Daily Analysis

06 July 2020                        Afternoon Session Analysis

Aussie stays bid amid upbeat data.

During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs remains in bid following the positive release of second-tier data. According to The University of Melbourne – Faculty of Economics and Commerce, Australia’s TD Securities Inflation grew more than prior with the reading of 0.7% against previous 0.1%. At the same time, ANZ Job Advertisements also surged by a huge margin with the reading of 42% against prior reading of 0.5%. On the other hand, market sentiment also taking hints from US President Donald Trump where he refrains to respect the latest surge in coronavirus numbers. The news which weigh on the dollar also help manage to provide boost on the Aussie. At the time of writing, AUD/USD rose 0.29% to 0.6955.

In the commodities market, crude oil price surged 1.78% to $40.34 per barrel as of writing despite the concerns of coronavirus. Recent, the US has reported the jump in virus cases by 50000 for the third consecutive day which raised questions over fuel demand recovery from the top oil consumer. However, upbeat economic data and news of vaccine development continue to support the price.

On the other hand, gold price edge higher 0.03% to $1773.78 a troy ounce at the time of writing following weak dollar that fuel demand for the safe-haven commodity.

Today’s Holiday Market Close

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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 96.90. MACD which bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 96.90.

Resistance level: 97.55, 98.75

Support level: 96.90, 96.10

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2435. 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 higher while currently testing the resistance level at 1.1285. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1285.

Resistance level: 1.1285, 1.1320

Support level: 1.1245, 1.1165

USDJPY, H4: USDJPY was traded higher following prior rebound near the support level at 107.45. MACD which illustrate diminishing bearish momentum with the formation of golden cross 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 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 following prior breakout above the previous resistance level at 0.6480. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6580.

Resistance level: 0.6580, 0.6755

Support level: 0.6480, 0.6380

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3675. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward 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 0.9430. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 0.9430.

Resistance level: 0.9475, 0.9535

Support level: 0.9430, 0.9380

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 39.15. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 41.35.

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 1778.00. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1765.75.

Resistance level: 1778.00, 1788.05

Support level: 1765.75, 1757.85

6 July 2020                           Morning Session Analysis

Japanese Yen surged over the risk-off sentiment.

The demand for the safe-haven currency such as Japanese Yen remained stable amid acceleration of the coronavirus in the world and exacerbating of trade tensions between United States and China, which diminishing the risk appetite in the FX market while insinuating demand for the safe-haven asset. According to Reuters, Florida and Texas both reported record daily increases in coronavirus infection on last Saturday. Florida’s confirmed coronavirus cases spiked up by 11,458 on Saturday. Besides that, the new coronavirus cases rose by 8,258 in Texas while the other states such as North Carolina, South Carolina, Tennessee, Alaska, Missouri, Idaho and Alabama all registered new daily high on last week. On the trade war front, the U.S. President Donald Trump criticise fake media and Democratic policymakers in order to promote himself for November month Presidential election. He wrote in Twitter that the new “China Virus” cases up due to massive testing, while claiming the death rate are diminishing. However, such statement would extremely deteriorate the relationship between the United Stated and China, while spurring more racism issues of Asian community in the United States. As of writing, USD/JPY surged 0.05% to 107.55.

In the commodities market, the crude oil priced slumped by 0.89% to $40.22 per barrel as of writing. The oil market edged lower as the rising number of new coronavirus cases had provided negative prospect for the oil demand in 2020, which spurring bearish momentum for this black-commodity. On the other hand, as of writing the gold market appreciated by 0.05% to $1775.10 per troy ounces amid worsening global geopolitics risk and also fears upon the second wave of the coronavirus, prop up the demand for this 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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 97.20. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 97.20, 97.65

Support level: 96.80, 96.35

GBPUSD, H1: GBPUSD was lower following prior retracement from the resistance level at 1.2520. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2400.

Resistance level: 1.2520, 1.2590

Support level: 1.2400, 1.2330

EURUSD, H4: EURUSD was higher following prior rebound from the support level at 1.1230. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward resistance level at 1.1285.

Resistance level: 1.1285, 1.1350

Support level: 1.1230, 1.1170

USDJPY, H4: USDJPY was traded within a range while currently testing the support level at 107.35. 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: 107.35, 106.80

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6965. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6965, 0.7010

Support level: 0.6925, 0.6880

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6520. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6585.

Resistance level: 0.6585, 0.6645

Support level: 0.6520, 0.6465

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3565. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3565, 1.3635

Support level: 1.3510, 1.3445

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9435. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

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 40.40. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 40.40, 41.40

Support level: 39.25, 37.75

GOLD_, H1: Gold price was traded within a range while currently testing the support level at 1772.80. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.

Resistance level: 1781.30, 1788.05

Support level: 1772.80, 1766.15

03 July 2020                        Afternoon Session Analysis

Aussie gains on strong data from China and Australia.

