Daily Analysis

25 May 2020                       Afternoon Session Analysis

Aussie rose amid risk reset.

The Aussie dollar which traded against the greenback and other currency pairs have posted modest gains during late Asian session after the lack of U.S response towards the Hong Kong issue triggered risk reset. Despite with the tension between U.S and China continue to keep the buyers worried, the latest silence on the part of US President Donald Trump over the Hong Kong issue have contribute some momentum to the pairs. As US policymakers recently hinted that it will make sure that Hong Kong remains free from Chinese pressure, Beijing announced readiness to enact e legislation that would tighten the nation’s grip over Hong Kong. The majority of the Western world diplomats criticized the Asian major’s efforts to harm the neighbour’s democracy, however the US President Trump is surprisingly silent over the issue. Besides that, lack of major data and US holidays also giving the pair chances to nurses its previous losses. At the time of writing, AUD/USD rose 0.03% to 0.6532.

In the commodities market, crude oil price slips 0.11% to $33.16 per barrel as of writing following U.S.-China tension fueled uncertainty towards the economy. While the recent outlook for the black commodity remains positive, an escalating war of words between the U.S. and China have triggered some concerns over the prospect for a global recovery in demand, thus dragging the sentiment at the moment. In the other hand, gold price fell 0.36% to $1728.70 a troy ounce at the time of writing amid strengthening of dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                       Memorial Day

All Day                   GBP                       Bank Holiday

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 99.50. MACD which illustrate persistent bullish momentum signal suggest the dollar to extend its gains towards the resistance level 100.25.

Resistance level: 100.25, 100.95

Support level: 99.50, 98.70

GBPUSD, H4: GBPUSD was traded lower following recent retracement from the resistance level 1.2255. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience short term technical correction back towards the resistance level.

Resistance level: 1.2255, 1.2435

Support level: 1.2070, 1.1870

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.0885. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.0995, 1.1140

Support level: 1.0885, 1.0730

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 107.35. MACD which illustrate diminishing bearish bias signal with the starting formation of golden cross suggest the pair to extend its gains towards the resistance level 108.05.

Resistance level: 108.05, 108.55

Support level: 107.35, 106.50

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.6560. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 0.6390.

Resistance level: 0.6560, 0.6670

Support level: 0.6390, 0.6265

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6070. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

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 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 while currently testing near the resistance level 0.9730. MACD which illustrate ongoing bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.

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. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower as a technical correction towards the support level 28.00

Resistance level: 35.35, 43.50

Support level: 28.00, 21.35

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1731.20. MACD which display bearish bias signal suggest the commodity to extend its losses towards the support level 1673.95.

Resistance level: 1731.20, 1768.05

Support level: 1673.95, 1607.55

25 May 2020                       Morning Session Analysis

Dollar surged amid US -Sino tensions heightened.

Dollar index which gauges its value against a basket of six major currencies soared as US and China tensions revived following the recent news shows that China will imposed national security legislation on Hong Kong. In fact, geopolitical tensions between US and China has been increased significantly since the outbreak of novel coronavirus as US criticized that Covid-19 was originated from the city of China, blaming them from covering up the truth and helped the virus to spread around the world. In this instance, US ramped up the criticism toward China by emphasizing that the move of imposing new national security legislation could endanger the future of ‘one country, two systems, as Hong Kong people right will actually be deprived under this new law legislation. As simmering of tensions between both countries, market participants fled to safe haven currencies such as US dollar. However, dollar market is widely expected to have slow movement during the Memorial Holiday in US while investors are still waiting for more catalyst to further gauge the direction of this currency. During Asian early trading session, dollar index rose 0.02% to 99.85.

In the commodities market, crude oil price appreciates by 0.10% to $33.30 per barrel as overall sentiment in this black commodity market are still remain scented. Moreover, total number of oil rig in US also plunges for 11^th straight week, which provide further support for oil prices. Besides, gold price notched down by 0.11% to $1733.25 a troy ounce amid market risk appetite increased.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                                        Memorial Day

All Day                   GBP                        Bank Holiday

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 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. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the downward trend line.

Resistance level: 1.2215, 1.2305

Support level: 1.2115, 1.2010

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.0885. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 1.0940.

Resistance level: 1.0940, 1.1025

Support level: 1.0885, 1.0830

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 108.20. 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 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, H4: NZDUSD was traded lower following prior retracement near the resistance level at 0.6150. MACD which illustrates bearish bias 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 while currently testing the support level at 1.3980. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.4120, 1.4240

Support level: 1.3980, 1.3855

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 lower while currently testing the support level at 32.70. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 32.70.

Resistance level: 35.30, 38.00

Support level: 32.70, 31.10

GOLD_, H4: Gold price was traded lower following prior retracement from the downward trend line. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to undergo technical correction in short term.

