Daily Analysis

1 April 2021             Morning Session Analysis

Dollar retreat following Biden unveiled $2 trillion infrastructure plan.

The dollar index which gauges its value against a basket of six major rival currencies stepped back from the 4 months high level after Biden rolled out the details of multi trillion infrastructure yesterday. In the speech at Pittsburgh, Biden outlined the first part of infrastructure plan which amounted to $2 trillion dollar in spending over 8 years, while revealing that the packages will most likely to be financed through tax hike on corporation and individual. In details, the packages will include massive spending on transportation infrastructure such as bridges, roads, public transit, environmentally friendly technology, as well as additional funds for childcare and adult care for the elderly and disabled. By implementing this massive plan, Biden said that it could benefit the US, reviving the nation overall economy growth especially the employment market where could create more jobs in the future. On the other side, Biden reiterated that the source of finance for implementing this multi-trillion plan will contributed by the rate hike of corporation from 21% to 28%, while repeating that families earning higher than 400k per year will be imposed by higher income tax. As of writing, dollar index dropped 0.10% to 93.20.

In the commodities market, the crude oil price dropped by 1.41% to $59.55 per barrel despite EIA reported a slightly drop in US oil inventories. According to the EIA, US crude oil stocks reduced by 0.876M, while the market economist forecasted an oil build of 0.107M. However, this black commodity is less appealing to investors as market concern are still over the resurgence of virus in Europe as well as the upcoming OPEC+ meeting. Besides, the gold prices rose 1.37% to $1708.40 per troy ounce amid weakening of US dollar.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

18:00                CrudeOIL         OPEC Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level at 93.00. MACD which illustrated bearish bias momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 93.35, 93.55

Support level: 93.00, 92.60

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3805. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.3755.

Resistance level: 1.3805, 1.3880

Support level: 1.3755, 1.3675

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1755. MACD which illustrated diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1695.

Resistance level: 1.1755, 1.1830

Support level: 1.1695, 1.1615

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.80. However, MACD which illustrated diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 110.80, 111.50

Support level: 110.25, 109.75

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level at 0.7600. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7655, 0.7700

Support level: 0.7600, 0.7565

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7030. MACD which illustrated diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 0.6945.

Resistance level: 0.7030, 0.7105

Support level: 0.6945, 0.6900

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2560. MACD which illustrated bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level.

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 0.9430. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.9480, 0.9540

Support level: 0.9430, 0.9370

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 59.30. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 60.65.

Resistance level: 60.65, 61.70

Support level: 59.30, 57.40

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1710.80. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1710.80, 1723.35

Support level: 1699.60, 1679.75

31 March 2021                   Afternoon Session Analysis

Aussie rose on upbeat China data.

During late Asian session, the Australian dollar which traded against the dollar and other currency pairs have rose following strong reading from China PMI provide support for Aussie. According to China Federation of Logistics and Purchasing (CFLP), China’s Non-Manufacturing PMI have improved to 56.3, higher than market expectation of 52.6. China’s NBS Manufacturing PMI also rose 51.9 for March, surpassed market expectation of 51.2. While the data have help lifted some confidence in the market, further upside further potential for Aussie may be limited following the appreciation of greenback which may reduce the appeal for riskier assets such as Aussie itself. At the time of writing, AUD/USD edge higher 0.09% to 0.7599.

In the commodities market, crude oil price rose 0.35% to $60.62 per barrel as of writing following expectation of OPEC to maintain supply cut. Despite with an increase in supply reported by API, market remains firm as investors continue to speculate producers to largely agree on extending their supply cut to May or June. On the other hand, gold price rose slips 0.35% to $1679.30 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

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 93.35. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 93.35, 94.10

Support level: 92.90, 92.45

GBPUSD, H4: GBPUSD was traded lower while currently near the support level at 1.3740. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3810, 1.3895

Support level: 1.3740, 1.3675

EURUSD, H1: EURUSD was traded lower while currently testing the support level at 1.1700. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1760, 1.1850

Support level: 1.1700, 1.1615

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 110.55, 111.25

Support level: 110.00, 109.20

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7585. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7650, 0.7710

Support level: 0.7585, 0.7505

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6955. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7110, 0.7250

Support level: 0.6955, 0.6775

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.2630. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2630, 1.2745

Support level: 1.2400, 1.2255

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9370. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9450, 0.9525

Support level: 0.9370, 0.9300

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 61.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 59.55.

