Daily Analysis

27 July 2020                        Afternoon Session Analysis

Japanese Yen extend rally following heightening risk aversion.

During late Asian session, the safe-haven Japanese Yen continue to extend its gains relentlessly against the greenback and other currency pairs as tension between U.S and China and increasing coronavirus cases continue to dampened risk sentiment. The U.S. recorded a near record 74,000 new cases of COVID-19 on Friday according to Johns Hopkins University data. More than 1,000 Americans died each day between Tuesday and Friday, the worst death tally since late May. The numbers may lead to further closures and lockdowns. Also, recent escalation of tension between U.S and China also provide reason for investors to increase their bets on the safe-haven Yen where U.S. and China have both ordered the other shut a consulate in their respective countries, the China’s Houston consulate and the U.S. consulate in Chengdu. U.S. Secretary of State Mike Pompeo called for an end of “engagement,” a policy that has defined U.S.-China relations for nearly five decades. At the time of writing, USD/JPY plummets 0.58% to 105.51.

In the commodities market, the crude oil price fell 0.05% to $41.17 per barrel as of writing following increasing tensions between the two of the largest oil consumers in the world. Fears of a full blown diplomatic conflict over the next few months have dampened the expectation of a sharp increase in fuel demand, thus affecting the value of the commodity. At the same time, worsening coronavirus outlook also weigh on the market. On the other hand, gold price soars 1.77% to $1934.35 a troy ounce at the time of writing amid ongoing dollar weakness.

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 lower following prior breakout below the previous support level 94.35. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the support level 93.15.

Resistance level: 94.35, 95.70

Support level: 93.15, 92.10

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.2810. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3005.

Resistance level: 1.3005, 1.3200

Support level: 1.2810, 1.2660

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1715. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level 1.1715.

Resistance level: 1.1715, 1.1810

Support level: 1.1610, 1.1505

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 105.40. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 106.00, 106.60

Support level: 105.40, 104.60

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7160. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7160, 0.7290

Support level: 0.7030, 0.6935

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6670. MACD which illustrate diminishing bearish momentum signal with starting formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6670, 0.6745

Support level: 0.6580, 0.6490

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3330. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3485, 1.3685

Support level: 1.3330, 1.3195

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9165. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9230, 0.9315

Support level: 0.9165, 0.9075

CrudeOIL, H4: Crude oil price was traded flat near the current support level 41.00. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher in short term towards the resistance level 42.45.

Resistance level: 42.45, 43.85

Support level: 41.00, 39.10

GOLD_, H4: Gold price was traded higher following recent breakout above the previous resistance level 1899.05. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains towards the resistance level 1950.25.

Resistance level: 1950.25, 1989.75

Support level: 1899.05, 1857.95

27 July 2020                        Morning Session Analysis

Dollar plunged amid the weakness of its economy.

Dollar index which gauge its value against a basket of six major currencies loss its grip while further extend its losses to the lowest level in nearly 2 years as US economy stalling and high geopolitical risk urged investor to run away from dollar market. Since the outbreak of Covid-19, US economy has been tampered by the virus’s fallout significantly as strictly imposition of country lockdown from local government has sent the entire economy into freezing stage. Besides, recent economic data from US has also showed no sign of strong recovery to be happened in near term as the pandemic in US remains while total reported cases surpassed 4 million as of last week. Moreover, it is also noteworthy that the prospect of greenback market remains faded as investors are expecting Washington will fork out trillions of money to limit the viral damage which caused by the pandemic. Last but not least, investor are also eyeing on the development of tension between US and China in order to determine the direction of greenback. As of now, dollar index dropped 0.10% to 94.35.

In the commodities market, crude oil price depreciated by 0.70% to $41.00 per barrel as market worries over the pandemic overshadowed the previous gains of this black commodity product. However, the development of vaccine is still the main catalyst to determine the oil market future. Besides, gold price rose 0.35% to 1906.65 a troy ounce amid uncertainty risk of pandemic and US-Sino issue remain unsolved.

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 lower following recent breakout below the previous support level 94.40. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses toward the support level at 93.85.

Resistance level: 94.40, 95.00

Support level: 93.85, 93.10

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2790. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term toward the support level at 1.2730.

Resistance level: 1.2790, 1.2850

Support level: 1.2730, 1.2665

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1555. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 1.1710.

Resistance level: 1.1710, 1.1845

Support level: 1.1555, 1.1365

USDJPY, H4: USDJPY was traded lower while currently testing near the support level at 106.00. MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term.

Resistance level: 106.35, 106.65

Support level: 106.00, 105.60

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.7115. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.7025.

Resistance level: 0.7115, 0.7295

Support level: 0.7025, 0.6810

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6580. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.6755, 0.6920

Support level: 0.6580, 0.6480

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3355. MACD which illustrate bullish bias momentum suggest the pair to extend its rebound toward the resistance level at 1.3505.