Resistance level: 1738.15, 1757.60

Support level: 1726.05, 1718.20

22 May 2020                       Afternoon Session Analysis

Pound sterling slips following negative rate talk escalate.

During late Asian session, the pound sterling which traded against the greenback and other currency pairs have fell after U.K. bonds continue to indicate the Bank of England could cut rates to below zero. Following latest stats, the United Kingdom 5-Year have fell below zero for the first time on Thursday as traders continue to price in the Bank of England cutting rates to below zero from 0.10%. Besides that, BoE Governor Andrew Bailey also recently stated that negative rates were being considered alongside other measures. Moreover, the ongoing concern in Brexit also exert further pressure for the pair where talks between the U.K and E.U continue to lack in progress.

UK’s chief negotiator David Frost stated there had been very little progress on talks after both sides wrapped up the third round of Brexit talks last Friday. At the time of writing, GBPUSD fell 0.05% to 1.2213.

In the commodities market, crude oil price retreats 2.13% to $33.16 per barrel as of writing amid escalating tension between U.S and China. Recently, President Trump has blamed China for meddling in US elections. The increasing tensions between the world’s two major economies may curb market demand outlook, thus dragging the price down. On the other hand, gold price slips 0.05% to $1728.59 a troy ounce at the time of writing following dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound form the support level at 98.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 100.40.

Resistance level: 100.40, 101.20

Support level: 98.85, 97.10

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2235. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2190.

Resistance level: 1.2235, 1.2280

Support level: 1.2190, 1.2155

EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.0980. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.0890.

Resistance level: 1.0980, 1.1080

Support level: 1.0890, 1.0785

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.80. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.10.

Resistance level: 107.80, 108.50

Support level: 107.10, 106.10

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6595. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6435.

Resistance level: 0.6595, 0.6765

Support level: 0.6435, 0.6260

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6105. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6060.

Resistance level: 0.6105, 0.6155

Support level: 0.6060, 0.6015

USDCAD, H1: USDCAD was traded higher following rebound from the support level at 1.3890. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4085.

Resistance level: 1.4085, 1.4230

Support level: 1.3890, 1.3765

USDCHF, H4: USDCHF was traded higher while currently near the resistance level at 0.9735. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

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

Resistance level: 32.65, 34.40

Support level: 31.25, 29.05

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1730.75. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1730.75, 1749.35

Support level: 1717.90, 1709.00

22 May 2020                       Morning Session Analysis

Dollar dipped amid downbeat economic data.

Dollar index which gauges its value against a basket of six major currencies plunged as a series of bleak economic data showed that US economy are still being haunted by the fallout of pandemic. According to the Department of Labor, US Initial Jobless Claims data was came in at 2,438K, weaker than the economist forecast at 2,400K, showing that the number of American filed for unemployment insurance claims has risen significantly amid the novel coronavirus. Since the outbreak of pandemic, all of the labour data from US that has disappointed the market participants as the nation was being forced to implement lockdown measure in order to avoid the spreading of virus. As such, US companies and manufacturer had to halt their operation to meet the imposition of government’s measures, leading massive number of people lose their jobs. Besides, U.S. Philadelphia Fed Manufacturing Index for the month of May still remained in negative territory at -43.1, despite it showed a slightly rebound while comparing to the previous reading of -56.6. This data shows that US manufacturers are still remained disappointing toward the prospect of business condition amid the pandemic remain unsolved. As of writing, dollar index down 0.02% to 99.35.

In the commodities market, crude oil price appreciates by 0.01% to $33.85 per barrel as recent data showed that stockpile in US eased, while the hopes for higher demand have also increase after countries lifted the lockdown measures. Besides, gold price notched down 0.04% to $1726.95 a troy ounce amid easing of country lockdown increased the market’s confidence toward riskier asset.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the upward trend line. However, MACD which illustrate bearish momentum with the formation of death cross suggest the pair to undergo technical correction in short term.

Resistance level: 99.45, 100.85

Support level: 98.30, 97.60

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2215. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.2305, 1.2370

Support level: 1.2215, 1.2115

EURUSD, H4: EURUSD was traded lower following prior retracement from the higher level. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses toward the support level at 1.0940.

Resistance level: 1.1025, 1.1115

Support level: 1.0940, 1.0885

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance 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 following prior breakout above the previous resistance level at 0.6555. MACD which illustrates bullish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6705.

Resistance level: 0.6705, 0.7005

Support level: 0.6555, 0.6370

NZDUSD, H4: 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 higher following prior rebound from the support level at 1.3855. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3980.

Resistance level: 1.3980, 1.4120

Support level: 1.3855, 1.3670

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9710. MACD which illustrates bullish bias 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, H1: 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 35.30.