During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have rose after the better-than-expected data release from Australia and China. According to the Australian Bureau of Statistics, retails sales in the Australia have increased by 16.9%, higher than market expectation of 16.3%. Meanwhile on China, Caixin Services PMI have also improved significantly to 58.4, surpassing market expectation of 49.9. The data also signalled that the new business in China services firm are expanding on the fastest pace in 10 years, thus help boosting the sentiment for the Aussie. Both positive data managed to exert some demand for the pair, however fears of second case coronavirus may capped further potential gains. According to reports, Australian state of Victoria reported another 66 new cases on Thursday following Wednesday’s count of 77 while global coronavirus cases have increased by more than 50,000. At the time of writing, AUD/USD edge higher 0.03% to 0.6925.

In the commodities market, crude oil remains solid and rose 0.09% to $40.44 as of writing despite concerns towards resurgence of coronavirus. U.S. cases jumped the most in almost eight weeks and Florida’s new coronavirus infections rose by a record. However, recent decline in U.S crude inventories and OPEC output have outweigh the virus. A survey on Wednesday showed OPEC output fell to the least since 1991 in June, while Russia reached near total compliance with its OPEC+ quota. On the other hand, gold price gains 0.07% to $1775.70 a troy ounce at the time of writing amid weakening risk-appetite prompt demand for safe-haven assets.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                                        Independence Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 97.20. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 97.20, 97.65

Support level: 96.80, 96.35

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2520. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2400.

Resistance level: 1.2520, 1.2590

Support level: 1.2400, 1.2330

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1275. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1190.

Resistance level: 1.1275, 1.1325

Support level: 1.1190, 1.1140

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.35. 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: 107.35, 106.80

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6935. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6935, 0.6965

Support level: 0.6885, 0.6855

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6520. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6520, 0.6585

Support level: 0.6465, 0.6405

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

Resistance level: 1.3690, 1.3805

Support level: 1.3500, 1.3360

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9435. MACD which illustrated diminishing bearish 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, H1: Crude oil price was traded higher while currently testing the resistance level at 40.45. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 40.45, 41.00

Support level: 39.70, 39.00

GOLD_, H1: Gold price was traded within a range while currently near the support level at 1772.80. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.

Resistance level: 1781.30, 1788.05

Support level: 1772.80, 1762.65

03 July 2020                        Morning Session Analysis

Dollar soars following unexpected job growth appeared.

Dollar index which gauges its value against a basket of six major currencies surged after US released a series of positive bias job data yesterday. According to the Bureau of Labor Statistics, US NonFarm Payroll data came in at 4,800K, blowing the estimation of economist at 3,000K, showing that the US labour market has entered into strong recovery phase after US lifted the movement restriction. Besides, the unemployment data which also acts as the important indicator of measuring the current labour market condition has been reduced from 13.3% to 11.1%, while lower than the economist forecast at 12.3% as well. Nonetheless, most experts disagreed that the NFP data and unemployment rate are reflecting the exact situation of US labour market now as the data are not designed for a pandemic induced recession. Besides, there is a flare-up of virus cases can be seen in the every state of US country late June and urged the states’ governor to re-implement lockdown measure in order to limit the negative effect of this fast-spreading virus. During Asian early trading session, dollar index rose 0.02% to 97.20.

In the commodities market, crude oil price inched down 0.86% to $40.30 as the market still remains cautious while awaits for more catalyst. In the past few days, US recorded surprise drop in its crude oil inventory level and lifted up the appeal of this black commodity product. However, the gains of crude oil were limited by the situation of virus’s pandemic heightened. Besides, gold price rose 0.05% to $1776.30 a troy ounce as market worries over the pandemic exacerbated.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                                        Independence Day

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 bottom level of upward channel. MACD which diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 97.55.

Resistance level: 97.55, 98.75

Support level: 96.90, 96.10

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2525. MACD which illustrate diminishing bearish momentum suggest the pair to extend its losses toward the support level at 1.2435.

Resistance level: 1.2525, 1.2625

Support level: 1.2435, 1.2335

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1245. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1165.

Resistance level: 1.1245, 1.1320

Support level: 1.1165, 1.1095

USDJPY, H4: USDJPY was traded higher following prior rebound near the support level at 107.45. 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 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 following prior breakout above the previous resistance level at 0.6480. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6580.

Resistance level: 0.6580, 0.6755

Support level: 0.6480, 0.6380

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3675. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward 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 0.9425. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9475.

Resistance level: 0.9475, 0.9535

Support level: 0.9430, 0.9380

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 39.15. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo short term technical correction toward the lower level.

Resistance level: 41.35, 43.75

Support level: 39.15, 37.45

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1778.00. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1778.00, 1788.05

Support level: 1765.75, 1757.85

2 July 2020                           Afternoon Session Analysis

Dollar wobbles amid pessimistic labor data.

