040620 Morning Session Analysis
4 June 2020 Morning Session Analysis
Dollar soars amid upbeat labor data.
Dollar index which gauge its value against a basket of six major currencies managed to recover part of its losses yesterday after US released a better than expected labour data. According to Automatic Data Processing (ADP), U.S. Nonfarm Employment Change came in at -2,760K, far better than economist forecast at -9,000K, showing that US companies continued to shed jobs due to outbreak of pandemic. Amidst the novel of virus’s pandemic, US companies has trimmed workers massively as virus has sent the US economy into recession, where companies and manufacturers were being forced to halt their business operation to limit the negative effect of virus-spreading. However, a series of employment data that released recently have provide some optimism ahead of Friday Nonfarm payroll report. Nonetheless, protests activity over the death of George Floyd has overshadowed the gains of US dollar as unrest continues in the US, suppressing the US economy from virus recovery stage. As of writing, dollar index rose 0.05% to 97.30.
In the commodities market, the crude oil price depreciates by 0.49% to $36.55 per barrel as market in doubts due to dispute over oil quota cheating. Uncertainty risk over this black commodity market has dragged down the oil price while investors are still eyeing on the upcoming OPEC+ meeting. Nevertheless, a surprise drop in US crude oil inventories level has limited the losses of oil price. According to EIA, US Crude Oil Inventories data came in at -2.077M while the economist forecasted reading was 3.038M. Besides, gold price notched down 0.03% to $1698.60 a troy ounce as spreading of virus eased.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:45 EUR ECB Monetary Policy Statement
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Construction PMI (May) | 8.2 | 29.7 | – |
| 19:45 | EUR – Deposit Facility Rate (Jun) | -0.50% | -0.50% | – |
| 19:45 | EUR – ECB Marginal Lending Facility | 0.25% | – | – |
| 19:45 | EUR – ECB Interest Rate Decision (Jun) | 0.00% | 0.00% | – |
| 20:30 | USD – Initial Jobless Claims | 2,123K | 1,800K | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 97.60. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 96.85.
Resistance level: 97.60, 98.25
Support level: 96.85, 95.95
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2625. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2495.
Resistance level: 1.2625, 1.2750
Support level: 1.2495, 1.2435
EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.1250. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1195.
Resistance level: 1.1250, 1.1305
Support level: 1.1195, 1.1155
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 lower following prior retracement from the resistance level at 0.6430. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6385.
Resistance level: 0.6430, 0.6490
Support level: 0.6385, 0.6325
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 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 0.9595.
Resistance level: 0.9650, 0.9700
Support level: 0.9595, 0.9575
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 38.00. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 34.35.
Resistance level: 38.00, 41.05
Support level: 34.35, 31.25
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1695.15. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound toward the resistance level at 1709.45.
Resistance level: 1709.45, 1718.20
Support level: 1695.15, 1683.50
030620 Afternoon Session Analysis
03 June 2020 Afternoon Session Analysis
Dollar fell amid recovery prospect heightened risk.
The dollar index which traded against a basket of six major currency pairs have slipped during late Asian session as prospects of more government stimulus and a global economic recovery prompted investor to increase their portfolio on riskier assets. Despite with heightened concerns over U.S.-China tensions and unrest in many U.S. cities, the market tone remains optimistic on global recovery. In Australia, its central bank kept its interest rate and yield objectives unchanged, showing early signs of a recovery. Besides that, EU also shown improvement following recent stimulus package and also expected to further expand its stimulus. On data front, US manufacturing activity also bounced up from its 11-years low in May, increasing the narrative of economy turning upwards, overshadowing the tension between the U.S and China as well as violent protest in the U.S. Thus, these catalysts have pushed up investors’ appetite for more riskier assets, dragging the greenback lower. At the time of writing, dollar index fell 0.15% to 97.53.
In the commodities market, crude oil price extends its gains and soars 1.49% to 37.46 per barrel as of writing following as hopes for output cuts remain support the positive sentiment. A meeting of the grouping known as OPEC+ is expected to be held online on Thursday and OPEC and its allies including Russia may extend production cuts of 9.7 million barrels per day (bpd), or about 10% of global output into July or August. On the other hand, gold price slips 0.03% to $1726.98 a troy ounce amid heightening risk appetite.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Unemployment Change (May) | 373K | 200K | – |
| 16:30 | GBP – Composite PMI (May) | 28.9 | 28.9 | – |
| 16:30 | GBP – Services PMI (May) | 27.8 | 28.0 | – |
| 20:15 | USD – ADP Nonfarm Employment Change (May) | -20,236K | -9,000K | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (May) | 41.8 | 44.0 | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 7.928M | 3.300M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 97.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 98.20, 99.00
Support level: 97.25, 96.25
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2525. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2635, 1.2765
Support level: 1.2525, 1.2420
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1210. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1210, 1.1275
Support level: 1.1135, 1.1070
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.75. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 108.75, 109.90
Support level: 107.80, 106.40
AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.6950. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6950, 0.7010
Support level: 0.6850, 0.6735
NZDUSD, H1: NZDUSD was traded higher while currently testing the resistance level at 0.6435. MACD which illustrated diminishing bullish 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 1.3485. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3735, 1.3890
Support level: 1.3485, 1.3310
USDCHF, Daily: USDCHF was traded lower while currently testing the support level 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, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 35.95. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 39.35.