Resistance level: 1.3505, 1.3675

Support level: 1.3355, 1.3210

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9220. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9160.

Resistance level: 0.9220, 0.9265

Support level: 0.9160, 0.9080

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 41.35. MACD which illustrate bearish bias signal suggest the commodity to extend its losses toward the support level at 40.10.

Resistance level: 41.35, 42.50

Support level: 40.10, 39.00

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1913.25 MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1913.25, 1927.80

Support level: 1905.85, 1896.60

24 July 2020                        Afternoon Session Analysis

Deadlock of Post-Brexit negotiation limited pound gains.  

Pound sterling which act one of the major currency was having mixed pattern at the recent high level as negotiation between UK and EU faced stumble while they are approaching the deadline of transition period, which is on 31^th December 2020. According to the reported news from The Guardian, Michael Barnier revealed that their trade and security deal with UK are unlikely to be reached by the end of this year as both parties are insisting their own hard stance to strive for the best future trade deal for themselves. In details, EU complained that UK refuse to back down from demanding ‘near total exclusion’ of EU vessels in UK, leaving with no progress in the latest round of negotiation. Besides, UK Prime Minister Boris Johnson hopes over a principle draft of Post Brexit deal can be outlined by the end of this month has been ‘extinguished’. As of now, investors are eyeing on the next week informal talks before a formal round of negotiation in Mid of August to gauge the direction of pound. During Asian trading session, GBP/USD inched up 0.11% to 1.2750.

In the commodities market, crude oil price appreciated by 0.44% to $41.25 per barrel while heightening of US-China tensions and virus reported cases increased continue weigh on the black commodity product. As of now, market participant will put their attention on the vaccine development as it will further determine the direction of oil price. Besides, gold price rose 0.02% to $1888.55 a troy ounce as market worries over the pandemic heightened.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                                          National Sports Day

Today’s Highlight Events

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N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Weekly: Dollar index was traded lower following prior breakout below the previous support level at 95.95. MACD which illustrated increasing bearish momentum suggest the index to extend its gains toward support level at 94.10.

Resistance level: 95.95, 97.80

Support level: 94.10, 91.80

GBPUSD, Daily: GBPUSD was traded higher following prior rebound from the support level at 1.2520. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2820.

Resistance level: 1.2820, 1.2980

Support level: 1.2520, 1.2310

EURUSD, Weekly: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1450. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1710.

Resistance level: 1.1710, 1.2035

Support level: 1.1450, 1.1185

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 106.40. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 107.40, 107.80

Support level: 106.75, 106.40

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7120. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after its successfully breakout above the resistance level.

Resistance level: 0.7120, 0.7365

Support level: 0.6815, 0.6505

NZDUSD, Daily: NZDUSD was traded higher while currently near the resistance level at 0.6735. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6735, 0.6875

Support level: 0.6465, 0.6250

USDCAD, H4: USDCAD was traded lower while currently near the support level ta 1.3345. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3500, 1.3665

Support level: 1.3345, 1.3205

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9390. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9190.

Resistance level: 0.9390, 0.9520

Support level: 0.9190, 0.9010

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 41.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 42.10, 43.05

Support level: 41.05, 40.05

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1881.70. however, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1898.90, 1909.85

Support level: 1881.70, 1868.90

24 July 2020                        Morning Session Analysis

Dollar plummets following doubts on economic recovery.

During early Asian session, the dollar index which traded against a basket of six major currency pairs remains weak and reached 22-month lows following further signs of slowing U.S economic recovery in the wake of coronavirus. The U.S was expected for a strong rebound in the third quarter, but initial jobless claims. According to U.S Labor Department, 1.4 million filed for unemployment benefits for the week ended July, the number is higher than market expectation of 1.3 million. The prospect of slower-than-expected recovery have diminished investor hopes for a V-shaped rebound, thus dragging further down the value of the greenback. At the time of writing, dollar index fell 0.22% to 94.67.

In the commodities market, crude oil price fell 0.07% to $41.01 per barrel as of writing amid weakening airline outlook. According to reports, two of the U.S.’s biggest airlines, Southwest and American, both said on Thursday that they will pare their autumn flight schedules given the ongoing weakness in demand for air travel. The news adding further salt to the wound after EIA reported an increase in oil supply recently which already affecting the commodity. On the other hand, gold price jumps 0.09% to $1887.03 a troy ounce at the time of writing following heightening risk-off mood that continue to drive demand for the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                        National Sports Day

Today’s Highlight Events

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N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 94.35. However, MACD which illustrate diminishing bearish momentum suggest the dollar to experience a technical correction towards the resistance level 95.70.

Resistance level: 95.70, 97.55

Support level: 94.35, 93.15

GBPUSD, H4: GBPUSD was traded flat following recent rebound from its low levels. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to be traded lower in short term towards the support level 1.2660.

Resistance level: 1.2810, 1.3005

Support level: 1.2660, 1.2510

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1610. However, MACD which display diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.1505.

