Daily Analysis

25 June 2020                       Morning Session Analysis

Dollar soars as geopolitical risk heightened.

Dollar index which gauges its value against a basket of six major currencies managed to extend its rebound yesterday following the latest news showed that US is intended to implement new round of tariff against Europe and UK. According to the US Trade Representative’s latest statement, Trump Administration will most likely weighing new tariff against $3.1 Billion imported goods from France, Germany, Spain and UK. In details, EU imported goods such as gin, beer, potatoes, trucks are targeted in the new tariff plan, while the duties on products such as aircrafts, cheese and yogurt will be increased. This decision was come after few months of review regarding to the Europe’s illegal subsidies to Airbus, where it has created an unfair competitive environment in the view of US. As of now, there is still lack of details with regards to the tariff plan, however market are expecting the new round of tariff will be implemented in September, by which point WHO will have to determine whether the EU can legally impose tariff against imported goods from US. The situation of heightening tensions between US and EU sparked the appeal of dollar as a safe haven currency. As of writing, dollar index rose 0.58% to 97.20.

In the commodities market, crude oil price depreciates by 0.34% to $37.90 per barrel as latest inventory data shows a high build-up in US crude oil inventories level. According to the EIA, US Crude Oil Inventories data came in at 1.442M, higher than the economist forecast at 0.299M, market worries increased as recovery of demand seems to be slower than expectation. Besides, gold price inched up 0.16% to $1763.70 after US decided to implement new tariff plan against EU.

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, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 96.90. MACD which illustrate bullish bias 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 breakout below the previous support level at 1.2435. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2345.

Resistance level: 1.2435, 1.2525

Support level: 1.2345, 1.2230

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1245. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.1245.

Resistance level: 1.1320, 1.1390

Support level: 1.1245, 1.1165

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

Resistance level: 107.45, 107.90

Support level: 106.80, 106.35

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the higher level. MACD which display 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, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6480. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.6380.

Resistance level: 0.6480, 0.6580

Support level: 0.6380, 0.6265

USDCAD, H4: 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 while currently testing the resistance level at 0.9475. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9475.

Resistance level: 0.9475, 0.9540

Support level: 0.9430, 0.9380

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 39.25. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 37.45.

Resistance level: 39.25, 41.35

Support level: 37.45, 34.65

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1764.00. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses toward the support level at 1741.75.

Resistance level: 1778.35, 1794.30

Support level: 1764.00, 1741.75

24 June 2020                       Afternoon Session Analysis

Kiwi fell amid dovish RBNZ.

During late Asian session, the New Zealand Kiwi which traded against the greenback and other currency pair have plummet after RBNZ leaves its door open for additional stimulus. According to RBNZ, the official cash rate remain unchanged at a record low of 0.25% as widely expected for the second month. However, its meeting minutes have expressed a dovish tone which showed the board members believe that possible negative outcomes from the global pandemic remain severe and larger than any near-term upside surprises. The central bank stated that it is prepared to use additional monetary policy tolls as required and committed to review asset purchase program. On top of that, the RBNZ also expressed its concern on the Kiwi value where it stated that the rising exchange rate have put pressure on the export earnings. At the time of writing, NZD/USD fell 0.26% to 0.6470.

In the commodities market, crude oil price retreats 0.09% to $40.09 per barrel as of writing following increasing build concerns and growing unease of price growing too much. As API recently report higher than expected stockpiles, market are also forecasting the same results for the upcoming EIA crude oil report. On top of that, Growing unease among some that the market had gone up too much in too short a time have also weigh on the sentiment. On the other hand, gold price rose 0.05% to $1767.99 a troy ounce at the time of writing following dollar weakness which prompt 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, Daily: Dollar index was traded lower following prior breakout below the previous support 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 lower while currently testing the support level at 1.2500. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2500.

Resistance level: 1.2625, 1.2790

Support level: 1.2500, 1.2435

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1320.  However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical retracement toward the support level at 1.1245.

Resistance level: 1.1320, 1.1390

Support level: 1.1245, 1.1165

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 106.35. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound toward the resistance level at 106.80.

Resistance level: 106.80, 107.45

Support level: 106.35, 105.95

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 lower following prior breakout below the previous support level at 0.6480. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.6380.

Resistance level: 0.6480, 0.6580

Support level: 0.6380, 0.6265

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3500. MACD which illustrate diminishing bearish 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 while currently testing near the support level at 0.9430. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo technical correction toward the resistance level at 0.9475.

Resistance level: 0.9475, 0.9540

Support level: 0.9430, 0.9380

CrudeOIL, Daily: Crude oil price was traded higher following prior rebound from the support level at 36.00. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 42.95.

Resistance level: 42.95, 48.75

Support level: 36.00, 29.05

GOLD_, H4: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its downward momentum toward the support level at 1764.00.

Resistance level: 1794.30, 1818.40

Support level: 1764.00, 1741.75

24 June 2020                       Morning Session Analysis

Positive economic data spurred demand for Euro.