Resistance level: 39.35, 43.00
Support level: 35.95, 33.90
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1731.95. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1731.95, 1743.00
Support level: 1723.20, 1712.15
030620 Morning Session Analysis
3 June 2020 Morning Session Analysis
Brexit trade dispute restrained the gains of pound.
Among all the majority currencies market, Sterling pound having a mixed pattern of trading on yesterday as Brexit’s trade talk between EU and UK remain stumbled, no sign of tolerance from both parties. In fact, UK have officially exited the European Union on 31 January 2020 and thereafter enter into transition period where allowing UK to negotiate for new free trade deal with EU before the end of year 2020. However, recent news shows that UK and EU unwilling to ‘step back’ in formulating the trade deal, seemingly that an extensions of transition period is needed for UK as of now. However, UK Prime Minister Boris Johnson reiterated that they will withdraw from European Union entirely despite no trade deal is being achieved. Hard stance of Boris Johnson further lifted up the worry of investors toward UK economy as failure to reach a deal would convulse global trade, eventually would affect the economy operation tremendously. As of now, negotiation of Brexit is still ongoing from time to time while market participant’s attention is being paid to latest news of Brexit. As of writing, the pair of GBP/USD was notched up 0.01% to 1.2550.
In the commodities market, the crude oil price appreciates by 0.68% to $37.10 per barrel as news showed that OPEC and its allies are considering extending the oil cut production plan into July or August. According to Reuters, an online meeting likely to be held on 4th June to further discuss about the extensions of oil cut. Besides, gold price rose 0.14% to $1730.00 a troy ounce as geopolitical tensions tampered the market confidence toward riskier asset.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Unemployment Change (May) | 373K | 200K | – |
| 16:30 | GBP – Composite PMI (May) | 28.9 | 28.9 | – |
| 16:30 | GBP – Services PMI (May) | 27.8 | 28.0 | – |
| 20:15 | USD – ADP Nonfarm Employment Change (May) | -20,236K | -9,000K | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (May) | 41.8 | 44.0 | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 7.928M | 3.300M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 97.60. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 97.60.
Resistance level: 98.25, 98.80
Support level: 97.60, 96.85
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2495. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction toward the support level at 1.2495.
Resistance level: 1.2625, 1.2750
Support level: 1.2495, 1.2435
EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.1195. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1155.
Resistance level: 1.1195, 1.1250
Support level: 1.1155, 1.1115
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 0.6325. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6385.
Resistance level: 0.6385, 0.6430
Support level: 0.6325, 0.6250
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 higher following prior rebound from the support level at 0.9595. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.9650.
Resistance level: 0.9650, 0.9700
Support level: 0.9595, 0.9575
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 34.35. MACD which illustrate bullish bias 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_, H4: Gold price was traded lower while currently testing the support level at 1727.45. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 1727.45.
Resistance level: 1739.90, 1750.90
Support level: 1727.45, 1718.20
020620 Afternoon Session Analysis
02 June 2020 Afternoon Session Analysis
Pound sterling soars following signal of compromise from UK in Brexit.
The pound sterling which traded against the greenback and other currency pairs continue to rally after UK signalling compromise on fisheries and trade rules. According to the reports from the Times, UK is expected to signal compromise on fisheries and “level playing field” trade rules if the European Union backs off from its “maximalist” demands on regulatory alignment and fishing access. Besides that, the chief negotiator for the EU, Micheal Barnier has informed the European ambassadors that he believes the UK government wants progress over the next few weeks. David Frost, the prime minister’s negotiator, is also keen to counter the perception that negotiations are deadlocked and that a free trade deal with the EU cannot be done this year. The news has increased optimism on progress of Brexit, thus triggered a strong demand for the pound sterling. At the time of writing, GBP/USD rose 1.2487.
In the commodities market, crude oil price remains steady and edge higher 0.06% to $35.52 per barrel as of writing following expectation of extend output cut. OPEC+ producers are considering extending their production cut of 9.7 million barrels per day (bpd) or about 10% of global output, to July or August at an online meeting likely on June 4. On the other hand, gold price rose 0.04% to $1739.33 a troy ounce at the time of writing following dollar weakness and ongoing uncertainty between U.S and China
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 12:30 | AUD – RBA Interest Rate Decision (Jun) | 0.25% | 0.25% | – |
| 04:30
(3rd) |
CrudeOIL – API Weekly Crude Oil Stock | 8.700M | – | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 97.65. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 98.20, 99.10
Support level: 97.65, 96.95
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2525. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2420.
Resistance level: 1.2525, 1.2635
Support level: 1.2420, 1.2315
EURUSD, H1: EURUSD was traded within a range while currently near the resistance level at 1.1150. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1090.
Resistance level: 1.1150, 1.1210
Support level: 1.1090, 1.1025
USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 107.45. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 107.85.
Resistance level: 107.85, 108.35
Support level: 107.45, 107.15
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6805. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6805, 0.6920
Support level: 0.6655, 0.6530
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6295. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6295, 0.6435
Support level: 0.6140, 0.5925
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3540. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3735, 1.3890
Support level: 1.3540, 1.3290
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9595. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9735, 0.9835
Support level: 0.9595, 0.9505
CrudeOIL, H1: Crude oil price was traded within a range while currently testing the resistance level at 35.60. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher after it successfully breakout above the resistance level.