Resistance level: 1.1610, 1.1715

Support level: 1.1505, 1.1435

USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing near the support level 106.60. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 107.40, 108.00

Support level: 106.60, 106.00

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7160. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend it losses towards the support level 0.7030.

Resistance level: 0.7160, 0.7290

Support level: 0.7030, 0.6935

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6670. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.6580.

Resistance level: 0.6670, 0.6745

Support level: 0.6580, 0.6490

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.3330. MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.3485.

Resistance level: 1.3485, 1.3685

Support level: 1.3330, 1.3195

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9230. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short term technical correction towards the resistance level 0.9315.

Resistance level: 0.9315, 0.9365

Support level: 0.9230, 0.9165

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the support level 41.30. MACD which display bearish bias signal with the formation of death cross suggest the commodity to extend its losses towards the support level 37.70.

Resistance level: 41.30, 43.85

Support level: 37.70, 34.70

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1896.65. However, MACD which display diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 1850.00.

Resistance level: 1896.65, 1930.00

Support level: 1850.00, 1814.20

23 July 2020                        Afternoon Session Analysis

Greenback dipped amid disappointed housing data.

Dollar index which gauge its value against a basket of six major currencies failed to recover its losses yesterday amid US economy remains sluggish amidst the novel of Covid-19. According to the National Association of Realtors, US Existing Home Sales data came in at 4.72M, weaker than the economist forecast at 4.78M, providing some signs that the US housing sector remains vulnerable while low inflation pressure still overriding the overall economic condition. Moreover, market worries over the exacerbating pandemic condition in US has also urged the investor to flee into other currencies market. Based on the Worldometer statistics, US has recorded more than 70k Covid-19 cases, California passed New York as the state that reported highest cases among in US. At the same time, few of the US States such as Indiana, Minnesota and Ohio has also imposed an additional order to their resident where requiring them to wear mask all the time to prevent themselves from Covid-19. However, US President still repeatedly emphasize that spike up in reported cases is due to increased testing, not because of worsening of outbreak. During Asian trading session, Dollar index inched down 0.03% to 94.95.

In the commodities market, crude oil price up 0.02% to $41.90 per barrel as positive progress in development of vaccine continue boosting the appeal of this black commodity. As of now, market participant are still optimistic toward the oil market’s prospect, as strong recovery appeared in countries such as China. Besides, gold price depreciated by 0.29% to $1866.55 a troy ounce as market risk avoidance sentiment reduced.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                                          Marine Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 95.95. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 94.10.

Resistance level: 95.95, 97.80

Support level: 94.10, 91.80

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2735. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2735, 1.2795

Support level: 1.2665, 1.2575

EURUSD, H1: EURUSD was traded within a range while currently testing the resistance level at 1.1595. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.

Resistance level: 1.1595, 1.1710

Support level: 1.1510, 1.1450

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 106.75. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.40, 107.80

Support level: 106.75, 106.40

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7145. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7145, 0.7235

Support level: 0.7025, 0.6925

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6565. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6735, 0.6885

Support level: 0.6565, 0.6465

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3500. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3500, 1.3665

Support level: 1.3345, 1.3205

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9270. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9365, 0.9440

Support level: 0.9270, 0.9190

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 41.15. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 42.40.

Resistance level: 42.40, 43.05

Support level: 41.15, 40.05

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1884.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1853.85.

Resistance level: 1872.40, 1884.35

Support level: 1853.85, 1836.30

23 July 2020                        Morning Session Analysis

Euro appreciated following enthusiasm on EU deal.

The euro which traded against the greenback and other currency pairs have continue to extend its gain and rose to its highest since October 2018 following successful EU deal. After meeting for 4 days, Europeans leaders managed to successfully sort out an agreement which reflects the difficulty of confirming the details of the EU recovery fund. Following the agreement, the fund which worth 750 billion euros will be allocated as 2 different part that is 390 billion in funds and 360 billion in low-interest loans. In addition, the EU also agreed on a seven-year trillion budget that worth 1.07 trillion euros. Following the success of EU summit, market confidence was boosted greatly, thus spurred high demand for the Euro. At the time of writing, EUR/USD rose 0.03% to 1.1567.

In the commodities market, crude oil price jumps 0.08% to $41.78 per barrel as of writing despite increasing U.S stockpiles. According to reports from EIA, U.S crude oil stockpiles have increased by 4.892M, missed market expectation of a 2.088M decrease. Despite that, market sentiment for the commodity remains strong as investors remain confident towards demand recovery for gasoline, thus supporting the price. On the other hand, gold price rose 0.08% to $1869.31 a troy ounce at the time of writing amid ongoing dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                        Marine Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following recent breakout below the previous support level 95.70. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to experience a short term technical correction towards the back to the level 95.70.

Resistance level: 95.70, 97.55

Support level: 94.35, 93.15

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2660. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower back towards the level.

