Daily Analysis

16 July 2020                        Morning Session Analysis

Loonie surged over the hawkish statement from BoC.

Canadian dollar rallied on yesterday, buoyed by the hawkish statement from the Bank of Canada on yesterday. According to Monetary Policy Report, the Bank of Canada would maintain its benchmark interest rate at the effective lower bound of 0.25% and vowed to keep rates unchanged until 2023. They reiterated that the liquidity programs which announced since March had reduced the market strains, while successfully boosting the economy growth for Canada. In fact, they noted that after a sharp economic recession in the first half of 2020, the global economic activity is slowly picking up. This return to growth reflects the relaxation of necessary containment measures put in place to slow the spread of the coronavirus, combined with the expansionary fiscal and monetary policy support. The prices of the most commodities, including oil, have also rebound from very low levels. Nonetheless, after the economies are re-opening, the global outlook is extremely uncertain, given the unpredictability of the course of the coronavirus pandemic. Hence, at this time investors would continue to scrutinize the latest updates with regards of the coronavirus development in order to gauge the likelihood movement for the pair. As of writing, USD/CAD depreciated by 0.02% to 1.3505.

In the commodities market, the crude oil price surged 0.05% to $41.16 per barrel as of writing. The oil market was traded higher over the backdrop of the positive oil inventory data on yesterday. According to Energy Information Administration (EIA), the U.S. Crude Oil Inventories declined from the previous reading of 5.654M to -7.493M, better than the market forecast at -2.098M. On the other hand, the gold price surged 0.12% to $1812.00 per troy ounces amid the spiking number of the new coronavirus infections, spurring the risk-off sentiment in the FX market.

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, 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. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2515.

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 1.1415. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1415, 1.1485

Support level: 1.1305, 1.1175

USDJPY, H4: USDJPY was traded lower while currently near 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, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7000. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7000, 0.7065

Support level: 0.6925, 0.6850

NZDUSD, H4: NZDUSD was traded higher while currently testing 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 lower while currently testing the support level at 1.3505. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3555, 1.3630

Support level: 1.3505, 1.3430

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9435. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9470.

Resistance level: 0.9470, 0.9530

Support level: 0.9435, 0.9375

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 41.40. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 41.40, 43.00

Support level: 39.35, 37.60

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1817.20. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1817.20, 1845.10

Support level: 1789.60, 1764.75

15 July 2020                        Afternoon Session Analysis

Japanese Yen remains weak on BoJ policy.

The Japanese Yen which traded against the greenback have facing some selling pressure after the policy decision from Bank of Japan (BoJ). The Japan central bank have retained its 10-year government bond yield target at 0.00% and also maintain its interest rate at -0.10% as widely expected. However, the central bank have mentioned that Japan economy is currently facing an extremely severe situation and may shrink by 4.7% in the financial year of 2020. On top of that, consumer price index is also expected to decline to -0.5% in 2020. Following the downbeat note, the safe-haven Yen may continue to face selling pressure for the day ahead. At the time of writing, USD/JPY edge higher 0.06% to 107.28.

At the time of writing, crude oil price rose 0.16% to $40.65 at the time of writing following the comeback of demand recovery. The sentiment for the oil is currently remain boosted by a sharp drop in inventories which is reported by the API. Meanwhile, the market will focus on official numbers from EIA later today and also OPEC committee meeting. On the other hand, gold price remains buoyant and edge higher by 0.04% to $1807.38 at the time of writing following COVID-19 cases and US-China tensions continue to support the price.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     CAD                        BoC Monetary Policy Report

23:15                     CAD                                        BOC Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 96.00. 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: 96.00, 94.90

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2515. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2670.

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 1.1405. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1405, 1.1485

Support level: 1.1305, 1.1175

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.35. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.35, 107.90

Support level: 106.75, 106.35

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7000. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7000, 0.7065

Support level: 0.6925, 0.6850

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6510. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6565.

Resistance level: 0.6565, 0.6635

Support level: 0.6510, 0.6465

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3630. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3555.

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 increasing bullish 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, H4: Crude oil price was traded higher while currently testing the resistance level at 41.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 41.10, 43.00

Support level: 39.35, 37.60

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1808.45. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1808.45, 1817.85

Support level: 1794.55, 1783.75

15 July 2020                        Morning Session Analysis

Dollar sunk despite global risk heightened.  

