Daily Analysis

15 June 2020                       Afternoon Session Analysis

Aussie slips following weak data from China.

The Aussie dollar which traded against the U.S dollar and other currency pairs have fell during late Asian session after the release of weak data from China. According to National Bureau of Statistics of China, the Industrial Production data which shows the volume of production in Chinese factories have arrived at 4.4%, missing market expectation of 5%. Besides that, China Retail Sales also slump to -2.8%, weaker than economist forecast of -2% which disappoints the market further. Considering the negative data was from Australia’s biggest trading partner China, the sentiment for Aussie dollar was also affected simultaneously. Moreover, Fear of a second wave coronavirus also weigh in the risk sentiment. According to reports, Beijing has recorded dozens of new cases of the coronavirus in recent days, all linked to a major wholesale food market. At the time of writing, AUD/USD fell 0.50% to 0.6828.

In the commodities market, crude oil price remains pressured and fell 1.84% to $35.36 per barrel as of writing following concerns over demand and second wave coronavirus continue to weigh on the market. As some of the major currencies such as China, Japan and US have recorded a new spike in cases recently, investors worried that the commodity’s fragile demand will slump back down and trigger an oversupply, thus dragging its value lower. In the other hand, gold price remains steady and edge higher 0.03% to $1729.75 a troy ounce amid weakening risk appetite due to mounting second coronavirus fears.

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 higher while currently testing near the resistance level 97.40. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 95.90.

Resistance level: 97.40, 98.80

Support level: 95.90, 94.65

GBPUSD, H4: GBPUSD was traded lower following recent retracement from the resistance level 1.2620. MACD which illustrate ongoing bearish momentum suggest the pair to extend its loss towards the support level 1.2435.

Resistance level: 1.2620, 1.2775

Support level: 1.2435, 1.2225

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1245. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.1390.

Resistance level: 1.1390, 1.1490

Support level: 1.1245, 1.1090

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 107.35. MACD which illustrate diminishing bullish bias signal suggest the pair to extend its retracement towards the support level 106.60.

Resistance level: 107.35, 108.00

Support level: 106.60, 106.00

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.6860. MACD which display ongoing bearish bias signal suggest the pair to extend its losses towards the support level 0.6680.

Resistance level: 0.6860, 0.7020

Support level: 0.6680, 0.6505

NZDUSD, H4: NZDUSD was traded flat in a tight range while currently testing near the support level 0.6370. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.6490, 0.6580

Support level: 0.6370, 0.6235

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3645. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 1.3485.

Resistance level: 1.3645, 1.3810

Support level: 1.3485, 1.3330

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9550. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.9460.

Resistance level: 0.9550, 0.9650

Support level: 0.9460, 0.9365

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 35.05. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level 35.05.

Resistance level: 39.25, 43.85

Support level: 35.05, 31.05

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1736.80. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1701.70.

Resistance level: 1736.80, 1761.25

Support level: 1701.70, 1676.00

15 June 2020                       Morning Session Analysis

Pound Sterling slumped amid negative economic data.

Pound Sterling slumped over the backdrop of a string of bleak data from the UK region. According to Office for National Statistics, the U.K. Manufacturing Production for last month notched down significantly from the previous reading of -4.6% to -24.3%, worse than the market expectation at -15.8%. Similarly, the U.K. Gross Domestic Product (GDP) for last quarter also declined massively from preliminary reading of -5.8% to -20.4%, lower than the market expectation at -18.75%. Such data had both fared worse than market expectation, which dialling down the market optimism toward the economic progression from the United Kingdom while spurring significant selloff for the Pound Sterling. On Brexit front, the lack of progress over the trade negotiation between UK and European Union had left scant hope on soft-Brexit, which further dragged down the appeal for the Pound Sterling. According to Reuters, the UK negotiators claimed that it would not extend a Brexit transition period that is due to end on 31^st December 2020. Analysts predicted that the Pound Sterling would be suffering further depreciation amid to poor performance of UK government in managing the COVID-19 crisis and uncertainty with regards of the Brexit issues. As of writing, GBP/USD slumped 0.32% to 1.2495.

In the commodities market, the crude oil price slumped 1.13% to $35.75 per barrel as of writing. The oil market edged lower amid investors remained concern over the second wave of the coronavirus infection in the United States and indication from the Federal Reserve that the economy could struggle for another two years, which weighing the demand for the black-commodity. On the other hand, the gold price surged 0.10% to $1732.45 per troy ouns amid diminishing risk appetite in the FX market.

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 higher while currently testing the resistance level at 97.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 97.00, 97.60

Support level: 96.00, 95.25

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2500. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2595, 1.2675

Support level: 1.2500, 1.2395

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1245. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1405, 1.1555

Support level: 1.1245, 1.1140

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.45. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 107.45, 107.80

Support level: 107.15, 106.70

AUDUSD, H4: 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 0.6755.