The euro surged to one-week high over the backdrop of the positive economic data from the European region. Besides, the demand for riskier currencies was boosted following the U.S. officially confirmed that the trade deal between U.S and China is remained intact. According to Markit Economics, the Germany Manufacturing Purchasing Managers Index (PMI) spiked up from the preliminary reading of 36.6 to 44.6, confounding market forecast for a reading of up to 41.5. Similarly, the France Manufacturing Purchasing Managers Index notched up from the previous reading of 40.6 to 52.1, unexpectedly much better than the market forecast at 46.0. Such better-than-expected economic data had dialled up the market optimism toward the economic progression in the European region while outweighing against the fears of the second wave coronavirus infections across the globe, which insinuating demand for the euro currency. Moreover, the euro received further bullish momentum amid accelerating risk appetite in the FX market following the U.S. President Donald Trump wrote in a tweet that the deal with China was “fully intact”. As of writing, EUR/USD appreciated by 0.02% to 1.1307.

In the commodities market, the crude oil price slumped 0.25% to $40.02 per barrel. The oil market edged lower following the crude oil data was released. According to American Petroleum Institute (API), the crude stockpiles came in at 1.749M, much higher than the market forecast at 0.300M. Nonetheless, at this time investors would scrutinize the crude oil inventory data which will be released tonight in order to gauge the likelihood movement for the commodity. On the other hand, the gold price appreciated by 0.04% to $1768.90 per troy ounces amid the spike of the coronavirus infections in the United States, which stoked a shift in sentiment toward the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

10:00                     NZD       RBNZ Rate Statement

11:00                     NZD       RBNZ Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 96.35. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 96.95, 97.55

Support level: 96.35, 95.70

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2515. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2635, 1.2815

Support level: 1.2515, 1.2305

EURUSD, Daily: EURUSD was traded higher following prior breakout above the resistance level at 1.1275. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1400.

Resistance level: 1.1400, 1.1500

Support level: 1.1275, 1.1170

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 106.15. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 106.80, 107.45

Support level: 106.15, 105.45

AUDUSD, H4: AUDUSD was traded higher while currently near 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, 0.7195

Support level: 0.6775, 0.6605

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6490. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6580, 0.6655

Support level: 0.6490, 0.6385

USDCAD, H4: USDCAD was higher following prior rebound from the support level at 1.3490. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3635.

Resistance level: 1.3635, 1.3770

Support level: 1.3490, 1.3360

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9430. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9520, 0.9605

Support level: 0.9430, 0.9330

CrudeOIL, Daily: Crude oil price was traded higher while currently near the resistance level at 42.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 42.55, 52.35

Support level: 35.65, 28.75

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1762.45. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1798.75, 1825.50

Support level: 1762.45, 1735.80

23 June 2020                       Afternoon Session Analysis

Aussie fell amid uncertainty between US – China.

The Aussie dollar which traded against the greenback and other currency pairs have slipped during late Asian session as the worsening tension between U.S and China continue to pressure the market. Earlier today, White House advisor Peter Navarro have stated that the trade deal between the U.S and China is over. Navarro told Fox News: “It’s over, they came here on January 15th to sign that trade deal, and that was a full two months after they knew the virus was out and about,”. The market reaction was swift towards the news and prompt sellers to drag down the value. However, US Economic Advisor Larry Kudlow later clarifies that US-China trade deal still remain intact, which caused a confusion among investors. Still, the possibility of trade deal termination could lead to the revival of the trade war between the world’s two biggest economies, thus the uncertainty was weigh on market risk sentiment. At the time of writing, AUD/USD fell 0.05% to 0.6923.

In the commodities market, crude oil price remains strong and edge higher 0.18% to $40.60 per barrel as of writing following demand recovery optimism. Following the reopening of some U.S states and countries around the world after lockdowns, demand for fuel returns as streets such as New York were clogged with traffic. Airlines such as Delta Airlines also resume its flights which prompt for more fuel demand, thus pushing the price. On the other hand, gold price retreats 0.27% to $1749.90 a troy ounce at the time of writing amid rebound in dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:45                     GBP                                        BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 96.75. 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, 98.45

Support level: 96.75, 95.90

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.2515. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2635, 1.2815

Support level: 1.2095, 1.2305

EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.1275. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1225, 1.1355

Support level: 1.1220, 1.1170

USDJPY, H1: USDJPY was traded higher following prior rebound from the support 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 higher following prior rebound from the support level at 0.6775. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7000.

Resistance level: 0.7000, 0.7195

Support level: 0.6775, 0.6605

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6490. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6490, 0.6580

Support level: 0.6385, 0.6275

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3490. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3635, 1.3770

Support level: 1.3490, 1.3360

USDCHF, H1: USDCHF was traded lower while currently testing the support level at 0.9465. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9515, 0.9545

Support level: 0.9465, 0.9430

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 42.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 42.55, 52.35

Support level: 35.65, 28.75

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1759.10. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1759.10, 1798.75

Support level: 1724.10, 1681.00

23 June 2020                       Morning Session Analysis

Dollar plunged amid weak housing data.  

