Daily Analysis

11 March 2021                   Morning Session Analysis

Dollar slumped following US treasury yield stabilize.

The U.S. Treasury yields pulled back on yesterday over the backdrop of bearish inflation data from the United States, which spurring significant bearish momentum on the Dollar Index. According to U.S. Bureau of Labor Statistics, U.S. Core Consumer Price Index (CPI) for last month came in at 0.1%, worse than the market forecast at 0.2%, which dialled down the market optimism toward the inflation and economic recovery expectation while weighing on the US Treasury Yield. Lower yield would normally be dragging down the appeal of the US Dollar since capital flows are attracted to higher yielding currencies, which prompting investors selloff the US Dollar while shifting their portfolio toward other high yielding currencies. Nonetheless, the losses experienced by the US Dollar was limited amid hopes upon the resolution of the Covid-19 would able to enhance economic momentum in the United States. According to latest data, the new Covid-19 cases in the United States continue to decline, while hospitalization dropped by 16% and deaths were down nearly 11% compare to past few weeks. As of writing, the Dollar Index depreciated by 0.18% to 91.72.

In the commodities market, the crude oil price slumped 0.02% to $64.50 per barrel as of writing following the crude oil inventory data was released on yesterday. According to Energy Information Administration, the U.S. Crude Oil Inventories came in at 13.798M, exceeding the market forecast at 0.816M. On the other hand, the gold price surged 0.05% t0 $1726.80 per troy ounces as of writing amid weakening US Dollar.

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 retracement from the resistance level at 92.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 91.55.

Resistance level: 92.45, 93.35

Support level: 91.55, 90.65

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3895. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3985.

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 1.1910. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1960.

Resistance level: 1.1960, 1.2020

Support level: 1.1910, 1.1845

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 108.40. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

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 0.7735. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7735, 0.7800

Support level: 0.7650, 0.7590

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7180. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7140, 0.7365

Support level: 0.7180, 0.7105

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2615. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2720, 1.2785

Support level: 1.2615, 1.2560

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9275. MACD which illustrated diminishing bullish 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 higher following prior rebound from the support level at 63.45. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 66.05.

Resistance level: 66.05, 68.00

Support level: 63.45, 61.45

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1711.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1739.05, 1771.30

Support level: 1711.30, 1679.50

10 March 2021                Afternoon Session Analysis

Aussie slips even with upbeat China data.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs despite with recent release of positive China inflation data during earlier today. According to the National Bureau of Statistics of China, China’s CPI grew 0.6%, higher than market expectation of 0.4%. At the same time, China’s PPI also improved to 1.7%, surpassed market forecast of 1.5%. Despite that, the positive data unable to convince buyers as market sentiment turned sluggish. Earlier in the day, Reserve Bank of Australia (RBA) Governor Philip Lowe gave out downbeat comments while raising doubts on the future rate hikes and bond purchases. He stated that there is still a long way to go before the bank would consider a rate hike. At the time of writing, AUD/USD slips 0.37% to $0.7680.

In the commodities market, crude oil price fell 0.47% to $63.49 as of writing following EIA cutting 2021 demand forecast and concerns over recent rally going too fast. The US Energy Information Administration (EIA) has said in its latest report just released to the markets that it was cutting the crude oil demand growth forecast for 2021 to 5.32 million barrels per day (bpd), a drop of 60,000 barrels. On the other hand, technical indicators showed crude oil rallied too fast and too far which starting to raise concerns of potential price collapse in near term. On the other hand, gold price rose 0.11% to $1712.76 a troy ounce at the time of writing following dollar retreat.

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 while currently testing the resistance level at 92.10. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 92.10, 92.60

Support level: 91.55, 90.90

GBPUSD, H4: GBPUSD 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 1.3845.

Resistance level: 1.3945, 1.4085

Support level: 1.3845, 1.3755

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1890. However, MACD which illustrated bullish bias momentum suggest the pair to undergo technical correction in short term toward higher level.

Resistance level: 1.1890, 1.1950

Support level: 1.1830, 1.1755

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 108.50. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 109.15.

Resistance level: 109.15, 109.65

Support level: 108.55, 107.85

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7730. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7660.

Resistance level: 0.7730, 0.7780

Support level: 0.7660, 0.7600

NZDUSD, H4: NZDUSD was traded lower following prior retracement near the resistance level at 0.7165. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7105.

Resistance level: 0.7165, 0.7225

Support level: 0.7105, 0.7075

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2610. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.2685.