Resistance level: 0.6915, 0.7015

Support level: 0.6755, 0.6650

NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.6405. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6475, 0.6520

Support level: 0.6405, 0.6350

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3670. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3670, 1.3800

Support level: 1.3480, 1.3355

USDCHF, H1: USDCHF was traded lower while currently testing the support level at 0.9505. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9545, 0.9580

Support level: 0.9505, 0.9450

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 34.30. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 37.55.

Resistance level: 37.55, 40.25

Support level: 34.30, 31.75

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1738.70. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1723.25.

Resistance level: 1738.70, 1752.05

Support level: 1723.25, 1706.00

12 June 2020                       Afternoon Session Analysis

Pound sterling slumped amid Brexit concerns.

The pound sterling which traded against the U.S dollar and other currency pairs have fell during late Asian session as bearish bets against the pound sterling increased due to ongoing Brexit concerns. Due to the lack of progression on Brexit talks, risk of the U.K leaving the E.U without any trade deal have increased. UK and EU officials are trying to agree new terms of trade after Brexit took effect in January, but the progress has been painfully slow and time is running out to prevent a rupture when transitional arrangements expire at the end of 2020. CBI director general, Carolyn Fairbairn have pleaded with the government not to walk away from Brexit talks without a deal as she stated that the country leaving the EU without a deal will be a “major block” to recovery. Following the worsening Brexit outlook, currency speculators have increased their bets against sterling to their highest level since Novembers, according to ING. At the time of writing, GBP/USD fell 0.29% to 1.2562.

In the commodities market, crude oil price extend its losses and slips 1.15% to $35.60 per barrel as of writing following lingering concerns of second wave coronavirus. As United States had surpassed 2 million COVID-19 cases on Friday, market hopes of recovery dashed, exerting selling prospect for the black commodity. On the other hand, gold price remains steady and edge higher 0.03% to $1727.61 at the time of writing due to heightening risk-off mood.

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 higher while currently near the resistance level at 97.00. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 97.00, 97.60

Support level: 96.00, 95.25

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2625. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2490.

Resistance level: 1.2625, 1.2725

Support level: 1.2490, 1.2385

EURUSD, Daily: EURUSD was traded lower while currently near the support level at 1.1245. MACD which illustrated diminishing bullish 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, H4: USDJPY was traded higher while currently testing the resistance level at 107.20. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 107.20, 107.55

Support level: 106.70, 106.35

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6905. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6905, 0.7015

Support level: 0.6755, 0.6650

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6435. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6435, 0.6545

Support level: 0.6350, 0.6275

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3670. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3670, 1.3800

Support level: 1.3480, 1.3355

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9450. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9450, 0.9505

Support level: 0.9380, 0.9320

CrudeOIL, H4: Crude oil price was traded lower while currently near the support level at 34.75. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 37.55, 40.25

Support level: 34.75, 31.75

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1723.25. 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: 1723.25, 1706.00

12 June 2020                       Morning Session Analysis

Dollar revived amid market worries over second wave of virus outbreak.

Dollar index which gauges its value against a basket of six major currencies managed to rebound from its recent low level as investors fled into safe haven dollar amid sceptical toward the evolution of the virus. According to the Worldometer Statistics, global daily new cases on 10^th June has increased by 135,578, recorded the highest number of people infected by Covid-19 since the outbreak of this pandemic. In details, Brazil and United States still remained as the country which infected the most among all the countries, spiked up by 27,644 and 22,095 cases respectively yesterday. As of now, the sign of virus’s resurgence surfaced following most of the countries decided to reopen their economies by removing the lockdown restriction. However, Federal Reserve’s dour comment toward the prospect of economic growth formed a ceiling which limited the gains of dollar. The chairman of Federal Reserve Jerome Powell emphasized that current low interest rate will remain unchanged until further sign of recovery appeared while bond-purchasing in place during this period as well. As of now, dollar index rose by 0.89 to 96.80.

In the commodities market, the crude oil price depreciates by 1.98% to $35.60 per barrel as market worries over resurgence in coronavirus tamper demand outlook. The recent spike in number of cases has diminished the market hopes over supply glut resolved, fading the shininess of this black commodity. Besides, gold price inched up 0.11% to $1729.45 a troy ounce amid easing of market preference toward riskier asset.

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, Daily: Dollar index was traded higher following prior from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 96.90.

Resistance level: 96.90, 98.35

Support level: 96.25, 95.00

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2585. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2720, 1.2870

Support level: 1.2585, 1.2485

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1400. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward 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. 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 following prior breakout below the previous support level at 0.6935. MACD which illustrates diminishing bullish 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 0.6445. MACD which illustrates diminishing bullish momentum signal suggest the pair to be traded lower toward the support level at 0.6200.