Resistance level: 35.30, 41.05

Support level: 33.00, 30.50

GOLD_, H1: Gold price was traded higher following prior breakout above the previous resistance 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

21 May 2020                       Afternoon Session Analysis

Dollar rebounds following market outlook recovery.

The dollar index which traded against a basket of six major currency pairs have limit its losses during late Asian session as investors weighing higher on a bright recovery from the COVID-19 pandemic. With the recent positive news such as positive vaccine trials data from Moderna and reopening economy in various countries, the market is expecting economic recovery sooner rather than later and boosting the risk appetite of investors. On top of that, Federal Reserve policymakers reaffirmed a pledge to keep interest rates near zero until they are confident the U.S. economy is on track to recovery, a detailed summary of their most recent policy-setting meeting showed. Thus, the pledge also help nurses some losses on the greenback. At the time of writing, dollar index edge higher 0.23% to 99.34.

At the time of writing, crude oil rose 0.70% to $11.54 as of writing following production cut continue to show effects. According to initial shipping data, it showed that compliance to the agreed cuts by OPEC and its allies has so far been strong. Besides that, easing lockdowns in some U.S. states and countries has also increased demand, supporting the sentiment towards the black commodity. On the other hand, gold price fell 0.22% to $1743.66 a troy ounce at the time of writing amid dollar rebound.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CHF                                         Ascension Day

Today’s Highlight Events

Time                       Market                  Event

02:30                     USD                        Fed Chair Powell Speaks

(22^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level at 99.05. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 99.75.

Resistance level: 99.75, 100.40

Support level: 99.05, 98.30

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.2190. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2245, 1.2280

Support level: 1.2190, 1.2155

EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.0980. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.0890.

Resistance level: 1.0980, 1.1080

Support level: 1.0890, 1.0785

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.80. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.10.

Resistance level: 107.80, 108.50

Support level: 107.10, 106.10

AUDUSD, H1: AUDUSD was traded lower while currently near the support level at 0.6545. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6600, 0.6680

Support level: 0.6545, 0.6440

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6155. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses toward support level at 0.6015.

Resistance level: 0.6155, 0.6260

Support level: 0.6015, 0.5920

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3890. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.4085.

Resistance level: 1.4085, 1.4230

Support level: 1.3890, 1.3765

USDCHF, H4: 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, 0.9840

Support level: 0.9635, 0.9505

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 29.00. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 36.00, 42.85

Support level: 29.00, 20.40

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1749.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1730.75.

Resistance level: 1749.35, 1763.55

Support level: 1730.75, 1717.90

21 May 2020                       Morning Session Analysis

Sterling pound retraced amid poor economic data.

Sterling pound, which acting as one of major currencies traded by global investor was traded lower following the release of pessimistic inflation-related economic data yesterday. According to the Office of National Statistics, UK CPI for the month of April came in at 0.8%, blowing the market estimates of 0.9%, hinting the underlying inflation pressure in UK remain weak and vulnerable. Amidst the Covid-19 pandemic, UK economy has been tampered significantly while urging the government to implement lockdown’s measure to limit the negative effect of virus. Moreover, heightening of political uncertainty between UK and EU on Brexit issue also triggered huge sell-off pressure in pound market. As of now, both parties are yet to overcome the trade terms of Brexit while discussion is still going on from time to time. After UK entering into the transition period, EU and UK had held 3 round of negotiation but still lack of progress. Negotiators from both sides complaining that the terms and regulation proposed were unfair, usurping the benefit of one another. During Asian early trading session, the pair of GBP/USD dropped 0.03% to 1.2245.

In the commodities market, crude oil price appreciates by 0.09% to $33.55 per barrel amid data shows a surprise drop in oil inventories. According to the EIA institute, US Crude Oil Inventories data came in at -4.983M, blowing the estimates of economist at 1.151M, indicating the supply glut eased. Besides, gold price depreciates 0.05% to $1746.75 a troy ounce amid easing of market risk-off sentiment.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CHF                                        Ascension Day

Today’s Highlight Events

Time                       Market                  Event

02:30                     USD                        Fed Chair Powell Speaks

(22^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 99.45. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses toward the support level at 98.30.

Resistance level: 99.45, 100.85

Support level: 98.30, 97.60

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2215.

Resistance level: 1.2305, 1.2370

Support level: 1.2215, 1.2115

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0940. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.1025.

Resistance level: 1.1025, 1.1115

Support level: 1.0940, 1.0885

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance 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 0.6555. MACD which illustrates diminishing bearish momentum signal suggest the pair to extend its gains after its candle successfully close above the resistance level.

Resistance level: 0.6555, 0.6705

Support level: 0.6370, 0.6180

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6150. However, MACD which illustrates diminishing bullish momentum suggest the pair to extend its undergo technical correction in short term.