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 lower while currently testing the support level at 63.70. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 64.55, 66.10

Support level: 63.70, 62.60

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1712.45. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1738.10, 1765.20

Support level: 1712.45, 1694.05

10 March 2021                   Morning Session Analysis

Euro slumped ahead of ECB meeting.

The euro extend its losses on Tuesday ahead of the European Central Bank meeting amid market participants speculated that the European Central Bank would maintain its aggressive expansionary monetary policy in order to boost the economic momentum in European region. During the monetary policy meeting on Thursday, the ECB is expected to hold interest rate steady while extending its bond purchasing program to maintain favourable financing conditions. On the data front, Euro received further bearish momentum over the backdrop of downbeat data from Eurozone region yesterday. According to Eurostat, Eurozone Gross Domestic Product (GDP) for last quarter had notched down significantly from the previous reading of 12.4% to -0.7%, worse than the market forecast at -0.6%, amid the lockdown measures across the euro area had weighed on economic growth. Nonetheless, investors would continue to scrutinize the latest updates with regards of the Covid-19 vaccine development as well as ECB monetary policy decision to gauge the likelihood movement for the currency. As of writing, EUR/USD depreciated by 0.04% to 1.1900.

In the commodities market, the crude oil price slumped 0.05% to 63.90 per barrel as of writing following the crude oil inventory data was released. According to American Petroleum Institute (API), the U.S. API Weekly Crude Oil stock had increased significantly from the previous reading of 7.356M to 12.792M, exceeding the market forecast at -0.833M. On the other hand, the gold price appreciated by 0.05% to $1715.70 per troy ounces as some investors had started to shift their portfolio toward safe-haven commodity to hedge against future inflation risk.

Today’s Holiday Market Close

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N/A

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 following prior retracement from the resistance level at 92.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 91.55.

Resistance level: 92.45, 93.35

Support level: 91.55, 90.65

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3895. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3895, 1.3985

Support level: 1.3775, 1.3680

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1845. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1960.

Resistance level: 1.1960, 1.2155

Support level: 1.1845, 1.1630

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 108.40. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 109.60, 111.00

Support level: 108.40, 106.95

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7720. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7720, 0.7800

Support level: 0.7650, 0.7590

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7180. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7180, 0.7240

Support level: 0.7105, 0.7050

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2615. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2720, 1.2785

Support level: 1.2615, 1.2560

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 while currently testing the support level at 63.70. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 66.05, 68.00

Support level: 63.70, 61.45

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1728.65. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1728.65, 1771.30

Support level: 1679.55, 1630.50

09 March 2021                Afternoon Session Analysis

Dollar extend gains on rising yields and recovery.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have continue to soar following higher bond yields and expectation of fast economy recovery added advantage for the greenback. U.S 10-year Treasury yields remain resilient and hovered around 1.6% as market continue to expect higher inflation and upbeat prospect for U.S economy. The expectation of faster recovery also increased following data reported about 30 million people, or 9.2% of the U.S. population have been vaccinated. On top of that, greenback sentiment was also supported by recent passing of U.S stimulus. The plan will be returned and voted in the House of Representatives on Wednesday before it is sent to U.S. President Joe Biden for signature and formal implementation. At the time of writing, dollar index rose 0.10% to 92.36.

In the commodities market, crude oil price rose 1.04% to $65.30 per barrel as of writing following expectation of global economic recovery that could increase fuel demand. Market focus remains on economic recovery as U.S. Treasury Secretary Janet Yellen stated on Monday that President Joe Biden’s $1.9 trillion coronavirus aid package will provide enough resources to fuel a “very strong” U.S. economic recovery. On the other hand, gold price slips 0.11% to $1686.53 a troy ounce at the time of writing amid rising dollar strength.

Today’s Holiday Market Close

Time                 Market             Event

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Today’s Highlight Events

Time                 Market             Event

20:00                CrudeOIL         EIA Short-term Energy Outlook

Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 92.10. However, MACD which illustrated diminishing bullish momentum suggest the index to undergo technical correction in short term.

Resistance level: 92.60, 93.00

Support level: 92.10, 91.55

GBPUSD, H4: GBPUSD was traded flat near the resistance level at 1.3845. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3845, 1.3945

Support level: 1.3755, 1.3625

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1830. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term toward higher level.

Resistance level: 1.1890, 1.1950

Support level: 1.1830, 1.1755

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

Resistance level: 109.15, 109.65

Support level: 108.55, 107.85

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the support level at 0.7660. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term toward higher level.