Dollar index which gauges its value against a basket of six major currencies dipped following the release of weak economic data yesterday. According to the National Association of Realtors, US Existing Home Sales data came in at 3.91M, blowing the estimation of economist at 4.12M, indicating that the housing sector is still being haunted by the fallout of pandemic. However, latest step from the US against China has successfully underpinned the US dollar market, as the currency’s safe haven appeal turned shiner after Trump administration announced 4 more Chinese State –run media organizations as foreign missions. In details, the companies that fall under foreign mission’s category will be required to submit a complete list of employees and a list of their real estate holdings to US government for checking purposes. The move is seemingly acting as the effort by Trump administration to counter against China aggressive policy. As a repercussion, market are now seeing China will most likely take retaliation actions on this issue amid unfair treatment on China companies in US. As of writing, dollar index dropped 0.62% to 97.00.

In the commodities market, crude oil price appreciated by 1.13% to $41.05 per barrel amid market optimism toward the global supply cut underpinned the oil market sentiment from the recent spike in Coronavirus cases. As of now, market participants are still eyeing on the upcoming inventory data to gauge the direction of this black commodity. Besides, gold price rose 0.05% to $1755.90 a troy ounce amid market worries over the second wave outbreak of the virus.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:45                     GBP                                        BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 96.85. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 96.85.

Resistance level: 97.60, 98.35

Support level: 96.85, 95.95

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.2485. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2485.

Resistance level: 1.2485, 1.2585

Support level: 1.2250, 1.1965

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1240. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after its candle successfully closed above the resistance level.

Resistance level: 1.1240, 1.1400

Support level: 1.1115, 1.1025

USDJPY, Daily: USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to rebound from the lower level.

Resistance level: 107.15, 108.15

Support level: 106.20, 104.80

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6935. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6935.

Resistance level: 0.6935, 0.7215

Support level: 0.6655, 0.6310

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6405. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.6565.

Resistance level: 0.6565, 0.6735

Support level: 0.6405, 0.6200

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3650. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3360.

Resistance level: 1.3650, 1.3830

Support level: 1.3360, 1.3075

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9540. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9455.

Resistance level: 0.9540, 0.9625

Support level: 0.9455, 0.9335

CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 40.35. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 42.40.

Resistance level: 42.40, 43.75

Support level: 40.35, 38.95

GOLD_, H1: Gold price 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 1751.25.

Resistance level: 1763.15, 1773.45

Support level: 1751.25, 1743.75

22 June 2020                       Afternoon Session Analysis

Aussie held gains following PBoC rate decision.

The Aussie dollar which traded against the greenback and other currency pairs remains in bid after the People’s Bank of China’s (PBOC) rate decision. According to PBoC, the central bank have kept its 1 year and 5 year prime loan rates unchanged at 3.85% and 4.65% respectively as expected. Besides that, praises from RBA Governor Lowe also help improved the market sentiment. According to reports, Governor Phillip Lowe stated that Australia emerged pretty strong from the coronavirus crisis when compared to many other economies. He also mention that the economic downturn in Australia is not as severe as he is expected and has done remarkably well compared to many other countries. However, the tension between the U.S and China continue to weigh on the pair and potential may limited further upside potential while market awaits further development. As of writing, AUDUSD edge higher 0.18% to 0.6842.

In the commodities market, crude oil price rose 2.50% to $40.03 per barrel at the time of writing following tightening supply outlook. In the U.S and Canada, the number of operating oil rigs fell to a record low to 189 and 17 respectively. On top of that, promises of complying with oil production cuts by Iraq and Kazakhstan also continue to provide support for the black commodity. On the other hand, gold price soars 0.62% to $1754.91 a troy ounce as of writing following uncertainty in US-China tension and fears of second wave coronavirus pushing high demand for 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 was traded higher while currently testing the resistance level 97.55. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a technical correction towards the support level 95.90.

Resistance level: 97.55, 98.80

Support level: 95.90, 94.65

GBPUSD, H4: GBPUSD was traded lower following recent breakout below the support level 1.2435. However, MACD which illustrate diminishing bearish momentum signal suggest the pair may experience a short term pullback towards the resistance level 1.2435.

Resistance level: 1.2435, 1.2620

Support level: 1.2225, 1.1995

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1250. However, MACD which illustrate diminishing bearish bias signal with the starting formation of golden cross suggest the pair to experience a technical correction in short term towards the current resistance level 1.1250.

Resistance level: 1.1250, 1.1390

Support level: 1.1090, 1.0870

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 the support level 0.6820. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a pullback 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 following recent rebound from the support level 0.6370. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 0.6490.