Resistance level: 0.6445, 0.6600

Support level: 0.6200, 0.5925

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3650. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3650.

Resistance level: 1.3650, 1.3830

Support level: 1.3360, 1.3075

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9395. MACD which illustrates bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9500, 0.9575

Support level: 0.9395, 0.9265

CrudeOIL, Daily: Crude oil price was traded lower following prior breakout below the previous support level at 38.45. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 32.25.

Resistance level: 38.45, 41.20

Support level: 32.25, 24.55

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1734.85. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1710.20.

Resistance level: 1734.85, 1763.85

Support level: 1710.20, 1668.40

11 June 2020                       Afternoon Session Analysis

Aussie slips amid increasing risk-off sentiment.

The Aussie dollar which traded against the greenback and other currency pairs have retreat from its high during late Asian session following downbeat data and U.S-China tension weighing on the market risk. On data front, Australia’s Consumer Inflation Expectations for the month of June have fell to 3.3%, missing market expectation of 4.2%. On top of that, the ongoing tension between the U.S and China also exert some of the selling pressure for the Aussie. Earlier during the day, China’s Global Times criticized the US President Donald Trump by turning down his praise for the Federal Reserve’s easy-money policies. US Vice President Mike Pence also took a toll on China while stating to remain tough on the trade deal. As China is the largest trading partner for the U.S, the Aussie was also affected due to the increasing tension. At the time of writing, AUD/USD fell 0.26% to 0.6979.

In the commodities market, crude oil price fell 1.02% to $38.45 per barrel as of writing amid weak recovery outlook continue to diminish market confidence. U.S. Federal Reserve said the world’s largest economy would shrink 6.5% this year and the unemployment rate would be at 9.3% at the end of 2020 in its first projections of the pandemic era. Besides that, the unexpected increase of crude oil supply also added further to the current negative sentiment. On the other hand, gold price rose 0.09% to $1732.73 a troy ounce at the time of writing following dollar weakness continue to drive the demand for safe-haven commodity.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded within a range while currently testing the support level at 95.95. MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 97.00, 97.60

Support level: 95.95, 95.25

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2745. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2580.

Resistance level: 1.2745, 1.2910

Support level: 1.2580, 1.2435

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1405. 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: 1.1160, 1.0980

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 107.10. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 107.10, 107.55

Support level: 106.70, 106.30

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7015. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6765.

Resistance level: 0.7015, 0.7185

Support level: 0.6765, 0.6525

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6545. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6350.

Resistance level: 0.6545, 0.6725

Support level: 0.6350, 0.6185

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3480. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3480, 1.3690

Support level: 1.3355, 1.3200

USDCHF, H1: USDCHF was traded lower while currently testing the support level at 0.9425. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9505, 0.9560.

Support level: 0.9425, 0.9330

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 40.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 37.60.

Resistance level: 40.25, 44.15

Support level: 37.60, 33.05

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1738.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1722.65.

Resistance level: 1738.70, 1752.05

Support level: 1722.65, 1706.00

11 June 2020                       Morning Session Analysis

Dollar dipped amid dovish statement from Fed Chairman.

Dollar index which gauges its value against a basket of six major currencies plunged following a dovish statement has been given by the Fed Chairman Jerome Powell yesterday. In the Fed Meeting, FOMC board members unanimously agreed to remain the interest rate at previous low level, which fall between the ranges of 0.00% to 0.25%, while committed to use their full range of tools to revive the economy from the negative effect of virus. Besides, Powell revealed that their GDP target for the year of 2020 has also been slashed to -6.5% amidst the chain effect of Covid-19 toward the economic condition in the second half of this year. Despite recent employment data showed some sign of recovery in rehiring activity, Federal Reserve warned that they will remain cautious toward the evolve of economy’s performance from time to time, try to narrow the gap between potential and current employment rate. In addition, Fed also stated that they would continue their pace on bond-purchasing, targeting $80 billion a month in Treasury and $40 billion in mortgage-backed securities until the nation’s economy health has fully recovered from the fallout of virus. As of writing, dollar index fall 0.28% to 96.05.

In the commodities market, the crude oil price depreciates by 2.40% to $38.65 per barrel amid surprise inventory build in US. According to the EIA, US Crude Oil Inventories level surged by 5.720 million in the week of 5^th June, higher than the forecast with a draw of 1.738 million, reviving the worries of unbalance condition between supply and demand in this black commodity market. Besides, gold price inched up 0.02% to $1735.85 a troy ounce amid investors fled into safe haven asset following dovish statement from Jerome Powell.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 96.25. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 96.90, 98.35

Support level: 96.25, 95.00

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.2720. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction toward the support level at 1.2485.