Resistance level: 0.7660, 0.7730

Support level: 0.7600, 0.7560

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7105. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical rebound in short term.

Resistance level: 0.7165, 0.7225

Support level: 0.7105, 0.7075

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2685. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2610.

Resistance level: 1.2685, 1.2770

Support level: 1.2610, 1.2555

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: 0.9290, 0.9225

CrudeOIL, H1: 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 following prior rebound from the bottom level of downward channel. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains in short term.

Resistance level: 1694.05, 1712.45

Support level: 1666.70, 1637.45

09 March 2021                   Morning Session Analysis

Yen slumped amid risk-on sentiment.

The safe-haven currency Japanese Yen extend its losses amid the risk-on sentiment in the FX market following the U.S. government passed the massive $1.9 trillion Covid-19 relief bill on last Saturday, which fostering expectation of strong economic recovery this year while prompting investors to shift their portfolio from safe-haven Yen into other riskier asset. Besides, positive prospect for the Covid-19 development had also diminished market demand toward the safe-haven Yen. According to latest statistic, the number of confirmed Covid-19 cases worldwide has been decreasing for the sixth week in a row. The number of new Covid-19 cases has declined by 11% since last week while the Americans have seen the largest weekly decline with 19%, according to World Health Organization (WHO). On the other hand, the rising U.S. government yield had formed a strong support for US Dollar as it implies a bet that the Federal Reserve will tighten their monetary policy earlier than expected in order to combat inflation risk in future. As of writing, USD/JPY appreciated by 0.08% to 108.95.

In the commodities market, the crude oil price appreciated by 0.31% to $64.85 per barrel as of writing. Nonetheless, the oil market fell more than 1% on yesterday due to technical correction following it reached $70 per barrel. Investors would continue to scrutinize the latest updates with regards of the Covid-19 development in order to gauge the likelihood movement for the oil commodity. On the other hand, the gold commodity slumped 0.04% to $1684.50 per troy ounces amid increasing risk appetite in the global financial market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:00                     CrudeOIL                               EIA Short-term Energy Outlook

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 92.65. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 92.65, 94.70

Support level: 91.55, 89.90

GBPUSD, H4: GBPUSD was traded within a range while currently testing the upward trend line. Nonetheless, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3870, 1.3985

Support level: 1.3775, 1.3680

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1840. 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, 1.2155

Support level: 1.1840, 1.1630

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.05. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 109.05, 109.60

Support level: 108.00, 106.95

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7650. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7705, 0.7755

Support level: 0.7650, 0.7590

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7105. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7170, 0.7240

Support level: 0.7105, 0.7050

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2720. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2615.

Resistance level: 1.2720, 1.2785

Support level: 1.2615, 1.2560

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9385. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9385, 0.9505

Support level: 0.9305, 0.9200

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 66.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 63.60.

Resistance level: 66.05, 68.00

Support level: 63.60, 59.60

GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level at 1693.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1693.00, 1711.05

Support level: 1661.50, 1631.85

08 March 2021                   Afternoon Session Analysis

Aussie pressured as risk mood reversed.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell as market risk sentiment turns sour and diminishing the appeal for commodity-linked currency pair. On U.S front, upbeat jobs data and overall strength in treasury yields support demand for greenback. Non-Farm Payroll and Unemployment Rate both came in better than expectation. On top of that, passing of Biden’s $1.9 trillion stimulus by U.S Senate also help provide extra boost for greenback, which in turn also weigh on the Aussie at the same time. On China front, China Vice-Chairman of National Development and Reform Commission (NDRC) stated that economy recovery is not solid just yet and must cope with risk from overseas. The downbeat comments also weigh on the Aussie. At the time of writing, AUD/USD slips 0.11% to 0.7692.

In the commodities market, crude oil price soars 1.92% to $67.50 per barrel as of writing following reports of attack on Saudi oil facilities. According to reports from Aljazeera, Yemen’s Houthi forces fired drones and missiles at the heart of Saudi Arabia’s oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura which could potentially disrupt oil supply and production. On the other hand, gold price rebounds 0.48% to $1708.11 a troy ounce at the time of writing following recent weakness in 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, H4: Dollar index was traded higher while currently testing near the resistance level 92.15. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a short-term technical correction towards the support level 91.55.

Resistance level: 92.15, 93.00

Support level: 91.55, 90.90

GBPUSD, H4: GBPUSD was traded flat near the resistance level 1.3850. However, MACD which illustrate persistent bearish momentum signal suggest the pair to be traded lower towards the support level 1.3685.