Resistance level: 35.60, 36.75
Support level: 32.45, 34.35
GOLD_, H1: Gold price was traded within a range while currently testing the resistance level at 1743.00. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1743.00, 1750.95
Support level: 1732.60, 1724.30
020620 Morning Session Analysis
2 June 2020 Morning Session Analysis
Dollar surged as geopolitical tensions remained.
Dollar index which gauges its value against a basket of six major currencies soars on Monday as exacerbating of tensions between US and China lifted the market conservatism, where prompting investor to rush for the safe haven dollar. Yesterday, China government threatened against US after President Donald Trump slandered the implementation of national security law by China on Hong Kong has deprived the idea of ‘one country, two systems’, while imposed a series of sanctions against China. Soon after the press conference, China media hit back US’s decision to withdraw the preferential custom of Hong Kong and implement sanction against HK and China. As retaliation, China has stated that they will halt some US farm imports including soybeans, while looking to pause more US agriculture goods in near term. Recent renewed of geopolitical tensions between these two biggest economy bodies has put the unfolding trade deal into jeopardy, despite US revealed that recent criticism against China would not affect the trade deal progress. During Asian early trading session, dollar index rose 0.02% to 97.85.
In the commodities market, the crude oil price depreciates by 0.31% to $35.50 per barrel despite OPEC and Russia are moving closer to compromise the extension of oil cut production plan beyond year 2020. In fact, renewed tensions between US and China have marginally tampered the prospect of oil market, dragging down the investor’s confidence toward this black commodity market. Besides, gold price notched up 0.06% to $1740.60 a troy ounce as market risk avoidance behaviour heightened.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 12:30 | AUD – RBA Interest Rate Decision (Jun) | 0.25% | 0.25% | – |
| 04:30
(3rd) |
CrudeOIL – API Weekly Crude Oil Stock | 8.700M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 98.25. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 97.60.
Resistance level: 98.25, 98.80
Support level: 97.60, 96.85
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.2435.
Resistance level: 1.2520, 1.2620
Support level: 1.2435, 1.2370
EURUSD, H1: EURUSD was traded higher following prior rebound near the support level at 1.1115. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1155.
Resistance level: 1.1155, 1.1195
Support level: 1.1115, 1.1080
USDJPY, Daily: USDJPY was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 107.20.
Resistance level: 108.20, 109.40
Support level: 107.20, 106.25
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6810. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6810.
Resistance level: 0.6810, 0.7005
Support level: 0.6655, 0.6530
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6250. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6325.
Resistance level: 0.6325, 0.6385
Support level: 0.6250, 0.6150
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 higher following prior rebound from the support level at 0.9595. MACD which illustrates diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9650.
Resistance level: 0.9650, 0.9700
Support level: 0.9595, 0.9575
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 34.35. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo technical correction toward the support level at 34.35.
Resistance level: 38.00, 41.05
Support level: 34.35, 31.25
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1739.90. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower in short term toward the lower level.
Resistance level: 1739.90, 1750.90
Support level: 1726.05, 1718.20
010620 Afternoon Session Analysis
01 June 2020 Afternoon Session Analysis
Aussie jumped amid risk on mood.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have strengthen its value following the release of Chinese Caixin Manufacturing PMI which boosting market risk appetite. According to Caixin, China Manufacturing PMI came in at 50.7, surpassed market expectation of 49.6. On top of that, China’s factory activity is also unexpectedly returned to growth in May as strict measures to contain the coronavirus outbreak were eased, according to Reuters. The risk appetite also got boosted after US President Donald Trump refrained to take a hard approach to China and its trade deal over the Hong Kong security issue last Friday. At the time of writing, AUD/USD rose 1.04% to 0.6735.
In the commodities market, the price of crude oil remains strong and rose 1.50% to $35.52 per barrel as of writing following positive outlook on demand. As the easing of lockdown continues worldwide, crude oil demand remains steadily boosted. Besides that, hopes of falling inventories subsequent to deeper OPEC output cuts also help fuelled the rally. In the other hand, gold price gains 0.52% to $1737.75 a troy ounce at the time of writing amid heightening tension between U.S and China help support the potential demand for the safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
All Day EUR Whit Monday
All Day CHF Pentecost
All Day NZD Queen’s Birthday
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Manfacturing PMI (May) | 34.5 | 36.8 | – |
| 16:30 | GBP – Manufacturing PMI (May) | 40.6 | 40.7 | – |
| 22:00 | USD – ISM Manufacturing PMI (May) | 41.5 | 43.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 97.70. MACD which illustrate ongoing bearish momentum suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 98.70, 99.50
Support level: 97.70, 96.50
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.2435. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2435, 1.2630
Support level: 1.2265, 1.2070
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1140. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards the support level 1.1015
Resistance level: 1.1140, 1.1235
Support level: 1.1015, 1.0880
USDJPY, H4: USDJPY remain traded in a sideway channel. Due to lack of clear direction from MACD, it is suggested to wait until further signal appear such as breakout before entering the market.
Resistance level: 108.05, 108.55
Support level: 107.35, 106.50
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.6750. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.6750, 0.6830
Support level: 0.6670, 0.6560
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6250. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.6250, 0.6365
Support level: 0.6150, 0.6070
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3685. MACD which display diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3865, 1.4020
Support level: 1.3685, 1.3510
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9595. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.9665.
