Daily Analysis

22 March 2021                   Afternoon Session Analysis

Dollar up following high treasury yield.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have rose amid recent surging treasury yield and optimism towards U.S economic recovery. Last Friday, the 10-year U.S. Treasury yield hovered around its 14-month high on 1.7% after the Federal Reserve declined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. While it has now retreated to 1.6%, sentiment remains strong as investors remain positive towards U.S economy due to U.S stimulus past few weeks ago which supposed to help boost economic activity. On the other hand, surprise move from Turkish Prime minister to fire its central bank governor which could also potentially disrupt global market also provide extra boost for the dollar as a safe-haven currency. At the time of writing, dollar index rose 0.08% to 91.96.

In the commodities market, crude oil price remains weak and fell 0.55% to $61.09 per barrel as of writing amid concerns over lockdown and fading hopes of demand recovery. Germany plans to extend a lockdown to contain COVID-19 infections into a fifth month which may delay further economic recovery and affect demand for fuel products after new cases exceeded levels that could cause hospital to be overstretched. On the other hand, gold price rose 0.11% to $1739.95 a troy ounce as of writing following safe-haven demand due to various factors such as Turkey surprising move to fire its central bank governor and virus in Europe.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following recent rebound from the support level 91.55. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains towards the resistance level 92.40.

Resistance level: 92.40, 93.30

Support level: 91.55, 90.90

GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing near the support level 1.3805. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.4005, 1.4180

Support level: 1.3805, 1.3675

EURUSD, H4: EURUSD remain traded in a sideway channel while currently testing near the support level 1.1850. However, MACD which display bearish momentum signal with the recent formation of death cross suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.1985, 1.2100

Support level: 1.1850, 1.1700

USDJPY, H4: USDJPY remain traded in a sideway channel while currently heading towards the support level 108. 40. However, MACD which display bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 109.20, 109.70

Support level: 108.40, 107.70

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7715. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7805, 0.7885

Support level: 0.7715, 0.7640

NZDUSD, H4: NZDUSD remain traded in a sideway channel while currently testing near the support level 0.7110. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.7270, 0.7380

Support level: 0.7110, 0.7010

USDCAD, H4: USDCAD was traded flat near the support level 1.2475. However, MACD which illustrate starting of diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.2610, 1.2745

Support level: 1.2475, 1.2360

USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing near the resistance level 0.9300. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 0.9230.

Resistance level: 0.9300, 0.9365

Support level: 0.9230, 0.9155

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 61.70. MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 61.70, 63.70

Support level: 59.55, 57.50

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1742.20. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to experience a technical correction towards the support level 1702.30

Resistance level: 1742.20, 1767.45

Support level: 1702.30, 1677.25

22 March 2021                Morning Session Analysis

Japanese Yen dived amid dovish stance from BoJ.

Japanese Yen which act as one of the safe haven currencies in FX market wobbled as Bank of Japan (BoJ) decided to widen the interest rate band which allowed the long term rate to move around its target, as part of the measure of its ultra-easing policy to combat the fallout of pandemic. After the two days meeting, BoJ board of members unanimously agreed to maintain its cash rate at -0.1%, while leaving the bond purchase ceiling at 12 trillion yen annually, Besides, BoJ stressed that the cost rate will be remained at low level to support the economy that hit badly by the outbreak of Covid-19. Besides, the significant jump in US treasury yield further boosted the value of the currency pair USDJPY to higher level. In last trading session, US treasury yield surged to 14 months high after Federal Reserve declined to extend a pandemic-era rule that relaxed the amount of capital banks had to maintain against Treasury and other holdings. With the backdrop of letting the plan expired, it may urge the banks to sell-off their treasury holdings in order to fulfil the requirement of Statutory Liquidity Ratio (SLR) and eventually pushed the treasury yield to a higher level. As of writing, the pair of USD/JPY surged 0.02% to 108.90.

In the commodities market, the crude oil rose by 0.01% to $61.45 per barrel after countries decided to resume using the Astra Zeneca vaccine. Last week, the European Medicines Agency (EMA) concluded that the benefit of the vaccine outweighs the possible risk of side effect, while emphasizing that the vaccine is safe and effective to be used. Besides, the gold price appreciated by 0.05% to $1746.99 per troy ounce amid the resurgence of virus across Europe countries lifted the market demand toward the safe-haven asset.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 91.55. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 92.10.

Resistance level: 92.10, 92.60

Support level: 91.55, 91.25

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3845. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3755.

Resistance level: 1.3845, 1.3990

Support level: 1.3755, 1.3625

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1890. MACD which illustrated bearish momentum signal suggest the pair to extend its losses toward the support level at 1.1830.