Resistance level: 1.3850, 1.4060

Support level: 1.3685, 1.3550

EURUSD, H4: EURUSD was traded lower following recent breakout below the previous support level 1.1940. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.1765.

Resistance level: 1.1940, 1.2055

Support level: 1.1765, 1.1620

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 108.55. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 107.70.

Resistance level: 108.55, 109.20

Support level: 107.70, 106.95

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7725. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 0.7725.

Resistance level: 0.7725, 0.7805

Support level: 0.7640, 0.7555

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7175. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7175, 0.7280

Support level: 0.7095, 0.7010

USDCAD, H4: USDCAD remain traded in a sideway channel while currently trading near the support level 1.2610. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.2745, 1.2865

Support level: 1.2610, 1.2475

USDCHF, H4: USDCHF was traded flat while currently testing the support level 0.9295. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.9365, 0.9455

Support level: 0.9295, 0.9230

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 66.25. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains towards the resistance level 68.35.

Resistance level: 68.35, 70.40

Support level: 66.25, 63.70

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1715.35. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1715.35, 1769.75

Support level: 1677.25, 1641.35

08 March 2021                   Morning Session Analysis

Dollar surged amid positive economic data.

The Dollar Index which gauges its value against a basket of six major currencies extend its gains over the backdrop of string of the upbeat economic data from the US region on last Friday. According to Bureau of Labor Statistics, the U.S. Nonfarm Payrolls notched up significantly from the previous reading of 166K to 379K, exceeding the market forecast at 182K. Besides, the U.S. Unemployment Rate declined from the previous reading of 6.3% to 6.2%, which also much better than the market forecast at 6.3%. As both crucial economic data had fared better-than-expected, which dialled up the market optimism toward the economic progression in the United States while spurring bullish momentum on the US Dollar. Nonetheless, the gains experienced by the US Dollar was limited following the U.S. Senate passed President Joe Biden’s $1.9 trillion Covid-19 economic stimulus plan on last Saturday. This massive U.S. economic stimulus is adding fuel to expectations of higher inflation, which insinuating some bearish momentum on the US Dollar. Nonetheless, investors would continue to scrutinize the latest updates with regards of the US Treasury yield movement in this week, as well as Covid-19 vaccine development in order to gauge the likelihood movement for the currency. As of writing, the Dollar Index appreciated by 0.39% to 91.98.

In the commodities market, the crude oil price surged 0.05% to 66.25 per barrel as of writing following OPEC+ and its allies agreed to extend existing oil production cuts to the end of April. On the other hand, the gold price slumped 0.03% to $1698.00 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, H4: Dollar index was traded higher while currently testing the resistance level at 92.05. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 92.05, 92.90

Support level: 90.95, 90.10

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3860. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3860, 1.3985

Support level: 1.3775, 1.3680

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1955. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1860.

Resistance level: 1.1955, 1.2070

Support level: 1.1860, 1.1775

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 108.00. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 109.05.

Resistance level: 109.05, 109.60

Support level: 108.00, 106.95

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7700. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7700, 0.7755

Support level: 0.7650, 0.7590

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7170. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7170, 0.7240

Support level: 0.7105, 0.7050

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2720. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2615.

Resistance level: 1.2720, 1.2785

Support level: 1.2615, 1.2560

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9305. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9305, 0.9385

Support level: 0.9200, 0.9040

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 66.45. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 66.45, 68.00

Support level: 63.80, 61.70

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1685.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1711.70.

Resistance level: 1711.70, 1737.55

Support level: 1685.85, 1661.50

05 March 2021                   Afternoon Session Analysis

Euro slips amid downbeat Eurozone data.

During late Asian session, the Euro which traded against the dollar and other currency pairs have plunged to new lows following recent release of downbeat inflation data from Eurozone. According to Eurostat, the latest Eurozone Retail Sales data for January have fell to -5.9%, worst then market expectation of 1.1%. Following the result, EUR investors are becoming more concerned about the outlook for the Eurozone’s economy, which appears to be heading for a double-dip recession. Added to this, EU’s delay in COVID-19 vaccine rollout earlier this year also continue to dampen market confidence towards the recovery in EU in the coming months. On the other hand, the pair was also pressured heavily by surging dollar strength due to recent comments from Fed Chairman Jerome Powell and higher U.S yield. Following all these factors, the pair have already experience huge selling pressure and causing a sharp drop in value. At the time of writing, EUR/USD fell 0.11% to 1.1960.