Dollar index which gauge its value against a basket of six major currencies failed to extend its gains, instead plunged to recent low level as traders unfazed by the increased tensions between US and China as well as the pandemic has also developed into a worse phrase. According to the latest statistics, a resurgence of novel covid-19 has been found in countries such as UK and Japan, and yet US is still haunted by the first wave of covid-19 where the nation reported highest virus cases in global. Besides, the market sentiment of dollar turn even sourer as the renewed tensions between US and China put their future’s diplomatic relations into danger and uncertain. Recent Tit-for-tat retaliation and criticism between these two largest economy bodies were caused by the civil liberties in Hong Kong and territorial claims in South China Sea. Moreover, market participants has also shifted their capital away from greenback to other currencies which exposed to lesser risk of damage such as Euro as they believe the upcoming stimulus package will be approved and able to recover the entire Europe economy condition. As of writing, dollar index inched down by 0.29% to 96.20.

In the commodities market, crude oil price appreciated by 0.74% to $40.60 per barrel as oil storage fall significantly. According to the API, US Crude Oil Inventories data recorded a reading of -8.322M, larger fall than the economist forecast at -2.100M, indicating the supply glut eased while market are still headache against the negative effect of virus’s fallout. Besides, gold price rose by 0.02% to $1809.50 a troy ounce as pandemic is getting worse while global uncertainty heightened.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

11:00                     JPY                                          BoJ Outlook report (YoY)

22:00                     CAD                        BoC Monetary Policy Report

23:15                     CAD                                        BOC Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at  96.10. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 96.10.

Resistance level: 96.90, 97.55

Support level: 96.10, 95.65

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2525. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2580.

Resistance level: 1.2580, 1.2665

Support level: 1.2525, 1.2435

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1390. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1435.

Resistance level: 1.1435, 1.1470

Support level: 1.1390, 1.1360

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

Resistance level: 107.50, 107.95

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 0.6380.

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 0.9380. However, MACD which illustrate bearish bias momentum suggest the pair to undergo technical correction in short term.

Resistance level: 0.9430, 0.9475

Support level: 0.9380, 0.9320

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 40.10. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 41.35.

Resistance level: 41.35, 43.55

Support level: 40.10, 39.00

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1797.20. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1813.90.

Resistance level: 1813.90, 1823.80

Support level: 1797.20, 1786.25

14 July 2020                        Afternoon Session Analysis

Greenback rose as virus continue to dominate.

The dollar index which traded against a basket of six major currency pairs have appreciated during late Asian session following market continue to shift towards safe-haven assets after COVID-19 continue to climbs. According to Johns Hopkins University, the number of COVID-19 cases have globally passed 13 million as of today. Following the surge of new cases, hopes of quick economic recovery have been diminished with some of the countries re-imposed lockdown measures to contain the spread of the virus, thus continue to provide boost for the greenback. On top of that, the ongoing tension between U.S and China over trade and Hong Kong’s national security laws also added further into the momentum. U.S. Secretary of State Michael Pompeo have recently issued a statement rejecting Chinese claims in the South China Sea while China hit back and rejecting the U.S. statement, calling Pompeo’s accusations of China bullying its neighbours “completely unjustified”. At the time of writing, dollar index rose 0.10% to 96.48.

In the commodities market, crude oil price extend its retreat and fell 0.71% to $39.36 per barrel as of writing following plan of increase output next month According to Bloomberg, OPEC+ and Russia may consider raising their outputs by 2 million barrel per day. In the other hand, gold price retreats 0.24% to $1797.89 a troy ounce at the time of writing amid profit taking and rebound in dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:00                     CrudeOIL                               OPEC Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 96.10. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 96.90.

Resistance level: 96.90, 97.55

Support level: 96.10, 95.65

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2580. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2525.

Resistance level: 1.2580, 1.2665

Support level: 1.2525, 1.2435

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1360. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1320.

Resistance level: 1.1360, 1.1390

Support level: 1.1320, 1.1285

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

Resistance level: 107.50, 107.95

Support level: 106.95, 106.35

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the higher level. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.6810.

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 0.6380.

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 0.9380. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9430.

Resistance level: 0.9430, 0.9475

Support level: 0.9380, 0.9320

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 40.10. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses toward the support level at 39.00.

Resistance level: 40.10, 41.35

Support level: 39.00, 37.55

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1797.20. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1797.20.

Resistance level: 1813.90, 1823.80

Support level: 1797.20, 1786.25

14 July 2020                        Morning Session Analysis

Pound slumped over the risk-off sentiment.