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 lower level.

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 0.7700. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7700.

Resistance level: 0.7730, 0.7780

Support level: 0.7700, 0.7655

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support 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 higher following prior breakout above the previous resistance level at 0.9280. 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: 0.9280, 0.9225

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 60.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 62.60.

Resistance level: 62.60, 63.70

Support level: 60.65, 59.30

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1738.10. MACD which illustrated diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1765.20.

Resistance level: 1765.20, 1786.55

Support level: 1738.10, 1718.15

19 March 2021                 Afternoon Session Analysis

Dollar rose amid rising Treasury yield.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have strengthen on the backdrop of surging interest rates while investors continue to digest Fed’s pushback on early interest rate hike expectation. The U.S. 10-year yield have climbed to a more than one-year peak of 1.754% overnight before easing to 1.715%. On the other hand, Fed Chairman Jerome Powell made it clear the Fed would be sticking to its easy money policies for some time, even while predicting a strong economic recovery and a jump in inflation above target. Still, Fed predicted the U.S economy will grow 6.5% in 2021 and the greenback remains supported. At the time of writing, dollar index jumps 0.04% to 91.82.

In the commodities market, crude oil price remains pressured and fell 0.21% to $60.11 per barrel at the time of writing amid concerns of near-term demand. Several European countries have imposed new lockdowns due to new infections, while vaccination programs have slowed because of concerns about side effects of the AstraZeneca vaccine, which was being widely distributed in Europe. On the other hand, gold price slips 0.14% to $1734.29 a troy ounce at the time of writing amid dollar rebound.

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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 91.30. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 92.45.

Resistance level: 92.45, 93.35

Support level: 91.25, 90.65

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3990. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3825.

Resistance level: 1.3990, 1.4085

Support level: 1.3825, 1.3680

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1890. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1980, 1.2025

Support level: 1.1890, 1.1845

USDJPY, H4: USDJPY was traded within a range while currently testing the resistance level at 109.20. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.20, 110.35

Support level: 108.05, 106.95

AUDUSD, H4: AUDUSD was traded lower while currently near 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: 0.7240, 0.7305

Support level: 0.7160, 0.7105

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2495. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2495, 1.2570

Support level: 1.2415, 1.2350

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9240. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9380.

Resistance level: 0.9280, 0.9505

Support level: 0.9240, 0.9150

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 59.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 61.40, 63.65

Support level: 59.30, 57.45

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1726.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1753.35, 1771.30

Support level: 1726.25, 1681.60

19 March 2021                Morning Session Analysis

Pound dipped amid BoE warned the outlook remained unclear.

Pound sterling which act as one of the major currencies that being traded in the FX market was receiving huge sell-off pressure following Bank of England (BoE) released its dovish tilted stance during yesterday meeting. In the BoE’s meeting, the Monetary Policy Committee (MPC) decided to maintain its interest rate at 0.10%, leaving the bond purchase program unchanged at £875 billion. Besides, BoE members have also stated that their unfolding monetary policy is appropriate in current economic condition. On the projection front, BoE revealed that the Covid-19 related restriction and spread of virus would continue to weigh on the economy in short term, but the government effort on vaccination program are expected to boost the economy recovery while forecasting the UK GDP back to pre-pandemic level. Nevertheless, BoE has also warned that virus spreading are still the main concern for them despite recent sign of slowing down. Hence, BoE will continue to monitor the progress of vaccination as well as the spread of virus closely, additional tools would be used to support the economy if the outlook of inflation weaken. As of writing , the pair of GBP/USD dropped by 0.03% to 1.3900.

In the commodities market, the crude oil price down by 0.12% to $59.40 per barrel as of writing amid heightening of market worries over the equilibrium of oil market following recent surge in US crude oil inventories level. Moreover, the resurgence of virus in Europe further weigh on this black commodity market, tampering the demand outlook of oil product. Besides, gold price plunged by 0.13% to $1734.40 per troy ounce amid rising of US 10-year treasury yield pushed up the value of dollar and diminished the appeal of safe-haven asset.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

10:30                JPY                    BoJ Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 91.55. MACD which illustrated bearish bias momentum suggest the index to extend its gains toward the resistance level at 92.10.

Resistance level: 92.10, 92.60

Support level: 91.55, 91.25

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3990. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3845.

Resistance level: 1.3990, 1.4085

Support level: 1.3845, 1.3755

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1950. MACD which illustrated bearish momentum signal suggest the pair to extend its losses toward the support level at 1.1890.

Resistance level: 1.1950, 1.2025

Support level: 1.1890, 1.1830

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.15. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the lower level.

Resistance level: 109.15, 109.65

Support level: 108.35, 107.85

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7780. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7730.