Resistance level: 0.6490, 0.6580

Support level: 0.6370, 0.6235

USDCAD, H4: USDCAD remain traded in a sideway channel following recent pullback from the resistance level 1.3645. However, 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: 1.3645, 1.3810

Support level: 1.3485, 1.3330

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

Resistance level: 0.9545, 0.9850

Support level: 0.9460, 0.9365

CrudeOIL, H4: Crude oil price was traded higher while currently testing 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 higher while currently testing near the resistance level 1761.25. MACD which illustrate ongoing bullish momentum suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1761.25, 1795.80

Support level: 1736.80, 1701.70

22 June 2020                       Morning Session Analysis

Dollar surged amid fears over second wave of virus heightened.

Dollar index which gauges its value against a basket of six major currencies soars as the appeal of dollar as a safe haven currency has overshadowed the market concern over the recovery of US economy. Since the outbreak of Coronavirus, the global economy has been sent into an unprecedented recession stage where economic activity was being forced to halt, as a measure to mitigate the fallout of virus. However, the recent significant uptick of daily new coronavirus cases in US and some of other countries such as Germany has increased the market worries over the outbreak of second wave of virus. Later last week, US country has reported more than 30,000 new cases which has refreshed the highest daily new cases record since 1^st of May while Florida has the highest number of new cases among all the states. Moreover, new cluster of virus has also been detected in country such as China and Germany which had successfully controlled the spread of virus over recent months, raised the fears of a resurgence of the virus in these countries. Hence, market participants chose to flee into safe haven currencies to avoid the risk of economic downturn which might be caused by the potential outbreak of another virus’s wave. As of writing, dollar index rose 0.04% to 97.65.

In the commodities market, crude oil price increased by 0.05% to $39.85 per barrel amid market optimism toward the OPEC+ supply cut. In the recent meeting, Iraq and Kazahkstan have agreed to comply better with oil cut, indicating that the issue of supply glut might be resolved along the production cut. Besides, gold price surged 0.19% to $1747.40 a troy ounce amid raising of market fears over the outbreak of another virus’s wave.

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, Daily: Dollar index was traded higher while currently testing the resistance level at 97.60. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 97.60.

Resistance level: 97.60, 98.35

Support level: 96.85, 95.95

GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.2485. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2250.

Resistance level: 1.2485, 1.2585

Support level: 1.2250, 1.1965

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1240. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1115.

Resistance level: 1.1240, 1.1400

Support level: 1.1115, 1.1025

USDJPY, Daily: USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to rebound from the lower level.

Resistance level: 107.15, 108.15

Support level: 106.20, 104.80

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6935. MACD which display bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.6655.

Resistance level: 0.6935, 0.7215

Support level: 0.6655, 0.6310

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6405. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.6200.

Resistance level: 0.6405, 0.6565

Support level: 0.6200, 0.5925

USDCAD, Daily: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3650.

Resistance level: 1.3650, 1.3830

Support level: 1.3360, 1.3075

USDCHF, Daily: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9540.

Resistance level: 0.9540, 0.9625

Support level: 0.9455, 0.9335

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 38.95. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 40.35.

Resistance level: 40.35, 42.40

Support level: 38.95, 37.55

GOLD_, H1: Gold price was traded higher following prior breakout above the previous resistance level at 1743.75. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 1753.85.

Resistance level: 1753.85, 1763.60

Support level: 1743.75, 1732.75

19 June 2020                       Afternoon Session Analysis

Pound slips further following Brexit fears.

The pound sterling which traded against the dollar and other currency pairs have fell during late Asian session as signs of U.K and EU relationship remains fragile. According to reports from Bloomberg, the EU stated that it would impose full customs controls and checks on U.K. goods in 2021 at the end of Dec 31 transition period. Besides that, U.K. also stated that in the first half of 2021, most firms moving goods into Britain would get six months to pay any tariffs due, even if a post-Brexit deal is not reached. Signs of weak relationship between U.K and EU have increased doubt over potential trade deal and easing market optimism. On top of that, dovish sentiment from the BoE also caused extra pressure for the pound sterling. BoE held rates steady at historic lows of 0.1% and ramped up its bond purchases by £100 billion. It also stated that it stands ready to take further action as necessary in order support the economy and boost inflation to its 2% target. At the time of writing, GBP/USD fell 0.04% to $1.2420.

In the commodities market, crude oil price gains 0.72% to 39.25 per barrel as of writing amid market faith in supply cuts. Following latest reports, Iraq and Kazakhstan promises to compensate for overproduction in May on their supply cut commitments. Besides that, positive comments from oil trading giants Vitol and Trafigura also help buoyed the sentiment as they forecasted a rapid demand rebound. On the other hand, gold price edge higher by 0.17% to $1725.97 at the time of writing following increase risk-off appeal.

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, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 96.90. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 97.60.

Resistance level: 97.60, 98.35

Support level: 95.95, 95.00

GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.2485. MACD which illustrate bearish bias momentum with the formation of death cross suggest the pair to extend its losses toward the support level at 1.2250.