Resistance level: 1.2720, 1.2870

Support level: 1.2585, 1.2485

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1400. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.

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. 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 support level at 0.6935. MACD which illustrates diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7215, 0.7610

Support level: 0.6935, 0.6655

NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6600. MACD which illustrates diminishing bullish momentum signal suggest the pair to be traded lower in short term toward the support level at 0.6445.

Resistance level: 0.6600, 0.6735

Support level: 0.6445, 0.6200

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3360. MACD which illustrates diminishing bearish momentum 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 breakout below the previous support level at 0.9500. MACD which illustrates bearish bias 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, Daily: Crude oil price was traded lower while currently testing the support level at 38.45. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 38.45.

Resistance level: 41.20, 44.70

Support level: 38.45, 32.25

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1734.35. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward higher level.

Resistance level: 1750.85, 1763.85

Support level: 1734.35, 1716.40

10 June 2020                       Afternoon Session Analysis

Pound sterling gains following further lockdown easing.

The pound sterling which traded against the greenback and other currency pairs extend its gains during late Asian session following announcement of further easing lockdown. On Tuesday, British Business Secretary Alok Sharma took over the daily coronavirus (COVID-19) briefings. According to reports. It is confirmed that shops in the UK will reopen on June 15. UK Prime Minister is also expected to announce some more guidelines for the easing of the pandemic-led halt in the economic activities and also updates on how the economy will reopen. Additionally, Sky News mentioned that the policymaker at legislation will make it harder for Chinese firms to invest in UK infrastructure in response to China’s agitation of respecting the UK government’s shift in practices against Huawei. At the time of writing, GBP/USD rose 0.09% to 1.2740.

In the commodities market, crude oil price retreats 0.14% to 38.20 per barrel following fading confidence of recovery outlook. Despite OPEC+ producers committed to extend cuts until the end of July, market confidence have slowly fading due the number of global cases continuing to increase daily and some countries, including South Korea, battling a second wave of cases. Investors fear the resurgence of cases would once again impact the demand recovery. In the other hand, gold price rose 0.08% to $1715.80 a troy ounce amid dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                                        FOMC Economic Projections

(11^th)

02:00                     USD                                        FOMC Statement

(11^th)

02:30                     USD                        FOMC Press Conference

(11^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 96.20. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 96.50, 96.95

Support level: 96.20, 95.85

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2765. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2765, 1.2910

Support level: 1.2580, 1.2435

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1405. 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: 1.1160, 1.0980

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 107.50. MACD which illustrated increasing bearish momentum suggest the pair the extend its losses after it successfully breakout below the support level.

Resistance level: 108.75, 109.70

Support level: 107.50, 106.35

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6895. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7025.

Resistance level: 0.7025, 0.7240

Support level: 0.6895, 0.6715

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6545. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6545, 0.6725

Support level: 0.6350, 0.6185

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3480. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3355.

Resistance level: 1.3480, 1.3690

Support level: 1.3355, 1.3200

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9500. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9620, 0.9730

Support level: 0.9500, 0.9425

CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 40.60. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 34.30.

Resistance level: 40.60, 46.65

Support level: 34.30, 28.40

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1718.75. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1718.75, 1739.05

Support level: 1697.10, 1675.05

10 June 2020                       Morning Session Analysis

Dollar wobbles ahead of Fed meeting.

Dollar index which gauges its value against a basket of six major currencies unable to recover from its major losses yesterday as market highly expecting Federal Reserve may present a neutral statement in the upcoming meeting. Since the outbreak of novel pandemic, US Central Bank Federal Reserve has cooperated closely with US government to implement different types of stimulus plan to combat the fallout of virus and revive the nation economy from recession. As of now, market participants are now expect short term interest rates to remain steady at zero, while paying their full attention on the Fed Chairman’s statement for clues over the next move of US central bank. However, an upbeat employment data has slightly lifted up the appeal of US dollar yesterday. According to the Bureau of Labor Statistics, US JOLTs Job Openings data was came in at 5.046M, stronger than economist forecast at 5.000M, indicating that the rehiring activity increased after US economy reopened. As of writing, dollar index notched down 0.24% to 96.40.

In the commodities market, the crude oil price depreciates by 2.05% to $38.15 per barrel as yesterday inventory data showed large crude build in US. According to the API, US Weekly Crude Oil Stock has increased 8.400M, while analyst had predicted a draw of -0.500M. Large build in crude oil inventories has diminished the market confidence over the recent oil production cut plan could resolved the market supply glut. Besides, gold price rose 0.11% to $1716.55 a troy ounce as market preference over riskier asset heightened.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                                        FOMC Economic Projections

(11^th)

02:00                     USD                                        FOMC Statement

(11^th)

02:30                     USD                        FOMC Press Conference

(11^th)

Today’s Highlight Economic Data

Technical Analysis

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

Resistance level: 97.80, 99.05

Support level: 96.10, 94.35

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2745. MACD which illustrate bearish bias momentum suggest the pair to undergo technical correction toward the support level at 1.2570.