Resistance level: 61.35, 62.65

Support level: 59.55, 57.90

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1680.15. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1700.15, 1723.90

Support level: 1680.15, 1660.20

31 March 2021                Morning Session Analysis

Dollar surged amid IMF’s optimistic view in global economic forecast.

Dollar index which gauges its value against a basket of six major currencies managed to extend its rally while lingering near the 4 months high-level amid US economic optimism boosted the treasury yield. Yesterday, IMF (International Monetary Fund) unleashed their upbeat tone in global economic outlook, while emphasizing that they will lift its projections for global economic growth in the report of World Economic Outlook. With the improved vaccination program progress and Biden’s massive stimulus plan, IMF are now even optimistic and confident with their growth forecast and believes that ongoing vaccination program will prop up the world economy. Despite, IMF also warned that there is still high uncertainty ahead which clearly pointed at the possibility of resurgence of new strain virus. Besides, Biden is expected to outline the source of capital for $3 trillion to $4 trillion Biden’s infrastructure plan later today, while part of investors is remains cautious before the announcement. The acceleration of vaccine program and size of infrastructure plan urged the yields to rise and the dollar is benefiting. As of now, dollar index rose 0.35% to 93.27.

In the commodities market, the crude oil price dropped by 0.18% to $60.30 per barrel amid API reports inventory build early today. According to the API, US crude oil stocks increased by 3.910M, higher than the economist forecast at 0.400M, raising the market concern over the equilibrium of oil market on top of the resurgence of virus in Europe. Besides, the gold prices depreciated by 0.01% to $1685.05 per troy ounce amid weakening of dollar.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 93.35. MACD which illustrated bullish bias momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 93.35, 93.55

Support level: 93.00, 92.60

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short term.

Resistance level: 1.3755, 1.3805

Support level: 1.3675, 1.3625

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1755. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1695.

Resistance level: 1.1755, 1.1830

Support level: 1.1695, 1.1615

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 110.25. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 111.05.

Resistance level: 111.05, 111.55

Support level: 110.25, 109.75

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7600. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7655, 0.7700

Support level: 0.7600, 0.7565

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7030. MACD which illustrated diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 0.6945.

Resistance level: 0.7030, 0.7105

Support level: 0.6945, 0.6900

USDCAD, H4: USDCAD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 1.2685, 1.2775

Support level: 1.2610, 1.2560

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9430. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.9430, 0.9480

Support level: 0.9370, 0.9310

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 60.65. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 59.30.

Resistance level: 60.65, 61.70

Support level: 59.30, 57.40

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1679.75. MACD which illustrated bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1699.60, 1710.80

Support level: 1679.75, 1665.35

30 March 2021                   Afternoon Session Analysis

Aussie slips amid covid fears in Australia.

During late Asian session, the Australian dollar which traded against the dollar and other currency pairs have fell following increasing concerns on COVID-19 resurgence in Australia and lockdown. Following latest development, a new lockdown has been announced in Australia’s Brisbane after a cluster coronavirus cases was detected in the region. Brisbane witnesses eight new cases of the virus out of which six were found as connected to the initially reported first transmission and authorities are searching for clues for the rest two cases and their infection roots. On the other hand, escalating tension between U.S and China also weigh on the sentiment where U.S demand stronger cooperation from China. At the time of writing, AUD/USD fell 0.11% to 0.7640.