Pound Sterling slumped on yesterday amid risk-off sentiment in the FX market following California moved to shut down all indoor activities, which spurring significant selloff for the risky currency such as Pound Sterling. According to Reuters, California Governor Cavin Newsom claimed that all the counties in the state must close indoor restaurants, shutting bars, gyms and hair salons following the number of the coronavirus infections spiked up in the states. In fact, he also reiterated that the move is critical to stemming a new surge in coronavirus cases that have strained hospitals in several of California’s rural counties. Besides that, the Pound Sterling received further bearish momentum amid fears over the Brexit development continue to weigh on the Pound Sterling. According to the report from Institute of Directors (IoD), it showed that only one in four companies being prepared for Britain’s fully departure from the European Union. Hence, failure of achieving the trade consensus between UK and Europe would significantly damage the economic growth for both countries. Nonetheless, investors would continue to eye on the latest development with regards of the coronavirus vaccine as well as the Brexit updates in order to gauge the likelihood movement for the currency. As of writing, GBP/USD depreciated by 0.05% to 1.2560.

In the commodities market, the crude oil price depreciated by 0.11% to $39.75 per barrel as of writing. The oil market edged lower following the unstoppable acceleration of the coronavirus infections, which weighing the market demand on this black-commodity. On the other hand, the gold market surged 0.02% to $1802.00 per troy ounces amid diminishing risk appetite, which insinuating demand for this safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:00                     CrudeOIL                               OPEC Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 96.35. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 97.55, 98.90

Support level: 96.35, 94.90

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2670. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2515.

Resistance level: 1.2670, 1.2800

Support level: 1.2515, 1.2340

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1360. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1325.

Resistance level: 1.1360, 1.1390

Support level: 1.1325, 1.1270

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.35. 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, 107.90

Support level: 106.75, 106.35

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6925. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7000, 0.7065

Support level: 0.6925, 0.6850

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6565. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6505.

Resistance level: 0.6565, 0.6635

Support level: 0.6505, 0.6465

USDCAD, H4: USDCAD was traded higher following prior rebound from the support 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 while currently testing the resistance level at 0.9435. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9435, 0.9470

Support level: 0.9375, 0.9320

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 41.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 39.05.

Resistance level: 41.10, 43.00

Support level: 39.05, 37.15

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1808.45. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1794.55.

Resistance level: 1808.45, 1817.85

Support level: 1794.55, 1783.75

13 July 2020                        Afternoon Session Analysis

Greenback plunged amid Covid-19 exacerbated economic growth.

Dollar index which gauge its value against a basket of six major currencies dipped during the early trading session this week, amid downbeat economic data continue suppressed the appeal of dollar index. According to the US Bureau of Labor Statistics, US PPI data came in at a disappointed reading of -0.2%, weaker than the economist forecast at 0.4%, indicating that underlying inflation pressure in US remains subdued where increased the possibility of pumping more money into the economy to combat the negative effect of Covid-19. Amidst the novel of Covid-19, US economy condition has been hammered significantly as lockdown measure sent the economy into freezing state where the entire economy activity halted for more than 2 months. Due to lifting lockdown restriction too early, it has caused deadly consequences in United States where the nation showed an obvious spike up in Covid-19 cases. As of now, investors still putting their attention over the upcoming economic data and development of vaccine in order to gauge the further direction of dollar index. During Asian trading session, dollar index notched down 0.20% to 96.45.

In the commodities market, crude oil price depreciated by 1.04% to $40.15 per barrel amid increasing of market worries over the pandemic. According to Covid-19 statistics, the total number of reported cases remains in high level where the countries such as US, Brazil and India still register biggest number of Covid-19 cases. Besides, gold price appreciated by 0.26% to $1804.00 a troy ounce amid pandemic’s condition heightened.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 96.90. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 96.10.

Resistance level: 96.90, 97.55

Support level: 96.10, 95.65

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2665. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2665.

Resistance level: 1.2665, 1.2730

Support level: 1.2580, 1.2525

EURUSD, H1: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1320. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1350.

Resistance level: 1.1350, 1.1390

Support level: 1.1320, 1.1285

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 106.95. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction toward the higher level.

Resistance level: 106.95, 107.50

Support level: 106.35, 106.05

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6810. 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 higher while currently testing the resistance level at 0.6580. However, MACD which illustrate bearish momentum suggest the pair to undergo technical correction toward the lower level.

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 lower following prior retracement from the resistance level at 0.9430. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9380.

Resistance level: 0.9430, 0.9475

Support level: 0.9380, 0.9320

CrudeOIL, H1: Crude oil price was traded flat above the support level at 40.15. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 40.15.

Resistance level: 40.95, 42.05

Support level: 40.15, 39.45

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1797.00. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 1813.90.