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 bearish bias 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 lower while currently testing the support level at 0.9660. MACD which illustrates bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9710, 0.9750

Support level: 0.9660, 0.9585

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 33.00. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 35.30.

Resistance level: 35.30, 41.05

Support level: 33.00, 30.50

GOLD_, H4: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1738.15.

Resistance level: 1757.60, 1766.35

Support level: 1738.15, 1726.05

20 May 2020                       Afternoon Session Analysis

Euro rallied following the positive data was released.

The Euro surged over the backdrop of positive economic data from the Europe region yesterday. According to ZEW organization, the Germany ZEW Economic Sentiment unexpectedly spiked up from the previous reading of 28.2 to 51.0, exceeding the market forecast at 32.0, which dialled up the market optimism toward the economic progression in the European countries. Besides that, the euro extend its gains over the proposals of the economic stimulus from France and Germany in order to combat the economic damage from the coronavirus pandemic. According to Reuters, France and Germany proposed on Monday a 500-billion-euro Recovery Fund to enhance the liquidity and solvency problem for the regions and sectors which hit hardest by the coronavirus pandemic. If this stimulus plan is backed by member states, the European Commission would able to raise the fund through public markets. In fact, the commission is expected to outline their proposals before a European summit which scheduled on 27^th May. Nonetheless, at this time, investors would continue to scrutinize the EU Finance Minister’ meeting today in order to gauge the likelihood movement for the pair. As of writing, the EUR/USD appreciated by 0.16% to 1.0939.

In the commodities market, the crude oil price surged 0.54% to $31.87 per barrels. The oil market edged higher following the positive oil inventory data was released. According to American Petroleum Institute, the U.S. API Weekly Crude Oil Stock had notched down from the previous reading of 7.580M to -4.800M, better than the market forecast at 2.400M while diminishing the fears upon the supply glut issue in the market. On the other hand, the gold market appreciated by 0.20% to $1748.15 per troy ounces due to the risk-off sentiment following a report from medical news website STAT claimed that the early data from Moderna Inc’s COVID-19 vaccine was inefficient.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                        FOMC Meeting Minutes

(21^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 99.40. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 99.40, 98.40

Support level: 100.25, 100.95

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.2265. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend to experience a technical correction in short term towards the support level 1.2080.

Resistance level: 1.2265, 1.2435

Support level: 1.2080, 1.1870

EURUSD, H4: EURUSD was traded higher following recent breakout above the previous resistance level 1.0885. However, MACD which illustrate diminishing bullish bias signal suggest the pair to experience a short-term technical correction towards the current support level 1.0885.

Resistance level: 1.0995, 1.1140

Support level: 1.0885, 1.0805

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 107.95. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 107.35.

Resistance level: 107.95, 108.55

Support level: 107.35, 106.50

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.6560. However, MACD which illustrate diminishing bullish momentum signal suggest the pair may experience a short-term technical correction towards the support level 0.6390.

Resistance level: 0.6560, 0.6685

Support level: 0.6390, 0.6265

NZDUSD, H4: NZDUSD was traded higher following recent breakout above the previous resistance level 0.6070. However, MACD which display diminishing bullish bias signal suggest the pair to be traded lower as a technical correction in short term towards the current support level 0.6070.

Resistance level: 0.6150, 0.6250

Support level: 0.6070, 0.6005

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.3875. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.4015.

Resistance level: 1.4015, 1.4130

Support level: 1.3875, 1.3685

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9680. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9790, 0.9890

Support level: 0.9680, 0.9595

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 33.60. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to be traded lower as a technical correction towards the support level 28.00.

Resistance level: 33.60, 38.45

Support level: 28.00, 21.35

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1728.95. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1768.05.

Resistance level: 1768.05, 1800.00

Support level: 1728.95, 1672.85

20 May 2020                       Morning Session Analysis

Sterling pound rose following the release of mixed job data.

Among all the major currencies, Sterling pound was managed to extend its bullish momentum while reaching the highest level in one week after UK released mixed labour data yesterday. According to the Office of National Statistics, UK Claimant Count Change data was came in at 856.5K, higher than the economist forecast at 676.5K, showing a significant rise in the number of UK citizen file for unemployment insurance during the novel of coronavirus. Amidst the pandemic, UK economy has been hammered tremendously similar as other countries, where the local businesses and manufacturers were being forced to halt their operation in order to combat the fallout of coronavirus. However, the unemployment rate in UK for the month of March was unexpectedly better than the economist forecast, whereas 3.9% versus 4.4%. Mixed signals in pound market is seemingly attracting than US dollar market as Jerome Powell dovish comment regarding to the changes in monetary policy continue to suppress this currency. As of writing, GBP/USD rose 0.02% to 1.2250.