In the commodities market, crude oil price rose 0.23% to $61.70 per barrel at the of writing following market expectation of supply cut extension ahead of OPEC meeting. Investors are turning their focus to Thursday’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) as Saudi Arabia is prepared to accept an extension of the production cuts through June. On the other hand, gold price slips 0.25% to $1708.05 a troy ounce as of writing amid appreciation in dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: 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 lower while currently near the support level at 1.3740. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3810, 1.3895

Support level: 1.3740, 1.3675

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1760. 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: 1.1760, 1.1700

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.00. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 110.00, 110.55

Support level: 109.20, 108.50

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 higher following prior rebound form the support level at 0.7005. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7105.

Resistance level: 0.7105, 0.7240

Support level: 0.7005, 0.6900

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2600. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2600, 1.2745

Support level: 1.2400, 1.2255

USDCHF, H4: USDCHF was traded within a range while currently testing the support level at 0.9370. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level.

Resistance level: 0.9450, 0.9525

Support level: 0.9370, 0.9300

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 61.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 62.65.

Resistance level: 62.65, 63.60

Support level: 61.35, 59.55

GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level at 1713.15. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1713.15, 1726.50

Support level: 1702.15, 1688.40

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 1^st 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

N/A

Today’s Highlight Events

Time                 Market             Event

N/A

Today’s Highlight Economic Data

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

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 1^st 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.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

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

29 March 2021                Morning Session Analysis

Pound surged following a financial service agreement achieved between UK and EU.

Pound sterling which act as one of major currency in FX market managed to extend its rally after UK and EU reached a consensus in the negotiation about future financial services interaction between two jurisdictions. Last weekend, UK and EU have agreed a memorandum of understanding (MOU) on financial services, however the formal agreement has not been signed by both parties yet as it is still under formal validation process. With the agreement become effective, the MOU sets out a framework for regulatory cooperation and a joint forum for discussing rules and procedures as well as the sharing of relevant information between these two countries. The agreement is similar to the existing deal between US and EU, where the agreement would allow the UK to gain back some access to EU financial services market. Nonetheless, market participants are still eyeing on the finalised formal agreement and its details in order to confirm the feasibility of the deal. As of writing, the pair of GBP/USD surged by 0.01% to 1.3785.

In the commodities market, the crude oil price rose by 0.51% to $61.00 per barrel amid the cargo ship that ran aground in Suez Canal continues support the gains of this black commodity product. As of now, the ship is still blocking the vital waterway and experts warned that it might take longer time to remove the cargo ship. Besides, the gold prices rose by 0.03% to $1732.50 per troy ounce amid Xinjiang cotton conflict triggered a renewed tension between US and China.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.60. MACD which illustrated bearish bias momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 93.00, 93.35

Support level: 92.60, 92.10

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3805. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3805, 1.3880

Support level: 1.3755, 1.3675

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1755. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1830.

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. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.75, 110.25

Support level: 109.20, 108.35

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7600. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7655.

Resistance level: 0.7655, 0.7700

Support level: 0.7600, 0.7565

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6960. MACD which illustrated bullish momentum signal suggests the pair to extend its gains toward the resistance level at 0.7015.

Resistance level: 0.7015, 0.7105

Support level: 0.6960, 0.6905

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2560. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2610, 1.2685

Support level: 1.2560, 1.2485

USDCHF, H4: USDCHF was traded lower following prior retracement near the resistance level at 0.9430. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 0.9370.

Resistance level: 0.9430, 0.9480

Support level: 0.9370, 0.9310

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 60.65. However, MACD which illustrated bullish bias momentum suggest the commodity to undergo technical correction in short term.

Resistance level: 61.70, 62.60

Support level: 60.65, 59.30

GOLD_, H4: Gold price was traded higher while currently testing the downward trendline. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the downward trendline.

Resistance level: 1738.95, 1754.15

Support level: 1723.35, 1710.80

26 March 2021                   Afternoon Session Analysis

Pound sterling rose following tension with EU ease.

