19 March 2021 Afternoon Session Analysis
Dollar rose amid rising Treasury yield.
During late Asian session, the dollar index which traded against a basket of six major currency pairs have strengthen on the backdrop of surging interest rates while investors continue to digest Fed’s pushback on early interest rate hike expectation. The U.S. 10-year yield have climbed to a more than one-year peak of 1.754% overnight before easing to 1.715%. On the other hand, Fed Chairman Jerome Powell made it clear the Fed would be sticking to its easy money policies for some time, even while predicting a strong economic recovery and a jump in inflation above target. Still, Fed predicted the U.S economy will grow 6.5% in 2021 and the greenback remains supported. At the time of writing, dollar index jumps 0.04% to 91.82.
In the commodities market, crude oil price remains pressured and fell 0.21% to $60.11 per barrel at the time of writing amid concerns of near-term demand. Several European countries have imposed new lockdowns due to new infections, while vaccination programs have slowed because of concerns about side effects of the AstraZeneca vaccine, which was being widely distributed in Europe. On the other hand, gold price slips 0.14% to $1734.29 a troy ounce at the time of writing amid dollar rebound.
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 |
| 20:30 | CAD – Core Retail Sales (MoM)(Jan) | -4.1% | -2.6% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 91.30. 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, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3990. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3825.
Resistance level: 1.3990, 1.4085
Support level: 1.3825, 1.3680
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1890. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1980, 1.2025
Support level: 1.1890, 1.1845
USDJPY, H4: USDJPY was traded within a range while currently testing the resistance level at 109.20. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 109.20, 110.35
Support level: 108.05, 106.95
AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7710. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7800, 0.7880
Support level: 0.7710, 0.7650
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7160. 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, 0.7305
Support level: 0.7160, 0.7105
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2495. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2495, 1.2570
Support level: 1.2415, 1.2350
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9240. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9380.
Resistance level: 0.9280, 0.9505
Support level: 0.9240, 0.9150
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 59.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 61.40, 63.65
Support level: 59.30, 57.45
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1726.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1753.35, 1771.30
Support level: 1726.25, 1681.60