Resistance level: 1.2485, 1.2585

Support level: 1.2250, 1.1965

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1240. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo technical correction toward the resistance level at 1.1240.

Resistance level: 1.1240, 1.1400

Support level: 1.1115, 1.1025

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 107.15. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.20.

Resistance level: 107.15, 108.15

Support level: 106.20, 104.80

AUDUSD, Daily: AUDUSD was traded lower while currently testing the upward trend line. MACD which display bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the upward trend line.

Resistance level: 0.6935, 0.7215

Support level: 0.6655, 0.6310

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6405.  MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 0.6405.

Resistance level: 0.6565, 0.6735

Support level: 0.6405, 0.6200

USDCAD, Daily: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3650.

Resistance level: 1.3650, 1.3830

Support level: 1.3360, 1.3075

USDCHF, Daily: USDCHF 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 0.9540.

Resistance level: 0.9540, 0.9625

Support level: 0.9455, 0.9335

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 39.25. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level at 39.25.

Resistance level: 39.25, 41.00

Support level: 37.55, 35.60

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1721.60. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 1732.75.

Resistance level: 1732.75, 1743.75

Support level: 1721.60, 1707.25

19 June 2020                       Morning Session Analysis

Diminishing risk appetite spurred demand for safe-haven dollar.

The dollar index which measured its value against a basket of six major currency pairs extend its bullish momentum amid unstoppable rising in new coronavirus cases globally had diminished risk appetite in the FX market, which prompting the investors to shift their portfolio toward safe-haven asset such as US Dollar. According to Reuters, a surge in new infections in several U.S. states and the imposition of movement control in Beijing to combat a new outbreak have spurred the fears upon the risks of reopening economic activity before a vaccine has been fully developed. On the U.S. economic data front, the US Dollar received further bullish momentum over the backdrop of the positive manufacturing data from the United States region. The Philadelphia Fed Manufacturing Index notched up significantly from the previous reading of -43.1 to 27.5, better than the economist forecast at -23.0, reported by Federal Reserve Bank of Philadelphia. Nonetheless, the gains experienced by the dollar index was limited following the negative job data was released. The Department of Labor from United States reported that the U.S. Initial Jobless Claims came in at 1,508K, which worse than the economist forecast at 1,300K while supporting prospect that the global economy would be facing a long and difficulty recovery from the COVID-19 recession. As of writing, the dollar index surged 0.30% to 97.35.

In the commodity market, the crude oil price surged 0.72% to $39.34 per barrel as of writing. The oil market edged higher following the oil producers who cheated on output cuts initially pledged to the OPEC+ alliance to extend their production cut during their video meeting on Thursday. On the other hand, the gold market surged 0.03% to $1723.53 per troy ouns 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, H4: Dollar index was higher following prior breakout above the previous resistance level at 97.15. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 98.15.

Resistance level: 98.15, 98.95

Support level: 97.15, 96.30

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2465. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2545, 1.2640

Support level: 1.2340, 1.2215

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1225. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1125.

Resistance level: 1.1225, 1.1405

Support level: 1.1125, 1.0980

USDJPY, H1: USDJPY was traded higher while currently near the resistance level at 107.15. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 107.15, 107.45

Support level: 106.70, 106.15

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6915. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6915, 0.7015

Support level: 0.6815, 0.6715

NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.6420. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6475, 0.6525

Support level: 0.6420, 0.6375

USDCAD, H4: USDCAD was higher following prior rebound from the support level at 1.3525. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3640.

Resistance level: 1.3640, 1.3800

Support level: 1.3525, 1.3355

USDCHF, H1: USDCHF was traded higher while currently testing the resistance level at 0.9520. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9520, 0.9545

Support level: 0.9485, 0.9460

CrudeOIL, Daily: Crude oil price was traded higher following prior rebound from the support level at 35.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 42.55.

Resistance level: 42.55, 52.35

Support level: 35.65, 28.75

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1721.80. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1738.70, 1752.05

Support level: 1721.80, 1711.60

18 June 2020                       Afternoon Session Analysis

Aussie suffers amid weak jobs report.

The Australian dollar which traded against the greenback and other currency pair have experience selling pressure during late Asian session after employment data showed weaker than expected reading. According to Australian Bureau of Statistics, unemployment rate in Australia have spiked to 7.1%, higher than market expectation of 7%. Besides that, employment change also came in at -227.7K, missing economist forecast of -125K. The month jobs report have poured cold water over market optimism. It is also validates the dovish stance from RBA and likely continue to pressure the sentiment for the Aussie. Apart from that, the ongoing coronavirus also exert some pressure towards the pair. As China record new cases of coronavirus, Beijing have undertook strict actions by cutting off air travels and restart lockdowns. At the time of writing, AUD/USD slips 0.25% to 0.6866.