Resistance level: 0.9665, 0.9730
Support level: 0.9595, 0.9500
CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing the resistance level 35.50. However, MACD which illustrate bullish bias signal suggest the commodity to be traded higher after it breaks above the resistance level.
Resistance level: 35.50, 39.50
Support level: 30.95, 26.70
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1723.05. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the current resistance level 1768.05.
Resistance level: 1768.05, 1800.00
Support level: 1723.05, 1673.95
010620 Morning Session Analysis
1 June 2020 Morning Session Analysis
Dollar soars as geopolitical tensions heightened.
Dollar index which gauges its value against a basket of six major currencies surged Trump announced unprecedented actions against China end of last week. In the Saturday conference, US President Donald Trump announced that they will take action to withdraw the Hong Kong’s preferential treatment as a separate customs after China parliament unanimously agreed to impose national security law in Hong Kong. Besides, Trump also revealed that they will impose sanctions against the China mainland and Hong Kong official who are involved in eroding Hong Kong autonomy, shifting the idea of ‘one country, two systems’ away to ‘one country, one system’ which in favour to China. In such sanction, US government will ban the visas of Chinese Students and expel them from US. In term of financial market, the US measures against China including to delist those Chinese companies from all US exchanges if they fail to abide by US financial disclosure laws. Moreover, US have also expressed its dissatisfaction against World Health Organisation by terminating all its fund contribution, while taking the chance to criticize that China has the full control over the organisation. The tension between US and China has been obviously ramped up to another new level, prompting the investors to flee from high risk asset into safe haven dollar. During Asian early trading session, dollar index rose 0.05% to 98.30.
In the commodities market, the crude oil price appreciates by 0.59% to $35.50 per barrel as supply glut eased after massive production cut by OPEC and its allies. Besides, along with more and more countries start to remove the country lockdown measure, the price of this black commodity rose as the market prospect turns brighter. Besides, gold price surged 0.52% to $1738.10 a troy ounce as heightening of market uncertainty urged investor into safe haven asset.
Today’s Holiday Market Close
Time Market Event
All Day EUR Whit Monday
All Day CHF Pentecost
All Day NZD Queen’s Birthday
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Manfacturing PMI (May) | 34.5 | 36.8 | – |
| 16:30 | GBP – Manufacturing PMI (May) | 40.6 | 40.7 | – |
| 22:00 | USD – ISM Manufacturing PMI (May) | 41.5 | 43.0 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 98.25. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 98.25.
Resistance level: 98.80, 99.75
Support level: 98.25, 97.60
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2290. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2370.
Resistance level: 1.2370, 1.2435
Support level: 1.2290, 1.2230
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1115. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction toward the support level at 1.1080.
Resistance level: 1.1115, 1.1155
Support level: 1.1080, 1.1025
USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 107.20. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 108.20.
Resistance level: 108.20, 109.40
Support level: 107.20, 106.25
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6655. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6655.
Resistance level: 0.6655, 0.6810
Support level: 0.6530, 0.6370
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6205. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6150.
Resistance level: 0.6205, 0.6250
Support level: 0.6150, 0.6065
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3855. However, MACD which illustrates diminishing bearish momentum suggest the pair to undergo technical correction toward the resistance level at 1.3855.
Resistance level: 1.3855, 1.3980
Support level: 1.3670, 1.3380
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9650. MACD which illustrates bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9575.
Resistance level: 0.9650, 0.9740
Support level: 0.9575, 0.9505
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 34.35. MACD which illustrate bullish bias 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_, H4: Gold price was traded higher while currently testing the resistance level at 1738.15. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1738.15.
Resistance level: 1738.15, 1750.90
Support level: 1726.05, 1718.20
290520 Afternoon Session Analysis
29 May 2020 Afternoon Session Analysis
Aussie struggles following risk-off sentiment.
On late Asian session, the Aussie dollar which traded against the dollar and other currency pairs struggling to extend its gains following negative news from China turned off risk appetite. Although the recent news surrounding the People’s Bank of China’s (PBOC) liquidity infusion seems to have helped buoyed Aussie pair, Beijing’s anti-dumping investigation into Australian and Japanese chemical exports have limited it potential the upside. On top of that, the sentiment was made darker after the Republican leader have already signalled sanctions for China during early of the week, thus exert pressure for the pair. As the fear of escalating tension between the U.S and China remains, investors continue to focus on the development and wait for further signal before gauge future direction for the pair. At the time of writing, AUD/USD edge lower 0.03% to 0.6635.
In the commodities market, crude oil price slips 0.74% to $33.31 per barrel as of writing following U.S fuel demand remains weak. According to EIA, crude oil stock rose sharply by 7.928m, missing market expectation of a decrease of 1.944m. The data have signalled the lack of fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions also weighed on the market. On other hand, gold price rose 0.05% to $1720.07 a troy ounce following dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
23:00 USD Fed Chair Powell Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:00 | EUR – CPI (YoY)(May) | 0.3% | 0.1% | – |
| 20:30 | CAD – GDP(MoM)(Mar) | 0.0% | -9.0% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 98.20. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 99.10, 99.90
Support level: 98.20, 97.50
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2340. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2340, 1.2425
Support level: 1.2255, 1.2160
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1105. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1105, 1.1180
Support level: 1.0985, 1.0895
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.85. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.10.