Resistance level: 1.2810, 1.3005

Support level: 1.2660, 1.2510

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1610. MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction towards the support level 1.1505.

Resistance level: 1.1610, 1.1715

Support level: 1.1505, 1.1435

USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing near the resistance level 107.40. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 107.40, 108.00

Support level: 106.60, 106.00

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7160. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.7030.

Resistance level: 0.7160, 0.7290

Support level: 0.7030, 0.6935

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6670. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6580.

Resistance level: 0.6670, 0.6745

Support level: 0.6580, 0.6490

USDCAD, H4: USDCAD was traded lower following recent breakout below the previous support level 1.3485. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short term technical correction towards the resistance level 1.3485.

Resistance level: 1.3485, 1.3685

Support level: 1.3330, 1.3195

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9315. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a short term technical correction back towards the level 0.9315.

Resistance level: 0.9315, 0.9365

Support level: 0.9230, 0.9165

CrudeOIL, H4: Crude oil price traded flat near the current support level 41.30. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower after it breaks below the support level 41.30.

Resistance level: 43.85, 48.35

Support level: 41.30, 37.70

GOLD_, H4: Gold price was traded higher following recent breakout above the previous resistance level 1850.00. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction back towards the level 1850.00.

Resistance level: 1880.65, 1931.95

Support level: 1850.00, 1814.20

22 July 2020                        Afternoon Session Analysis

Dollar fell following disagreement on further stimulus.

During late Asian session, dollar index which traded against a basket of six major currency pairs continue to extend its downfall as U.S struggles to reach consensus on further stimulus measures. Following latest development, U.S Congress continue their discussion on extending unemployment benefits which due expire at the end of July, and provide more funding to schools. However, disagreement between Republicans and Democrats over the amount of money to spend on these measures have lower the possibility of the stimulus getting pass through. House Speaker Nancy Pelosi stated that the $1 trillion package the Republicans are considering is not sufficient. On the other hand, dollar was also continue to be pressured further following increasing risk appetite which caused by news of developing vaccine. At the time of writing, dollar index slips 0.05% to 95.01.

In the commodities market, crude oil price retreats 0.10% to $41.66 per barrel as of writing as worsening COVID-19 conditions in U.S continue to weight on the market. U.S have recorded over 1,000 deaths for the first time since June in a 24-hour period while the number of death rose in 21 states. The worsening conditions could dampened further the demand outlook, thus exerting pressure for the commodity. On the other hand, gold price soars 0.72% to $1854.97 at the time of writing following dollar weakness continue to boost the demand of safe-haven gold.

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 lower while currently testing the support level at 95.05. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 95.65, 96.20

Support level: 95.05, 94.40

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2730. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2665.

Resistance level: 1.2730, 1.2790

Support level: 1.2665, 1.2580

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1555. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1555.

Resistance level: 1.1555, 1.1710

Support level: 1.1365, 1.1175

USDJPY, H4: USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 106.95.

Resistance level: 106.95, 107.35

Support level: 106.65, 106.35

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7115. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7115.

Resistance level: 0.7115, 0.7295

Support level: 0.7025, 0.6810

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6580. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6755.

Resistance level: 0.6755, 0.6920

Support level: 0.6580, 0.6480

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3505. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.3355.

Resistance level: 1.3505, 1.3675

Support level: 1.3355, 1.3210

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9320. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction toward the resistance level at 0.9365.

Resistance level: 0.9365, 0.9430

Support level: 0.9320, 0.9265

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 42.50. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 41.35.

Resistance level: 42.50, 43.55

Support level: 41.35, 40.10

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1860.65. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1850.00.

Resistance level: 1860.65, 1865.65

Support level: 1850.00, 1843.30

22 July 2020                        Morning Session Analysis

EU revive plan, sparkling demand for Euro.

The Euro surged on yesterday following the European Union countries had reached a record massive stimulus plan in order to combat the economic damage which hobbled by the coronavirus during the year of 2020. According to Reuters, a compromise on concerns that states considered to be frugal such as Austria, Sweden and Netherlands had promised to help for their profligate neighbours, which dialling up the market optimism toward the economic progression for the European countries in future. An unprecedented 750 billion euros fund have been agreed to raise by the European Commission in order to revive the economic growth while boost up the liquidity and solvency ratio in the financial market. Besides that, positive results from the several Coronavirus vaccines trials on Monday had also spurred the risk-on sentiment in the FX market, which sparkling further demand for the Euro. Nonetheless, investors should be eyeing on global growth risk such as the development of the coronavirus as well as further economic stimulus from the global central banks in order to gauge the likelihood movement for the pair in the future. As of writing, EUR/USD surged 0.04% to 1.1529.

In the commodities market, the crude oil price appreciated by 0.20% to $41.55 per barrel as of writing. The oil market edged higher amid investors are still digesting the positive news with regards of the coronavirus vaccine trials, sparkling bullish momentum for this black-commodity. On the other hand, the gold price appreciated by 0.04% to $1842.30 per troy ounces as of writing amid weakening US Dollar amid spiking cases of the coronavirus infections from the U.S region, prompting investors to shift their portfolio from the United States into other countries.