In the commodities market, crude oil price extend its retreat and fell 0.40% to $37.73 per barrel as of writing following demand concerns. As new cases recorded in China and EU, concerns towards weak demand continue to increase. Beijing have cancel its flights and shut schools while several U.S. states including Texas, Florida and California reported sharp increases in new cases and could potential recall lockdown that would dragged down the demand in the commodity usage. On the other hand, gold price edge higher 0.03% to $1725.13 a troy ounce at the time of writing amid heightening risk aversion in market due to second wave coronavirus.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

15:30                     CHF         SNB Monetary Policy Assessment

16:00                     CHF         SNB Press Conference

19:00                     GBP        BoE MPC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 96.90. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 97.60.

Resistance level: 97.60, 98.35

Support level: 95.95, 95.00

GBPUSD, Daily: GBPUSD was traded lower while currently testing the upward trend line. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses after it successfully breakout below the upward trend line.

Resistance level: 1.2585, 1.2720

Support level: 1.2485, 1.2250

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1240. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.1240.

Resistance level: 1.1400, 1.1555

Support level: 1.1240, 1.1115

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 107.15. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo technical correction toward the resistance level at 107.15.

Resistance level: 107.15, 108.15

Support level: 106.20, 104.80

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6945. MACD which display bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.6665.

Resistance level: 0.6945, 0.7225

Support level: 0.6665, 0.6315

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the higher level.  MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction toward the support level at 0.6405.

Resistance level: 0.6565, 0.6735

Support level: 0.6405, 0.6200

USDCAD, Daily: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3650.

Resistance level: 1.3650, 1.3830

Support level: 1.3360, 1.3075

USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level at 0.9540. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction toward the higher level.

Resistance level: 0.9540, 0.9625

Support level: 0.9455, 0.9335

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 37.55. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 37.55.

Resistance level: 39.25, 41.00

Support level: 37.55, 35.60

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1730.20. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement toward the support level at 1714.00.

Resistance level: 1730.20, 1743.20

Support level: 1724.00, 1714.20

18 June 2020                       Morning Session Analysis

Acceleration coronavirus cases spurred demand for safe-haven Dollar.

The dollar index which measured its value against a basket of six major currency pairs extend its gains as evidence of a surge in coronavirus cases in United States and China had stoked a shift in sentiment toward safe-haven asset such as US Dollar. According to Reuters, the coronavirus cases from Florida had spiked up to over 2,600 new infections while the cases in Arizona notched up more than 1,800 people, which is the second-highest daily increase for both states. Besides, Beijing cancelled scores of flights, close down the schools and blocked off some neighbourhoods in order to combat the coronavirus pandemic following the number of coronavirus cases in Beijing spiked up in last few days. Nonetheless, the gains experienced by the Dollar Index was limited following the bleak economic data from the United States region was released. According to Census Bureau, the U.S. Building Permits for last month came in at 1.220M, missing the market forecast at 1.228M while spurring further negative prospect for the economic momentum of the United States. As of writing, the dollar index surged 0.12% to 97.00.

In the commodities market, the crude oil price slumped 0.53% to $37.70 per barrel as of writing. The oil market edged lower over the backdrop of the negative oil inventory data from the EIA. According to Energy Information Administration (EIA), the U.S. Crude Oil Inventories came in at 1.215M, exceeding the economist forecast at only -0.152M. On the other hand, the gold market surged 0.06% to $1728.00 per troy ouns amid the risk-off sentiment in the FX market, 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

15:30                       CHF      SNB Monetary Policy Assessment

16:00                       CHF      SNB Press Conference

19:00                       GBP      BoE MPC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded within a range while currently testing the resistance level at 97.15. MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 97.15, 98.15

Support level: 96.30, 95.40

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2535. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2640, 1.2710

Support level: 1.2535, 1.2465

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1225. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1405, 1.1500

Support level: 1.1225, 1.1140

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 107.30. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 106.15.

Resistance level: 107.30, 108.55

Support level: 106.15, 104.90

AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level at 0.6915. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6815.

Resistance level: 0.6915, 0.7015

Support level: 0.6815, 0.6715

NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.6440. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6480, 0.6515

Support level: 0.6440, 0.6395

USDCAD, H4: USDCAD was traded within a range while currently near the support level at 1.3525. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3675, 1.3800

Support level: 1.3525, 1.3355

USDCHF, H1: USDCHF was traded lower while currently testing the support level at 0.9480. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9515, 0.9545

Support level: 0.9480, 0.9445

CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level at 37.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 36.95.

Resistance level: 37.90,39.15

Support level: 36.95, 35.95

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1723.00. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1738.70.

Resistance level: 1738.70, 1752.05

Support level: 1723.00, 1714.15

17 June 2020                       Afternoon Session Analysis

Dollar revived amid upbeat economic data.