Dollar index which gauge its value against a basket of six major currencies dipped following the release of downbeat ADP Nonfarm Employment Change data yesterday. According to the Automatic Data Processing (ADP), US Nonfarm Employment Change data came in at 2,369K, weaker than the economist forecast at 3,000K, indicating the weakness and vulnerable of US labour market during the fallout of pandemic. A series of weak labour data which released recently has provide a clearer sign of tonight NonFarm Payroll data results, hence market participants chose to escape from dollar market while remained cautious at the moment. Additionally, a dovish bias meeting minutes from Federal Reserve has also further urged the investors to sell off their dollar’s holding. In the FOMC meeting minutes, board of members unanimously agreed with low interest rate to remain unchanged for a certain time of period due to pandemic of covid-19. Besides, FOMC meeting also noted that a highly accommodative monetary policy should be implemented amid US current weak economy health. As of now, dollar index dropped 0.12% to $97.10.

In the commodities market, crude oil price rose 0.02% to $39.80 per barrel as recent surprise drop in crude oil inventory level continued provide strong bullish momentum toward this black commodity market. Besides, global supply glut has also started to shrink after IHS Markit data showed a significant drop in crude oil floating storage by roughly 150 million barrels last month. Besides, gold price depreciated by 0.09% to $1768.75 a troy ounce as market are still awaiting for tonight’s NFP data.

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

Resistance level: 97.65, 98.10

Support level: 96.95, 96.45

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2500. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2500, 1.2590

Support level: 1.2400, 1.2330

EURUSD, H4: EURUSD was higher following prior rebound from the support level at 1.1190. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1275.

Resistance level: 1.1275, 1.1325

Support level: 1.1190, 1.1135

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.35. 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: 107.35, 106.80

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6885. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6935, 0.6965

Support level: 0.6885, 0.6855

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6465. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6515.

Resistance level: 0.6515, 0.6560

Support level: 0.6465, 0.6400

USDCAD, H4: USDCAD was traded higher following prior rebound from the upward trend line. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3690.

Resistance level: 1.3690, 1.3805

Support level: 1.3520, 1.3360

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9445. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9510, 0.9610

Support level: 0.9445, 0.9370

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 40.25. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 39.05.

Resistance level: 40.25, 41.35

Support level: 39.05, 37.85

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1762.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1789.30, 1823.85

Support level: 1762.65, 1734.25

02 July 2020                        Morning Session Analysis

Aussie cheers following risk-on mood

The Aussie dollar which traded against the greenback and other currency pairs have rose following increasing risk-on mood due to recent upbeat news. Despite with growing concerns towards the worsening coronavirus conditions around the globe, market sentiment remained mostly upbeat due to recent upbeat PMI from China and hopes of vaccine. According to reports, pharmaceutical companies like Pfizer and biotech firm BioNTech have shared positive trial results of a vaccine. The news have continue to support the investor’s optimism. Moreover, latest Fed meeting minutes didn’t provide any worrisome details and also silently favoured the risk-on mood. However, as relationship between U.S and China remains tense where Donald Trump is threatening sanctions on China due to its Hong Kong security law, market participants remained cautious while awaiting further development. At the time of writing, AUD/USD rose 0.10% to 0.6919.

In the commodities market, crude oil price gains 0.15% to $39.57 per barrel at the time of writing on drawdown in crude oil stockpiles. According to data from EIA, US crude oil inventories have decreased by 7.2 million in the week ending June 26th. On the other hand, gold price retreats 0.04% to $1769.71 a troy ounce amid heightening risk appetite.

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 97.55. MACD which display ongoing bearish momentum signal suggest the dollar to extend its retracement towards the support level 95.85.

Resistance level: 97.55, 98.80

Support level: 95.85, 94.65

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.2510. MACD which illustrate ongoing bullish momentum suggest the pair to extend its gains after it breaks above the resistance level 1.2510.

Resistance level: 1.2510, 1.2660

Support level: 1.2340, 1.2165

EURUSD, H4: EURUSD remain traded in a sideway channel following recent rebound from the support level 1.1175. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher in short term towards the resistance level 1.1320.

Resistance level: 1.1320, 1.1410

Support level: 1.1175, 1.1090

USDJPY, H4: USDJPY was traded lower while currently testing the support level 107.40. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 108.00, 108.60

Support level: 107.40, 106.60

AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent rebound from low levels. However, MACD which display bullish momentum signal suggest the pair to be traded higher in short term towards the resistance level 0.7020.

Resistance level: 0.7020, 0.7195

Support level: 0.6820, 0.6680

NZDUSD, H4: NZDUSD remain traded in a sideway channel while currently testing the resistance level 0.6490. However, MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6490, 0.6580

Support level: 0.6370, 0.6235

USDCAD, H4: USDCAD remain traded in a sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term towards the resistance level 1.3685.