Resistance level: 0.7780, 0.7835

Support level: 0.7730, 0.7660

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support 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 lower following prior retracement from the higher level. However, MACD which illustrate bullish bias momentum signal suggest the pair to undergo technical correction toward higher level.

Resistance level: 1.2555, 1.2610

Support level: 1.2485, 1.2400

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9280. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9280.

Resistance level: 0.9280, 0.9370

Support level: 0.9225, 0.9180

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 58.65. However, MACD which illustrated bearish bias momentum suggest the commodity to undergo technical correction in short term.

Resistance level: 60.65, 62.60

Support level: 58.65, 57.40

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1738.10. However, MACD which illustrated bearish bias momentum signal suggest the commodity to undergo technical correction toward a lower level.

Resistance level: 1738.10, 1765.20

Support level: 1718.15, 1694.30

18 March 2021                   Afternoon Session Analysis

Aussie surged amid upbeat economic data.

Australian Dollar surged over the backdrop of a string of upbeat economic data from the Australian region. According to Australian Bureau of Statistics, Australia Employment Change had notched up significantly from the previous reading of 29.1K to 88.7K, exceeding the market forecast at 30.0K. Similarly, the Australia Unemployment rate declined from the previous reading of 6.4% to 5.8%, which also better than market expectation at 6.3%. As both economic data had fared better-than-expected, which dialled up the market optimism toward the economic progression in the Australia region while prompting investors to invest in Australia. On a short-term basis, the fluctuation of the Australian dollar would be highly correlated with the global risk sentiment, according to RBA latest bulletin. Hence, riskier currencies such as Australia Dollar received further bullish momentum yesterday amid the risk-on sentiment in the FX market following Federal Reserve signalled it was in no hurry to raise interest rates through all of 2023.In fact, the U.S. central bank speculated that the US economy would be growing at 6.5% in the year of 2021, which spurring further risk-on sentiment in the market. As of writing, AUD/USD appreciated by 0.41% to 0.7825.

In the commodities market, the crude oil price slumped 0.51% to $64.10 per barrel as of writing following major European nations suspended use of AstraZeneca’s Covid-19 vaccine over the concern of its side-effects, which spurring negative prospect for the crude oil demand in future. On the other hand, gold price surged 0.26% to $1749.40 per troy ounces amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:00                     EUR                       ECB President Lagarde Speaks

20:00                     GBP                       BoE MPC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 91.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 92.45, 93.35

Support level: 91.25, 90.65

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3990. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3990, 1.4085

Support level: 1.3825, 1.3680

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1960. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2020.

Resistance level: 1.2020, 1.2090

Support level: 1.1960, 1.1890

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.20. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 109.20, 110.35

Support level: 108.05, 106.95

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7795. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7880.

Resistance level: 0.7880, 0.7925

Support level: 0.7795, 0.7710

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7240. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7305.

Resistance level: 0.7305, 0.7440

Support level: 0.7240, 0.7160

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2375. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2480, 1.2555

Support level: 1.2375, 1.2300

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9220. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9285, 0.9555

Support level: 0.9220, 0.9150

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 63.55. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 66.25, 67.55

Support level: 63.45, 61.75

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1735.75. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1771.30.

Resistance level: 1771.30, 1809.10

Support level: 1735.75, 1675.85

18 March 2021                Morning Session Analysis

Dollar plunged amid dovish statement from Federal Reserve.

The dollar index which gauges its value against a basket of six major currencies failed to extend its rally while being threw-off by market participants tremendously as Federal Reserve reiterated their view of no rate hikes in next two years. After the two days meeting, Federal Reserve decided to remain its interest rate unchanged near zero while maintaining its asset purchase program at $120 billion bonds a month. Besides, Federal Reserve also projected a significant jump for economic growth and inflation as Covid-19 crisis winds down, where forecasting the US economy growing at 6.5% this year and unemployment rate fall from previous estimates of 5.0% to 4.5% before the end of year 2021. Other than that, the central bank also sees the inflation to run at 2.4% this year, far above its previous forecast at 1.8%. The improvement of economic health in US economy has shifted the US central bank’s view with regards to the future economic outlook, becoming more optimistic amid the progress of vaccination program and the recent laid out of $1.9 trillion stimulus plan. Nonetheless, Federal Reserve reaffirmed the market participants that there are no interest rate hikes likely through 2023 despite an improving outlook. As of writing, dollar index dropped by 0.53% to $91.38.

