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Macro

USD/CAD Outlook (04 March 2022)Overall, USD/CAD is ranging across. Recently, USD/CAD bounced off the support zone of 1.26100. During his press conference earlier today, Bank of Canada Governor Macklem said that he does not rule out an interest rate hike of 0.50% in the future if necessary. Currently, USD/CAD is trading towards the key level of 1.27. Its next support zone is at 1.26100 and its next resistance zone is at 1.29200. Look for short-term buying opportunities of USD/CAD.
Long
by JinDao_Tai
USD Overview (04 March 2022)Yesterday, USD weakened against most major currencies except GBP, EUR and CAD. The ISM Services PMI data (Actual: 56.5, Forecast: 61.2, Previous: 59.9) released yesterday indicated a slowdown in the pace of expansion of the services sector in February. The U.S. jobs data will be released later at 2130 (GMT+8). - Average Hourly Earnings m/m (Forecast: 0.5%, Previous: 0.7%) - Non-Farm Employment Change (Forecast: 407K, Previous: 467K) - Unemployment Rate (Forecast: 3.9%, Previous: 4.0%)
TVC:DXY
by JinDao_Tai
EUR/JPY Outlook (03 March 2022)Overall, EUR/JPY is ranging across. Recently, EUR/JPY bounced off the support zone of 127.500. The eurozone CPI flash estimate y/y data released yesterday indicated continued strong rise in annual inflation, likely prompting the European Central Bank to consider an interest rate hike in 2022. - CPI Flash Estimate y/y (Actual: 5.8%, Forecast: 5.6%, Previous: 5.1%) - Core CPI Flash Estimate y/y (Actual: 2.7%, Forecast: 2.6%, Previous: 2.3%) The eurozone Unemployment Rate data (Forecast: 6.9%, Previous: 7.0%) will be released later at 1800 (GMT+8). The European Central Bank will be releasing the minutes for the most recent monetary policy meeting later at 2030 (GMT+8). Currently, EUR/JPY is bouncing of the resistance zone of 128.800 and the next support zone is at 127.500. Look for short-term selling opportunities of EUR/JPY.
Short
by JinDao_Tai
EUR/USD Outlook (03 March 2022)Overall, EUR/USD is ranging across. The eurozone CPI flash estimate y/y data released yesterday indicated continued strong rise in annual inflation, likely prompting the European Central Bank to consider an interest rate hike in 2022. - CPI Flash Estimate y/y (Actual: 5.8%, Forecast: 5.6%, Previous: 5.1%) - Core CPI Flash Estimate y/y (Actual: 2.7%, Forecast: 2.6%, Previous: 2.3%) The eurozone Unemployment Rate data (Forecast: 6.9%, Previous: 7.0%) will be released later at 1800 (GMT+8). The European Central Bank will be releasing the minutes for the most recent monetary policy meeting later at 2030 (GMT+8). Currently, EUR/USD is testing to break below the key level of 1.11. Its next support zone is at 1.11000 and the next resistance zone is at 1.12000. Look for short-term selling opportunities of EUR/USD if it breaks below the key level of 1.11.
Short
by JinDao_Tai
AUD/USD Outlook (03 March 2022)Overall, AUD/USD is trending upwards. Recently, AUD/USD trended into the resistance zone of 0.73000. The Australian GDP q/q data (Actual: 3.4%, Forecast: 3.0%, Previous: -1.9%) released yesterday indicated a strong recovery in economic growth during the fourth quarter of 2021. The Australian Building Approvals m/m data (Forecast: -2.9%, Previous: 8.2%) will be released later at 0830 (GMT+8). Also, the Australian Building Approvals m/m data (Forecast: -2.9%, Previous: 8.2%) will be released tomorrow at 0830 (GMT+8). Currently, AUD/USD is testing the resistance zone of 0.73000 and the next support zone is at 0.71000. Look for short-term selling opportunities of AUD/USD if it rejects the resistance zone of 0.73000.
Short
by JinDao_Tai
USD/CAD Outlook (03 March 2022)Overall, USD/CAD is ranging across. Recently, USD/CAD broke below the key level of 1.27. Bank of Canada Governor Macklem will be holding an online press conference about the Economic Progress Report later at 0030 (GMT+8). During this time, there may be volatility in CAD. During the monetary policy meeting yesterday, the Bank of Canada (BoC) hiked interest rate by 0.25%. Currently, USD/CAD is bouncing off the support zone of 1.26100 and its next resistance zone is at 1.29200. Look for short-term buying opportunities of USD/CAD.