Resistance level: 1.3685, 1.3820

Support level: 1.3485, 1.3330

USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing the support level 0.9450. However, MACD which illustrate bearish bias signal with recent formation of death cross suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.9545, 0.9650

Support level: 0.9450, 0.9365

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 40.45. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 35.05.

Resistance level: 40.45, 43.85

Support level: 35.05, 31.05

GOLD_, H4: Gold price was traded lower while currently testing the support level 1764.25. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level 1764.25.

Resistance level: 1795.80, 1825.25

Support level: 1764.25, 1736.80

1 Julai 2020                            Afternoon Session Analysis

Aussie gains after China & Australia data.

During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have rose following the release of data from China and Australia. On Australia, the Building Permits have fell by 16.4%, weaker than market expectation of 10% decline. However, positive release from China managed to overshadow the downbeat data. China’s Caixin PMI which surveys small and medium-sized exports and business have increased to 51.2m surpassed economist expectation of 50.5 and also up from May’s reading of 50.7. The positive release which signalled an expansion have manage to provide some bid on the Aussie. However, its potential gains may be capped by the increasing concerns of coronavirus in the country. In terms of coronavirus latest update in Australia, the country have record a spike of new 85 cases which its total coronavirus cases tops 7920 while the deaths from coronavirus at 104. As of writing, AUD/USD edge higher 0.11% to 0.6907.

In the commodities market, crude oil price rose 1.08% to $39.78 per barrel at the time of writing following dwindling supply level continue to provide optimism for the market. Market continues to cheer on the surprising decrease in inventory build from API. On top of that, high compliance rate from Saudi Arabia and the rest of OPEC nation also boosted further the sentiment. The output from OPEC have fell to the lowest point in two decades. On the other hand, gold price appreciates 0.05% to $1781.49 a troy ounce as of writing following COVID-19 concerns continue to increase risk-aversion sentiment.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                        FOMC Meeting Minutes

(2^nd)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 97.20. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 97.65, 98.00

Support level: 97.20, 96.80

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2400. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2330.

Resistance level: 1.2400, 1.2500

Support level: 1.2330, 1.2255

EURUSD, H4: EURUSD was higher following prior rebound from the support level at 1.1190. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1275, 1.1325

Support level: 1.1190, 1.1140

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.90. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 107.35.

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 0.6910. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6885.

Resistance level: 0.6910, 0.6935

Support level: 0.6885, 0.6855

NZDUSD, H4: NZDUSD was traded within a range while currently testing the resistance level at 0.6465. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.

Resistance level: 0.6465, 0.6560

Support level: 0.6250, 0.6100

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3690. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 1.3520.

Resistance level: 1.3690, 1.3805

Support level: 1.3520, 1.3360

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9470. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9530, 0.9580

Support level: 0.9470, 0.9435

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 39.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 39.85, 40.45

Support level: 39.00, 38.35

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1785.75. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1785.75, 1798.00

Support level: 1770.95, 1749.50

01 July 2020                        Morning Session Analysis

Dollar plunged amid US intention to implement additional relief.

Dollar index which gauges its value against a basket of six major currencies was having mixed pattern, eventually failed to extend its gains yesterday after US top economic policymaker revealed that they are considering to release another round of economic aid in near term. Prior to the testimony of US Financial Services Committee, Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell unleashed dovish comment on the current economy health condition, while emphasizing that they are pledged to unveil additional relief in order to prevent the long lasting damage of Covid-19 toward their economy. Besides, Mnuchin revealed that they are near to a consensus in getting another round of relief approved, expecting the lawmaker’s approval can be obtained by the end of July. Additionally, further aid will be most likely focus on supporting local businesses that have been hit tremendously since the outbreak of virus. At the moment, US is still being the top country that most affected by the pandemic, where its latest virus infection cases per day was recorded at 41,211 while the death toll increased by 705 cases. During Asian early trading session, dollar index dropped by 0.16% to 97.40.

In the commodities market, crude oil price surged by 1.04% to $39.70 per barrel amid surprise drop in US crude oil inventory level. According to the API, US Weekly Crude Oil Stock came in at -8.156M, blowing the estimation of economist at 1.749M, showing that the supply glut eased as increasing of market demand on crude oil product. Besides, gold price appreciated by 0.15% to $1783.20 amid heightening of market worries over the pandemic of Covid-19.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                        FOMC Meeting Minutes

(2^nd)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 97.55. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 96.90.

Resistance level: 97.55, 98.75

Support level: 96.90, 96.10

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2335. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2435.

Resistance level: 1.2435, 1.2525

Support level: 1.2335, 1.2250

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level at 1.1245. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1245, 1.1320

Support level: 1.1165, 1.1095

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 107.90. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 108.35.

Resistance level: 108.35, 108.90

Support level: 107.90, 107.45

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 following prior rebound near the support level at 0.6380. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6480.