In the commodities market, crude oil price appreciates by 0.05% to $31.95 per barrel amid heightening of market’s hopes over the oil production cut may successfully resolve the supply glut. Moreover, easing of country lockdown has also lifted up the market confidence toward this black commodity market. Besides, gold price depreciates 0.01% to $1744.35 a troy ounce amid strengthening of market risk on sentiment.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                        FOMC Meeting Minutes

(21^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 99.45. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 99.45.

Resistance level: 100.85, 102.90

Support level: 99.45, 98.30

GBPUSD, H4: GBPUSD was traded lower following prior retracement from 50 moving average line (Blue). MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2215.

Resistance level: 1.2305, 1.2370

Support level: 1.2215, 1.2115

EURUSD, H4: EURUSD was traded lower following prior retracement near the resistance level at 1.0940. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.0885.

Resistance level: 1.0940, 1.1025

Support level: 1.0885, 1.0830

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance 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 0.6555. MACD which illustrates diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6555, 0.6705

Support level: 0.6370, 0.6180

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6065. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6065.

Resistance level: 0.6150, 0.6205

Support level: 0.6065, 0.5995

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3855. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3980.

Resistance level: 1.3980, 1.4120

Support level: 1.3855, 1.3670

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9710. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.9750, 0.9795

Support level: 0.9710, 0.9660

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 33.00. MACD which illustrate bearish divergence signal suggest the commodity to extend its losses toward the support level at 30.50.

Resistance level: 33.00, 35.30

Support level: 30.50, 28.75

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1738.15. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1757.60.

Resistance level: 1757.60, 1766.35

Support level: 1738.15, 1726.05

19 May 2020                       Afternoon Session Analysis

Euro retreats following ECB Lagarde defiance.

During late Asian session, the Euro which traded against the greenback and other currency pairs have retreat from its higher after ECB President Christine Lagarde defies Germany’s top court ruling on QE and plans to continue with the institution’s bond-buying programs. Germany’s top court have ruled this month that the 2015 asset purchase program, which has bought 2.7 trillion euros ($3 trillion) of debt and is still running, might not be proportionate to the risk of adverse side effects and so might be illegal. It gave the ECB three months to justify the policy or the Bundesbank will have to drop out. However, according to the latest development, Christine Lagarde have signalled the ECB is ready to defy that prospect. On top of that, she also emphasized that the central bank will not hesitate to expand further if necessary. The news has triggered some anxiety in the market, the weakness dollar helped support the Euro value in overall while investors looking for further signal to determine future direction for the pair. At the time of writing, EUR/USD edge lower 0.01% to 1.0909.

In the commodities market, crude oil price remains strong and rose 0.09% to $32.04 per barrel as of writing following increasing optimism on output cut and also demand recovery. According to reports, OPEC+ has cut its oil exports sharply in the first half of May, companies that track the shipments said, suggesting a strong start in complying with a new production cut agreement. On other hand, gold price rebounds 0.44% to $1740.19 a troy ounce following weakness in dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     USD                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 99.60. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 100.45, 100.85

Support level: 99.60, 98.75

GBPUSD, Daily: GBPUSD was traded higher following prior rebound from the support level at 1.2095. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2305.

Resistance level: 1.2305, 1.2510

Support level: 1.2095, 1.1830

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.0915. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.0915, 1.0945

Support level: 1.0875, 1.0845

USDJPY, H1: USDJPY was traded within a range while currently testing the resistance level at 107.35. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.

Resistance level: 107.35, 107.80

Support level: 106.75, 106.05

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6560. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6560, 0.6685

Support level: 0.6405, 0.6235

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6005. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6065.

Resistance level: 0.6065, 0.6150

Support level: 0.6005, 0.5925

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.3970. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3970, 1.4010

Support level: 1.3935, 1.3905

USDCHF, Daily: USDCHF was traded within a range while currently testing the resistance level at 0.9755 MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.

Resistance level: 0.9755, 0.9880

Support level: 0.9585, 0.9495

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 32.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 28.85.

Resistance level: 32.75, 35.70

Support level: 28.85, 25.90

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1739.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1739.65, 1749.95

Support level: 1731.30, 1721.65

19 May 2020                       Morning Session Analysis

Dollar sinks amid easing of country lockdown.

Dollar index which gauges its value against a basket of six major currencies dropped to lowest level in one week as gradual easing of lockdown in countries boosted the risk appetite of investors, prompting investors to shift their capital from cash to equity market. According to the Worldmeter Statistics data, the new confirmed cases in most of the major countries such as France and Germany has reduced significantly while comparing to the time of peak infection. On account of easing in virus spreading among the Europe countries, it has also lifted up the market preferences toward other currencies such as euro. Besides, market participants are remains pessimistic toward the prospect of US dollar as investor foresees a relief package may somehow be implemented in the distant future despite Republican Party shows their disagreement against the recent stimulus plan, which has been approved in the level of House of Representatives. As of writing, dollar index drops 0.78% to 99.60.

