22 April 2022 Morning Session Analysis
US Dollar surged as Fed unleashed hawkish tone.
The Dollar Index which traded against a basket of six major currencies rebounded from one-week low following the Federal Reserve Chair Jerome Powell unleashed his hawkish tone toward the economic progression in the United States. According to Reuters, Federal Reserve Chair Jerome Powell confirmed a 50-basis point of rate hike during the monetary policy meeting next month, including consecutive rate increases in the year of 2022. Fed funds futures have started to speculate a three straight 50 basis-point interest rate hikes starting with next month’s policy meeting. With inflation running roughly three times higher than the Fed’s target, it would prompt the Fed to be tightening the monetary policy in more aggressive ways to stabilize the inflation risk. As of writing, the Dollar Index appreciated by 0.24% to 100.65.
In the commodities market, the crude oil price surged by 0.03% to $103.48 per barrel as of writing. The oil market edged higher as market participants remained concerns that the European Union (EU) would likely to implement sanction on Russian oil supply. On the other hand, the gold price depreciated by 0.02% to $1951.00 per troy ounces amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:00 EUR ECB President Lagarde Speaks
22:30 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Retail Sales (MoM) (Mar) | -0.30% | -0.30% | – |
| 15:30 | EUR – German Manufacturing PMI (Apr) | 56.9 | 54.4 | – |
| 16:30 | GBP – Manufacturing PMI | 55.2 | – | – |
| 16:30 | GBP – Services PMI | 62.6 | – | – |
| 20:30 | CAD – Core Retail Sales (MoM) (Feb) | 2.50% | 2.40% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level.
Resistance level: 101.20, 102.20
Support level: 99.25, 97.80
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2995. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after breakout.
Resistance level: 1.3135, 1.3200
Support level: 1.2995, 1.2855
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses.
Resistance level: 1.0905, 1.0975
Support level: 1.0770, 1.0690
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level.
Resistance level: 129.45, 132.30
Support level: 127.65, 126.00
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after breakout.
Resistance level: 0.7455, 0.7525
Support level: 0.7355, 0.7270
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after breakout.
Resistance level: 0.6820, 0.6880
Support level: 0.6715, 0.6630
USDCAD, Daily: USDCAD was traded higher while currently near the resistance level. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 1.2635, 1.2750
Support level: 1.2485, 1.2315
USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level.
Resistance level: 0.9580, 0.9710
Support level: 0.9455, 0.9230
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains.
Resistance level: 107.10, 111.60
Support level: 101.50, 97.75
GOLD_, H4: Gold price was traded higher following prior rebound from the support level. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level.
Resistance level: 1963.00, 1975.00
Support level: 1945.05, 1917.95