Resistance level: 0.6480, 0.6580

Support level: 0.6380, 0.6265

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3675. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3500.

Resistance level: 1.3675, 1.3865

Support level: 1.3500, 1.3355

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9475. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9430.

Resistance level: 0.9475, 0.9535

Support level: 0.9430, 0.9380

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 39.25. 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, 43.75

Support level: 39.25, 37.45

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1778.35. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1794.30.

Resistance level: 1794.30, 1818.40

Support level: 1778.35, 1767.35

30 June 2020                       Afternoon Session Analysis

Upbeat China data keeping Aussie afloat.

The Aussie dollar which traded against the dollar and other currency pairs have manage to hold its ground during late Asian session after the release of positive data from China. According to China Federation of Logistics and Purchasing, the NBS Manufacturing PMI have improved to 50.9, surpassed market expectation with the reading of 50.4. Besides that, China’s Non-Manufacturing PMI also crossed above previous reading of 53.6, with the results came in at 54.4. The data manage to help the Aussie stay directed for a short term however risk-on influence may limit the positivity towards the upside momentum following the worsening condition of coronavirus. World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus stated on earlier that the pandemic is speeding up. Dr. Tedros also mentioned that the “the worst is yet to come”. At the time of writing, AUD/USD edge higher 0.06% to 0.6873.

In the commodities market, crude oil price retreats 0.24% to $39.39 per barrel as of writing following heightening concerns of COVID-19 weigh on market. As global coronavirus death have surpassed half a million, some countries like UK have stated to re-impose lockdown while other regions are still grappling with the first wave. On the other hand, gold price remains stable and edge higher by 0.03%to 1771.74 a troy ounce at the time of writing following broad risk-aversion which prompting investors to increase their bets on safe-haven market.

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 remain traded in a sideway channel while currently testing near the resistance level 97.55. However, due to lack of momentum from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 97.55, 98.80

Support level: 95.90, 94.65

GBPUSD, H4: GBPUSD was traded lower following recent breakout below the previous support level 1.2340. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short term technical correction towards the current resistance level 1.2340.

Resistance level: 1.2340, 1.2510

Support level: 1.2165, 1.1995

EURUSD, H4: EURUSD was traded flat while currently testing the support level 1.1225. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower after it breaks below the support level 1.1225.

Resistance level: 1.1390, 1.1505

Support level: 1.1225, 1.1090

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 108.00. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 108.00.

Resistance level: 108.00, 108.60

Support level: 107.40, 106.60

AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the support level 0.6820. However, MACD which illustrate bullish momentum with the starting formation of golden cross suggest the pair to be traded higher towards the resistance level 0.7020.

Resistance level: 0.7020, 0.7195

Support level: 0.6820, 0.6680

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

Resistance level: 0.6490, 0.6580

Support level: 0.6370, 0.6235

USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the resistance level 1.3685. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to be traded lower as a pullback towards the support level 1.1385.

Resistance level: 1.3645, 1.3820

Support level: 1.3485, 1.3330

USDCHF, H4: USDCHF remain traded in a sideway channel following prior rebound from the support level 0.9460. However, MACD which illustrate bullish momentum suggest the pair to extend its momentum towards the resistance level 0.9545.

Resistance level: 0.9545, 0.9650

Support level: 0.9460, 0.9365

CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing near the resistance level 40.45. However, MACD which illustrate bullish momentum signal suggest the commodity to be traded higher after it breaks above the resistance level.

Resistance level: 40.45, 43.85

Support level: 35.05, 31.05

GOLD_, H4: Gold price was traded flat while currently testing near support level 1764.25. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to be traded lower after it breaks below the support level.

Resistance level: 1795.80, 1825.25

Support level: 1764.25, 1736.80

30 June 2020                       Morning Session Analysis

Pound fell over the high debt load.

Pound Sterling extent its losses on Monday amid worries about the UK’s post Brexit spending plans would trigger the country’s bulging debt load. According to Reuters, UK Prime Minister Boris Johnson is expected to unveil a plan to boost up spending the infrastructure projects on Tuesday. However, as for now the UK public debt has exceeded the GDP for the first time since 1963 following the UK government borrowed a record of £55bn in May in order to combat the economic damage due to the coronavirus pandemic. Hence, the plan stoked fears upon the ability of the country to repay its huge load of debt. Besides, the lack of progress over the Brexit’s talks has left scant hope of soft-Brexit, which continually weighing the Pound Sterling. The UK government spokesperson claimed that the UK President Boris Johnson would be ready to leave the transition period on Australia terms if an agreement with European Union could not be reach. Moreover, the UK government reiterated that they want to take control over access to its waters and fish when the Brexit transition period ends, rather than stick with the EU’s Common Fisheries Policy while the EU claimed that they would not agree to any measures that threaten the freedom of the single market. As of writing, GBP/USD slumped 0.17% to 1.2285.