Resistance level: 107.85, 108.50
Support level: 107.10, 106.10
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6655. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6655, 0.6790
Support level: 0.6435, 0.6260
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6215. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6155.
Resistance level: 0.6215, 0.6270
Support level: 0.6155, 0.6105
USDCAD, H4: USDCAD was traded within a range while currently testing the support level at 1.3735. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3890, 1.4085
Support level: 1.3735, 1.3540
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9630. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9735, 0.9835
Support level: 0.9630, 0.9505
CrudeOIL, H1: Crude oil price was traded lower while currently near the support level at 32.80. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 34.05, 36.05
Support level: 32.80, 31.50
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1721.05. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1721.05, 1728.60
Support level: 1711.35, 1699.30
290520 Morning Session Analysis
29 May 2020 Morning Session Analysis
Dollar seesawed amid mixed economic data.
Dollar index which gauge its value against a basket of six major currencies was traded flat, having mixed pattern near the recent low level following a series of economic data released. Prior to now, US Core Durable Goods for the month of April plunges -7.4%, blowing the estimates of economist at -14.0%, while the significant drop was expected as virus has hammered the entire US economy since the outbreak of Covid-19. Nevertheless, downbeat GDP and Initial jobless claims in US has triggered another round of sell-off pressure in dollar market, limiting the currency from a strong rebound. According to Bureau of Economic Analysis, US first quarter GDP came in at -5.0%, worse than the forecasted figure at -4.8%, showing that the economy was struggling in the fallout of novel coronavirus. At the meantime, US labour market was also unable to survive from the pandemic while it unleashed a new wave of employee layoff this week. US Initial jobless claims data shows that the number of Americans filing for unemployment insurance surges by 2,123K amid job cuts by local government and companies amidst the virus pandemic. During Asian early trading session, dollar index notched down by 0.03% to 98.45.
In the commodities market, the crude oil price depreciates by 0.06% to $33.65 per barrel as recent crude oil inventories data showed growing of stockpile in US. According to the EIA , US crude oil inventories level surged by 7.928M, higher than the economist forecast at -1.944M, whereas the stockpile expanded for the first time in three weeks. Besides, gold price rose 0.01% to $1718.95 a troy ounce amid rising of market risk-off sentiment.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
23:00 USD Fed Chair Powell Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:00 | EUR – CPI (YoY)(May) | 0.3% | 0.1% | – |
| 20:30 | CAD – GDP(MoM)(Mar) | 0.0% | -9.0% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 98.25. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 98.25.
Resistance level: 98.80, 99.75
Support level: 98.25, 97.60
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2285. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.2345.
Resistance level: 1.2345, 1.2435
Support level: 1.2285, 1.2215
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1080. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1080.
Resistance level: 1.1080, 1.1115
Support level: 1.1025, 1.0980
USDJPY, Daily: USDJPY 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 108.20.
Resistance level: 108.20, 109.40
Support level: 107.20, 106.25
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6655. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6655.
Resistance level: 0.6655, 0.6810
Support level: 0.6530, 0.6370
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6205. However, MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6150.
Resistance level: 0.6205, 0.6250
Support level: 0.6150, 0.6065
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3855. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3670.
Resistance level: 1.3855, 1.3980
Support level: 1.3670, 1.3380
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9650. MACD which illustrates bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9700, 0.9740
Support level: 0.9650, 0.9575
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 34.35. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 34.35.
Resistance level: 34.35, 38.00
Support level: 31.25, 28.80
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1718.20. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 1718.20.
Resistance level: 1726.05, 1738.15
Support level: 1718.20, 1709.45
280520 Afternoon Session Analysis
28 May 2020 Afternoon Session Analysis
Aussie regains momentum following RBA Lowe optimism.
The Australian dollar which traded against the greenback and other currency pairs have jumped during late Asian session amid RBA Lowe praised the economic package. According to the reports, RBA Governor Philip Lowe stated that the central bank’s stimulus package delivered in March is are yielding desired results. Besides that, he also added that the central bank intends to keep to expand its monetary policy until evidence of jobs growth emerges. The comments help lifted the sentiment for the Aussie. However, due to the ongoing tension between the U.S and China, investors remain cautious ahead while waiting for further development as Australia is the biggest trading partner to China. At the time of writing, AUD/USD gains 0.03% to 0.6617.
In the commodities market, crude oil price fell 0.43% to $11.62 per barrel as of writing amid rising inventories in U.S crude oil. According to American Petroleum Institute, crude stocks rose by 8.7 million barrels in the week to May 22, compared with analysts’ expectations for a draw of 1.9 million barrels. On the other hand, gold price recovers and edge higher 0.26% to $1713.65 a troy ounce at the time of writing amid dollar weakness and the escalating tension between U.S and China support the demand for the safe-haven gold at the moment.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Durable Goods Orders (MoM)(Apr) | -0.6% | -14.0% | – |
| 20:30 | USD – GDP (QoQ)(Q1) | -4.8% | -4.8% | – |
| 20:30 | USD – Initial Jobless Claims | 2,438K | 2,100K | – |
| 22:00 | USD – Pending Home Sales (MoM)(Apr) | -20.8% | -15.0% | – |
| 23:00 | CrudeOIL – Crude Oil Inventories | -4.983M | -2.500M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 98.80. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 100.40, 101.65
Support level: 98.80, 97.10
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2265. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout below the support level.