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, Weekly: Dollar index was traded lower following prior breakout below the previous support level at 95.95. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 94.10.

Resistance level: 95.95, 97.80

Support level: 94.10, 91.80

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2740. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2740, 1.2795

Support level: 1.2660, 1.2575

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1450. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1710.

Resistance level: 1.1710, 1.2035

Support level: 1.1450, 1.1185

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 106.75. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 107.35, 107.95

Support level: 106.75, 106.40

AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.7145. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7145, 0.7235

Support level: 0.7025, 0.6925

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6565. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6735.

Resistance level: 0.6735, 0.6855

Support level: 0.6565, 0.6465

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3420. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3500, 1.3570

Support level: 1.3420, 1.3365

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9335. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9255.

Resistance level: 0.9335, 0.9455

Support level: 0.9255, 0.9180

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 43.05. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 43.05, 47.75

Support level: 36.05, 29.10

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1852.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1852.20, 1914.45

Support level: 1806.55, 1752.65

21 July 2020                        Afternoon Session Analysis

Safe-haven Doller slumped over the risk-on sentiment.

The safe-haven US Dollar retreated over the backdrop of the positive data from trials of three potential coronavirus vaccines, which increasing the risk appetite in the FX market while prompting investors to selloff significantly the safe-haven Dollar. According to Reuters, the early data from trials of three potential coronavirus vaccines released on Monday had increased the confidence that a vaccine can able to stimulate the immune system to recognize and fight the novel coronavirus without any serious side effects. Besides that, the hopes for economics stimulus package in Europe had also spurred the risk-on sentiment in the FX market, which weighing the market demand on the safe-haven asset. According to Reuters, the European Union (EU) leaders had appeared closer to reach agreement during late Monday for a likely €1.8 trillion coronavirus spending package in order to revive the economic growth in the European region. Nonetheless, investors would continue to scrutinize the latest updates with regards of the coronavirus and also vaccine development in order to gauge the likelihood movement for the pair. As of writing, the Dollar index depreciated by 0.15% to 95.60.

In the commodities market, the crude oil price surged 0.41% to $40.90 per barrel as of writing. The oil market edged higher amid the positive prospect of the vaccine development had lifted up the market hopes upon the demand recovery for crude oil in the future. On the other hand, the gold market surged 0.02% to $1817.40 per troy ounces amid weakening US Dollar.

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 lower following prior breakout below the previous support level at 95.65. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 94.95.

Resistance level: 95.65, 96.20

Support level: 94.95, 94.60

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2665.  MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2665.

Resistance level: 1.2665, 1.2730

Support level: 1.2580, 1.2525

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1435. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1490.

Resistance level: 1.1490, 1.1555

Support level: 1.1435, 1.1360

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.35. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 106.95.

Resistance level: 107.35, 107.50

Support level: 106.95, 106.35

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7025. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7025.

Resistance level: 0.7025, 0.7070

Support level: 0.6990, 0.6965

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6580. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6580.

Resistance level: 0.6580, 0.6755

Support level: 0.6480, 0.6380

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3500. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.3500.

Resistance level: 1.3675, 1.3865

Support level: 1.3500, 1.3355

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9365. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9365.

Resistance level: 0.9430, 0.9475

Support level: 0.9365, 0.9265

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the upward trendline. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 41.35.

Resistance level: 41.35, 42.50

Support level: 40.10, 39.00

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1813.90. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1823.80.

Resistance level: 1823.80, 1836.55

Support level: 1813.90, 1803.85

21 July 2020                        Morning Session Analysis

Euro advanced on recovery fund optimism.

During early Asian session, the Euro which traded against the dollar and other currency pairs continue to extend gains following the potential agreement for the EU recovery fund from the EU summit. Following latest development, EU leaders are yet to agree on a few factors such as structures and condition of the recovery fund. They have agreed to return on Monday afternoon to finish the remaining negotiations. However, markets were lifted after Bloomberg reported that the four governments which is Austria, Netherlands, Denmark and Sweden that previously rejected the fund are now satisfied with 390 billion euro funds being made available as grant. The news have since help lifted the demand for the euro as the potential deal is one step closer of going through and could boost the future outlook for the struggling EU economy. At the time of writing, EUR/USD rose 0.07% to 1.1451.

In the commodities market, crude oil price remains stable and edge higher 0.05% to $40.76 per barrel as of writing following hopes of vaccine. AZD1222, a vaccine developed by Oxford University and licensed to AstraZeneca was put into large scale trials and have already signed deal to produce and supply over 2 billion doses once the shot proven successful. As coronavirus continue to hurt the outlook for demand, the news help oil market to stay afloat. On the other hand, gold price advanced 0.06% to $1818.30 a troy ounce at the time of writing due to ongoing dollar weakness and coronavirus concerns.