Resistance level: 1.2745, 1.2915

Support level: 1.2570, 1.2410

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1240. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 1.1400, 1.1455

Support level: 1.1240, 1.1115

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 107.90. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement after it successfully breakout below the support level.

Resistance level: 108.95, 109.90

Support level: 107.90, 107.05

AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level at 0.6965. MACD which illustrates diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.6925.

Resistance level: 0.6965, 0.7005

Support level: 0.6925, 0.6885

NZDUSD, H1: NZDUSD was traded lower following prior retracement from the resistance level at 0.6530. MACD which illustrates bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6465.

Resistance level: 0.6530, 0.6565

Support level: 0.6465, 0.6405

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3360. MACD which illustrates diminishing bearish momentum 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, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9500. MACD which illustrates diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9555.

Resistance level: 0.9555, 0.9625

Support level: 0.9500, 0.9460

CrudeOIL, H4: Crude oil price was traded lower following prior retracement near the resistance level at 38.55. MACD which illustrate bearish bias momentum suggest the commodity to extend its retracement toward the lower level.

Resistance level: 38.55, 40.40

Support level: 36.05, 32.35

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1716.40. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 1696.15.

Resistance level: 1716.40, 1736.10

Support level: 1696.15, 1677.70

09 June 2020                       Afternoon Session Analysis

Loonie gains following Canadian housing data.

The Canadian Loonie which traded against the greenback and other currency pairs have extend its gains during late Asian session as data showing Canadian Housing Starts bounced back for last month. According to the Canadian Mortgage and Housing Corporation, housing starts which measure new single-family homes and buildings have improved by 193.5k, surpassing market forecast of 150K. Despite with the falling oil prices, the positive data managed to help Loonie to maintain its resilience. However, easing risk-on sentiment due to ongoing U.S – China tension could limit further potential for the pair while investors awaits more signal to determine further direction. At the time of writing, USD/CAD fell 0.07% to 1.3387.

In the commodities market, crude oil price continues to pare losses and rose 0.77% to $38.34 per barrel as of writing amid ongoing optimism towards easing of lockdowns. As the world economies recovers and easing lockdowns., confidence among investors continue to grows. New York City, the U.S. city hardest hit by the novel coronavirus outbreak, began reopening on Monday after about three months in a sign that life is returning to pre-outbreak routines that could spur fuel demand to return. On the other hand, gold price slips 0.16% to $1695.80 a troy ounce at the time of writing amid increasing market risk appetite due to global recovery outlook.

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 while currently testing the support level at 96.55. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 97.30, 97.95

Support level: 96.55, 96.05

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2640. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2785, 1.2950

Support level: 1.2640, 1.2510

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1335. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1335, 1.1420

Support level: 1.1240, 1.1160

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 108.70. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.80.

Resistance level: 108.70, 109.65

Support level: 107.80, 107.15

AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level at 0.7010. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6955.

Resistance level: 0.7010, 0.7075

Support level: 0.6955, 0.6880

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6600. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6600, 0.6725

Support level: 0.6425, 0.6265

USDCAD, H1: USDCAD was traded lower following prior breakout below the previous support level at 1.3470. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3470, 1.3585

Support level: 1.3310, 1.3205

USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 0.9555. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9600.

Resistance level: 0.9600, 0.9645

Support level: 0.9555, 0.9505

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 38.15. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 40.30, 42.95

Support level: 38.15, 36.00

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1698.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1698.30, 1717.80

Support level: 1676.75, 1648.05

9 June 2020                         Morning Session Analysis

Dollar sinks as lockdown measures eased.

Dollar index which gauges its value against a basket of six major currencies hovered near the recent low level as market confidence toward the riskier asset surged after lockdown eased. Amidst the fast spreading of virus in last few month, it had took across the globe government opted to implement aggressive lockdown restriction to combat the spread of virus across the country. While curtailing the transmission of virus, lockdown measures has been hammered the global economy significantly, economy fell into recession as the economic activity wholly halted during this period. Nonetheless, there is getting more countries started to tweak their lockdown measures which allowed businesses back to familiar operation routine after the outbreak has showed some sign of eased. However, the backdrop of upbeat employment data is still underpinning the dollar index, while market participants are still keeping their eyes on upcoming event such as Fed Meeting. As of writing, dollar index dropped 0.24% to 96.70.