In the commodities market, crude oil prices soars 1.30% to $32.85 per barrel as recent positive comment from OPEC Secretary Mohammed Barkindo continues lifting up the appeal of this black commodity market. Moreover, the continuing oil production cut and easing of lockdown also further supported the price of crude oil went higher. Besides, gold prices up 0.13% to $1734.55 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

22:00                     USD                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 99.75. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 98.30.

Resistance level: 99.75, 100.85

Support level: 98.30, 97.60

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2215. MACD which illustrates bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2215.

Resistance level: 1.2215, 1.2305

Support level: 1.2115, 1.2010

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0885. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.0940.

Resistance level: 1.0940, 1.1025

Support level: 1.0885, 1.0830

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance 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 following prior rebound from the lower level. MACD which illustrates diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6555.

Resistance level: 0.6555, 0.6705

Support level: 0.6370, 0.6180

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.5995. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6065.

Resistance level: 0.6065, 0.6150

Support level: 0.5995, 0.5920

USDCAD, Daily: 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, H4: USDCHF was traded lower while currently testing the support level at 0.9710. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.9750, 0.9795

Support level: 0.9710, 0.9660

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 33.00. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 33.00.

Resistance level: 33.00, 35.30

Support level: 30.50, 28.75

GOLD_, H4: Gold price was traded higher following prior rebound near the support level at 1726.05. However, MACD which illustrate bearish bias momentum signal suggest the commodity to be traded lower toward the support level at 1726.05.

Resistance level: 1738.15, 1757.60

Support level: 1726.05, 1718.20

18 May 2020                       Afternoon Session Analysis

Pound rose following BoE negative rate rejection.

The pound sterling which traded against the greenback and other currency pairs have gained some support during late Asian session following confirmation from BoE Governor Andrew Bailey. According to reports, Bank of England (BoE) Governor Andrew Bailey have stated that the central bank would not take its interest rates below zero. Besides that, BOE’s Chief Economist Andrew Haldane have also suggested that the central bank is currently examining unconventional monetary policy measures to limit the impact caused by coronavirus. Bank of England (BoE) Governor Andrew Bailey also hinting that the BoE might ramping up its stimulus programme. Still, due to the rising uncertainty of Brexit talk, investors remain wary while continue to focus on the ongoing development between the UK and EU. At the time of writing, GBP/USD rose 0.06% to 1.2109.

In the commodities market, crude oil price soars 3.74% to $30.66 per barrel as of writing following signs of rebound in gasoline demand help the commodity to gain momentum. According to fuel-price tracker GasBuddy, demand in the last week of April rebounded by 22% from the lowest overall week of gasoline demand on April 5 to April 11 after some states have re-open their economy. On the other hand, gold price also climbs 1.08% to $1761.92 a troy ounce following rising tension between U.S and China.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CAD                                        Victoria Day

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 flat near the MA line. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to be traded lower in short term towards the support level 99.50.

Resistance level: 100.80, 101.70

Support level: 99.50, 98.65

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.1995. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction towards the resistance level 1.2225.

Resistance level: 1.2225, 1.2425

Support level: 1.1995, 1.1760

EURUSD, H4: EURUSD remain traded in a sideway channel following recent rebound from the support level 1.0785. However, MACD which illustrate bullish momentum signal with the formation of death cross suggest the pair to extend its rebound in short term towards the resistance level 1.0885.

Resistance level: 1.0885, 1.1000

Support level: 1.0785, 1.0680

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 107.35. MACD which illustrate bearish bias signal suggest the pair to extend its retracement in short term towards the support level 106.75.

Resistance level: 107.35, 107.90

Support level: 106.75, 106.10

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.6390. MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 0.6470.

Resistance level: 0.6470, 0.6550

Support level: 0.6390, 0.6290

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.5910. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6015.

Resistance level: 0.6015, 0.6135

Support level: 0.5910, 0.5830

USDCAD, H4: USDCAD was traded lower following prior retracement from its high level. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses in short term towards the support level 1.3990.

Resistance level: 1.4135, 1.4265

Support level: 1.3990, 1.3860

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9740. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.9475.

Resistance level: 0.9740, 0.9800.

Support level: 0.9675, 0.9600

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 28.15. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 35.05.

Resistance level: 35.05, 39.25

Support level: 28.15, 23.10

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1761.25. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1761.25, 1795.80

Support level: 1732.95, 1684.80

18 May 2020                       Morning Session Analysis

Dollar drops as stimulus plan passed in US House of Representative.