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 lower while currently testing the support level 95.70. MACD which illustrate bearish bias signal suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 97.55, 98.80

Support level: 95.70, 94.35

GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing the resistance level 1.2660. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.2660, 1.2810

Support level: 1.2510, 1.2340

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level 1.1435. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains towards the resistance level 1.1505.

Resistance level: 1.1505, 1.1610

Support level: 1.1435, 1.1365

USDJPY, H4: USDJPY remain traded in a sideway channel near the resistance level 107.40. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 107.40, 108.00

Support level: 106.60, 106.00

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7030. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gain after it breaks above the resistance level.

Resistance level: 0.7030, 0.7160

Support level: 0.6935, 0.6820

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6580. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6580, 0.6670

Support level: 0.6490, 0.6370

USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the support level 1.3485. 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: 1.3685, 1.3820

Support level: 1.3485, 1.3330

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9365. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short term technical correction towards the resistance level 0.9430.

Resistance level: 0.9430, 0.9480

Support level: 0.9365, 0.9315

CrudeOIL, H4: Crude oil price was traded flat near the resistance level 41.30. However MACD which display bearish momentum signal suggest the commodity to be traded lower towards the support level 37.70.

Resistance level: 41.30, 43.85

Support level: 37.70, 34.70

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1814.20. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1850.00.

Resistance level: 1850.00, 1880.15

Support level: 1814.20, 1790.05

20 July 2020                        Afternoon Session Analysis

Euro surged over the hopes upon the economic recovery plan.

The Euro surged against the US Dollar on Monday as investors expected that the European leaders would able to achieve the consensus with regards of an economic rescue deal in order to combat the economic damage which caused by the coronavirus. Nonetheless, the EU leaders were at an impasse over a proposed 750-billion-euro recovery fund, which is supposed to be raised in order to provide liquidity in the financial markets by the EU’S executive European Commission. In fact, according to Reuters, the EU diplomats said it was possible that they would abandon the EU summit negotiation while restarting another meeting for next month. Nonetheless, market participants are still expecting the bloc would able to reach an effective economic stimulus plans in future even they fail to do this time. On the economic data front, the Euro received further bullish momentum over the backdrop of the positive economic data on last Friday. According to Eurostat, the Eurozone Consumer Price Index (CPI) for last week notched up from the previous reading of 0.1% to 0.3%, which dialled up the market optimism toward the consumer spending from the Euro region. As of writing, EUR/USD surged 0.04% to 1.1423.

In the commodities market, the crude oil price appreciated by 0.94% to $40.50 per barrels as of writing. However, the oil market edged lower in the early trading hours as the spiking number of the coronavirus infections had spurred negative sentiment toward the market demand on this black-commodity. On the other hand, the gold price appreciated by 0.14% to $1807.75 per troy ounces amid diminishing risk appetite in the FX market following the coronavirus infections hit record high, which stoked a shift in sentiment toward safe-haven commodity.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level 95.85. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 97.65, 99.00

Support level: 95.85, 94.60

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2515. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2670, 1.2800

Support level: 1.2515, 1.2340

EURUSD, H4: EURUSD traded lower following prior retracement from the resistance level at 1.1430. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1370.

Resistance level: 1.1430, 1.1495

Support level: 1.1370, 1.1305

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.40. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.40, 107.95

Support level: 106.75, 106.40

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7020. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7020, 0.7180

Support level: 0.6810, 0.6610

NZDUSD, H4: NZDUSD was traded higher while currently near the resistance level at 0.6575. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6575, 0.6635

Support level: 0.6510, 0.6465

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3555. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3630.

Resistance level: 1.3630, 1.3685

Support level: 1.3555, 1.3510

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9375. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9435.

Resistance level: 0.9435, 0.9470

Support level: 0.9375, 0.9320

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 40.40. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 40.95, 41.40

Support level: 40.40, 39.95

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1813.15. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1813.15, 1845.10

Support level: 1792.60, 1770.25

20 July 2020                        Morning Session Analysis

Dollar extend losses following doubts on recovery.

The dollar index which traded against a basket of six major currency pairs have continue to extend its decline during early Asian session following weak economic data and increasing coronavirus cases cast doubts on U.S ability to recover its economy. On data front, the Michigan Consumer Sentiment have fell to 73.2 in early June, missing market expectation of 79.0. Besides that, worsening conditions of coronavirus in the U.S remain as a key driver for the greenback weakness. At the moment, U.S remain at the top with the total cases reached 3,890,259 while total death stands at 143,236. Due to U.S struggling to contain the virus, market have started to question the ability of the world’s biggest economy, thus diminishing the appeal of the greenback. At the time of writing, dollar index edge lower 0.03% to 95.83.