Resistance level: 1813.90, 1823.80

Support level: 1797.00, 1786.25

13 July 2020                        Morning Session Analysis

Coronavirus fears, spurring sell-off for Aussie.

The Australian dollar received bearish momentum amid diminishing risk appetite in the FX market following the global coronavirus infections continually to hit record high, which stoked a shift in sentiment toward safe-haven assets while spurring significant selloff for the riskier currency such as Australian Dollar. According to the latest updates, the World Health Organization (WHO) announced the record high daily new cases of the coronavirus pandemic on Sunday. The coronavirus infections spiked up by 230,370 while more than 5,000 people were killed by the coronavirus on Sunday, according to Worldometers. In the Australia region, the virus condition in Victoria continue to increase with the weekly infections of 273 people. Such circumstances had caused the Australia government to hardened state-border restrictions on last week. However, the losses experienced by the Australia dollar was limited amid the positive vaccine development had diminished the fears upon the coronavirus pandemic. According to CGTN, the Chinese vaccine developer Cansino Biologics is in talks with Russia, Brazil, Chile and Saudi Arabia to launch a Phase III trial of its experimental coronavirus’s vaccine. As of writing, AUD/USD slumped 0.03% to 0.6949.

In the commodities market, the crude oil price surged 0.33% to $40.37 per barrels. The oil market edged higher as market participants expected that the coronavirus vaccine would be fully developed by the end of the year, which providing positive prospect for this black-commodity. On the other hand, the gold market surged 0.06% to $1800.00 per troy ounces over the backdrop of the negative economic data from the United States on last Friday. According to U.S. Bureau of Labor Statistics, the U.S. Producer Price Index (PPI) for last month notched down from the previous reading of 0.4% to -0.2%, missing the economist forecast at 0.4%.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 96.45. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 96.85, 97.25

Support level: 96.45, 96.10

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.2615. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2615, 1.2800

Support level: 1.2340, 1.2065

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1270. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1335.

Resistance level: 1.1335, 1.1390

Support level: 1.1270, 1.1215

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 106.75. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 107.30.

Resistance level: 107.30, 107.90

Support level: 106.75, 106.35

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6940. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7000, 0.7065

Support level: 0.6940, 0.6850

NZDUSD, H4: NZDUSD was traded within a range while currently testing the resistance level at 0.6570. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.

Resistance level: 0.6570, 0.6635

Support level: 0.6505, 0.6465

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3630. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3630, 1.3730

Support level: 1.3510, 1.3430

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9435. MACD which illustrated diminishing bullish momentum suggest the pair to extend tis losses toward support level at 0.9375.

Resistance level: 0.9435, 0.9470

Support level: 0.9375, 0.9320

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 39.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 41.10.

Resistance level: 41.10, 44.20

Support level: 39.05, 37.15

GOLD_, H4: Gold price was traded lower while currently near the support level at 1790.70. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1817.85, 1849.90

Support level: 1790.70, 1761.25

10 July 2020                        Afternoon Session Analysis

Greenback remain buoyed by coronavirus.

During late Asian session, the dollar index which traded against a basket of six major currency pairs continue to offer bid after the ongoing surge in new coronavirus cases continue to undermined the prospect of recovery. Recently, more than 60,000 new COVID-18 infections have reported in the U.S which is the highest single day increase by any country so far. The worsening pandemic outlook in the U.S have already discouraging some U.S citizens to return to public spaces. On the other hand, political uncertainty also help boosted the dollar as U.S Supreme Court ruled that a New York prosecutor can obtain President Donald Trump’s financial records. As Donald Trump is facing a ongoing battle for re-election, he is fighting tenaciously to keep his tax record and documents of his financial secrets. At the time of writing, dollar index rose 0.14% to 96.77.

In the commodities market, crude oil price plummets 0.34% to $39.30 per barrel as of writing following heightening cases of coronavirus that could dampened the outlook for recovery remain weighted heavily on the market. As U.S continue to achieve new record for single day cases, the possibility of lockdown may be return and would cause fuel consumption to slump again. Thus, dragging down the price of the commodity. Next, gold price also fell 0.07% to $1802.13 a troy ounce at the time of writing following dollar strength and its better appeal as a safe-haven market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:00                     CrudeOIL                               IEA Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the top level of downward channel. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 96.90.

Resistance level: 96.90, 97.55

Support level: 96.10, 95.65

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2625. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses toward the support level at 1.2525.

Resistance level: 1.2625, 1.2665

Support level: 1.2525, 1.2435

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1285. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1245.