Dollar index which gauges its value against a basket of six major currencies slumped following US House of Representative approved the new round of stimulus program on last Friday. Since the outbreak of Covid-19, US government and Federal Reserves had cooperated to implement different types of stimulus program in order to relief the pressure of this pandemic toward the local businesses and household. Hence, this round of new relief program which amounted to $3 trillion also serves the same purposes of combating the negative effect of virus against US economy. However, this relief package is expected to face barrier and likely unable to get the final approval in the level of House of Senate as majority members of the Republican Party disagree to this new aid package. Besides, US white house also revealed that he will veto the plan as the measure’s design is unsuitable to US economy. Nonetheless, a new round of relief package can be foreseen in the upcoming weeks as Trump’s tone showed his support toward an implementation of new stimulus program. As of writing, dollar index drops 0.02% to 100.35.

In the commodities market, crude oil prices soars 2.95% to $30.40 per barrel as investor confidence toward this black commodity market rose following hawkish tone from OPEC. In an interview with Bloomberg, OPEC secretary Mohammed Barkindo revealed that worst oil crisis has over and it is behind the world now. Besides, gold prices appreciate by 0.40% to $1750.20 a troy ounce amid weakening of dollar index.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CAD                                        Victoria Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.75. MACD which illustrate bullish bias momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 100.85.

Resistance level: 100.85, 102.90

Support level: 99.75, 98.30

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2115. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2010.

Resistance level: 1.2115, 1.2215

Support level: 1.2010, 1.1890

EURUSD, Daily: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.0830.

Resistance level: 1.0830, 1.0940

Support level: 1.0765, 1.0655

USDJPY, Daily: USDJPY was traded lower following prior retracement near the resistance level at 107.20. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 106.25.

Resistance level: 107.20, 108.20

Support level: 106.25, 105.55

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6555. MACD which illustrates bearish bias 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, H4: NZDUSD was traded higher following prior rebound from the support level at 0.5920. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.5995.

Resistance level: 0.5995, 0.6065

Support level: 0.5920, 0.5850

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4120. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3980.

Resistance level: 1.4120, 1.4240

Support level: 1.3980, 1.3855

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9710. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9750, 0.9795

Support level: 0.9710, 0.9660

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 30.50. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 30.50.

Resistance level: 30.50, 33.00

Support level: 28.75, 26.40

GOLD_, H4: Gold price was traded higher following prior rebound near the support level at 1738.15. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1757.60.

Resistance level: 1757.60, 1766.35

Support level: 1738.15, 1726.05

15 May 2020                       Afternoon Session Analysis

Aussie drops following mixed China data.

During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have slip after the release of China data. According to National Bureau of Statistics of China, Industrial Production for the month of April have improved to 3.9%, surpassed market expectation of 1.5%. However, market sentiment remains frail as A higher than expected drop in Retail Sales and Fixed Asset Investments seem to dominated over better than forecast Industrial Production. Fixed Asset Investment came in at -10.3%, weaker than expectation of -10.0 while Retail Sales also slump to -7.5%, lower than market forecast of -7.0%. Besides that, a no rate change announcement from the People’s Bank of China (PBOC) also seems to have also proved its influence on the Aussie. The PBOC kept its interest rate on a one-year Medium-Term Lending Facility (MLF) unchanged at 2.95%. At the time of writing, AUD/USD fell 0.13% to 0.6450.

In the commodities market, crude oil price rose 0.11% to $27.81 per barrel as of writing following encouragement from IEA. According to reports, Paris-based International Energy Agency (IEA) have boosted its 2020 global demand forecast for oil by 700,000 barrels per day, noting that the black commodity has improved with demand a little stronger than expected. In the other hand, gold price soars 0.14% to $1732.93 a troy ounce at the time of writing following heightening risk-aversion mood amid gloomy 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, H4: Dollar index was traded lower following prior retracement from the resistance level at 100.45. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 99.60

Resistance level: 100.45, 108.85

Support level: 99.60, 98.75

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.2975. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2250, 1.2290

Support level: 1.2195, 1.2120

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.0795. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.0845.

Resistance level: 1.0845, 1.0875

Support level: 1.0795, 1.0765

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 106.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 107.75.

Resistance level: 107.75, 108.45

Support level: 106.75, 106.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6405. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6560.

Resistance level: 0.6560, 0.6685

Support level: 0.6405, 0.6235

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6005. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6005, 0.6065

Support level: 0.5925, 0.5850

USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.4035. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.4070.

Resistance level: 1.4070, 1.4105

Support level: 1.4035, 1.4005

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9755. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9755, 0.9880

Support level: 0.9585, 0.9495

CrudeOIL, H4: Crude oil price was higher following prior breakout above the previous resistance level at 26.70. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 28.90.

