23 March 2021 Morning Session Analysis
Euro surged despite Germany set to extend its lockdown measure.
Euro which act as the single currency of European Union was having mixed pattern yesterday but ending the last trading session at a higher level despite recent sharp increase in Europe’s infection rate urged Germany to extend its lockdown restriction further. In the draft of proposal, Chancellor Angela Merkel office decided to continue its lockdown at least until 18th April and possible evening curfews on high infection areas, where the idea came after the virus infection rate crossed the critical mark of 100 cases per 100,000 people. Since the outbreak of pandemic, European Union economy has been struggling with the virus and tried to step out from the fallout of virus by increasing the pace of vaccination program, however the resurgence of third wave infection put the EU economy in the edge of recession once again. According to the Worldometer Statistics, France and Germany have reported over 30K and 11K cases on yesterday, while the death tolls were showing non-stop of rising pace. As of writing, the pair of EUR/USD ticked up by 0.01% to 1.1933.
In the commodities market, the crude oil dropped by 0.11% to $61.15 per barrel as of writing amid lockdown in European Union impacted the recovery hopes. With the backdrop of extending lockdown measure in European Union, the sentiment of oil market turned sour as the market participants are concerned about the outlook of this black commodity. Besides, the gold prices rose 0.01% to $1739.20 per troy ounce amid weakening of dollar index.
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 following prior retracement from the resistance level at 92.10. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 91.55.
Resistance level: 92.10, 92.60
Support level: 91.55, 91.25
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3850. 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: 1.3850, 1.3755
EURUSD, H4: EURUSD was traded lower following prior rebound from the support level at 1.1890. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1990.
Resistance level: 1.1990, 1.2025
Support level: 1.1890, 1.1830
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.20. However, MACD which illustrated diminishing bearish momentum signal suggest the pair to undergo technical correction in short term.
Resistance level: 109.20, 109.65
Support level: 108.35, 107.85
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7730. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7730.
Resistance level: 0.7780, 0.7835
Support level: 0.7730, 0.7700
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7175. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 0.7105.
Resistance level: 0.7175, 0.7225
Support level: 0.7105, 0.7075
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2485. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.2555.
Resistance level: 1.2555, 1.2610
Support level: 1.2485, 1.2400
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9225. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9280, 0.9310
Support level: 0.9225, 0.9180
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the higher level. However, MACD which illustrated bullish bias momentum suggest the commodity to undergo technical rebound toward higher level.
Resistance level: 62.60, 63.70
Support level: 60.65, 59.30
GOLD_, H4: Gold price was traded higher following prior rebound from the upward trendline. MACD which illustrated diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1750.60.
Resistance level: 1750.60, 1765.20
Support level: 1738.10, 1718.15