Resistance level: 1.2265, 1.2305
Support level: 1.2215, 1.2170
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0965. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1065.
Resistance level: 1.1065, 1.1165
Support level: 1.0965, 1.0840
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.85. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 107.85, 108.50
Support level: 107.10, 106.10
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6640. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6640, 0.6790
Support level: 0.6435, 0.6260
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6155. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6215, 0.6270
Support level: 0.6155, 0.6105
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3720. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3890, 1.4085
Support level: 1.3720, 1.3540
USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9635. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9735.
Resistance level: 0.9735, 0.9835
Support level: 0.9635, 0.9505
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 31.30. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 34.25, 36.05
Support level: 31.30, 29.05
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1717.40. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1717.40, 1734.25
Support level: 1696.70, 1671.30
280520 Morning Session Analysis
28 May 2020 Morning Session Analysis
Euro skyrocketed as EU set to unveil new round of recovery plan.
Among all the major currencies market, euro was managed to continue ride on bullish trend while hitting the highest level in almost two months following European Union proposed a new stimulus plan to save Europe countries from the fallout of pandemic. Since the outbreak of Covid-19, ECB and EU government have cooperated closely to implement different types of economic stimulus plan to limit the negative effect of virus toward their countries. Yesterday, European Union Chief Ursula von der Leyen unveiled a post-coronavirus recovery plan which worth 750 million of euro, in light of the economic downturn caused by the pandemic. However, the plan is still unknown as the final decision will be made on the upcoming EU Summit. In the meanwhile, hawkish tone from ECB Chairman Christine Lagarde toward the economy prospect has also further lifted up the appeal of euro market. In a report, Christine Lagarde stated that she was not overly concerned that the coronavirus pandemic could renew the danger of the Eurozone breaking up. AS of writing, the pair of EUR/USD rose 0.05% to 1.1010.
In the commodities market, the crude oil price depreciates by 0.37% to $32.10 per barrel as Russia plans to raise production. According to a report, it stated that Russia plans to start easing oil production cuts after the end of June, suppressing the price of crude oil future below $35.00 per barrel. Besides, gold price rose by 0.05% to $1709.95 a troy ounce amid 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Durable Goods Orders (MoM)(Apr) | -0.6% | -14.0% | – |
| 20:30 | USD – GDP (QoQ)(Q1) | -4.8% | -4.8% | – |
| 20:30 | USD – Initial Jobless Claims | 2,438K | 2,100K | – |
| 22:00 | USD – Pending Home Sales (MoM)(Apr) | -20.8% | -15.0% | – |
| 23:00 | CrudeOIL – Crude Oil Inventories | -4.983M | -2.500M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 98.80. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 98.80.
Resistance level: 99.75, 100.65
Support level: 98.80, 98.15
GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2215. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2305.
Resistance level: 1.2305, 1.2370
Support level: 1.2215, 1.2160
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1025. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1025.
Resistance level: 1.1025, 1.1115
Support level: 1.0980, 1.0940
USDJPY, Daily: USDJPY 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 108.20.
Resistance level: 108.20, 109.40
Support level: 107.20, 106.25
AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6555. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.6705.
Resistance level: 0.6705, 0.6810
Support level: 0.6555, 0.6370
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6150. However, MACD which illustrates diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 0.6205, 0.6250
Support level: 0.6150, 0.6065
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3855. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3670.
Resistance level: 1.3855, 1.3980
Support level: 1.3670, 1.3380
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9700. MACD which illustrates bearish momentum signal suggest the pair to extend its losses toward the support level at 0.9650.
Resistance level: 0.9700, 0.9740
Support level: 0.9650, 0.9575
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 31.25. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 31.25.
Resistance level: 34.35, 38.00
Support level: 31.25, 28.80
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1709.45. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1718.20.
Resistance level: 1718.20, 1726.05
Support level: 1709.45, 1695.15
270520 Morning Session Analysis
27 May 2020 Afternoon Session Analysis
US Dollar surged over the US-China tension.
The Dollar index which traded against a basket of six major currency pairs appreciated as investors’ fears upon the U.S. response to China’s proposed security law for Hong Kong, which stoked a shift in sentiment toward safe-haven currency. Meanwhile, the global financial markets have been caught in a tug-of-war between optimism and pessimism about the global outlook. Some investors are speculating on hopes of positive prospect for economic momentum after the few countries had decided to reopen the economy, though others worry the threat of the U.S. sanction against China for its treatment of Hong Kong could be diminishing risk appetite. According to Reuters, the Trump’s administration is considering sanctions on Chinese official, while the U.S. President Donald Trump reiterated that the U.S. will announce its response toward China’s planned security bill before the end of the week. Nonetheless, at this time investors would continue to scrutinize the latest updates with regards of the trade tensions between U.S. and China in order to receive further trading signal. On the economic data front, the US Dollar received further bullish momentum over the backdrop of the positive data from the U.S. region. According to Census Bureau, the U.S. New Home Sales notched up from the preliminary reading of 619K to 623K, exceeding the economist forecast at 490K. As of writing, the Dollar index surged 0.22% to 99.06.