During late Asian session, the pound sterling which traded against the dollar and other currency pairs have reversed most of its previous losses and rebound as EU and UK are trying to discuss a vaccine supply deal that benefits both countries. Recently, UK and EU have issued a joint statement stated that they will try their best to reach a deal that “create a win-win situation and expand vaccine supply for all” after EU officials previously announced stricter rules on vaccine exports produced in EU. Dutch Prime Minister Mark Rutte also stated that he is cautiously optimistic that vaccine issues with the UK can be resolved. As tension between the two countries are easing, market sentiment also improves which help lifted the pound sterling. Adding further into the positive was reports of UK’s meat and seafood export to the EU have recovered in Feb. At the time of writing, GBP/USD rose 0.20% to 1.3756.

In the commodities market, crude oil price rebounds 1.37% to $59.11 per barrel at the time of writing following concerns of Suez Canal blockage will last longer. Following latest development, the trapped container ship Evergreen is still blocking traffic in the Suez Canal, one of the world’s busiest shipping channels for oil. Officials stopped all ships entering the canal on Thursday, and a salvage company said the vessel may take weeks to free. On the other hand, gold price fell 0.17% to $1724.24 a troy ounce at the time of writing following ongoing dollar strength.

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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 92.35. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 93.35, 94.10

Support level: 92.55, 91.90

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.3745. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3745, 1.3815

Support level: 1.3680, 1.3625

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1850. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1850, 1.1975

Support level: 1.1725, 1.1615

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.20. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.20, 110.35

Support level: 108.30, 107.55

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7590. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7650, 0.7710

Support level: 0.7590, 0.7505

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7005. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

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, H1: 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 higher while currently testing the resistance level at 59.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 59.30, 61.15

Support level: 57.45, 55.85

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1735.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1703.00.

Resistance level: 1735.75, 1755.40

Support level: 1703.00, 1676.90

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

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

25 March 2021                   Afternoon Session Analysis

Euro fell following weak recovery outlook.

During late Asian session, the Euro which traded against the greenback and other currency pairs remains pressured and fell following ongoing concerns of third wave coronavirus and lack of supply in vaccine. EU continue to struggle in containing the virus as several countries in EU witness a fresh spike in new cases. In Germany, Angela Merkel have reversed its decision to impose strict lockdown on Easter holiday period following criticism. However, the decision did not build any confidence in market and instead causing discontent towards Chancellor Angela Merkel’s handling of the pandemic. On the hand, slow vaccination progress in EU also continue to cloud recovery outlook. Compared to other countries such as US which already have quarter of its residents vaccinated, only about 10% of Europeans do so. At the time of writing, EUR/USD slips 0.05% to 1.1820.

In the commodities market, crude oil price fell 1.15% to $60.12 per barrel as of writing amid concerns over rising coronavirus cases and demand. Despite with news of closed Suez Canal which may help reduce supply, worries of tighter restrictions and vaccine delay stalling growth for fuel demand continue weighing heavily on the commodity and outweigh the positive news. On the other hand, gold price rose 0.17% to $1737.42 a troy ounce at the time of writing following dollar retreat.

Pasaran Tutup Hari Ini

Masa                     Pasaran                Acara

N/A

Acara Kemuncak Hari Ini

Masa                     Pasaran                Acara

16:30                     CHF                                         SNB Monetary Policy Assessment

17:30                     GBP                                        BoE Gov Bailey Speaks

17:30                     EUR                                        ECB President Lagarde Speaks

Data Ekonomi Kemuncak Hari Ini

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 92.55. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 92.55, 93.35

Support level: 91.90, 91.30

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3680. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3815, 1.3990

Support level: 1.3680, 1.3570

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1850. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1725.

Resistance level: 1.1850, 1.1975

Support level: 1.1725, 1.1615

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 108.30. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 109.20.

Resistance level: 109.20, 110.35

Support level: 108.30, 107.55

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7590. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

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, 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 while currently testing the 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: 0.9370, 0.9425

Support level: 0.9300, 0.9225

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 61.15. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 61.15, 62.75

Support level: 59.30, 57.45

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1739.85. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1739.85, 1767.60

Support level: 1702.60, 1676.90

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 5^th 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

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

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

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

24 March 2021                Morning Session Analysis

Dollar surged following Jerome Powell Testimony.

