26 March 2021 Morning Session Analysis
Dollar surged amid upbeat economic data.
Dollar index which gauges its value against a basket of six major currencies managed to extend its rally following the release of positive economic data in US yesterday. According to the Bureau of Economic Analysis, US GDP for the fourth quarter in year 2020 came in at 4.3%, stronger than the economist forecast at 4.1%, showing that the economy growth was remained strong despite the fallout of virus. In details, the increase of GDP was mainly contributed by the significant jumps in the component of export and investment, but gains were partly offset by a reduce on government spending. On the other side, the number of American who filed for unemployment benefit has reduced significant, pulling back with a surprising amount of number. According to the US Labour Department, US Initial Jobless Claims data dropped from previous reading at 781K to 684K, while recording a lower number comparing to the economist forecast at 730K. This upbeat labour data has proven that the effectiveness of vaccine rollout on recovering the economy as well as pushing up the hiring activity of the companies. During the Asian early trading session, dollar index rose by 0.35% to 92.85.
In the commodities market, the crude oil price dropped by 0.01% to $58.25 per barrel amid heightening of market worries over the resurgence of virus in Europe may interrupt the demand of oil market. Based on the recent statistics, the countries in Europe such as Germany, France and Italy are facing significant rise in Covid-19 cases. Besides, gold price dropped by 0.03% to $1727.10 per troy ounce amid strengthening of US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 EUR EU Leaders Summit
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – Retail Sales (YoY)(Feb) | -3.8% | -1.5% | – |
| 17:00 | German ifo Business Climate Index (Mar) | 92.4 | 93.2 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 92.60. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 93.00.
Resistance level: 93.00, 93.35
Support level: 92.60, 92.10
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3755.
Resistance level: 1.3755, 1.3845
Support level: 1.3625, 1.3540
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1755. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.1755.
Resistance level: 1.1830, 1.1890
Support level: 1.1755, 1.1695
USDJPY, H4: USDJPY was traded higher while currently testing the top level of sideway channel. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 109.20, 109.65
Support level: 108.35, 107.85
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7565. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 0.7600.
Resistance level: 0.7600, 0.7655
Support level: 0.7565, 0.7505
NZDUSD, H4: NZDUSD was traded flat near below the resistance level at 0.6960. MACD which illustrated bullish momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6560, 0.7015
Support level: 0.6905, 0.6815
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2610. 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 following prior breakout above the previous resistance level at 0.9370. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9430.
Resistance level: 0.9430, 0.9480
Support level: 0.9370, 0.9310
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 57.40. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction in short term.
Resistance level: 59.30, 60.65
Support level: 57.40, 56.00
GOLD_, H4: Gold price was traded lower following prior retracement from the downward trendline. MACD which illustrated bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1723.35.
Resistance level: 1738.95, 1754.15
Support level: 1723.35, 1710.80