29 March 2021 Afternoon Session Analysis
Dollar surged amid positive economic outlook.
The Dollar Index which traded against a basket of six major currency pairs extend its gains on last week, buoyed by optimism over the improving U.S. economic data on last week and the positive development of the Covid-19 vaccine progression. According to Reuters, the President Joe Biden said he will double his vaccination plan after achieving his previous goal of 100 million shots 42 days ahead of schedule. About half of U.S. states will open their vaccination efforts to all adults by mid-April, White House Covid-19 Response Coordinator Jeff Zients said on last Friday. As for now, 46 states and the District of Columbia have pledged to meet President Joe Biden’s goal of having all American eligible for a vaccine by 1st May 2021. Besides, the resurgence of the Covid-19 cases and slow vaccination rollout from European region had also prompted investors to shift their portfolio from the European region to safe-haven dollar, which spurring further demand on the US Dollar. Nonetheless, investors would continue to scrutinize the latest updates with regards of the economic data as well as Covid-19 development in order to receive further trading signal. As of writing, Dollar Index appreciated by 0.10% to 92.80.
In the commodities market, the crude oil price surged 0.03% to $60.75 per barrel as of writing. The crude oil price edged higher amid investors start to speculate that the OPEC would likely to cut oil production during its meeting on Thursday. On the other hand, the gold price slumped 0.18% to 1728.95 per troy ounces as of writing amid strengthening US Dollar.
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Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded within a range while currently testing the resistance level at 92.85. MACD which illustrated diminishing bearish momentum suggest the index to be traded higher after it successfully breakout above the resistance level.
Resistance level: 92.85, 93.35
Support level: 92.45, 91.90
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3815. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3815, 1.3880
Support level: 1.3750, 1.3680
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1765. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1850, 1.1975
Support level: 1.1765, 1.1700
USDJPY, H1: USDJPY was traded lower following prior breakout below the previous support level at 109.55. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 109.20.
Resistance level: 109.55, 109.85
Support level: 109.20, 108.80
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7650. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7650, 0.7710
Support level: 0.7585, 0.7505
NZDUSD, Daily: NZDUSD was traded within a range while currently testing the resistance level at 0.7005. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.
Resistance level: 0.7005, 0.7105
Support level: 0.6900, 0.6765
USDCAD, Daily: 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 0.9370. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9450, 0.9525
Support level: 0.9370, 0.9300
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 61.15. MACD which illustrated diminishing bullish momentum suggest the crude oil to extend its losses toward support level at 59.30.
Resistance level: 61.15, 62.75
Support level: 59.30, 57.45
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1735.75. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1723.75.
Resistance level: 1735.75, 1755.40
Support level: 1703.00, 1676.90