In the commodities market, the crude oil price surged 0.42% to $39.70 per barrel as of writing. The oil market edged higher amid improvement of the global economy data, which spurring the positive outlook for this black commodity. On the other hand, the gold price slumped 0.04% to $1773.00 per troy ounces following the positive economic data from the U.S region was released.

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 97.60. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 97.20.

Resistance level: 97.60, 98.00

Support level: 97.20, 96.80

GBPUSD, H1: GBPUSD was traded higher while currently near the resistance level at 1.2330. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2330, 1.2405

Support level: 1.2255, 1.2185

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1270. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1210.

Resistance level: 1.1270, 1.1340

Support level: 1.1210, 1.1170

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.90. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 107.90, 108.45

Support level: 107.35, 106.80

AUDUSD, H4: AUDUSD was traded within a range while currently testing the support level at 0.6845. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term.

Resistance level: 0.6965, 0.7120

Support level: 0.6845, 0.6690

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6395. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6505, 0.6575

Support level: 0.6395, 0.6320

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3690. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3520.

Resistance level: 1.3690, 1.3805

Support level: 1.3520, 1.3360

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9470. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9530.

Resistance level: 0.9530, 0.9580

Support level: 0.9470, 0.9435

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 39.15. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 40.35, 41.40

Support level: 39.15, 37.35

GOLD_, H4: Gold price was traded within a range while currently testing the resistance level at 1779.50. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher after it successfully breakout above the resistance level.

Resistance level: 1779.50, 1812.75

Support level: 1727.50, 1680.35

29 June 2020                       Afternoon Session Analysis

Yen struggles amid downbeat data.

The Japanese Yen which traded against the dollar and other currency pairs have fell during late Asian session following the release of Japan trade data. According to the Ministry of Economy, Trade and Industry from Japan, retail sales in the country have fell by -12.3%, weaker than market expectation of -11.6%. Furthermore, Large Retailer Sales in May also deteriorate by -16.7%, missing market expectation of -16.7%. Still, despite with the disappointing data offered immediate direction for the pair, overall risk aversion due to COVID-19 help limiting the losses while the pair awaiting for further catalyst to determine clear direction. On coronavirus update, the death toll from COVID-19 have now reached half a million while reported cases of coronavirus also exceeds 10 million. At the time of writing, USD/JPY rose 0.04% to 107.24.

In the commodities market, crude oil price edge lower 0.11% to $37.88 per barrel as of writing following the re-emergence of Covid-19 cases in some countries hurt demand outlook. New outbreaks are reported in countries including China, New Zealand and Australia may prompting governments to impose restrictions again, thus affecting the market sentiment. On the other hand, gold price remains steady and rose 0.04% to $1769.39 a troy ounce at the time of writing following broad risk aversion support the 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 remain traded in a sideway channel while currently testing near the resistance level 97.55. However, MACD which illustrate bearish bias signal with the starting formation of death cross suggest the dollar to be traded lower towards the support level 95.90.

Resistance level: 97.55, 98.80

Support level: 95.90, 94.65

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2340. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.2510.

Resistance level: 1.2510, 1.2660

Support level: 1.2340, 1.2165

EURUSD, H4: EURUSD was traded flat while currently testing the support level 1.1225. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 1.1390.

Resistance level: 1.1390, 1.1505

Support level: 1.1225, 1.1090

USDJPY, H4: USDJPY remain traded flat 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: 107.40, 108.00

Support level: 106.60, 106.00

AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the support level 0.6820. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to be traded higher towards the resistance level 0.7020.

Resistance level: 0.7020, 0.7195

Support level: 0.6820, 0.6680

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

Resistance level: 0.6490, 0.6580

Support level: 0.6370, 0.6235

USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the resistance level 1.3685. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to be traded lower as a pullback towards the support level 1.1385.

Resistance level: 1.3645, 1.3810

Support level: 1.3485, 1.3330

USDCHF, H4: USDCHF remain traded flat in a sideway channel while currently testing near the support level 0.9460. However, MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9545, 0.9650

Support level: 0.9460, 0.9365

CrudeOIL, H4: Crude oil price remain traded in a sideway channel following recent retracement from its high level. However, MACD which illustrate bearish bias signal suggest the commodity to extend its downward momentum in short term towards the support level 35.05.

Resistance level: 40.45, 43.85

Support level: 35.05, 31.05

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1764.25. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 1795.80.

Resistance level: 1795.80, 1825.25

Support level: 1764.25, 1736.80

29 June 2020                       Morning Session Analysis

Pound slumped amid risk-off sentiment.