In the commodities market, the crude oil price up by 0.12% to $64.50 per barrel as the International Energy Agency (IEA) revealed their view of estimating no super cycle for oil in near term as supply glut issue remained. Moreover, the EIA has also reported a surprise build of 2.396M barrel as of last week, slightly lower than the economist forecast at 2.964M, yet still increased the market worries over the equilibrium of oil market. Besides, the gold price rose by 0.20% to $1748.80 a troy ounce amid dovish stance from the Federal Reserve pushed up the demand of safe-haven asset.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

16:00                EUR                   ECB President Lagarde Speaks

20:00                GBP                   BoE MPC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 91.55. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 91.25.

Resistance level: 91.55, 92.10

Support level: 91.25, 90.90

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3845. MACD which illustrated bullish bia momentum suggest the pair to extend its gains toward the resistance level at 1.3990.

Resistance level: 1.3990, 1.4085

Support level: 1.3945, 1.3845

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1950. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2025.

Resistance level: 1.2025, 1.2105

Support level: 1.1950, 1.1890

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.15. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the lower level.

Resistance level: 109.15, 109.65

Support level: 108.35, 107.85

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7780. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7835.

Resistance level: 0.7835, 0.7900

Support level: 0.7780, 0.7730

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7225. MACD which illustrated bullish bias momentum suggests the pair to extend its gains toward the resistance level at 0.7290.

Resistance level: 0.7290, 0.7335

Support level: 0.7225, 0.7175

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2400. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 1.2340.

Resistance level: 1.2400, 1.2485

Support level: 1.2345, 1.2255

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, 0.9370

Support level: 0.9225, 0.9180

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 64.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 64.55, 66.10

Support level: 63.70, 62.60

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1738.10. MACD which illustrated bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1765.20.

Resistance level: 1765.20, 1786.55

Support level: 1738.10, 1718.15

17 March 2021                   Afternoon Session Analysis

Pound slips following fresh Brexit tension.

During late Asian session, the pound sterling which traded against the greenback and other currency pairs have fell amid reports of EU taking legal action against UK over Brexit violation, flaring up new tension between the two countries. According to reports, EU have launched legal proceedings against UK with accusation on UK breaking its protocol of Brexit divorce agreement covering Ireland. The action was taken after UK announced a six-month delay of custom controls until Oct 1 on goods arriving in Northern Ireland from UK which could lead to financial penalties or trade tariff being imposed on the U.K. With the already fragile relationship between the two sides, the dispute added further pressure for Britain and affect market confidence towards its currency. At the time of writing, GBP/USD slips 0.03% to 1.3886.

In the commodities market, crude oil price remains weak and slips 0.31% to $64.77 per barrel at the time of writing following ongoing concerns of crude demand. Even with a surprise drop in U.S crude stocks, market remain unconvinced and drifted lower on concerns about stalled vaccine rollout that slowing recovery in fuel demand especially in EU. On the other hand, gold price edge higher 0.22% to $1735.33 a troy ounce amid dollar retreat.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                                        FOMC Economic Projections

(18^th)

02:00                     USD                                        FOMC Statement

(18^th)

02:00                     USD                                        Fed Interest Rate Decision

(18^th)

02:30                     USD                                        FOMC Press Conference

(18^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 91.25. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 92.45.

Resistance level: 92.45, 93.35

Support level: 91.25, 90.65

GBPUSD, H1: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3865. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3925, 1.3990

Support level: 1.3865, 1.3815

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1900. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1960, 1.2020

Support level: 1.1900, 1.1845

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.20. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower 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 0.7735. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7800, 0.7880

Support level: 0.7735, 0.7650

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7180. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7240, 0.7365

Support level: 0.7180, 0.7105

USDCAD, H4: USDCAD was traded lower while currently near the support level at 1.2415. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2500, 1.2570

Support level: 1.2415, 1.2350

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9245. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9380, 0.9505

Support level: 0.9245, 0.9150

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 66.25. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 66.25, 67.55

Support level: 63.45, 61.75

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1735.75. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1735.75, 1771.30

Support level: 1701.95, 1685.95

17 March 2021                Morning Session Analysis

Euro plunged amid the resurgence of third Covid wave.

The euro which acting as the single currency in the European Union failed to recover from its previous trading session losses while lingering near the 1-week low level amid the third wave of pandemic is spreading across much of the Europe. According to the statistics, French health authorities has reported more than 29k of virus confirmed cases yesterday, a 4.5% sharp jump while comparing to the cases recorded last week. The jump in virus cases has led to the breakdown of hospital system especially in the capital where infections have surged. With the backdrop of virus’s resurgence, French Prime Minister Jean Castex has revealed that they will implement additional restriction measures in certain cities, aiming to combat the attack of third virus wave. Few days ago, Italy has reintroduced restrictions to curb the coronavirus and the country will also be placed under a nationwide lockdown over the Easter weekend. Besides, more countries in Europe have announced to suspend the shot of Astra Zeneca vaccine over the blood clots concerns, putting uncertainty over the progress of vaccination programme. During Asian early trading session, the pair of EUR/USD rebounded by 0.03% to 1.1900.