Dollar index which gauge its value against a basket of six major currencies managed to extend its rebound after hitting its recent low level amid recent economic data showed a crucial recovery sign after US lifted up its lockdown restriction one month ago. According to the Census Bureau, U.S. Retail Sales data was came in at 17.7%, unexpectedly far better than economist forecast at 8.0%, indicating that American shopping activity has powered significantly, recorded the biggest monthly jump despite the economy is still being haunted by the fallout of Covid-19. Other than that, Jerome Powell neutral statement which released on yesterday has eventually put the entire market sentiment unclear. In details, Jerome Powell revealed that economy are now facing unprecedented significant long term damage which can been obviously seen from high unemployment rate and increasing cases number of business failure in US. However, US economy has entered into stabilization stage after removing its lockdown measures where business and factory are allowed to reopen during this period. As of now, dollar index rose by 0.04% to 97.00.

In the commodities market, crude oil price plunged 2.06% to $37.59 per barrel amid continuous sign of crude oil build in US. According to the API, US API Weekly Crude Oil Stock data has increased by 3.900M while the previous reading was 8.400M. The reported build in crude oil inventories level has dragged down the appeal of oil market. Besides, gold price rose by 0.02% to $1726.75 a troy ounce amid heightening of virus’s pandemic.

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 within a range while currently testing the resistance level at 97.15. MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 97.15, 98.15

Support level: 96.30, 95.40

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.2540. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2640, 1.2710

Support level: 1.2540, 1.2465

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1245. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1405, 1.1555

Support level: 1.1245, 1.1140

USDJPY, H1: USDJPY was traded lower while currently near the support level at 107.15. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 107.45, 107.80

Support level: 107.15, 106.70

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6815.

Resistance level: 0.6915, 0.7015

Support level: 0.6815, 0.6650

NZDUSD, H1: NZDUSD was traded lower following prior retracement from the resistance level at 0.6505. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6505, 0.6570

Support level: 0.6400, 0.6345

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3525. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3640, 1.3800

Support level: 1.3525, 1.3355

USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level at 0.9615. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9485.

Resistance level: 0.9515, 0.9545

Support level: 0.9485, 0.9460

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 37.50. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 39.05,40.40

Support level: 36.05, 34.65

GOLD_, H4: Gold price was traded within a range while currently testing the support level at 1723.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1738.70, 1752.05

Support level: 1723.00, 1706.00

17 June 2020                       Morning Session Analysis

Dollar turned positive on second wave fears.

The dollar index which measured its value against a basket of six major currency pairs have recovered from its previous losses and rebound during early Asian session amid signs of sharp rise on Covid-19 infections in the U.S and other countries. According to reports, some states in the U.S have seen a sharp rise in Covid-19 infections just after a month U.S lifting its lockdown restrictions. Texas reported that Covid-19 hospitalizations rose 8.3%, to 2,518 people, the highest number the state has seen since the pandemic began, while Florida for the second time this week set a daily record for new infections. On the other parts of the world, Beijing extends its lockdown to 18 more residential communities after new cases of coronavirus resurfaced recently. According to Beijing city spokesman Xu Hejian, he mention that the current epidemic situation in the capital is extremely severe. The fresh signs of coronavirus have once again stoking fears about a potential second wave, thus prompting investors to enter safe-haven markets such as dollar. At the time of writing, dollar index rose 0.33% to 97.03.

In the commodities market, crude oil price gains 0.15% to $37.99 per barrel as of writing on demand hopes. Despite with increasing stockpiles reported by API, overall sentiment remains positive after International Energy Agency forecast global oil demand at 91.7 million barrels per day in 2020, higher than previous forecast for May. On the other hand, gold price remains steady and edge higher by 0.05% to $1727.32 at the time of writing following increasing risk-off appetite due to fear of second wave 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 remain traded in a sideway channel following recent rebound from its lows. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the dollar to be traded higher in short term towards the resistance level 97.40.

Resistance level: 97.40, 98.80

Support level: 95.90, 94.65

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.2620. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2435.

Resistance level: 1.2620, 1.2775

Support level: 1.2435, 1.2225

EURUSD, H4: EURUSD remain traded in a sideway channel while currently retest the support level 1.1245. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.1390, 1.1490

Support level: 1.1245, 1.1090

USDJPY, H4: USDJPY was traded flat while currently testing the resistance level 107.40. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 107.40, 108.00

Support level: 106.60, 106.00

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6860. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.6260.

Resistance level: 0.7020, 0.7195

Support level: 0.6860, 0.6680

NZDUSD, H4: NZDUSD was traded flat in a sideway channel. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower in short term towards the support level 0.6370.

Resistance level: 0.6490, 0.6580

Support level: 0.6370, 0.6235

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3485. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3645, 1.3810

Support level: 1.3485, 1.3330

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9460. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9550.

Resistance level: 0.9550, 0.9650

Support level: 0.9460, 0.9365

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 39.25. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a short term technical correction towards the support level 35.05.

Resistance level: 39.25, 43.85

Support level: 35.05, 31.05

GOLD_, H4: Gold price was traded higher following recent rebound from its low levels. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound in short term towards the resistance level 1736.80.