In the commodities market, the crude oil price appreciates by 0.86% to $38.50 per barrel as this black commodity market remain scented after OPEC and its allies agreed to extend its cut production’s plan till end of July. Besides, the sign of virus-easing has also lifted the appeal of oil product as market hopes over the recovery of demand surged. Besides, gold price notched up 0.02% to $1698.70 a troy ounce due to weakening of US dollar.

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 96.85. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 95.95.

Resistance level: 96.85, 97.60

Support level: 95.95, 95.00

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2750. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2750.

Resistance level: 1.2750, 1.2880

Support level: 1.2625, 1.2495

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1270. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1345.

Resistance level: 1.1345, 1.1455

Support level: 1.1270, 1.1190

USDJPY, Daily: USDJPY was traded higher following prior retracement near the resistance level at 109.40. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement toward the support level at 108.20.

Resistance level: 109.40, 111.35

Support level: 108.20, 107.20

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7005. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7005, 0.7205

Support level: 0.6810, 0.6655

NZDUSD, H1: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6540. However, MACD which illustrates diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 0.6600, 0.6670

Support level: 0.6540, 0.6490

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3380. MACD which illustrates bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3670, 1.3855

Support level: 1.3380, 1.3095

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower level. However, MACD which illustrates bearish bias momentum signal suggest the pair to undergo technical correction in short term toward the support level at 0.9535.

Resistance level: 0.9575, 0.9650

Support level: 0.9535, 0.9505

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 38.00. However, MACD which illustrate bearish bias momentum suggest the commodity to undergo technical correction in short term.

Resistance level: 41.05, 43.60

Support level: 38.00, 34.35

GOLD_, H4: Gold price was traded higher while currently testing the 20 moving average line (Red). MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the moving average line.

Resistance level: 1709.45, 1727.45

Support level: 1695.15, 1683.50

8 June 2020                         Afternoon Session Analysis

Safe-haven Japanese Yen over the risk-on sentiment.

The market sentiment had improved dramatically in the FX market as investors are now focusing on the signs of the economic rebound from the coronavirus outbreak, which stoked a shift in sentiment toward riskier asset, while diminishing demand for the Japanese Yen. The global equity market hit three-month high on last week as aggressive monetary and fiscal economic stimulus had enhancing the investors’ confidence, despite there are still risk for rising tensions between U.S. and China and coronavirus infections. Nonetheless, significant number of analysts predicted that the safe-haven asset would extend its losses amid the hope upon the major central banks would continually buy government bonds and other financial assets to enhance the solvency and liquidity in the global financial system. Though, some of investors predicted that there are still many uncertainties over the outlook, including diplomatic tensions between United States and China. Besides, the Japanese Yen received further bearish momentum over the backdrop of the negative data from the Japan region. According to Cabinet Office, the Japanese Gross Domestic Product (GDP) for last quarter came in at -0.6%, worse than the market forecast at -0.5%. As of writing, USD/JPY depreciated by 0.09% to 109.47.

In the commodities market, the crude oil price appreciated by 3.21% to $39.80 per barrels as of writing. The oil market was traded higher following the OPEC and its allies including Russia agreed to extend the oil production cuts until the end of July. On the other hand, the gold market surged 0.17% to $1687.80 due to technical correction. However, the gold market slumped on last Friday following the positive jobs data from the United States was released. According to Bureau of Labor Statistics, the U.S. Nonfarm Payrolls and U.S Unemployment rate were both came in at better than expectation, dialling up the market optimism toward the global economic growth.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 96.55. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 97.25.

Resistance level: 97.25, 97.95

Support level: 96.55, 96.05

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2640. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2785, 1.2950

Support level: 1.2640, 1.2510

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1335. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1240.

Resistance level: 1.1335, 1.1420

Support level: 1.1240, 1.1160

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 109.65. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 109.00.

Resistance level: 109.65, 110.25

Support level: 109.00, 108.25

AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level at 0.7010. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6955.

Resistance level: 0.7010, 0.7075

Support level: 0.6955, 0.6880

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6525. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6525, 0.6605

Support level: 0.6435, 0.6335

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3470. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3470, 1.3585

Support level: 1.3310, 1.3205

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9600. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9645.

Resistance level: 0.9645, 0.9695

Support level: 0.9600, 0.9555

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 40.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 40.30, 42.95

Support level: 38.15, 35.95

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1676.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1698.30.

Resistance level: 1698.30, 1717.80

Support level: 1676.75, 1648.05

8 June 2020                         Morning Session Analysis

Dollar soars amid upbeat NFP data.

