17 March 2021 Afternoon Session Analysis
Pound slips following fresh Brexit tension.
During late Asian session, the pound sterling which traded against the greenback and other currency pairs have fell amid reports of EU taking legal action against UK over Brexit violation, flaring up new tension between the two countries. According to reports, EU have launched legal proceedings against UK with accusation on UK breaking its protocol of Brexit divorce agreement covering Ireland. The action was taken after UK announced a six-month delay of custom controls until Oct 1 on goods arriving in Northern Ireland from UK which could lead to financial penalties or trade tariff being imposed on the U.K. With the already fragile relationship between the two sides, the dispute added further pressure for Britain and affect market confidence towards its currency. At the time of writing, GBP/USD slips 0.03% to 1.3886.
In the commodities market, crude oil price remains weak and slips 0.31% to $64.77 per barrel at the time of writing following ongoing concerns of crude demand. Even with a surprise drop in U.S crude stocks, market remain unconvinced and drifted lower on concerns about stalled vaccine rollout that slowing recovery in fuel demand especially in EU. On the other hand, gold price edge higher 0.22% to $1735.33 a troy ounce amid dollar retreat.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 USD FOMC Economic Projections
(18th)
02:00 USD FOMC Statement
(18th)
02:00 USD Fed Interest Rate Decision
(18th)
02:30 USD FOMC Press Conference
(18th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 18:00 | EUR – CPI (YoY)(Feb) | 0.9% | 0.9% | – |
| 20:30 | USD – Building Permits (MoM)(Feb) | 10.7 | – | – |
| 20:30 | CAD – Core CPI (MoM)(Feb) | 0.5% | – | – |
| 22:30 | CrudeOIL – CrudeOIL Inventories | 13.798M | 2.964M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 91.25. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 92.45.
Resistance level: 92.45, 93.35
Support level: 91.25, 90.65
GBPUSD, H1: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3865. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3925, 1.3990
Support level: 1.3865, 1.3815
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1900. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1960, 1.2020
Support level: 1.1900, 1.1845
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.20. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 109.20, 110.35
Support level: 108.05, 106.95
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7735. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7800, 0.7880
Support level: 0.7735, 0.7650
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7180. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7240, 0.7365
Support level: 0.7180, 0.7105
USDCAD, H4: USDCAD was traded lower while currently near the support level at 1.2415. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2500, 1.2570
Support level: 1.2415, 1.2350
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9245. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9380, 0.9505
Support level: 0.9245, 0.9150
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 66.25. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 66.25, 67.55
Support level: 63.45, 61.75
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1735.75. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1735.75, 1771.30
Support level: 1701.95, 1685.95