22 March 2022 Morning Session Analysis
Rising US Treasury yield, spurring bullish momentum on US Dollar.
The Dollar Index which traded against a basket of six major currencies extend its gains following Federal Reserve Chair Jerome Powell unleashed his hawkish tone yesterday, sparking bets of more aggressive interest hikes while prompting investors to shift their portfolio toward US Dollar. Investors are now speculating a 60.7% chance of a 50-basis point rate hike during the next monetary policy meeting at May, notched up from about 52% before Powell’s comments. The US 10-year Treasury yield hit 2.28%, the highest since the year of 2019. Besides, Federal Reserve Chair Jerome Powell also reiterated that the US central bank must move quicky to stabilize the spiking number of inflation risks, adding that they could use a more aggressive contractionary monetary policy if needed. As of writing, the Dollar Index appreciated by 0.25% to 98.48.
In the commodities market, the crude oil price appreciated by 0.40% to 113.42 per barrel as of writing amid major European nations considered joining the United States to impose sanction on Russian oil, spurring fears upon the further oil supply disruption in future. On the other hand, the gold price slumped 0.03% to $1935.25 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:15 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 97.80. MACD which illustrated increasing bullish momentum suggest the index to extend its gains.
Resistance level: 99.35, 100.40
Support level: 97.80, 96.45
GBPUSD, H4: GBPUSD was traded higher while currently testing resistance level. However, MACD which illustrated increasing bearish suggest the pair to be traded lower as technical correction.
Resistance level: 1.3190, 1.3420
Support level: 1.3010, 1.2855
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.
Resistance level: 1.1135, 1.1245
Support level: 1.0980, 1.0820
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 119.90, 122.95
Support level: 116.15, 113.45
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 0.7410, 0.7525
Support level: 0.7250, 0.7180
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.
Resistance level: 0.6905, 0.6965
Support level: 0.6800, 0.6715
USDCAD, Daily: USDCAD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.
Resistance level: 1.2755, 1.2890
Support level: 1.2590, 1.2485
USDCHF, Daily: USDCHF was traded lower while currently testing the support level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses.
Resistance level: 0.9425, 0.9580
Support level: 0.9310, 0.9115
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains.
Resistance level: 111.10, 116.80
Support level: 104.40, 99.35
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1912.60. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains.
Resistance level: 1946.35, 1973.00
Support level: 1912.60, 1881.35