23 March 2021 Afternoon Session Analysis
Dollar rose following ongoing optimism on recovery.
During late Asian session, the dollar index which traded against a basket of six major currency pairs remains supported and rose following increasing optimism towards U.S economic recovery. As of now, speedy rollouts of COVID-19 vaccines and Biden’s $1.9 trillion stimulus are seen lifting the U.S economy growth and drawing attention to the greenback. Following latest development on vaccination in U.S, more states such as West Virginia, Tennessee and Arizona are now opening vaccine access to all residents over the age of 16 as C.D.C. director urged Americans to take the threat of a new surge seriously. Separately, Biden’s stimulus package also showing signs of positive changes in U.S economy. U.S Treasury Secretary Janet Yellen stated that growth and possibly full employment could return next year thanks to massive coronavirus stimulus package. As of now, investors will now wait for more catalyst to gauge further sentiment. At the time of writing, dollar index rose 0.13% to 91.83.
In the commodities market, crude oil price slips 0.59% to $60.87 per barrel as of writing following concerns of uneven COVID-19 recovery and demand impact. While U.S and U.K are racing to inoculate its residents, challenges remain for EU countries as they are battling with potential third wave coronavirus, shortage of vaccine and lockdowns. On the other hand, gold price slips 0.26% to $1734.40 a troy ounce at the time of writing amid rising dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:50 GBP BoE Gov Bailey Speaks
22:00 USD Fed Chair Powell Testifies
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – Average Earnings Index+Bonus (Jan) | 4.7% | 4.9% | – |
| 15:00 | GBP – Claimant Count Change (Feb) | -20.0K | – | – |
| 22:00 | USD – New Home Sales (Feb) | 923K | 875K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 91.30. However, MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 92.45, 93.35
Support level: 91.30, 90.65
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3875. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3990, 1.4085
Support level: 1.3825, 1.3680
EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.1945. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1910.
Resistance level: 1.1945, 1.1985
Support level: 1.1910, 1.1865
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.20. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher 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 0.7710. 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: 0.7160, 0.7240
Support level: 0.7105, 0.7050
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2495. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2560, 1.2615
Support level: 1.2495, 1.2415
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9225. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9315, 0.9375
Support level: 0.9225, 0.9150
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 61.65. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 59.30.
Resistance level: 61.65, 63.65
Support level: 59.30, 57.45
GOLD_, H4: Gold price was traded within a range while currently testing the resistance level at 1738.25. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term.
Resistance level: 1738.25, 1771.30
Support level: 1705.10, 1684.10