Dollar index which gauges its value against a basket of six major currencies jumped amid Federal Reserve (Fed) Chairman has given some optimistic view with regards the outlook of economy in the recent testimony. Overnight, Jerome Powell mentioned in the testimony that he is expecting a strong economic rebound this year following the vaccine rollout but emphasized that the U.S. recovery is far from complete. Besides, Mr. Powell also said that the central bank has tools to deal with rising price pressures if necessary, but he doesn’t expect the recent stimulus package which worth $1.9 will lead to an unwelcome increase in inflation. Other than this, Powell also emphasized that he expects the economy will start to pick up this year as a series of recent economic data have showed an upturn result especially which related to economic activity as well as employment market. On the other side, the resurgence of Covid-19 in Europe also boosted up the market demand toward the US dollar, as market worry that the third wave of virus will put the EU economy into freezing stage once again. With the sign of third wave’s virus getting obvious in term of cases number, the countries such as Germany, France and Italy have decided to extend their movement control measures in order to limit the spread of virus. As of writing, dollar index rose 0.66% to 92.35.

In the commodities market, the crude oil price dropped by 0.11% to $57.40 per barrel amid surprise build in inventory level dragged down the appeal of this black commodity product. According to the API, US crude oil inventories level increased 2.927M, higher than the economist forecast at -0.900M, further weighing on the oil price on top of the weak demand outlook amid virus’s resurgence. Besides, the gold price dropped 0.01% to $1727.10 per troy ounce amid strengthening of dollar index.

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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded following prior breakout above the previous resistance level at 92.10. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 92.60.

Resistance level: 92.60, 93.00

Support level: 92.10, 91.55

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 while currently testing the support level at 1.1830. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1890, 1.1990

Support level: 1.1830, 1.1755

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.20. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 108.35.

Resistance level: 109.20, 109.65

Support level: 108.35, 107.85

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7600. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7600.

Resistance level: 0.7655, 0.7700

Support level: 0.7600, 0.7560

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7015. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 0.6960.

Resistance level: 0.7015, 0.7105

Support level: 0.6960, 0.6905

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2560. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.2610.

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 0.9310. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9370.

Resistance level: 0.9370, 0.9430

Support level: 0.9310, 0.9280

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 57.40. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 59.30, 60.65

Support level: 57.40, 56.00

GOLD_, H4: Gold price was traded lower following prior breakout below the previous upward trendline. MACD which illustrated bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1718.15.

Resistance level: 1738.10, 1750.60

Support level: 1718.15, 1694.30

23 March 2021                   Afternoon Session Analysis

Dollar rose following ongoing optimism on recovery.

During late Asian session, the dollar index which traded against a basket of six major currency pairs remains supported and rose following increasing optimism towards U.S economic recovery. As of now, speedy rollouts of COVID-19 vaccines and Biden’s $1.9 trillion stimulus are seen lifting the U.S economy growth and drawing attention to the greenback. Following latest development on vaccination in U.S, more states such as West Virginia, Tennessee and Arizona are now opening vaccine access to all residents over the age of 16 as C.D.C. director urged Americans to take the threat of a new surge seriously. Separately, Biden’s stimulus package also showing signs of positive changes in U.S economy. U.S Treasury Secretary Janet Yellen stated that growth and possibly full employment could return next year thanks to massive coronavirus stimulus package. As of now, investors will now wait for more catalyst to gauge further sentiment. At the time of writing, dollar index rose 0.13% to 91.83.