Long
by JinDao_Tai
USD Overview (03 March 2022)Yesterday, USD weakened against most major currencies except EUR, JPY and CHF. The ADP Non-Farm Employment Change data (Actual: 475K, Forecast: 378K, Previous: 501K revised from -301K) released yesterday indicated a higher than expected increase in jobs in February. The ISM Services PMI data (Forecast: 61.2, Previous: 59.9) will be released later at 2300 (GMT+8). During his testimony yesterday, FOMC Chairman Powell said that a 0.25% interest rate hike in March is still appropriate amid the ongoing Russian-Ukraine war. Also, he highlighted that if inflation in the U.S. continues to rise higher, the central bank may consider a 0.50% hike.
TVC:DXY
by JinDao_Tai
GBP/JPY Outlook (02 March 2022)Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke the support zone of 153.800. Bank of England committee member Tenreyro and Cunliffe will be speaking tomorrow at 0230 (GMT+8) and 0400 (GMT+8) respectively. During these times, there may be volatility in GBP. Currently, GBP/JPY is testing to break below the key level of 153. Its next support zone is at 151.000 and the next resistance zone is at 153.800. Look for short-term selling opportunities of GBP/JPY if it breaks below the key level of 153.
Short
by JinDao_Tai
GBP/USD Outlook (02 March 2022)Overall, GBP/USD is ranging across. Recently, GBP/USD broke the support zone of 1.33800. Bank of England committee member Tenreyro and Cunliffe will be speaking tomorrow at 0230 (GMT+8) and 0400 (GMT+8) respectively. During these times, there may be volatility in GBP. Currently, GBP/USD is bouncing up from the key level of 1.33. Its next support zone is at 1.32200 and the next resistance zone is at 1.33800. Look for short-term selling opportunities of GBP/USD only when it trades below the key level of 1.33.
Short
by JinDao_Tai
EUR/JPY Outlook (02 March 2022)Overall, EUR/JPY is ranging across. Recently, EUR/JPY broke the support zone of 128.800. The eurozone CPI flash estimate y/y data will be released later at 1800 (GMT+8). - CPI Flash Estimate y/y (Forecast: 5.6%, Previous: 5.1%) - Core CPI Flash Estimate y/y (Forecast: 2.6%, Previous: 2.3%) Currently, EUR/JPY is bouncing up from the support zone of 127.500 and the next resistance zone is at 128.000. Look for short-term buying opportunities of EUR/JPY.
Long
by JinDao_Tai
AUD/USD Outlook (02 March 2022)Overall, AUD/USD is trending upwards. Recently, AUD/USD rejected the resistance zone of 0.073000. The Reserve Bank of Australia (RBA) kept interest rate unchanged at 0.10% during their monetary policy meeting yesterday. The central bank highlighted that the ongoing Russian-Ukraine war “is a major new source of uncertainty”. The RBA also mentioned that inflation in Australia has increased faster than expected but is still early to conclude if it is sustainably within the central bank’s 2-3% target. The Australian GDP q/q data (Forecast: 3.0%, Previous: -1.9%) will be released later at 0830 (GMT+8). The Australian Building Approvals m/m data (Forecast: -2.9%, Previous: 8.2%) will be released tomorrow at 0830 (GMT+8). AUD/USD’s next support zone is at 0.71000 and the next resistance zone is at 0.73000. Look for short-term selling opportunities of AUD/USD.
Short
by JinDao_Tai
USD/CAD Outlook (02 March 2022)Overall, USD/CAD is ranging across. Recently, USD/CAD broke above the key level of 1.27. The Canadian GDP m/m data (Actual: 0.0%, Forecast: 0.0%, Previous: 0.6%) released yesterday indicated no change in economic growth during last December. The Bank of Canada (BoC) will be announcing their monetary policy decision later at 2300 (GMT+8). It is expected that the central bank will be hiking interest rate by 0.25%. With inflation in Canada rising to a 30-year high level of 5.1%, it is possible that the BoC may be hiking interest rate by 0.50%. If so, CAD may receive a strong boost. USD/CAD’s next support zone is at 1.26100 and its next resistance zone is at 1.29200. Look for short-term buying opportunities of USD/CAD.
Long
by JinDao_Tai
USD Overview (02 March 2022)Yesterday, USD strengthened against most major currencies except JPY. The ISM Manufacturing PMI data (Actual: 58.6, Forecast: 58.0, Previous: 57.6) released yesterday indicated a slight increase in the expansion of the manufacturing sector in February. The ADP Non-Farm Employment Change data (Forecast: 378K, Previous: -301K) will be released later at 2115 (GMT+8). FOMC committee member Bullard will be speaking later at 2230 (GMT+8). Also, FOMC Chairman Powell will be testifying on the Semi-Annual Monetary Policy Report before the House Financial Services Committee later at 2300 (GMT+8). During these times, there may be volatility in USD.
TVC:DXY
by JinDao_Tai