Pound Sterling slumped on last Friday, reaching its lowest level in almost month amid Brexit uncertainty had weighed on the demand of the currency. Besides, the unstoppable accelerating of the coronavirus infections had also stoked a shift in sentiment toward the safe-haven asset such as US Dollar, spurring further selloff for the riskier currency such as Pound Sterling. According to Reuters, the European Union negotiator Michel Barnier claimed that the UK and EU have not yet achieved any consensus with regards of the post-Brexit deal, which dimming the outlook for the trade relationship between both countries. Moreover, the fear of the second wave of the coronavirus infections remained amid the death toll from COVID-19 reached half a million people on Sunday. As for now, the coronavirus had killed more than 500,000 fatalities while more than 10 million people had been infected by the coronavirus. Meanwhile, more than 4,700 people are dying every 24 hours due to coronavirus infections, according to Reuters calculation based on an average from 1^st to 27^th June. Nonetheless, investors at this time will continue to remain focus on the development with regards of the coronavirus and Brexit issues in order to gauge the likelihood movement for the currency. As of writing, the GBP/USD depreciated by 0.09% to 1.2341.

In the commodities market, the crude oil price slumped 0.25% to $37.72 per barrels as of writing. The oil market edged lower as investors remained cautious over the second wave of the coronavirus. On the other hand, the gold market appreciated by 0.09% to $1772.88 per troy ounces as of writing amid diminishing risk appetite in the global financial market.

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, H1: Dollar index was traded lower following prior retracement from the resistance level at 97.60. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 97.60, 98.00

Support level: 97.20, 96.80

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2325. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2405, 1.2500

Support level: 1.2325, 1.2255

EURUSD, H4: EURUSD was traded within a range while currently testing the support level at 1.1210. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1275, 1.1340

Support level: 1.1210, 1.1170

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 106.708. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.45, 107.95

Support level: 106.80, 106.15

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6965. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6965, 0.7120

Support level: 0.6805, 0.6605

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6395. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6505, 0.6575

Support level: 0.6395, 0.6320

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3690. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3690, 1.3805

Support level: 1.3490, 1.3360

USDCHF, H4: USDCHF was traded within a range while currently testing the support level at 0.9470. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9530, 0.9580

Support level: 0.9470, 0.9435

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 39.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 37.15.

Resistance level: 39.25, 40.35

Support level: 37.15, 35.65

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1779.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1779.50, 1812.75

Support level: 1727.50, 1680.35

26 June 2020                       Afternoon Session Analysis

Japanese Yen struggles after inflation data.

The Japanese Yen which measured its value against the dollar and other currency pairs have fell during late Asian session after the release of Japan CPI. According to Statistics Bureau of Japan, Tokyo Consumer Price Index have decline to 0.3%, missing market expectation of 0.6% while core CPI matched 0.2%. Besides that, downbeat statements from BoJ Governor Haruhiko Kuroda have also dragged down further the sentiment. Earlier during the day, Kuroda stated that the coronavirus (COVID-19) pandemic has had a severe impact on countries all over the world, and Japan is no exception. The policymaker also cited fears that Japan’s GDP for the second quarter (Q2) could see considerable contraction. Moreover, Bank of Japan board member Seiji Adachi also mention that the central bank will control interest rates and prevent them from spiking to ensure Japan’s safety in finance. At the time of writing, USD/JPY edge higher 0.05% to 107.15.

In the commodities market, crude oil price gains 0.19% to $39.07 per barrel as of writing following upbeat traffic data. According to reports, Satellite traffic data from China, Europe and the United States indicated a healthy increase in levels, boosting investor sentiment and confidence in demand recovery. Still, market remains cautious amid COVID-19 fears. On the other hand, gold price retreats 0.11% to $1761.80 a troy ounce amid rebound in dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CNY                                        Dragon Boat Festival

Today’s Highlight Events

Time                       Market                  Event

15:00                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 97.20. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 97.60, 98.25

Support level: 97.20, 96.80

GBPUSD, H1: GBPUSD was traded within a range while currently testing the support level at 1.2405. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2500, 1.2590

Support level: 1.2405, 1.2335

EURUSD, H1: EURUSD was traded within a range while currently testing the support level at 1.1215. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1275, 1.1340

Support level: 1.1215, 1.1170

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.45. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 106.80.

Resistance level: 107.45, 107.95

Support level: 106.80, 106.15

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level alt 0.6965. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6965, 0.7195

Support level: 0.6805, 0.6605

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6395. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level 0.6505.

Resistance level: 0.6505, 0.6575

Support level: 0.6395, 0.6320

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3650. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3650, 1.3770

Support level: 1.3490, 1.3360

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9470. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9530, 0.9580

Support level: 0.9470, 0.9435

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 38.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 39.85.

Resistance level: 39.85, 41.45

Support level: 38.65, 37.05

GOLD_, H1: Gold price was traded within a range while currently testing the support level at 1760.15. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.

Resistance level: 1777.60, 1788.00

Support level: 1760.15, 1746.50

26 June 2020                       Morning Session Analysis

Dollar hovered following the release of mixed economic data.