Dollar index which gauges its value against a basket of six major currencies skyrocketed after US released the closely watched employment data, popularly known NonFarm Payroll data. According to the Bureau Labor of Statistics, US NFP data was came in at 2,509K, unexpected better than the economists forecast at -8,000K, indicating that the layoff in US labor market eased after US reopened its economy in May. These improvement in the labor market reflected resumption of economic activity in US as the nation economy slumped significantly during the implementation period of lockdown measure. At the same time, US unemployment rate for the month of May also notched down from previous reading at 14.7% to 13.3%, showing that the rehiring activity began to recover from the fallout of Covid-19. Nonetheless, it is noteworthy that the jobs report has included a note at the bottom which stated that there had been a misclassification error occurred. With the absent of error, the unemployment rate would be 3% higher than the actual reading of unemployment rate, in the condition of applying the same standards. During early Asian trading session, dollar index rose 0.28% to 96.95.

In the commodities market, the crude oil price appreciates by 2.93% to $40.10 per barrel after OPEC and allies agree to extend its oil production cut plan on last Saturday. In the online video conferences, OPEC and Non OPEC members agreed to cut their oil production for an additional month till the end of July 2020. Besides, gold price depreciates by 0.38% to $1678.75 a troy ounce as stronger than expected data lifted up the appeal of US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 96.85. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 97.60.

Resistance level: 97.60, 98.25

Support level: 96.85, 95.95

GBPUSD, H1: 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 1.2750.

Resistance level: 1.2750, 1.2880

Support level: 1.2625, 1.2495

EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.1305. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1305.

Resistance level: 1.1305, 1.1345

Support level: 1.1250, 1.1195

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 109.40. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 111.35.

Resistance level: 111.35, 113.15

Support level: 109.40, 108.20

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6810. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7005.

Resistance level: 0.7005, 0.7205

Support level: 0.6810, 0.6655

NZDUSD, H1: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6490. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6540.

Resistance level: 0.6540, 0.6600

Support level: 0.6490, 0.6430

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3380. MACD which illustrates bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3670, 1.3855

Support level: 1.3380, 1.3095

USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level at 0.9650. MACD which illustrates diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.9575.

Resistance level: 0.9650, 0.9700

Support level: 0.9575, 0.9535

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 38.00. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 41.05.

Resistance level: 41.05, 43.60

Support level: 38.00, 34.35

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1683.50. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1666.25.

Resistance level: 1683.50, 1695.15

Support level: 1666.25, 1644.85

05 June 2020                       Afternoon Session Analysis

Dollar extend losses following President Trump’s threat.

The dollar index which traded against a basket of six major currency pairs continue to experience huge selling pressure during late Asian session as the ongoing civil unrest coupled with military threats by the U.S President Donald Trump continue to dragged the sentiment. With the protestors ignoring curfews imposed throughout the US and the unrest continue to mount, President Trump threatened to send in the military to ‘quickly solve the problem’, a move which USD investors fear could escalate tensions even further. Besides that, several officials such as former defence secretary James Mattis and Trump’s current defence chief, Mark Esper also opposed President Trump threats to send in the military. Thus, the increasing uncertainty has exerting tremendous negativity for the greenback and dragging its value down. At the time of writing, dollar index slips 0.05% to 96.68.

At the time of writing, crude oil price edge higher 0.14% to $37.38 per barrel as of writing following possibility of OPEC meeting on Sunday. According to an update from Reuters, a weekend meeting could take place between the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia. On top of that, the positive mood was increased further after US President Donald Trump’s tweet thanking Iran for the release of another detainee and signalling a possible trade deal with the Gulf nation. On the other hand, gold price recovers 0.15% to $1710.05 a troy ounce at the time of writing following US-China tension supported the demand for the 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, H1: Dollar index was traded lower while currently testing the support level at 96.55. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 97.25, 97.95

Support level: 96.55, 96.05

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

Resistance level: 1.2615, 1.2745

Support level: 1.2435, 1.2290

EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.1350. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1350, 1.1420

Support level: 1.1240, 1.1160

USDJPY, H1: USDJPY was traded higher while currently testing the resistance level at 109.30. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.30, 110.15

Support level: 108.30, 107.50

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6955. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6955, 0.7010

Support level: 0.6880, 0.6800

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6435. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6525, 0.6605

Support level: 0.6435, 0.6335

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3470. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3735, 1.3890

Support level: 1.3470, 1.3310

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9615. MACD which illustrated increasing bearish momentum suggest the pair to be extend its losses toward support level at 0.9505.

Resistance level: 0.9615, 0.9735

Support level: 0.9505, 0.9435

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 37.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 37.50, 44.40

Support level: 27.85, 20.45

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1708.35 MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1722.00, 1731.40

Support level: 1708.35, 1698.10

5 June 2020                         Morning Session Analysis

Euro surged after ECB unleash another round of bond purchase.