In the commodities market, the crude oil price up by 0.02% to $65.00 per barrel as surprise draw in crude oil inventories exerted bullish momentum in this black commodity market. According to the API, US Crude Oil Inventories data came in at -1 million, missing the economist forecast at 2.715M, reducing the market worries over the supply glut issue. Besides, the gold price rose by 0.01% to $1731.50 a troy ounce amid market concern over the third wave of virus in Europe.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

02:00                USD                   FOMC Economic Projections

(18^th)

02:00                USD                   FOMC Statement

(18^th)

02:00                USD                   Fed Interest Rate Decision

(18^th)

02:30                USD                   FOMC Press Conference

(18^th)

Today’s Highlight Economic Data

Technical Analysis

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

Resistance level: 92.10, 92.60

Support level: 91.55, 91.35

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3845. 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: 1.3945, 1.3845

EURUSD, H4: EURUSD was traded lower while currently testing near the support level at 1.1890. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1950, 1.2025

Support level: 1.1890, 1.1830

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.15. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the lower level.

Resistance level: 109.15, 109.65

Support level: 108.35, 107.85

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7730. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7780.

Resistance level: 0.7780, 0.7835

Support level: 0.7730, 0.7660

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7175. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.7225, 0.7290

Support level: 0.7175, 0.7105

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2485. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2400.

Resistance level: 1.2485, 1.2555

Support level: 1.2400, 1.2340

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9280. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.9225.

Resistance level: 0.9280, 0.9370

Support level: 0.9225, 0.9180

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 64.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 66.10.

Resistance level: 66.10, 67.70

Support level: 64.55, 63.70

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1738.10. However, MACD which illustrated diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term.

Resistance level: 1738.10, 1765.20

Support level: 1718.15, 1694.30

16 March 2021                   Afternoon Session Analysis

Dollar rose ahead of Fed decision and meeting.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have holding onto small gains while market turning their attention towards Federal Reserve meeting that will start later in the day. The Fed’s policy statement itself is expected to leave U.S. interest rates unchanged again at near zero as it has over the past year since the outbreak of the coronavirus pandemic. However, investors also expect that Fed Chairman Jerome Powell will at least express some concern over recent selloff in Treasury markets, which has consistently led the yield on the 10-year Treasury note to hit pre-pandemic highs above 1.6% over the past month. On the backdrop of U.S stimulus, vaccination and positive Fed expectation, market continue to price in while awaits for further signal. At the time of writing, dollar index edge higher 0.03% to 91.75.

In the commodities market, crude oil price fell 0.61% to $64.86 per barrel as of writing following concerns of stockpiles and Europe vaccine woes. In the U.S, investors are worrying that the stockpiles are rising due to refining operations have taken time to fully return. At the same time, news of EU countries suspends usage of AstraZeneca vaccine also weigh heavily on the commodity which could poses further threat for crude demand. On the other hand, gold price slips 0.02% to $1733.19 a troy ounce at the time of writing following dollar gains.

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 91.25. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 92.45.

Resistance level: 92.45, 93.35

Support level: 91.25, 90.65

GBPUSD, H1: GBPUSD was traded lower while currently near the support level at 1.3870. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3925, 1.3990

Support level: 1.3870, 1.3805

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1900. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1960, 1.2020

Support level: 1.1900, 1.1845

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 109.20. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower 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 0.7735. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7800, 0.7880

Support level: 0.7735, 0.7650

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7180. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7240.

Resistance level: 0.7240, 0.7365

Support level: 0.7180, 0.7105

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2470. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2560, 1.2605

Support level: 1.2470, 1.2395

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9275. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9380, 0.9505

Support level: 0.9275, 0.9150

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 66.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 63.45.

Resistance level: 66.10, 68.00

Support level: 63.45, 61.45

GOLD_, Daily: Gold price was traded higher following prior rebound from the support level at 1679.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1771.30.

Resistance level: 1771.30, 1809.10

Support level: 1679.55, 1644.75

16 March 2021                Morning Session Analysis

Euro dipped following EU countries banned Astra Zeneca vaccine.