In the commodities market, crude oil price slips 0.59% to $60.87 per barrel as of writing following concerns of uneven COVID-19 recovery and demand impact. While U.S and U.K are racing to inoculate its residents, challenges remain for EU countries as they are battling with potential third wave coronavirus, shortage of vaccine and lockdowns. On the other hand, gold price slips 0.26% to $1734.40 a troy ounce at the time of writing amid rising dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:50                     GBP                                        BoE Gov Bailey Speaks

22:00                     USD                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 91.30. However, MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 92.45, 93.35

Support level: 91.30, 90.65

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3875. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3990, 1.4085

Support level: 1.3825, 1.3680

EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.1945. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1910.

Resistance level: 1.1945, 1.1985

Support level: 1.1910, 1.1865

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.20. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 109.20, 110.35

Support level: 108.05, 106.95

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7710. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7800, 0.7880

Support level: 0.7710, 0.7650

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7160. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7160, 0.7240

Support level: 0.7105, 0.7050

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2495. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2560, 1.2615

Support level: 1.2495, 1.2415

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9225. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9315, 0.9375

Support level: 0.9225, 0.9150

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 61.65. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 59.30.

Resistance level: 61.65, 63.65

Support level: 59.30, 57.45

GOLD_, H4: Gold price was traded within a range while currently testing the resistance level at 1738.25. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term.

Resistance level: 1738.25, 1771.30

Support level: 1705.10, 1684.10

23 March 2021                Morning Session Analysis

Euro surged despite Germany set to extend its lockdown measure.

Euro which act as the single currency of European Union was having mixed pattern yesterday but ending the last trading session at a higher level despite recent sharp increase in Europe’s infection rate urged Germany to extend its lockdown restriction further. In the draft of proposal, Chancellor Angela Merkel office decided to continue its lockdown at least until 18^th April and possible evening curfews on high infection areas, where the idea came after the virus infection rate crossed the critical mark of 100 cases per 100,000 people. Since the outbreak of pandemic, European Union economy has been struggling with the virus and tried to step out from the fallout of virus by increasing the pace of vaccination program, however the resurgence of third wave infection put the EU economy in the edge of recession once again. According to the Worldometer Statistics, France and Germany have reported over 30K and 11K cases on yesterday, while the death tolls were showing non-stop of rising pace. As of writing, the pair of EUR/USD ticked up by 0.01% to 1.1933.

In the commodities market, the crude oil dropped by 0.11% to $61.15 per barrel as of writing amid lockdown in European Union impacted the recovery hopes. With the backdrop of extending lockdown measure in European Union, the sentiment of oil market turned sour as the market participants are concerned about the outlook of this black commodity. Besides, the gold prices rose 0.01% to $1739.20 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

19:50               GBP                   BoE Gov Bailey Speaks

22:00                USD                  Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded following prior retracement from the resistance level at 92.10. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 91.55.

Resistance level: 92.10, 92.60

Support level: 91.55, 91.25

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3850. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3990.

Resistance level: 1.3990, 1.4085

Support level: 1.3850, 1.3755

EURUSD, H4: EURUSD was traded lower following prior rebound from the support level at 1.1890. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1990.

Resistance level: 1.1990, 1.2025

Support level: 1.1890, 1.1830

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.20. However, MACD which illustrated diminishing bearish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 109.20, 109.65

Support level: 108.35, 107.85

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7730. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7730.

Resistance level: 0.7780, 0.7835

Support level: 0.7730, 0.7700

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7175. MACD which illustrated bearish bias momentum suggests the pair to extend its losses toward the support level at 0.7105.

Resistance level: 0.7175, 0.7225

Support level: 0.7105, 0.7075

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2485. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.2555.

Resistance level: 1.2555, 1.2610

Support level: 1.2485, 1.2400

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9225. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9280, 0.9310

Support level: 0.9225, 0.9180

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the higher level. However, MACD which illustrated bullish bias momentum suggest the commodity to undergo technical rebound toward higher level.

Resistance level: 62.60, 63.70

Support level: 60.65, 59.30

GOLD_, H4: Gold price was traded higher following prior rebound from the upward trendline. MACD which illustrated diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1750.60.

Resistance level: 1750.60, 1765.20

Support level: 1738.10, 1718.15