In the commodities market, the crude oil price appreciated by 0.25% to $34.06 per barrel as of writing. The oil market edged higher as market participants expected the oil production cut from OPEC and its allies would able to tackle a supply glut due to the coronavirus crisis. On the other hand, the gold price slumped 0.16% to $1708.45 per troy ounces amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
15.30 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 98.95. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 98.95.
Resistance level: 100.65, 101.95
Support level: 98.95, 98.30
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2305.
Resistance level: 1.2370, 1.2435
Support level: 1.2305, 1.2215
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.0995. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.0940.
Resistance level: 1.0995, 1.1025
Support level: 1.0940, 1.0885
USDJPY, Daily: USDJPY was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 107.20.
Resistance level: 108.20, 109.40
Support level: 107.20, 106.25
AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6555. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.6705.
Resistance level: 0.6705, 0.6810
Support level: 0.6555, 0.6370
NZDUSD, H4: NZDUSD was traded lower following prior retracement near the resistance level at 0.6205. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6150.
Resistance level: 0.6205, 0.6250
Support level: 0.6150, 0.6065
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3855. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3670.
Resistance level: 1.3855, 1.3980
Support level: 1.3670, 1.3380
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9650. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9710.
Resistance level: 0.9710, 0.9740
Support level: 0.9650, 0.9575
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level at 34.35. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 34.35.
Resistance level: 34.35, 38.00
Support level: 31.25, 28.80
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1709.45. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1695.15.
Resistance level: 1709.45, 1718.20
Support level: 1695.15, 1683.50
270520 Morning Session Analysis
27 May 2020 Morning Session Analysis
Dollar tumbled following hopes of COVID-19 vaccine.
On early Asian session, the dollar index which traded against a basket of six major currency pairs have fell after investor risk appetite increased by hopes of coronavirus vaccine and economic recovery from the virus’s impact. According to latest development, U.S. biotech company Novavax have stated that it has begun trials for a coronavirus vaccine in Australia and also aims to release clinical trial results for its novel COVID-19 vaccine by July. Besides that, the company also mentions that it will start phase 2 trials in several countries including the U.S upon the completion of phase 1. On the other hand, following a drop in cases which led the Japanese government to end its state of emergency, showing signs of more countries that are reopening their economies and the slowing of the coronavirus. These positive factors have boosted the market risk market appetite, thus prompting investors to shift out from the greenback as safe-haven. At the time of writing, dollar index slips 0.85% to 98.93.
In the commodities market, crude oil price edge higher 0.15% to $33.78 per barrel as of writing following Russia plans to ease production cuts. According to reports, Russia is determined to start easing oil output cuts from July, sticking to the terms of the OPEC+ deal struck earlier this year. Kremlin spokesman Dmitry Peskov told reporters on Tuesday that the deal is “undoubtedly successful,” and said countries will look how the situation develops before taking a decision at the June 9-10 meeting. Next, gold price fell 0.09% to $1711.50 a troy ounce at the time of writing amid increasing optimism on economic recovery and vaccine have diminished the appeal of safe-haven.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
15.30 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 98.70. MACD which illustrate ongoing bearish momentum suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 99.50, 100.25
Support level: 98.70, 97.70
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.2265. However, MACD which illustrate diminishing bullish momentum signal suggest the pair may experience a short-term technical correction towards the current support level 1.2265.
Resistance level: 1.2435, 1.2630
Support level: 1.2265, 1.2070
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.0995. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards the support level 1.0880.
Resistance level: 1.0995, 1.1140
Support level: 1.0880, 1.0730
USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing near the support level 107.35. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 108.05, 108.55
Support level: 107.35, 106.50
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.6670. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a technical correction in short term towards the support level 0.6560.
Resistance level: 0.6670, 0.6750
Support level: 0.6560, 0.6390
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6150. However, MACD which illustrate diminishing bullish bias signal suggest the pair to experience a short-term technical correction towards the current support level 0.6150.
Resistance level: 0.6250, 0.6365
Support level: 0.6150, 0.6070
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.3865. MACD which display persistent bearish bias signal suggest the pair to extend its losses towards the support level 1.3685.
Resistance level: 1.3865, 1.4020
Support level: 1.3685, 1.3510
USDCHF, H4: USDCHF was traded higher following prior breakout below the previous support level 0.9665. MACD which display ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.9595.
Resistance level: 0.9665, 0.9730
Support level: 0.9595, 0.9500
CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing near the resistance level 35.35. However, MACD which illustrate diminishing bearish bias signal suggest the commodity to be traded higher after it breaks above the resistance level.
Resistance level: 35.50, 39.50
Support level: 30.95, 26.70
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1726.90. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1673.95.
Resistance level: 1726.90, 1768.05
Support level: 1673.95, 1637.40
260520 Afternoon Session Analysis
26 May 2020 Afternoon Session Analysis
Japanese Yen fell amid BoJ Kuroda downside risk talk.
During late Asian session, the Japanese Yen have fell against the greenback and other currency pars after BoJ Governor Haruhiko Kuroda expressed his pessimism on the economy. According to latest report, Kuroda stated that the Japan’s economy will likely to remain in a severe state and prices to remain on a weak note due to pandemic impact. He also added further that the risks to Japan economic outlook are remain skewed to the downside. Besides that, BoJ also mentions that the central bank is always ready to do more and ease further without hesitation if needed to support the economy. The comments have caused some negative impact on the sentiment, thus exerting selling pressure for the currency. At the time of writing, USD/JPY rose 0.15% to 107.85.
