30 March 2021 Morning Session Analysis
Dollar rose amid spike in US 10-year Treasury Yield.
Dollar index which gauges its value against a basket of six major currencies managed to extend its rally while hovering near the highest level in three and a half months after the 10-year Treasury Yield climbed above the spigots of 1.7%. In the recent speech of Fed Chairman Jerome Powell, he has reiterated that the cash rates will maintain at low level for a certain period until a sustainable and stable growth in underlying inflation happened in the nation’s economy. Despite the fairly dovish speech from Fed, the US inflation and economic expectation of investors continue to rise and boosted the yield of treasury, which leaving the US dollar even with higher demand. On the other side, a fresh wave of coronavirus in Europe swept off the market confidence toward the bloc’s recovery path. According to the statistics, the resurgence of third wave virus is getting serious this week as the public health situation deteriorates in France and Germany. Prior to now, Germany and France have extended their lockdown measure for a longer period in order to curb the spread of new virus strain. With the backdrop of exacerbating virus crisis in Europe, the market participants decided to shift their capital into the safe-haven currency such as dollar. As of writing, dollar index ticked up by 0.16% to 92.90.
In the commodities market, the crude oil price rose by 0.75% to $62.00 per barrel amid the investors started to price in their expectation over the outcome of OPEC’s meeting. Given the weak demand in oil market, OPEC+ is expected to maintain its oil production cuts through the month of May in the meeting on 1st of April. Besides, the gold prices dropped 0.02% to $1712.05 per troy ounce amid strengthening of dollar index.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – CB Consumer Confidence (Mar) | 91.3 | 96.9 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 92.60. MACD which illustrated diminishing bearish 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 lower while currently testing the support level at 1.3755. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3805, 1.3880
Support level: 1.3755, 1.3675
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1755. MACD which illustrated diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1830, 1.1890
Support level: 1.1755, 1.1695
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.75. However, MACD which illustrated diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.
Resistance level: 109.75, 110.25
Support level: 109.20, 108.35
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7655. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7600.
Resistance level: 0.7655, 0.7700
Support level: 0.7600, 0.7565
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7015. MACD which illustrated bullish bias momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7015, 0.7105
Support level: 0.6960, 0.6905
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2610. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2560.
Resistance level: 1.2610, 1.2685
Support level: 1.2560, 1.2485
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9370. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9430, 0.9480
Support level: 0.9370, 0.9310
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 61.70. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 62.60.
Resistance level: 62.60, 63.70
Support level: 61.70, 60.65
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1710.80. MACD which illustrated bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1723.35, 1738.95
Support level: 1710.80, 1699.60