In the commodities market, crude oil price soars 0.56% to $64.33 per barrel as of writing following market continue to digest news of OPEC decision to maintain supply curb. OPEC and its allies agreed to not increase supply in April as they await a more solid recovery in demand from the coronavirus pandemic. On the other hand, gold price fell 0.18% to $1694.51 a troy ounce at the time of writing amid rising 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 following prior rebound from the support level at 90.95. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 92.05.

Resistance level: 92.05, 92.90

Support level: 90.95, 90.10

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3855. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3985, 1.4085

Support level: 1.3855, 1.3775

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1955. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2030, 1.2090

Support level: 1.1955, 1.1860

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 108.00. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 108.00, 109.05

Support level: 106.95, 106.00

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7700. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7755, 0.7800

Support level: 0.7700, 0.7650

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7165. 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: 0.7165, 0.7105

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2615. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2720.

Resistance level: 1.2720, 1.2785

Support level: 1.2615, 1.2560

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9290. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9290, 0.9385

Support level: 0.9200, 0.9040

CrudeOIL, Daily: 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, 70.20

Support level: 59.40, 52.40

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1685.85. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1711.70, 1737.55

Support level: 1685.85, 1661.50

5 March 2021          Morning Session Analysis

Dollar surged as treasury yield jumps after Powell’s comment.

The dollar index which gauges its value against a basket of six major currencies managed to extend its rally yesterday while ended the session at the 3 months high-level following Federal Reserve (Fed) Chairman Jerome Powell statement. Earlier on, Powell revealed that there was potential for a temporary jump in inflation as economic reopening could create some upward pressure on good and services ’s prices. Besides, Jerome Powell also stated that he has noticed that the treasury yield in US has been rising significantly in the last few weeks, but mentioned that the Fed would continue observe before taking any action to try to influence the long-term yields. With the backdrop of rate hike expectation from the market participants, Powell responded that the US central bank will be “patient” and remains their unfolded monetary policy until the inflation rate has risen to their objective, which is above a sustainable level at 2%. Powell statement ended up boosted the 10 years treasury yield above 1.5%, exerting huge bullish momentum in dollar market. During Asian trading session, dollar index rose by 0.74% to 91.62.

In the commodities market, the crude oil price appreciated by 0.39% to $64.22 per barrel as OPEC+ coalition agreed to extend their current oil cut plan to April. In the OPEC meeting, OPEC and its allies achieved a consensus where they chose to not adjusting their oil cut plan for the month of April, reasoning that they are worry the pandemic could still undermine the recovering of oil demand. Besides, gold price dropped 0.04% to $1696.60 a troy ounce amid dollar strengthened.

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 bullish bias momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 91.55, 92.10

Support level: 90.90, 90.45

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3945. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3845.

Resistance level: 1.3945, 1.4000

Support level: 1.3845, 1.3755

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1950. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after its successfully breakout below the support level.

Resistance level: 1.2025, 1.2065

Support level: 1.1950, 1.1890

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.00. MACD which illustrated bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 108.00, 108.25

Support level: 107.70, 107.35

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.

Resistance level: 0.7735, 0.7775

Support level: 0.7700, 0.7670

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7165. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7225, 0.7290

Support level: 0.7165, 0.7105

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2610. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.2685.

Resistance level: 1.2685, 1.2770

Support level: 1.2610, 1.2555

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9290. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9290, 0.9370

Support level: 0.9225, 0.9180

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 64.80. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 64.80.

Resistance level: 64.80, 66.10

Support level: 63.55, 62.45

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1698.30. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after its candle closed below the support level at 1698.30.

Resistance level: 1716.70, 1738.10

Support level: 1698.30, 1666.70

04 March 2021                   Afternoon Session Analysis

Aussie steady following mixed data.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have regain some traction despite recent data showing mixed numbers. Australia Retail Sales have eased to 0.5%, missing market expectation of 0.6%. However, investors were paying little attention to the soft Retail Sales figure due to strong trade data. According to Australian Bureau of Statistics, trade balance in Australia improved significantly to 10,142M, surpassed market expectation of 6500M. Besides that, the pair also continue to be supported by market risk appetite as the world are recovering from coronavirus pandemic. At the time of writing, AUD/USD edge higher 0.19% to 0.7788.