Dollar index which gauges its value against a basket of six major currencies was having a mixed pattern and hovered near the recent high level during early Asian trading session amid unclear sentiment in dollar market. According to the Census Bureau, US Core Durable Goods Orders came in at 4.0%, higher than the economist forecast of 2.5%, showing that US manufacturing sector is in the midst of recovery stage. However, market participants are now forecasting weak underlying inflation pressure in the future after the recent GDP data showed that US economy shrank at a pace of 5.0% in the first quarter. Amidst the outbreak of coronavirus, US doesn’t seem to have a downward curved in the figure of infection, where the market sees little hopes over a strong rebound may happen in US economy as of now. Moreover, Initial Jobless Claims data which acts as a strong indicator to reflect the current US labour market condition showed that there is a high number of Americans were still filing for unemployment insurance claims last week. According to the Department of Labour, US Initial Jobless Claims data reported an increase of 1,480K, blowing the estimates of 1,300K, indicating the labour market still remains weak and vulnerable under the shadow of pandemic. As of now, dollar index rose by 0.05% to 97.40.

In the commodities market, crude oil price appreciated 1.21% to $39.20 per barrel despite demand worries persist on recent spike in coronavirus. As of now, oil market participants are still remain cautious amid recent signs of second wave of coronavirus in few of the major countries. Besides, gold price rose 0.10% to $1765.40 per troy ounce amid market worries over the virus heightened.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CNY                                        Dragon Boat Festival

Today’s Highlight Events

Time                       Market                  Event

15:00                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 97.55. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement toward the support level at 96.90.

Resistance level: 97.55, 98.75

Support level: 96.90, 96.10

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2435.

Resistance level: 1.2435, 1.2525

Support level: 1.2345, 1.2230

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound toward the resistance level at 1.1245.

Resistance level: 1.1245, 1.1320

Support level: 1.1165, 1.1095

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.45. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 106.80.

Resistance level: 107.45, 107.90

Support level: 106.80, 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, H4: NZDUSD was traded higher following prior rebound near the support level at 0.6380. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6480.

Resistance level: 0.6480, 0.6580

Support level: 0.6380, 0.6265

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3675. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward 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 0.9475. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9535, 0.9595

Support level: 0.9475, 0.9430

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 39.25. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to undergo technical correction toward the higher level.

Resistance level: 39.25, 41.35

Support level: 37.45, 34.65

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1757.85. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1778.35.

Resistance level: 1778.35, 1794.30

Support level: 1757.85, 1741.75

25 June 2020                       Afternoon Session Analysis

Loonie slips amid Fitch rating downgrade.

During late Asian session, the Canadian Lonnie which traded against the greenback and other currency pairs have plummeted after Fitch Ratings downgrades Canada’s credit rating. According to reports, one of U.S big 3 credit agencies, Fitch Ratings have stripped Canada of its AAA status due to a spike in emergency spending for coronavirus, making it the first top-rated country to be downgraded by ratings agency during the pandemic. Fitch also forecasted that the Canada’s pandemic response will increase its government debt to 115.1% of GDP in 2020, up from 88.3% in 2019. The Loonie was briefly weakened by the news which exert selling pressure towards the currency. On top of that, exhausted oil price also further adding pressure towards the commodity-backed currency. At the time of writing, USD/CAD rose 0.09$ to $1.3643.

In the commodities market, crude oil price fell 1.09% to $37.50 per barrel as of writing as U.S production making a comeback. According to official weekly data from the U.S government, drillers in U.S shale fields have added to production for the first time since March. It was also the first rise in U.S production in 13 weeks. Moreover, the ongoing concern of coronavirus also continue to weigh heavily on the market where at least 22 of 50 US states have reported a rise in Covid-19 cases. On the other hand, gold price retreats 0.05% to $1761.28 a troy ounce at the time of writing following dollar comeback.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CNY                                        Dragon Boat Festival

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher while currently testing the resistance level at 97.25. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 97.25, 97.60

Support level: 96.85, 96.35

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2405. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2500, 1.2590

Support level: 1.2405, 1.2335

EURUSD, H1: EURUSD was traded lower following prior breakout below the previous support level at 1.1275. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1275, 1.1340

Support level: 1.1215, 1.1170

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 106.80. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 107.45.

Resistance level: 107.45, 107.95

Support level: 106.80, 106.15

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6965. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6775.

Resistance level: 0.6965, 0.7195

Support level: 0.6775, 0.6605

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6395. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6505, 0.6575

Support level: 0.6395, 0.6320

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3650, 1.3770

Support level: 1.3490, 1.3360

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9470. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9530.

Resistance level: 0.9530, 0.9580

Support level: 0.9470, 0.9435

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 37.45. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 38.65, 39.85

Support level: 37.45, 35.65

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1758.50. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1772.65, 1788.00

Support level: 1758.50, 1746.50