Resistance level: 1.1285, 1.1320

Support level: 1.1245, 1.1200

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 107.50. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.95.

Resistance level: 107.50, 107.95

Support level: 106.95, 106.35

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the higher level. 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 diminishing bullish momentum 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 breakout above the previous resistance level at 0.9380. MACD which illustrate bullish bias momentum with the formation of bullish divergence signal suggest the pair to extend its gains toward the resistance level at 0.9430.

Resistance level: 0.9430, 0.9475

Support level: 0.9380, 0.9320

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 39.15. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 39.15.

Resistance level: 40.10, 41.35

Support level: 39.15, 37.45

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1800.00. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1813.90, 1823.80

Support level: 1800.00, 1786.25

10 July 2020                        Morning Session Analysis

Oil price slumped, triggered sell-off for Loonie.

Canadian dollar slumped following crude oil price suffered from the strong selling pressure on yesterday. Since the Canada has the third largest oil reserves in the world and it’s the world’s fourth largest oil exporter, the depreciation of the crude oil price would be dialling down market confidence toward the economic progression in the Canada while spurring significant selloff for the currency. According to Reuters, there are more than 60,000 new coronavirus infections were reported from the region of United States on yesterday, the greatest single-day tally of cases by any country since the coronavirus emerged last year. Meanwhile, the U.S. deaths from the virus notched up by more than 900 for the second day. As the coronavirus cases had spiked up significantly, it triggered some states to roll back reopening measures while providing negative prospect for this black-commodity. However, the losses experienced by the Canadian dollar was limited over the backdrop of the positive housing data. According to Canadian Mortgage and Housing Corporation, the Canada Housing Starts notched up from the previous reading of 195.5K to 211.7K, much better than the market forecast at 198.0K. As of writing, USD/CAD appreciated by 0.03% to 1.3580.

In the commodities market, the crude oil price slumped 0.22% to $39.55 per barrel as of writing. The oil market edged lower amid the resurgence of the coronavirus, which dragged down the appeal of the crude oil. On the other hand, the gold market surged 0.03% to $1803.80 per troy ounces amid the risk-off sentiment in the FX market, which prompting investors to shift their portfolio toward the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:00                     CrudeOIL                               IEA Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 96.75. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 96.75, 97.20

Support level: 96.35, 95.90

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.2615. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2615, 1.2800

Support level: 1.2340, 1.2065

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1275. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1335, 1.1390

Support level: 1.1275, 1.1215

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.20. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 107.90, 108.45

Support level: 107.20, 106.85

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7000. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6940.

Resistance level: 0.7000, 0.7065

Support level: 0.6940, 0.6850

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6585. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9520.

Resistance level: 0.6585, 0.6635

Support level: 0.6520, 0.6465

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3510. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3630.

Resistance level: 1.3630, 1.3730

Support level: 1.3510, 1.3430

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9375. MACD which illustrated increasing bullish 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, H4: Crude oil price was traded lower while currently near the support level at 39.05. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 40.80, 43.20

Support level: 39.05, 37.10

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1817.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1790.70.

Resistance level: 1817.85, 1849.90

Support level: 1790.70, 1761.25

09 July 2020                        Afternoon Session Analysis

Aussie slides amid China inflation data.

During late Asian session, the Aussie dollar which traded against the dollar and other currency pairs have fell following mixed inflation numbers from China. According to the National Bureau of Statistics of China, the producer price index (PPI) which measures the cost for goods at the factory fell by -3% in June, slightly better than market forecast of -3.2%. However, the data itself unable to provide any confidence boost for the market as it is still in a deflationary pressure. China’s CPI also slipped to -0.1%, missing market expectation of 0%. Besides that, coronavirus in Australia also continue to weigh on the risk sentiment where Australia is struggling to tame the coronavirus. Following a sudden spike of coronavirus in the city of Victoria, Australia have reinforced back lockdowns on the city and closing the borders between Victoria and New South Wales in order to control the spread of the coronavirus. At the time of writing, AUD/USD slips 0.08% to 0.6974.

In the commodities market, crude oil price remains idle and edge lower by 0.02% to 40.74 per barrel as of writing following COVID-19 fears offset signs of recovery. Market sentiment remain struggling to get a strong conviction to the upside potential as several states in the U.S have raised the possibility of renewed lockdowns which could affect the fuel demand recovery. As of Wednesday, U.S reported more than 58,000 new cases which is the biggest increase ever reported by a country in a single day. On the other hand, gold price soars 0.09% to $1808.70 a troy ounce at the time of writing following increasing fears of coronavirus continue to push higher demand for the safe-haven commodity.