In the commodities market, crude oil price jumps 0.72% to $61.41 as of writing following ongoing prospect of maintain supply cut. The market had been expecting OPEC+ to ease production cuts by around 500,000 barrels per day (bpd) from April. However, there are sources stated that OPEC+, are considering rolling over production cuts into April instead of raising output, as a recovery in oil demand remains fragile due to the coronavirus crisis. On the other hand, gold price fell 0.03% to $1711.18 a troy ounce at the of writing following dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

01:05                     USD                                        Fed Chair Powell Speaks

(5^th March)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.95. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 90.95, 91.50

Support level: 90.10, 89.60

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3985. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3855.

Resistance level: 1.3985, 1.4085

Support level: 1.3855, 1.3775

EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.2030. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2090, 1.2135

Support level: 1.2030, 1.1955

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.00. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.00, 107.55

Support level: 106.20, 105.50

AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.7780. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7780, 0.7830

Support level: 0.7725, 0.7695

NZDUSD, H4: NZDUSD was traded within a range while currently testing the support level at 0.7240. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7365, 0.7440

Support level: 0.7240, 0.7170

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2615. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2720.

Resistance level: 1.2720, 1.2785

Support level: 1.2615, 1.2560

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9200. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9200, 0.9280

Support level: 0.9040, 0.8925

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 60.75. However, MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 62.00, 63.60

Support level: 60.75, 59.35

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1711.05. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1737.55, 1759.55

Support level: 1711.05, 1685.85

4 March 2021          Morning Session Analysis

Dollar wobbles following the release of downbeat ADP data.

The dollar index which gauges its value against a basket of six major currencies failed to extend its rally yesterday, hovering near 91.00 amid a disappointing job data was released yesterday. According to the ADP, US NonFarm Employment Change data came in at 117K, missing the economist forecast at 177K, indicating that the nation’s labour market remain weak and vulnerable. Despite the US virus confirmed cases dropped significantly and the local government has lifted the containment measures, US labour market should have started to recover from the fallout of Covid-19 by appearing with more job opportunities, but it differs from the fact. However, on the bright side, there is still some growth could be noticed in the job data where it mainly came from the services sector. On the other side, investors are now shifting their attention toward the latest development of stimulus plan. According to the latest news, US Senate and President Biden have struck a deal where they agreed to phase out direct check payment more quickly in the $1.9 trillion stimulus plan. Therefore, it is seemingly that the latest proposal will be sent to House of Senate for voting in anytime soon. During Asian trading session, dollar index ticked up 0.21% to 91.00.

In the commodities market, the crude oil price appreciated by 0.02% to $61.00 per barrel amid recent news stated that OPEC+ is considering keeping their collective oil production cuts in April. According to the Reuters, some key members in OPEC+ revealed that they are intended to stick with the current oil cut plan in April. Besides, gold price dropped 0.04% to $1710.35 per troy ounce amid dollar’s strengthened.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

01:05                USD                   Fed Chair Powell Speaks

(5^th March)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.90. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 90.90, 91.55

Support level: 90.45, 90.00

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3945. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after its candle closed below the support level at 1.3945.

Resistance level: 1.4000, 1.4085

Support level: 1.3945, 1.3845

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2065. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after its candle closed below the support level at 1.2065.

Resistance level: 1.2105, 1.2165

Support level: 1.2065, 1.2025

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.10. MACD which illustrated diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 107.10, 107.35

Support level: 106.75, 106.45

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the support level at 0.7775. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7735.

Resistance level: 0.7775, 0.7815

Support level: 0.7735, 0.7700

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7225. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7290, 0.7335

Support level: 0.7225, 0.7165

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2610. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.2685.

Resistance level: 1.2685, 1.2770

Support level: 1.2610, 1.2555

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9180. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9225.

Resistance level: 0.9225, 0.9290

Support level: 0.9180, 0.9125

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, 62.45

Support level: 60.65, 59.80

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1716.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after its candle closed below the support level at 1716.70.

Resistance level: 1738.10, 1765.20

Support level: 1716.70, 1698.30

03 March 2021                   Afternoon Session Analysis

Aussie gains following upbeat data.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have rosefollowing recent release of Australia’s GDP data. According to Australian Bureau of Statistics, Australia’s GDP for fourth quarter have improved to 3.1%, surpassed market expectation of 2.5%. The positive data have showed that the Australia government’s economic recovery plan is working and is expected to continue its recovery, thus raising investors’ confidence towards the Aussie. Besides that, news from China suggesting a cut in the People’s Bank of China’s (PBOC) reserve requirement ratio (RRR) this month also join the recent risk-on mood to also favor the buyers. At the time of writing, AUD/USD rose 0.06% to $0.7823.