In the commodities market, crude oil price remain balanced and rose 1.41% to $40.75 per barrel as of writing following a drop in oil rigs. According to Bakers Hughes, the number of oil rigs have reduced to record low of 180 for 11th weeks straight. As U.S oil and gas rig count served as an early indicator for future output, the reduction have also help exert demand for the commodity. On the other hand, gold price rose 0.05% to $1810.02 a troy ounce at the time of writing following dollar weak and coronavirus continue to support demand for safe-haven markets.

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

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 95.85. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 97.55, 98.80

Support level: 95.85, 94.65

GBPUSD, H4: GBPUSD remain traded in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1.2660, 1.2810

Support level: 1.2510, 1.2340

EURUSD, H4: EURUSD traded higher following prior rebound from the support level 1.1420. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.1505.

Resistance level: 1.1505, 1.1610

Support level: 1.1420, 1.1320

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 107.40. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 106.60.

Resistance level: 107.40, 108.00

Support level: 106.60, 106.00

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the MA lines. MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7055.

Resistance level: 0.7055, 0.7195

Support level: 0.6935, 0.6820

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the MA lines. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 0.6580.

Resistance level: 0.6580, 0.6670

Support level: 0.6490, 0.6370

USDCAD, H4: USDCAD remain traded flat in a sideway channel. However, MACD which display bullish momentum signal suggest the pair to be traded higher towards the resistance level 1.3685.

Resistance level: 1.3685, 1.3820

Support level: 1.3485, 1.3330

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9365. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9430, 0.9480

Support level: 0.9365, 0.9315

CrudeOIL, H4: Crude oil price was traded flat near the resistance level 41.30. However MACD which display bearish momentum signal suggest the commodity to be traded lower towards the support level 37.70.

Resistance level: 41.30, 43.85

Support level: 37.70, 34.70

GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the resistance level 1817.10. However, MACD which illustrate bullish momentum signal suggest the commodity to be traded higher after it breaks above the resistance level.

Resistance level: 1817.10, 1840.00

Support level: 1790.05, 1764.25

17 July 2020                        Afternoon Session Analysis

Euro fell following ECB decision.

During late Asian session, the euro which traded against the greenback have ended its winning streak and retreat following recent policy decision from European Central Bank (ECB). ECB have kept its monetary policy stance unchanged but pledge to roll out more stimulus if the economic recovery in the Eurozone continue to slow. The ECB governor remain calling for support day ahead of the two-day European Summit EU leaders will discuss the European Commission proposals for a €750 billion recovery plan to help some of the economic bloc’s worst-hit members. However, the recovery plan which requires the approval of all 27 EU members is expected to fail as some of the members have already disagree on how it should be funded. Thus, the news have exert pressure for the pair. At the time of writing, EUR/USD fell 0.04% to 1.1385.

In the commodities market, crude oil price retreats 0.09% to 40.95 per barrel as of writing following signs of weak recovery. As US continue to witness record numbers in cases and virus deaths, demand outlook remains dim, and thus continue to weigh on the sentiment. On the other hand, gold price slips 0.05% to $1798.23 a troy ounce at the time of writing following greenback recovery.

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 top level of downward channel. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the top level of downward channel.

Resistance level: 96.90, 97.55

Support level: 96.10, 95.65

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the upward trend line. MACD which illustrate bearish bias momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.2580, 1.2665

Support level: 1.2525, 1.2435

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1390. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1360.

Resistance level: 1.1390, 1.1435

Support level: 1.1360, 1.1320

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.35. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 106.95.

Resistance level: 107.35, 107.50

Support level: 106.95, 106.35

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the 20 moving average line (Red). Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.7115, 0.7295

Support level: 0.6810, 0.6500

NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6580. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6480.

Resistance level: 0.6580, 0.6755

Support level: 0.6480, 0.6380

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3500. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3675.

Resistance level: 1.3675, 1.3865

Support level: 1.3500, 1.3355

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9430. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 0.9475, 0.9540

Support level: 0.9430, 0.9365

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 41.35. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 40.10.

Resistance level: 41.35, 42.50

Support level: 40.10, 39.00

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1793.80. MACD which illustrate bearish bias momentum signal suggest the pair to undergo technical correction toward the support level at 1793.80.

Resistance level: 1805.00, 1813.90

Support level: 1793.80, 1786.25

17 July 2020                        Morning Session Analysis

Positive economic data, sparkling demand for Greenback.

Dollar index surged over the backdrop of the string of positive economic data from the United States region on yesterday. According to Federal Reserve Bank of Philadelphia, the U.S. Philadelphia Fed Manufacturing Index came in at 24.1, which confounding market forecast for a reading up to 20.0. Besides, Census Bureau reported that the U.S. Core Retail Sales for last month came in 7.3%, which also higher than the market forecast at 5.0%. As both data fared better than expectation, which dialled up the market optimism toward the economic progression in the United States while sparkling demand for the US Dollar. Nonetheless, the gains experienced by the dollar index was limited amid higher-than-forecast U.S. Weekly Jobless Claims stoked fears over whether the recent strength in the labour market was losing steam. According to Department of Labor, the U.S. Initial Jobless Claims came in at only 1,300K, missing the market forecast at 1,250K. Besides, spiking number of the coronavirus infections had also limited the further gains experienced by the US Dollar as the coronavirus infections has forced California and other states to shut down again, spurring fears the U.S. economy will continue to suffer. As of writing, the dollar index appreciated by 0.23% to 96.21.

