17 March 2021 Morning Session Analysis
Euro plunged amid the resurgence of third Covid wave.
The euro which acting as the single currency in the European Union failed to recover from its previous trading session losses while lingering near the 1-week low level amid the third wave of pandemic is spreading across much of the Europe. According to the statistics, French health authorities has reported more than 29k of virus confirmed cases yesterday, a 4.5% sharp jump while comparing to the cases recorded last week. The jump in virus cases has led to the breakdown of hospital system especially in the capital where infections have surged. With the backdrop of virus’s resurgence, French Prime Minister Jean Castex has revealed that they will implement additional restriction measures in certain cities, aiming to combat the attack of third virus wave. Few days ago, Italy has reintroduced restrictions to curb the coronavirus and the country will also be placed under a nationwide lockdown over the Easter weekend. Besides, more countries in Europe have announced to suspend the shot of Astra Zeneca vaccine over the blood clots concerns, putting uncertainty over the progress of vaccination programme. During Asian early trading session, the pair of EUR/USD rebounded by 0.03% to 1.1900.
In the commodities market, the crude oil price up by 0.02% to $65.00 per barrel as surprise draw in crude oil inventories exerted bullish momentum in this black commodity market. According to the API, US Crude Oil Inventories data came in at -1 million, missing the economist forecast at 2.715M, reducing the market worries over the supply glut issue. Besides, the gold price rose by 0.01% to $1731.50 a troy ounce amid market concern over the third wave of virus in Europe.
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 91.55. 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 while currently testing near the support level at 1.1890. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1950, 1.2025
Support level: 1.1890, 1.1830
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.15. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the lower level.
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. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 0.7225, 0.7290
Support level: 0.7175, 0.7105
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2485. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2400.
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. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 66.10.
Resistance level: 66.10, 67.70
Support level: 64.55, 63.70
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1738.10. 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