In the commodities market, crude oil price remains pressured and fell 0.11% to $59.89 per barrel at the time of writing following concerns of OPEC pumping up supply. OPEC and its allies are set to meet on Thursday to decide on production decision. OPEC+ sources recently stated that the cartel is considering to increase output of 500,000 barrels per day. Investors now await for the final decision on Thursday. On the other hand, gold price slips 0.18% to $1734.24 a troy ounce at the time of writing amid increasing risk appetite in the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:30                     GBP                                        Annual Budget Release

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.90. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.10.

Resistance level: 90.90, 91.50

Support level: 90.10, 89.60

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: 1.3985, 1.4085

Support level: 1.3855, 1.3775

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2090. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2090, 1.2135

Support level: 1.2030, 1.1955

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 107.00. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical orrection.

Resistance level: 107.00, 107.55

Support level: 106.20, 105.50

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7775. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7860.

Resistance level: 0.7860, 0.7985

Support level: 0.7775, 0.7705

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7240. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7365.

Resistance level: 0.7365, 0.7440

Support level: 0.7240, 0.7170

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2615. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2720, 1.2785

Support level: 1.2615, 1.2560

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9180. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9180, 0.9280

Support level: 0.9040, 0.8925

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 59.35. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 61.60, 63.40

Support level: 59.35, 57.60

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1725.60. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1759.55, 1782.60

Support level: 1725.60, 1702.80

3 March 2021          Morning Session Analysis

Dollar retreats as US treasury yield slips.

The dollar index which gauges its value against a basket of six major currencies failed to extend its rally yesterday as the fall in US 10-year treasury yield dragged down the appeal of US dollar. The benchmark U.S. Treasury yields eased after hitting the one-year high as bond market recovered from its sell-off last week. Prior to now, dollar surged against its rival currencies as long-term treasury yield jumps to a high level more than a year amid hawkish expectation from the investors toward the economic future outlook. Despite that the US central bank being very accommodative with stimulus and emphasized that they will maintain their interest rate at low level for an extended period of time, but investors are getting optimistic that the ongoing vaccination program will likely sweep off the fallout of pandemic in global economy. As of now, market participants are concern about the upcoming voting session of US stimulus package in the second chamber of House – Senate in order to gauges the further direction of US dollar. As of writing, dollar index ebbed down 0.25% to 90.80.

In the commodities market, the crude oil price depreciated by 0.17% to $59.30 per barrel as following surprise pile up in US oil inventories. According to the API, US Weekly Crude Oil Stock rose by 7.356M, missing the economist forecast at -1.850M, raising the market concern over the supply glut might exacerbating the imbalance in oil market. Besides, the gold price rose 0.13% to $1740.00 a troy ounce amid weakening of US dollar.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

20:30                GBP                   Annual Budget Release

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.90. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 90.45.

Resistance level: 90.90, 91.55

Support level: 90.45, 90.00

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3945. MACD which illustrated bullish momentum suggest the pair to extend its gains toward the resistance level at 1.4000.

Resistance level: 1.4000, 1.4085

Support level: 1.3945, 1.3845

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2065. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2105.

Resistance level: 1.2105, 1.2165

Support level: 1.2065, 1.2025

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 106.75. MACD which illustrated bearish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 106.75, 107.10

Support level: 106.45, 106.10

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7815. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7850.

Resistance level: 0.7850, 0.7890

Support level: 0.7815, 0.7775

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7290. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7290, 0.7335

Support level: 0.7225, 0.7165

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2610. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.2685.

Resistance level: 1.2685, 1.2770

Support level: 1.2610, 1.2555

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9180. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9125.

Resistance level: 0.9180, 0.9225

Support level: 0.9125, 0.9090

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 59.80. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 58.70.

Resistance level: 59.80, 60.65

Support level: 58.70, 57.80

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1738.10. MACD which illustrated bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1738.10.

Resistance level: 1738.10, 1765.20

Support level: 1716.70, 1698.30

02 March 2021                   Afternoon Session Analysis

Aussie held steady following RBA decision.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs was traded steady after recent rate decision from Reserve Bank of Australia (RBA). The RBA have maintained its interest rate unchanged at a record low of 0.10% as widely expected. On its statement, RBA mention that the central bank will not increase the rate until actual inflation is within the 2-3% target range. On top of that, RBA also stated that it is committed to maintain high supportive monetary conditions until its goals are achieved and prepare to make further adjustments to its purchases according to market conditions. RBA’s readiness to pump the bond market and rejection to rate hike have seem to favoured the buyers, thus supporting the price. At the time of writing, AUD/USD edge higher 0.03% to 0.7757.