Resistance level: 1736.80, 1761.25

Support level: 1701.70, 1676.00

16 June 2020                       Afternoon Session Analysis

Pound sterling gains following Brexit talk intensify.

During late Asian session, the pound sterling which traded against the greenback and other currency pairs have gained following U.K and EU agreed to quicken post-Brexit talk which Prime Minister Boris Johnson hopes that a deal could be reached by the end of next month. According to reports, U.K Prime Minster Boris Johnson stated that he would work with the EU to achieve mutual understanding in order to break the deadlock after previous talks failed to achieve any progress. Besides that, Boris Johnson also added that he sees no reason why the outline of a Brexit deal could not be agreed by the end of July and insisted that U.K would not extend trade talks beyond December after EU has suggested Oct. 31 as the latest date a deal can be reached. At the time of writing, GBP/USD rose 0.33% to 1.2642.

In the commodities market, crude oil price extend rebound and gains 0.15% to $37.06 per barrel as of writing following producer cuts offset demand concerns. According to reports, OPEC and its allies agreed to extend historic output cuts through July. On the other hand, gold price soars 0.31% to $1730.35 a troy ounce at the time of writing amid dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

15:00                     JPY                                          BoJ Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 96.90. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 95.95.

Resistance level: 96.90, 97.60

Support level: 95.95, 95.00

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2585. MACD which illustrate ongoing bullish momentum suggest the pair to extend its gains toward the resistance level at 1.2720.

Resistance level: 1.2720, 1.2870

Support level: 1.2585, 1.2485

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1240. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1400.

Resistance level: 1.1400, 1.1555

Support level: 1.1240, 1.1115

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 107.15. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 108.15.

Resistance level: 108.15, 109.35

Support level: 107.15, 106.20

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6935. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7210.

Resistance level: 0.7210, 0.7610

Support level: 0.6935, 0.6655

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6405. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.6565.

Resistance level: 0.6565, 0.6735

Support level: 0.6405, 0.6200

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3650. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3360.

Resistance level: 1.3650, 1.3830

Support level: 1.3360, 1.3075

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9500. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.9395.

Resistance level: 0.9500, 0.9575

Support level: 0.9395, 0.9265

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the lower level. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction toward the support level at 36.10.

Resistance level: 37.90, 39.25

Support level: 36.10, 34.35

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1707.55. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1743.20.

Resistance level: 1743.20, 1763.85

Support level: 1707.55, 1675.45

16 June 2020                       Morning Session Analysis

Safe-haven US Dollar slumped over the risk-on sentiment.

The safe-haven currency such as US Dollar slumped on yesterday US trading hours following the Federal Reserve announced that the US Central Bank would buy individual corporate bonds in the secondary market, spurring the risk-on sentiment in the FX market while prompting the investors to shift their investment into riskier assets. According to Reuters, the Federal Reserve said that they will start purchasing corporate bonds on Tuesday through the secondary market corporate credit facility (SMCCF) in order to boost up liquidity and solvency of the US companies while combating the economical damage from the coronavirus crisis. Nonetheless, investors at this time would continue to scrutinize the latest development with regards of the coronavirus crisis in order to receive further signal. With the economic data front, the Federal Reserve Bank of New York reported that the U.S. NY Empire State Manufacturing Index notched up from the preliminary reading of -48.50 to -0.20, much exceed the economist forecast at -27.50, which dialled up the market optimism toward the economic progression in the United States while limiting the losses experienced by the US Dollar. As of writing, the dollar index depreciated by 0.72% to 96.55.

In the commodities market, the crude oil price surged 0.34% to $37.50 per barrel. The oil market edged higher following the Iraq agreed with major oil companies to cut crude oil production further in June. However, the gains experienced by the crude oil commodity is limited as investors fears on the second wave of the coronavirus infections, which spurring negative prospect for the crude oil demand. On the other hand, the gold market surged 0.05% to $1725.60 amid to the depreciation of US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12:30                       JPY       BoJ Monetary Policy Statement

15:00                       JPY       BoJ Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 96.30. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 97.15, 98.15

Support level: 96.30, 95.40

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2650, 1.2720

Support level: 1.2525, 1.2440

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1245. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1405, 1.1555

Support level: 1.1245, 1.1140

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.45. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.45, 107.80

Support level: 107.15, 106.70

AUDUSD, H1: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6915. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7015, 0.7185

Support level: 0.6915, 0.6815

NZDUSD, H1: NZDUSD was traded higher while currently testing the resistance level at 0.6505. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6505, 0.6570

Support level: 0.6400, 0.6345

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3640. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3480.

Resistance level: 1.3640, 1.3800

Support level: 1.3480, 1.3355

USDCHF, H1: USDCHF was traded lower following prior breakout below the previous support level at 0.9505. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9505, 0.9545

Support level: 0.9450, 0.9380

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 37.5. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 37.75, 39.05

Support level: 36.05, 34.65

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1723.00. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1738.70.

Resistance level: 1738.70, 1752.05

Support level: 1723.00, 1706.00