The euro which acting as the single currency in the European Union was having mixed pattern while ending the last trading session at a lower level yesterday as part of the countries in EU announced to suspend the use of Astra Zeneca’s vaccine amid safety fears, disrupting the progress of vaccinations. The EU countries including Germany, Italy and France have revealed that their decision on banning the Astra Zeneca shot was made after several countries reported that the vaccine have possible serious side-effects, despite the World Health Organisation did not agreed and stated that there was not proof that the shot was responsible. In details, the countries such as Denmark and Norway have stopped using the Astra Zeneca vaccine after reporting isolated cases of bleeding, blood clots and a low platelet count. With the backdrop of third wave virus’s resurgence in EU, the suspension of vaccine would further deteriorate the effort of government on combating the spread of virus, weighing on the EU economic recovery outlook. During Asian early trading session, the pair of EUR/USD dropped 0.03% to 1.1925.

In the commodities market, crude oil price down by 0.03% to $65.30 per barrel as the resurgence of Covid-19 in part of the EU countries weighing on this black commodity market. Tighter restrictions aimed at reining in surging coronavirus infections was implemented in some countries such as Italy, deteriorating the market view over the economic recovery prospect. Besides, the gold price rose by 0.05% to $1731.05 per troy ounce amid market safe-haven sentiment heightened following the sign of virus’s resurgence in Europe.

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 91.55. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 92.10.

Resistance level: 92.10, 92.60

Support level: 91.55, 91.35

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3845. 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: 1.3945, 1.3845

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1950. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.1890.

Resistance level: 1.1950, 1.2025

Support level: 1.1890, 1.1830

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 119.15. However, MACD which illustrated bearish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 109.15, 109.65

Support level: 108.35, 107.85

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7730. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7780.

Resistance level: 0.7780, 0.7835

Support level: 0.7730, 0.7660

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7175. MACD which illustrates bullish momentum signal suggests the pair to extend its gains toward the resistance level at 0.7225.

Resistance level: 0.7225, 0.7290

Support level: 0.7175, 0.7105

USDCAD, H4: USDCAD was traded flat below the resistance level at 1.2485. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2485.

Resistance level: 1.2485, 1.2555

Support level: 1.2400, 1.2340

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9280. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.9225.

Resistance level: 0.9280, 0.9370

Support level: 0.9225, 0.9180

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 64.55. However, MACD which illustrated bearish bias momentum suggest the commodity to undergo technical correction in short term.

Resistance level: 66.10, 67.70

Support level: 64.55, 63.70

GOLD_, H4: Gold price was traded higher while currently testing the top level of symmetrical triangle. However, MACD which illustrated diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term.

Resistance level: 1738.10, 1765.20

Support level: 1718.15, 1694.30

15 March 2021                   Afternoon Session Analysis

Pound slumped amid bearish economic data.

Pound Sterling slumped over the backdrop of a string of downbeat economic data last week. According to Office for National Statistics, the U.K. Manufacturing Production for last month had notched down from preliminary reading of 0.3% to -2.3%, worse than the market forecast at -0.8%. Similarly, the U.K. Gross Domestic Product (GDP) YoY came in at -9.2%, lower than the market forecast at -7.8%. The overall GDP figures were hit hard by the impact of social distancing rules on Britain’s huge service factor. Nonetheless, the losses experienced by Pound Sterling was limited amid positive development of Covid-19 vaccine in UK. According to latest data, more than 20,000,000 people were administered their first dose of the vaccine by the end of 3^rd March 2021.  In fact, Prime Minister Boris Johnson plans to ease England’s Covid-19 lock-down restriction by late June, which providing further market optimism toward the economic progression in U.K. Nonetheless, investors would continue to scrutinize the latest updates with regards of the Covid-19 vaccine development as well as further economic data in order to receive further trading signal. As of writing, GBP/USD appreciated by 0.10% to 1.3935.

In the commodities market, the crude oil price surged 0.61% to $66.00 per barrel as of writing. The oil market extends its gains amid hopes upon the resolution of the Covid-19 pandemic had spurred further bullish momentum on this black-commodity. On the other hand, the gold price appreciated by 0.10% to $1727.00 per troy ounces amid some institutional investors had shifted their portfolio toward safe-haven commodity gold to hedge the inflation risk in future.

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 lower while currently near the support level at 91.25. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 92.45, 93.35

Support level: 91.25, 90.65

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3925. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3925, 1.3990

Support level: 1.3870, 1.3805

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1960. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1960, 1.2155

Support level: 1.1835, 1.1630

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.15. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.15, 109.60

Support level: 108.40, 107.90

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7735. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7800, 0.7880

Support level: 0.7735, 0.7650

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7180. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7240.

Resistance level: 0.7240, 0.7365

Support level: 0.7180, 0.7105

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2465. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2560, 1.2605

Support level: 1.2465, 1.2395

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9275. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9380, 0.9505

Support level: 0.9275, 0.9150

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 66.40. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 66.40, 68.00

Support level: 63.45, 61.45

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1730.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1730.80, 1771.30

Support level: 1679.55, 1644.75

15 March 2021                Morning Session Analysis

Dollar surged amid US Treasury Yield steadied.