In the commodities market, crude oil price plunged 0.47% to $59.86 per barrel as of writing following potential supply concerns. Investors continue to unwound long positions on concern that OPEC may agree to increase global supply in a meeting this week. At the same time, declining demand from China also weigh on the commodity. China’s factory activity growth slipped to a nine-month low in February, which may reflect Chinese crude demand and pressure oil prices. On the other hand, gold price fell 0.69% to $1713.17 a troy ounce at the time of writing following rising 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 following prior breakout above the previous resistance level at 90.90. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 91.95, 92.05

Support level: 90.90, 89.60

GBPUSD, H4: GBPUSD was traded lower while currently near the support level at 1.3855. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3945, 1.4085

Support level: 1.3855, 1.3775

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2020. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2085, 1.2135

Support level: 1.2020, 1.1955

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 107.00. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 107.00, 107.55

Support level: 106.20, 105.50

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7775. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7775, 0.7860

Support level: 0.7705, 0.7595

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

Resistance level: 0.7365, 0.7440

Support level: 0.7240, 0.7170

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2640. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2720, 1.2785

Support level: 1.2640, 1.2560

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9180. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9180, 0.9280

Support level: 0.9040, 0.8925

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 60.95. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 59.05.

Resistance level: 60.95, 62.55

Support level: 59.05, 57.60

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1725.40. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1677.65.

Resistance level: 1725.40, 1764.10

Support level: 1677.65, 1631.85

2 March 2021          Morning Session Analysis

Dollar surged amid US Treasury yield steadied.

The dollar index which gauges its value against a basket of six major currencies was having a mixed pattern yesterday, but eventually ended the session at a higher level as US 10-year treasury yield stabled in anticipation of accelerated economic recovery. Since last week, US treasury yield has been surging significantly, shattered its highest-level record in more than one year while directly exerting tremendous bullish momentum in the market of dollar index. The jump in treasury yield implies a bet that global central bankers such as Federal Reserve will tighten their monetary policy earlier than expectation as global economy has been entered into a strong recovery stage, with the effort of ongoing vaccination program. Besides, dollar index moved higher after US reported a better-than-expectation data from manufacturing sector. According to the ISM, US Manufacturing PMI came in at 60.8, stronger than the economist forecast at 58.8, reaffirmed the market’s view that US economic condition are recovering from the fallout of pandemic. During Asian early trading session, US dollar rose 0.14% to 91.00.

In the commodities market, the crude oil price depreciated by 0.10% to $60.10 per barrel as market participants speculate that the OPEC+ will put more oil back to the market in order stabilize the oil market equilibrium. However, most of the investors are still waiting for the final decision from OPEC+ to gauge the further direction of oil price. Besides, the gold price drops 0.06% to $1723.95 amid strengthening of US dollar.

Today’s Holiday Market Close

Time                 Market             Event

N/A

Today’s Highlight Events

Time                 Market             Event

11:30                AUD                  RBA Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 90.90. However, MACD which illustrated diminishing bullish momentum suggest the index to undergo technical correction in short term.

Resistance level: 91.55, 92.10

Support level: 90.90, 90.45

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3945. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.3945, 1.4010

Support level: 1.3845, 1.3755

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.2065. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.2065, 1.2105

Support level: 1.2015, 1.1950

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 106.75. However, MACD which illustrated diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 106.75, 107.10

Support level: 106.45, 106.10

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7775. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after its candle successfully breakout above the resistance level at 0.7775.

Resistance level: 0.7775, 0.7815

Support level: 0.7735, 0.7700

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7225. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7290.

Resistance level: 0.7290, 0.7335

Support level: 0.7225, 0.7165

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2685. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2610.

Resistance level: 1.2685, 1.2770

Support level: 1.2610, 1.2555

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9125. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9180.

Resistance level: 0.9180, 0.9225

Support level: 0.9125, 0.9090

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 59.80.

Resistance level: 60.65, 61.70

Support level: 59.80, 58.70

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1738.10. MACD which illustrated bearish momentum suggest the commodity to extend its losses toward the support level at 1716.70.

Resistance level: 1738.10, 1765.15

Support level: 1716.70, 1698.30