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 following prior retracement from the resistance level at 96.90. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 96.10.

Resistance level: 96.90, 97.55

Support level: 96.10, 95.65

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2625.  MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2625.

Resistance level: 1.2625, 1.2730

Support level: 1.2525, 1.2435

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1350. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1350.

Resistance level: 1.1350, 1.1390

Support level: 1.1320, 1.1285

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 107.50. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.95.

Resistance level: 107.50, 107.95

Support level: 106.95, 106.35

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6810. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7115.

Resistance level: 0.7115, 0.7295

Support level: 0.6810, 0.6500

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6580. MACD which illustrate bullish bias 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, H4: USDCHF was traded lower while currently testing the support level at 0.9380. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9430, 0.9475

Support level: 0.9380, 0.9320

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish bias momentum suggest the commodity to extend its gains toward higher level.

Resistance level: 41.35, 43.55

Support level: 40.10, 39.15

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1823.80. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1800.00.

Resistance level: 1813.90, 1823.80

Support level: 1800.00, 1786.25

9 July 2020                           Morning Session Analysis

Sterling rallied on economic stimulus plan.

Pound Steady extend its gains following the UK Chancellor Rishi Sunak made an announcement with regards of the economic stimulus plan in order to combat the damage of the coronavirus pandemic. According to Reuters, Rishi Sunak claimed that the UK government would provide extra subsidies for employers to hire back workers back to their jobs. Besides, he reiterated that the government would reduce value-added tax (VAT) on spending at hotels, tourist attractions, restaurants and subsidise temporary discounts on eating out to boost the market demand for services sector. Such stimulus plan had dialled up the market optimism toward the economic progression in the UK, while spurring significant demand for the Pound Sterling. Nonetheless, the gains experienced by the Pound Sterling was still limited amid market participants still doubt against the renewed Brexit talks which would be resumed in this week. Hence, at this time investors would continue to scrutinize the latest updates with regards of the post-Brexit talks in order to receive further trading signal. As of writing, GBP/USD appreciated by 0.04% to 1.2612.

In the commodities market, as of writing the crude oil price slumped 0.15% to $40.90 per barrel over the backdrop of the negative reading of EIA crude oil inventories data. According to Energy Information Administration (EIA), the U.S. Crude Oil Inventories notched up from the preliminary reading of -7.195M to 5.654M, exceeding the market forecast at -3.114M. On the other hand, the gold price appreciated by 0.08% to $1809.30 per troy ounces amid the resurgence of new coronavirus cases globally, which insinuating demand for the safe-haven commodity.

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 96.35. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 96.80, 97.20

Support level: 96.35, 95.90

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2590. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2660.

Resistance level: 1.2660, 1.2740

Support level: 1.2590, 1.2520

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1340. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1340, 1.1395

Support level: 1.1285, 1.1230

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 107.35. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 106.90.

Resistance level: 107.35, 107.90

Support level: 106.90, 106.40

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6930. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7015.

Resistance level: 0.7015, 0.7115

Support level: 0.6930, 0.6840

NZDUSD, H4: NZDUSD was higher while currently testing the resistance level at 0.6585. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6585, 0.6635

Support level: 0.6520, 0.6465

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3510. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3635, 1.3735

Support level: 1.3510, 1.3375

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9375. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9435, 0.9470

Support level: 0.9375, 0.9320

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 40.80. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 40.80, 47.90

Support level: 34.25, 28.35

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1790.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1822.80, 1849.90

Support level: 1790.70, 1761.25

08 July 2020                        Afternoon Session Analysis

Coronavirus extend boost for dollar appeal.

During late Asian session, dollar index which traded against a basket of six major currency pairs in bid as amid increasing risk of coronavirus in the U.S and return of lockdown boost safe-haven demand. According to latest development, the number of coronavirus cases in the U.S have surpassed 3 million on Tuesday, stoking concerns that hospital will be overwhelmed. As of today, U.S remains at the top of in the number of cases and deaths in the tone. On top of that, the risk sentiment was also undermined by Fed officials after three Fed officials expressed their concern that the surge of infections could harm economic growth just as stimulus measures start to expire. Due to these factors, the appeal for safe-haven asset such as greenback itself receive high demand. At the time of writing, dollar index rose 0.06% to 96.84.