Dollar index which gauge its value against a basket of six major currencies rose, recovering its losses from the previous day amid US 10-years treasury yield shot to the highest level in over a year on last Friday. In the last trading session, US 10 years treasury yield jumped to 1.635%, the highest level since February 2020, indicating a sign of investors ’s optimism over the economic outlook following the unleash of new round stimulus plan. Last week, the Democrats have achieved the milestone of passing the $1.9 trillion coronavirus relief package without the support of Republican before the previous package expired. President Joe Biden has signed the US economic rescue plan into law immediately after the House revoted the amended stimulus plan. Moreover, the steepening of yield curve between 2-year and 10-year has also widened while hit its record high since September 2015, which viewed as a good sign of positive economic outlook. On the data front, US Michigan Consumer Sentiment for the month of March came in at 83.0, stronger than the economist forecast at 78.5, exerted some bullish momentum in the dollar market. As of writing, dollar index ticked up 0.01% to 91.70.

In the commodities, crude oil price rose by 0.79% to $66.05 per barrel as US oil rigs number has fallen in the week of March 12. According to the Baker Hughes, US Oil Rig Count has reduced from previous reading of 310 to 309, slightly boosting up the oil market sentiment. Besides, the gold price depreciated by 0.08% to $1726.35 a troy ounce amid the 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

N/A

Technical Analysis

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

Resistance level: 92.10, 92.60

Support level: 91.55, 91.35

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. 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: 1.3945, 1.3845

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1950. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1950.

Resistance level: 1.1950, 1.2025

Support level: 1.1890, 1.1830

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 119.15. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 109.15.

Resistance level: 109.15, 109.65

Support level: 108.35, 107.85

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7730. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 0.7780, 0.7835

Support level: 0.7730, 0.7660

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7175. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.

Resistance level: 0.7175, 0.7225

Support level: 0.7105, 0.7075

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2485. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2400.

Resistance level: 1.2485, 1.2555

Support level: 1.2400, 1.2340

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9280. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 0.9370, 0.9430

Support level: 0.9280, 0.9225

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 66.10. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after its candle successfully closed above the resistance level at 66.10.

Resistance level: 66.10, 67.70

Support level: 64.55, 63.70

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1718.15. MACD which illustrated diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1738.10.

Resistance level: 1738.10, 1765.20

Support level: 1718.15, 1694.30

12 March 2021                Afternoon Session Analysis

Dollar remains weak following retreat in bond yield.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have fell as calming bond markets lifted market sentiment and appetite for riskier currencies. According to latest data, 10-year Treasury yield have now currently retreat from its previous high of 1.625% and stabilized around 1.5%. On top of that, recent weaker than expected consumer price index also remain weighing on the greenback. However, potential losses may be limited as US President Biden promises faster recovery and applaud COVID-19 efforts. US President Joe Biden showed readiness to recover faster from the pandemic and promised vaccines to all the American adults by May 01. At the time of writing, dollar index fell 0.17% to $91.50.

In the commodities, crude oil price remains steady and edge higher 0.09% to $65.75 per barrel as of writing following hopes of demand recovery continue to provide support. As the global economy continue to grow while a wider rollout of vaccines against the COVID-19 pandemic allows more people to travel this summer, investors continue to rush into oil market. On top of that, U.S stimulus that signed by U.S President Joe Biden also expected to help speed up U.S economic recovery and increase fuel demand. On the other hand, gold price rose 0.06% to $1718.05 a troy ounce at the time of writing following dollar weakness.

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 91.55. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 91.55, 92.10

Support level: 91.25, 90.90

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3990. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3990, 1.4085

Support level: 1.3945, 1.3845

EURUSD, H4: EURUSD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.1950.

Resistance level: 1.2025, 1.2105

Support level: 1.1950, 1.1890

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 108.35. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 109.15.

Resistance level: 109.15, 109.65

Support level: 108.35, 107.85

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7780. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7780.

Resistance level: 0.7780, 0.7835

Support level: 0.7730, 0.7660

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7225. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 0.7225, 0.7290

Support level: 0.7175, 0.7105

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2555. MACD which illustrate bearish bias momentum signal suggest the pair to extend its toward the support level at 1.2485.

Resistance level: 1.2555, 1.2610

Support level: 1.2485, 1.2400

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9225. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9280.

Resistance level: 0.9280, 0.9370

Support level: 0.9225, 0.9180

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 66.10. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after its candle successfully closed above the resistance level at 66.10.

