24 March 2021 Afternoon Session Analysis
Aussie slips as risk appetite dwindles.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell as various action in global markets have threatened global economic recovery and dented market appetite for riskier assets. Concerns over tension between China and other western countries such as EU, UK and US continue to grew as the U.S and its allies recently imposed sanctions on Chinese officials with accusations of human rights abuses. Besides that, latest Bloomberg report stated that Beijing has falling short of meeting in U.S purchases target as agreed in phase one trade deal which may worsen the relationship between the two countries and adding further pressure for the pair. News of third wave coronavirus in Europe and concerns over vaccine side effect which major economies to halt their vaccination campaign also weigh heavily on the risk sentiment and remove further shine in risker assets. At the time of writing, AUD/USD fell 0.20% to 0.7607.
In the commodities market, crude oil price remains weak and fell 0.11% to $57.80 per barrel at the time of writing amid rising concerns over demand. Investors continue to digest the news of third wave coronavirus cases in EU which have triggered new restrictive measures in several countries. The third largest oil importer, India also witness an increase in cases which further clouded the demand outlook. On the other hand, gold price edge lower 0.12% to $1732.06 a troy ounce at the time of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 USD Fed Chair Powell Testifies
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – CPI (YoY)(Feb) | 0.7% | 0.8% | – |
| 16:30 | EUR – German Manufacturing PMI (Mar) | 60.7 | 60.8 | – |
| 17:30 | GBP – Composite PMI (Mar) | 49.6 | – | – |
| 17:30 | GBP – Manufacturing PMI (Mar) | 54.9 | 54.9 | – |
| 17:30 | GBP – Services PMI (Mar) | 49.5 | – | – |
| 20:30 | USD – Core Durable Goods Orders (MoM)(Feb) | 1.3% | 0.6% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 2.396M | -0.272M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 92.40. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 92.40, 93.35
Support level: 91.30, 90.65
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3815. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3680.
Resistance level: 1.3815, 1.3990
Support level: 1.3680, 1.3570
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1835. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1880, 1.1935
Support level: 1.1835, 1.1775
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 108.30. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 109.20, 110.35
Support level: 108.30, 106.95
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7590. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7650, 0.7710
Support level: 0.7590, 0.7505
NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.7005. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6900.
Resistance level: 0.7005, 0.7105
Support level: 0.6900, 0.6765
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2600. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2600, 1.2745
Support level: 1.2400, 1.2255
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9300. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9370.
Resistance level: 0.9370, 0.9425
Support level: 0.9300, 0.9225
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 57.45. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 59.30, 61.65
Support level: 57.45, 53.80
GOLD_, H4: Gold price was traded within a range while currently testing the resistance level at 1739.85. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher after it successfully breakout above the resistance level.
Resistance level: 1739.85, 1759.75
Support level: 1712.60, 1693.80