In the commodities market, crude oil price slips 0.09% to $40.44 per barrel at the time of writing amid fears of oversupply and weak demand. With the increasing numbers of coronavirus with almost 11.8 million cases reported globally, recovery of global demand remain fragile. Furthermore, recent API data which showed an increase of 2 million barrels also added to the pressure. On the other hand, gold price soars 0.11% to $1794.48 a troy ounce following heightening safe-haven appeal due to coronavirus.

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 following prior retracement from the resistance level at 96.90. However, MACD which illustrate bullish bias momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 96.90, 97.55

Support level: 96.10, 95.65

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2525. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2625.

Resistance level: 1.2625, 1.2790

Support level: 1.2525, 1.2435

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1285. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1245.

Resistance level: 1.1285, 1.1320

Support level: 1.1245, 1.1200

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 107.90.

Resistance level: 107.90, 108.35

Support level: 107.45, 106.80

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the upward trendline. 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, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6580. MACD which illustrate bearish bias 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 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 lower following prior retracement from the resistance level at 0.9430. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.9380.

Resistance level: 0.9430, 0.9475

Support level: 0.9380, 0.9320

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MAD which illustrate bearish bias momentum suggest the commodity to undergo technical correction toward the lower level in short term.

Resistance level: 41.35, 43.75

Support level: 39.15, 37.45

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1796.05. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1777.95.

Resistance level: 1796.15, 1813.90

Support level: 1777.95, 1751.50

8 July 2020                           Morning Session Analysis

Pound surged amid positive prospect for Brexit talks.

Pound sterling rallied on yesterday amid positive prospect for the post-Brexit negotiation between UK and EU. According to Reuters, a spokesman for UK Prime Minister Boris Johnson claimed that the chief negotiators for UK and EU would be dining in Number 10 Downing Street for informal talks on the trading relationship between each country. Besides that, Pound Sterling received further bullish momentum amid the optimism upon the UK economic stimulus plan in order to combat the economy damage of the coronavirus. Chancellor Rishi Sunak will unveil more spending measures on Wednesday. As for now, Chancellor Rishi Sunak is considering to provide cash of 500 pounds for adults and 250 pounds for children in order to boost up the consumer spending in the United Kingdom. Yet, investors still remained cautious toward the outlook for the United Kingdom amid the post-Brexit relationship between UK and EU remained uncertain. Hence, at this time investors would still need to scrutinize the latest updates with regards of the post-Brexit trade deal as well as the latest UK economic stimulus plans which will be announced today in order to gauge the likelihood movement for the currency. As of writing, GBP/USD appreciated by 0.06% to 1.2545.

In the commodities market, the crude oil price slumped 0.05% to $40.35 per barrel as of writing. The oil market slumped over the backdrop of the bleak inventory data. According to American Petroleum Institute (API), the U.S. API Weekly Crude Oil Stock notched up significantly from the previous reading of -8.156M to 2.000M, higher than the market forecast at 3.700M. On the other hand, the gold price surged 0.04% to $1795.00 per troy ouns as a wave of new coronavirus infections in United States had stoked a shift in sentiment toward safe-haven asset.

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 96.70. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 97.30.

Resistance level: 97.30, 98.05

Support level: 96.70, 95.85

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2595. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2520.

Resistance level: 1.2595, 1.2660

Support level: 1.2520, 1.2400

EURUSD, H1: EURUSD was lower while currently testing the support level at 1.1265. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1315, 1.1355

Support level: 1.1265, 1.1230

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 107.35. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.90, 108.45

Support level: 107.35, 106.80

AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level at 0.6970. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6970, 0.7010

Support level: 0.6925, 0.6885

NZDUSD, H4: NZDUSD was higher while currently testing the resistance level at 0.6570. AMCD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6570, 0.6645

Support level: 0.6490, 0.6405

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 exgtend its gains toward resistance level at 1.3635.

Resistance level: 1.3635, 1.3685

Support level: 1.3555, 1.3510

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9380. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9440.

Resistance level: 0.9440, 0.9525

Support level: 0.9380, 0.9280

CrudeOIL, H4: Crude oil price was traded within a range while currently testing the support level at 40.30. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level.

Resistance level: 41.40, 42.55

Support level: 40.30, 39.25

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1756.20. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1810.50, 1847.20

Support level: 1756.20, 1715.85

07 July 2020                        Afternoon Session Analysis

Euro gains on upbeat Germany data.