In the commodities market, the crude oil price slumped 0.32% to $40.89 per barrel as of writing following the Organization of the Petroleum Exporting Countries (OPEC) rollback 20% of production cuts that they had maintained since the early of May. On the other hand, the gold price slumped 0.08% to $1798.35 per troy ounces amid strengthening US Dollar.

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, Daily: Dollar index was traded lower while currently testing the support level at 95.85. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 97.55, 98.85

Support level: 95.85, 94.70

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2670. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2670, 1.2800

Support level: 1.2515, 1.2340

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1410. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1410, 1.1485

Support level: 1.1305, 1.1175

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 107.35, 107.95

Support level: 106.75, 106.40

AUDUSD, H4: AUDUSD was traded within a range while currently testing the resistance level at 0.7020. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7020, 0.7180

Support level: 0.6810, 0.6610

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6575. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6510.

Resistance level: 0.6575, 0.6635

Support level: 0.6510, 0.6465

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3555. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3630.

Resistance level: 1.3630, 1.3685

Support level: 1.3555, 1.3510

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9435. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9470, 0.9530

Support level: 0.9435, 0.9375

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 41.40. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 39.35.

Resistance level: 41.40, 43.00

Support level: 39.35, 37.60

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1817.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1789.60.

Resistance level: 1817.20, 1845.10

Support level: 1789.60, 1764.75

16 July 2020                        Afternoon Session Analysis

Japanese Yen slumped over the risk-off sentiment.

Safe-haven Japanese Yen slumped on yesterday amid accelerating risk appetite over the vaccine hopes on yesterday, which stoked a shift in sentiment toward riskier asset such as the antipodean. According to Reuters, a small-scale study showed that the Mederna Inc’s experimental COVID-19 vaccine generated high levels of antibodies, which spurring positive prospect for the vaccine development in future. Wall Street analysts said the data from 45 healthy trial volunteers showed the vaccine could protect the volunteers against infection by the virus. As for now, there are no serious side effects were reported in the ongoing study, but more than half volunteers reported mild reaction such as fatigue, headache and muscle aches during the vaccine test. In fact, Moderna reiterated that they would be delivering around 500 million doses or more per year in 2021 if they successfully developed the vaccines. Nonetheless, the early-stage trial data is not a definite conclusion that the vaccine could be working effectively in humans, therefore investors would still need to scrutinize the latest updates with regards of the coronavirus’s vaccine development in order to gauge the likelihood movement for the pair. As of writing, USD/JPY surged 0.04% to 106.96.

In the commodities market, the crude oil price surged 0.04% to $41.10 per barrel as of writing. The oil market extends its gains amid positive sentiment over the vaccine hopes, which providing further bullish momentum for this black-commodity. On the other hand, the gold market depreciated by 0.01% to $1809.70 per troy ounces as of writing amid risk-on sentiment in the FX market, diminishing the demand for the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:45                      EUR                       ECB Monetary Policy Statement

20:30                      EUR                       ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 95.85. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the dollar to experience a technical correction towards the resistance level 97.55.

Resistance level: 97.55, 98.80

Support level: 95.85, 94.65

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.2660. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 1.2510

Resistance level: 1.2660, 1.2810

Support level: 1.2510, 1.2340

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1420. MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the pair to extend its retracement towards the support level 1.1320.

Resistance level: 1.1420, 1.1505

Support level: 1.1320, 1.1175

USDJPY, H4: USDJPY was traded lower following recent retracement from the resistance level 107.40. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 106.60.

Resistance level: 107.40, 108.00

Support level: 106.60, 106.00

AUDUSD, H4: AUDUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6935.

Resistance level: 0.7055, 0.7195

Support level: 0.6935, 0.6820

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6580. MACD which illustrate diminishing bullish bias signal suggest the pair to extend its retracement towards the support level 0.6490.

Resistance level: 0.6580, 0.6670

Support level: 0.6490, 0.6370

USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the support level 1.3485. However, MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 1.3485.

Resistance level: 1.3685, 1.3820

Support level: 1.3485, 1.3330

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9430. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9480.

Resistance level: 0.9480, 0.9550

Support level: 0.9430, 0.9365

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 41.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower as a technical correction towards the support level 37.70.

Resistance level: 41.30, 43.85

Support level: 37.70, 34.70

GOLD_, H4: Gold price was traded in a tight range following recent retracement from the resistance level 1817.10. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower in short term towards the support level 1790.05.

Resistance level: 1817.10, 1840.00

Support level: 1790.05, 1764.25