Euro which act as a single currency in Eurozone skyrocketed to the highest level in three months after European Central Bank (ECB) announced to expand its unfolding stimulus package massively on yesterday. In the press conference, ECB’s chairman Christine Lagarde added a futher rescue plan which included raising its bond purchases by 600 billion euros, where this plan will be implemented along the period until end of June 2021. This stimulus package came just months after first raft of crisis measure, taking the total amount to 1.35 trillion euros since the outbreak of novel pandemic. Besides, ECB also decided to remain its interest rate unchanged at the current low level as Eurozone are still haunted by the negative effect of Covid-19. It is also noteworthy that Christine Lagarde reiterated that EU area economy is experiencing ‘unprecedented contraction’ as the virus halted the entire nation economy activity, where government was being forced to implement lockdown measures to combat the virus. During early Asian trading session, the pair of EUR/USD rose 0.01% to 1.1340.

In the commodities market, the crude oil price depreciates by 0.02% to $37.30 per barrel as OPEC+ production pact extensions remains unclear. According to the recent news, OPEC and its allies most likely will rescheduled its meeting to mid-June after full review of compliance data. Besides, gold prices surged 0.08% to $1715.55 a troy ounce due to weakening of US dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

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

Resistance level: 97.60, 98.25

Support level: 96.85, 95.95

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

Resistance level: 1.2625, 1.2750

Support level: 1.2495, 1.2435

EURUSD, H1: EURUSD was traded higher following prior rebound from the lower level. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction toward the lower level.

Resistance level: 1.1345, 1.1400

Support level: 1.1305, 1.1250

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 108.20. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 109.40.

Resistance level: 109.40, 111.35

Support level: 108.20, 107.20

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6810. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7005.

Resistance level: 0.7005, 0.7205

Support level: 0.6810, 0.6655

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6430. However, MACD which illustrates diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 0.6490, 0.6540

Support level: 0.6430, 0.6385

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3670. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3380.

Resistance level: 1.3670, 1.3855

Support level: 1.3380, 1.3095

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9575. MACD which illustrates bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9505.

Resistance level: 0.9575, 0.9595

Support level: 0.9505, 0.9425

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 38.00.

Resistance level: 38.00, 41.05

Support level: 34.35, 31.25

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1718.20. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 1709.45.

Resistance level: 1718.20, 1727.45

Support level: 1709.45, 1695.15

04 June 2020                       Afternoon Session Analysis

Loonie rose following BoC decision.

The Canadian Loonie which traded against the greenback and other currency pairs have continue to strengthen its value during late Asian session following the events of BoC interest rate decision, according to data, the Bank of Canada has left its interest rate unchanged at 0.25% as expected. However, the central bank stressed that those current borrowing costs are the effective lower bound and that negative rates are not under active consideration. Besides that, it also stated that it is scaling back some of its market operations after announcing bond-buying back in March where it is at the peak of the financial distress related to coronavirus. As the prospect of negative rates was being clearly rejected, the statement has provided a huge boost for the sentiment, thus helping the Loonie to extend its momentum. At the time of writing, USD/CAD fell 0.05% to 1.3509.

In the commodities market, crude oil price retreats 0.09% to $36.53 per barrel as of writing amid expectation of OPEC to delay policy meeting date. According to reports, OPEC+ announced that it was unlikely to pull up its policy meeting to discuss extending productions cuts until the end of August. OPEC also stressed that the meeting would be conditional on countries non-compliant with the agreed targets cutting their production to those targets first. On the other hand, gold price rebounds 0.34% to 1704.86 a troy ounce after suffered huge losses recently due to increasing risk appetite.

Today’s Holiday Market Close

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Today’s Highlight Events

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19:45                     EUR                        ECB Monetary Policy Statement

20:30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 97.10. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 98.30, 99.05

Support level: 97.10, 96.05

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2590. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2435.

Resistance level: 1.2590, 1.2745

Support level: 1.2435, 1.2290

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level 1.1235. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1235, 1.1335

Support level: 1.1160, 1.1075

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 108.95. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 108.95, 109.90

Support level: 107.80, 106.40

AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level at 0.6950. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6850.

Resistance level: 0.6950, 0.7010

Support level: 0.6850, 0.6735

NZDUSD, H1: NZDUSD was traded within a range while currently testing the resistance level at 0.6435. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6435, 0.6525

Support level: 0.6335, 0.6205

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3500. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3735, 1.3890

Support level: 1.3500, 1.3310

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9595. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9735, 0.9835

Support level: 0.9595, 0.9505

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 36.95. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 36.95, 44.40

Support level: 27.85, 20.45

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1696.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1712.15.

Resistance level: 1712.15, 1722.00

Support level: 1696.30, 1685.90