Zeneca shot was made after several countries reported that the vaccine have possible serious side-effects, despite the World Health Organisation did not agreed and stated that there was not proof that the shot was responsible. In details, the countries such as Denmark and Norway have stopped using the Astra Zeneca vaccine after reporting isolated cases of bleeding, blood clots and a low platelet count. With the backdrop of third wave virus’s resurgence in EU, the suspension of vaccine would further deteriorate the effort of government on combating the spread of virus, weighing on the EU economic recovery outlook. During Asian early trading session, the pair of EUR/USD dropped 0.03% to 1.1925.
In the commodities market, crude oil price down by 0.03% to $65.30 per barrel as the resurgence of Covid-19 in part of the EU countries weighing on this black commodity market. Tighter restrictions aimed at reining in surging coronavirus infections was implemented in some countries such as Italy, deteriorating the market view over the economic recovery prospect. Besides, the gold price rose by 0.05% to $1731.05 per troy ounce amid market safe-haven sentiment heightened following the sign of virus’s resurgence in Europe.
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 |
| 18:00 | EUR – German ZEW Economic Sentiment (Mar) | 71.2 | 74.0 | – |
| 20:30 | USD – Core Retail Sales (MoM)(Feb) | 5.9% | -0.1% | – |
| 20:30 | USD – Retail Sales (MoM)(Feb) | 5.3% | -0.5% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 91.55. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 92.10.
Resistance level: 92.10, 92.60
Support level: 91.55, 91.35
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3845. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3990.
Resistance level: 1.3990, 1.4085
Support level: 1.3945, 1.3845
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1950. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.1890.
Resistance level: 1.1950, 1.2025
Support level: 1.1890, 1.1830
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 119.15. However, MACD which illustrated bearish momentum signal suggest the pair to undergo technical correction in short term.
Resistance level: 109.15, 109.65
Support level: 108.35, 107.85
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7730. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7780.
Resistance level: 0.7780, 0.7835
Support level: 0.7730, 0.7660
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7175. MACD which illustrates bullish momentum signal suggests the pair to extend its gains toward the resistance level at 0.7225.
Resistance level: 0.7225, 0.7290
Support level: 0.7175, 0.7105
USDCAD, H4: USDCAD was traded flat below the resistance level at 1.2485. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2485.
Resistance level: 1.2485, 1.2555
Support level: 1.2400, 1.2340
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9280. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.9225.
Resistance level: 0.9280, 0.9370
Support level: 0.9225, 0.9180
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 64.55. However, MACD which illustrated bearish bias momentum suggest the commodity to undergo technical correction in short term.
Resistance level: 66.10, 67.70
Support level: 64.55, 63.70
GOLD_, H4: Gold price was traded higher while currently testing the top level of symmetrical triangle. However, MACD which illustrated diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term.
Resistance level: 1738.10, 1765.20
Support level: 1718.15, 1694.30