Resistance level: 66.10, 67.70

Support level: 64.55, 63.70

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1718.15. MACD which illustrated bearish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1738.10, 1765.20

Support level: 1718.15, 1694.30

12 March 2021                   Morning Session Analysis

Euro surged following ECB Monetary Policy statement.

Euro surged against the US Dollar following the latest’s European Central Bank Monetary Policy meeting on Thursday. According to ECB Monetary Policy Decision, the central bank had left its interest rates maintained at 0.00%, aligned with market expectation while pledging to extend its bond purchases program to keep financial condition steady. Besides, they reiterated that the Pandemic Emergency Purchase Programme (PEPP) with a total envelope of €1,850 billion will continue to be implemented until at least the end of March 2022. In fact, the Government Council will continue to provide ample liquidity through its refinancing operation by implementing the target longer-term refinancing operations (TLTRO III) to support bank lending. Nonetheless, ECB President Christine Lagarde claimed that the accommodative monetary and fiscal policies and the ongoing vaccination campaigns, together with gradual relaxation of covid-19 lock-down restriction could be spurring positive prospect for the economic growth in the course of 2021. As for now, investors would continue to scrutinize the latest Covid-19 vaccine development as well as further crucial economic data in order to receive further trading signal.

In the commodities market, the crude oil price appreciated by 0.05% to $66.05 per barrel as of writing. The oil market extends its gains following President Joe Biden signed the Covid-19 massive stimulus plan into law, insinuating hope toward the stronger economic recovery in future while providing further bullish momentum on the crude oil price. On the other hand, the gold price slumped 0.05% to $1724.00 per troy ounces as of writing amid strengthening US economic data on yesterday.

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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 91.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 92.45, 93.35

Support level: 91.25, 90.65

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3985. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3895, 1.4085

Support level: 1.3895, 1.3775

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1960. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2025.

Resistance level: 1.2025, 1.2155

Support level: 1.1960, 1.1910

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 108.40. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 109.15, 109.60

Support level: 108.40, 107.90

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7800. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7800, 0.7880

Support level: 0.7735, 0.7650

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7240. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7240, 0.7365

Support level: 0.7180, 0.7105

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2560. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2560, 1.2605

Support level: 1.2480, 1.2395

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9275. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9275, 0.9380

Support level: 0.9150, 0.9040

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 66.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 66.05, 68.00

Support level: 63.45, 61.45

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1739.05. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1711.30.

Resistance level: 1739.05, 1771.30

Support level: 1711.30, 1679.50

11 March 2021                Afternoon Session Analysis

Aussie dips following mixed signals.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell amid mixed catalyst in Australia such as fear of mass unemployment. As Australia governments wage subsidy program Jobkeeper is set to expire this month, market fears that at least 300,000 jobs will be lost. On top of that, soaring house prices in Sydney also weigh on the sentiment. According to data, Sydney house price have official broke past its previous 2017 peak. However, losses may be limited following upbeat data. Aussie Consumer Inflation Expectation grew 4.1%, higher than market expectation of 3.5%. Also, on the positive side was Aussie government announced A$1.2 billion package to boost tourism and travelling industry which could help recover economy. At the time of writing, AUD/USD dips 0.02% to 0.7727.

In the commodities market, crude oil price rose 0.45% to $64.92 per barrel as of writing following positive economic outlook. The U.S. House of Representatives gave final approval on Wednesday to one of the largest economic stimulus measures. The stimulus is expected to help speeding economic recovery in U.S and bolstered demand for crude oil in near term. On the other hand, gold price rose 0.27% to $1731.45 a troy ounce at the time of writing following weakness in greenback.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

21:30                EUR                   ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the upward trendline. MACD which illustrated bearish bias 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, 90.90

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3945. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3945, 1.4085

Support level: 1.3845, 1.3755

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1890. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.1950.

Resistance level: 1.1950, 1.2025

Support level: 1.1890, 1.1830

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.50. However, MACD which illustrated bearish bias momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 108.50, 109.15

Support level: 107.85, 107.35

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7730. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7730.

Resistance level: 0.7730, 0.7780

Support level: 0.7660, 0.7600

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7175. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7225.

Resistance level: 0.7225, 0.7290

Support level: 0.7175, 0.7105

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2610. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2685, 1.2770

Support level: 1.2610, 1.2555

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9280. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9370.

Resistance level: 0.9370, 0.9430

Support level: 0.9280, 0.9225

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 64.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after its candle successfully closed above the resistance level at 64.55.

Resistance level: 64.55, 66.10

Support level: 63.70, 62.60

GOLD_, H4: Gold price was traded higher following prior breakout above the resistance level at 1718.15. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1738.10.

Resistance level: 1738.10, 1765.20

Support level: 1718.15, 1694.30