In the commodities market, crude oil price remains strong and rose 0.92% to $34.07 per barrel as of writing following Russia comments. According to reports, Russia stated that its oil output had nearly dropped to its target of 8.5 million barrels per day (bpd) for May and June under its supply cut deal with the OPEC, which boosted market sentiment. In the other hand, gold price edge higher 0.22% to 1732.66 a troy ounce at the time of writing amid weakness of dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
05:00 CAD BoC Gov Poloz Speaks
(27th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – CB Consumer Confidence (May) | 86.9 | 88.0 | – |
| 22:00 | USD – New Home Sales (Apr) | 627K | 490K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from its lows while currently testing near the support level 99.50. MACD which illustrate diminishing bullish momentum suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 100.25, 100.95
Support level: 99.50, 98.70
GBPUSD, H4: GBPUSD was traded higher following recent rebound from its lows. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 1.2255.
Resistance level: 1.2255, 1.2435
Support level: 1.2070, 1.1870
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.0885. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.0995.
Resistance level: 1.0995, 1.1140
Support level: 1.0885, 1.0730
USDJPY, H4: USDJPY was traded higher following recent rebound from the support level 107.35. MACD which illustrate diminishing bearish bias signal with the formation of golden cross suggest the pair to extend its gains in short term towards the resistance level 108.05.
Resistance level: 108.05, 108.55
Support level: 107.35, 106.50
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.6560. MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.6560, 0.6670
Support level: 0.6390, 0.6265
NZDUSD, H4: NZDUSD was traded lower following prior rebound from the support level 0.6070. MACD which illustrate diminishing bearish bias signal suggest the pair to extend its rebound towards the resistance level 0.6150.
Resistance level: 0.6150, 0.6250
Support level: 0.6070, 0.6005
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.4020. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 1.3860.
Resistance level: 1.4020, 1.4140
Support level: 1.3865, 1.3685
USDCHF, H4: USDCHF was traded higher following prior retracement from the resistance level 0.9730. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.9665.
Resistance level: 0.9730, 0.9795
Support level: 0.9665, 0.9595
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 35.35. MACD which illustrate diminishing bearish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 35.35, 43.50
Support level: 28.00, 21.35
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1726.90. However, MACD which display diminishing bearish bias signal with the formation of golden cross suggest the commodity to be traded higher as a technical correction towards the resistance level 1768.05.
Resistance level: 1768.05, 1800.00
Support level: 1726.90, 1673.95
260520 Morning Session Analysis
26 May 2020 Morning Session Analysis
Dollar hovered during Memorial Holiday.
Dollar index which gauges its value against a basket of six major currencies was traded flat, having a mixed pattern as investors contributed light trading during US Memorial holiday while new catalyst is required now. Despite, the bullish momentum is still continue ride on the US dollar as the appeal of safe haven dollar has risen up following the pro-democracy protests again erupted in Hong Kong. Recently, China has proposed to implement national security legislation in Hong Kong, where it will allow China to punish anyone found to have engaged in terrorism in Hong Kong. With this new law legislation, it could have negative effect toward the business activity and increase risk for companies and professionals in Hong Kong, dragging down the reputation of Hong Kong as an international financial centre. Therefore, US have also ramped up their criticism against China by revealing that US Senate are now formulating a new sanction plan, which will be imposed on China if national security laws legalised in Hong Kong. As of writing, dollar index notched down 0.03% to 99.75.
In the commodities market, crude oil price appreciates by 1.89% to $33.90 per barrel as coronavirus lockdown eased, lifting up the appeal of this black commodity. However, the gains of crude oil capped as US-China tensions heightened, which possibly will disrupt the future demand of oil product. Besides, gold price inched down 0.08% to $1727.65 a troy ounce amid rising of market hopes toward economy’s recovery.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
05:00 CAD BoC Gov Poloz Speaks
(27th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – CB Consumer Confidence (May) | 86.9 | 88.0 | – |
| 22:00 | USD – New Home Sales (Apr) | 627K | 490K | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.45. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 100.85.
Resistance level: 100.85, 102.90
Support level: 99.45, 98.30
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. However, MACD which illustrate bearish momentum suggest the pair to undergo technical correction toward the lower level.
Resistance level: 1.2215, 1.2305
Support level: 1.2115, 1.2010
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0885. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.0940, 1.1025
Support level: 1.0885, 1.0830
USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 107.20. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 108.20.
Resistance level: 108.20, 109.40
Support level: 107.20, 106.25
AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level at 0.6555. MACD which illustrates diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.6370.
Resistance level: 0.6555, 0.6705
Support level: 0.6370, 0.6180
NZDUSD, H1: NZDUSD was traded lower following prior retracement near the resistance level at 0.6150. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6065.
Resistance level: 0.6150, 0.6205
Support level: 0.6065, 0.5995
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3980. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3855.
Resistance level: 1.3980, 1.4120
Support level: 1.3855, 1.3670
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9710. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9710.
Resistance level: 0.9710, 0.9750
Support level: 0.9660, 0.9585
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level at 34.35. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 34.35.
Resistance level: 34.35, 38.00
Support level: 31.25, 28.80
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1726.05. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1738.15.
Resistance level: 1738.15, 1757.60
Support level: 1726.05, 1718.20