The Euro which traded against the U.S dollar and other currency pairs continue to gains following recent signs of German economic recovery and hopes of further stimulus. According to Deutsche Bundesbank, German factory orders have rose by 10.4% in May. Despite it was lesser than market expectation of 15%, it is a complete turn against the previous reading of -26.2% which signalled a rebound in demand after the country loosened its restriction. It was also the largest monthly increase ever compared to the previous devastating two months, thus supporting the positive sentiment for the Euro. On the other hand, proposal of a multiannual financial framework fund worth 750 billion in euros by the EU have also taken in as a positive step and added further value for the Euro. At the time of writing, EUR/USD rose 0.07% to 1.1313.

In the commodities market, crude oil price retreats 0.17% to $40.42 as of writing due to surge of coronavirus cases that may affect the recovery in fuel demand. Despite the overall market remain supported by a bigger-than-expected drawdown in oil inventories, market remains cautious and monitor the prospect for U.S fuel demand where 16 states have reported increase in COVID-19 cases in the first five days of July. On the other hand, gold price rose 0.04% to $1784.05 a troy ounce at the time of writing amid increasing numbers of COVID-19 cases prompting investors to move towards safe-haven markets.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 96.55. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 96.85.

Resistance level: 96.85, 97.25

Support level: 96.55, 96.10

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2525. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.2525, 1.2625

Support level: 1.2435, 1.2335

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1320. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement toward the support level at 1.1285.

Resistance level: 1.1320, 1.1390

Support level: 1.1285, 1.1245

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 107.50. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.95.

Resistance level: 107.50, 107.95

Support level: 106.95, 106.35

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6810. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7115.

Resistance level: 0.7115, 0.7295

Support level: 0.6810, 0.6500

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

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, H4: USDCHF was traded higher following prior rebound from the support level at 0.9380. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9430.

Resistance level: 0.9430, 0.9475

Support level:0.9380, 0.9325

CrudeOIL, H4: Crude oil price was traded lower following prior retracement near the resistance level at 41.35. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 41.35, 43.75

Support level: 39.15, 37.45

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1788.05. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 1778.00.

Resistance level: 1788.05, 1794.30

Support level: 1778.00, 1765.75

7 July 2020                           Morning Session Analysis

Dollar slumped over the accelerating risk appetite.

The safe-haven US Dollar slumped amid accelerating risk appetite in the global financial market on the positive expectation of a strong economic rebound following major countries had been easing their coronavirus lockdown restriction, which prompting investors to shift their portfolio toward riskier asset. On yesterday, the index of China’s blue-chip shares soared to its highest in five years as traders remained positive toward the revival in China’s economy. Meanwhile, the Nasdaq closed at a record high on Monday as mega-cap tech stocks continue to extend its gain. However, the losses experienced by the US Dollar was limited amid the fears upon the second wave of the coronavirus still persisted. According to Reuters, Florida and Texas had both reported new single-day records for infections over the weekend. Besides, positive economic data from the US region had also dialled up some market optimism toward the economic progression in the United States, which also spurring some market demand on the US Dollar. According to Institute for Supply Management, the U.S. ISM Non-Manufacturing Purchasing Managers Index (PMI) notched up significantly from the preliminary reading of 45.4 to 57.1, confounding market forecast for a reading of up to 50.1. As of writing, the Dollar Index slumped 0.42% to 96.70.

In the commodities market, the crude oil price appreciated by 0.34% to $40.65 per barrels. The oil market edged higher amid the expectation of the reduction in Libyan oil exportation after the government in Tripoli continued to block the oil shipment out of the North African country. On the other hand, the gold market surged 0.12% to $1786.05 per troy ouns as of writing amid the unstoppable increase of coronavirus infections in the United States, which insinuating demand for this safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12:30          AUD       RBA Interest Rate Decision (Jun)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 96.85. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 96.85, 97.20

Support level: 96.40, 95.90

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2520. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2520, 1.2590

Support level: 1.2410, 1.2330

EURUSD, H4: EURUSD was higher following prior breakout above the previous resistance level at 1.1285. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1335.

Resistance level: 1.1335, 1.1390

Support level: 1.1285, 1.1230

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.25 MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 107.90, 108.45

Support level: 107.25, 106.80

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6960. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7010, 0.7050

Support level: 0.6960, 0.6925

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6570. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6570, 0.6635

Support level: 0.6520, 0.6465

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3520. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction

Resistance level: 1.3595, 1.3645

Support level: 1.3520, 1.3445

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9435. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9365.

Resistance level: 0.9435, 0.9515

Support level: 0.9365, 0.9270

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 40.30. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 41.40, 42.55

Support level: 40.30, 39.25

GOLD_, H1: Gold price was traded higher while currently near the resistance level at 1788.05. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1788.05, 1798.15

Support level: 1779.40, 1770.15