25 March 2021 Morning Session Analysis
Dollar rose amid Fed Powell optimistic view toward the economic outlook.
Dollar index which gauges its value against a basket of six major currencies managed to extend its rally, as the bullish trend of this product was continues supported by the positive statement from Federal Reserve Chairman Jerome Powell. In last night’s testimony, Powell has reiterated his point of view on economy where interest rate will remain at low level to support the economy against the fallout of pandemic. Besides, the recent rise of long-term bond yields has not become a concern for Jerome Powell, and he revealed that they appear to reflect the growing optimism of about economy’s prospect. Despite the comments given by Jerome Powell was tilted neutral in overall, but he concluded his speech by stating that “this year most likely will be a very strong year”, triggered some buy-in pressure in dollar market. On the other hand, the supply issue over the Astra Zeneca vaccine in Europe continues to weigh down the performance of pound and euro while lifting up the value of safe haven dollar as market worry that the geopolitical tensions between EU and UK might heightened anytime soon. As of writing, dollar index up by 0.26% to 92.60.
In the commodities market, the crude oil price dropped by 0.20% to $60.70 per barrel amid surprise build in US oil inventory level. According to the EIA, US Crude Oil Inventories data came in at 1.912M, missing the economist forecast at -0.272M, recording the 5th weekly rise in oil supplies while increased the market concern over the imbalance condition of oil market. Besides, gold price dropped 0.02% to $1734.35 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
16:30 CHF SNB Monetary Policy Assessment
17:30 GBP BoE Gov Bailey Speaks
17:30 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | CHF – SNB Interest Rate Decision | -0.75% | – | – |
| 20:30 | USD – GDP (QoQ)(Q4) | 33.4% | 4.1% | – |
| 20:30 | USD – Initial Jobless Claims | 770K | 730K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 92.60. MACD which illustrated bullish bias momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 92.60, 93.00
Support level: 92.10, 91.60
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3755. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3625.
Resistance level: 1.3755, 1.3845
Support level: 1.3625, 1.3540
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1830. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1755.
Resistance level: 1.1830, 1.1890
Support level: 1.1755, 1.1695
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 108.35. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 109.20.
Resistance level: 109.20, 109.65
Support level: 108.35, 107.85
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7600. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 0.7600, 0.7655
Support level: 0.7565, 0.7505
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6960. However, MACD which illustrated diminishing bearish momentum suggests the pair to undergo technical correction in short term.
Resistance level: 0.7015, 0.7105
Support level: 0.6960, 0.6905
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2560. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.
Resistance level: 1.2610, 1.2685
Support level: 1.2560, 1.2485
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9370. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 0.9370, 0.9430
Support level: 0.9310, 0.9280
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 60.65. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 60.65, 61.70
Support level: 59.30, 57.40
GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1723.35. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1738.95.
Resistance level: 1738.95, 1754.15
Support level: 1723.35, 1710.80