Resistance level: 28.90, 30.90

Support level: 26.70, 22.90

GOLD_, H1: Gold price traded within a range while currently testing the resistance level at 1731.85. However, MACD which illustrate increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1731.85, 1745.20

Support level: 1721.65, 1710.80

15 May 2020                       Morning Session Analysis

Dollar surged despite weak job data.

Dollar index which gauges its value against a basket of six major currencies was traded higher as Fed positive comment regarding the interest rate pace continues boosting the dollar index, outweigh the negative sentiment that exerted by weaker-than-expected job data. According to the Department of Labour, US initial jobless claims came in at 2,981K, blowing the economist forecast of 2,500K, indicating that labour market remains vulnerable and weak amid fallout of Covid-19 against US economy. Since the beginning of pandemic started to attack the entire economy, US economy has been hammered enormously while sending it into freeze phrase. The pandemic of virus has precipitated US implement country’s lockdown, urging companies and factories to shutdown in order to limit the spread of virus. Eventually, higher number of Americans filed for unemployment insurance claims which can be obviously seen in recent job data. Nonetheless, recent comment from Federal Reserve chairman Jerome Powell is still igniting the investor confidence toward the dollar market. As of writing, dollar index rose 0.02% to 100.25.

In the commodities market, crude oil prices appreciates 0.25% to $27.75 per barrel as this black commodity market is still remain scented amid global oil cut has begun while recent oil inventories data showed unexpected slump in US. Besides, gold price rose by 0.02% to $1730.50 a troy ounce amid market risk appetite eased.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 99.75. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 100.85.

Resistance level: 100.85, 102.90

Support level: 99.75, 98.30

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2215. MACD which illustrates 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, 1.2115

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0765. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.0765.

Resistance level: 1.0830, 1.0940

Support level: 1.0765, 1.0655

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 107.20. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 107.20.

Resistance level: 107.20, 108.20

Support level: 106.25, 105.55

AUDUSD, Daily: AUDUSD was traded lower while currently testing the 20 moving average line (Red). MACD which illustrates bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the moving average line.

Resistance level: 0.6555, 0.6705

Support level: 0.6370, 0.6180

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.5995. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6065.

Resistance level: 0.6065, 0.6150

Support level: 0.5995, 0.5945

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4120. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3980.

Resistance level: 1.4120, 1.4240

Support level: 1.3980, 1.3855

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9750. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9710.

Resistance level: 0.9750, 0.9795

Support level: 0.9710, 0.9660

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 26.40. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 28.75.

Resistance level: 28.75, 30.50

Support level: 26.40, 23.15

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1738.15. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 1726.05.

Resistance level: 1738.15, 1757.60

Support level: 1726.05, 1718.20

14 May 2020                       Afternoon Session Analysis

Kiwi extend losses after NZ budget.

The New Zealand Kiwi which traded against the dollar and other currency pairs have resume its decline during late Asian session after the release of New Zealand budget. According to the report, the annual forecast statement predicts net debt will surge to 53.6% of GDP by 2023. Besides that, officials in New Zealand also expected that the jobless rate in the country will jump to 8.3% in the year ending June 2020 and will peak at 9.8% in September 2020. The expectation of decline in both the growth rate and labour market could reaffirm further expectation on the Reserve Bank of New Zealand to implement negative rates. Westpac also thinks the central bank would cut rates below zero in November, thus adding pressure for the Kiwi. At the time of writing, NZD/USD fell 0.10% to 0.5982.

In the commodities market, crude oil price mixed and edge lower 0.64% to $25.40 per barrel at the time of writing following lingering demand concerns continue to weigh on market. Despite a surprise decrease in inventories reported by EIA, weak demand and second wave such as recent case spike in China and South Korea are continuing to raise investor fears that storage tanks will fill up faster than expected. In the other hand, gold price remains resilient and rose 0.05% to $1715.13 a troy ounce amid heightening risk-aversion mood.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:15                     CAD                                        BoC Gov Poloz Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher while currently testing the resistance level at 100.25. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 100.25, 100.85

Support level: 99.60, 98.75

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.2195. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2250, 1.2290

Support level: 1.2195, 1.2120

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0795. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.0975, 1.1080

Support level: 1.0795, 1.0655

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 106.80. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 107.75, 108.45

Support level: 106.80, 106.15

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

Resistance level: 0.6560, 0.6685

Support level: 0.6405, 0.6235

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.5985. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6135, 0.6255

Support level: 0.5945, 0.5925

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.4005. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.4155, 1.4265

Support level: 1.4005, 1.3865

USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level at 0.9755. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9755, 0.9880

Support level: 0.9585, 0.9495

CrudeOIL, H4: Crude oil price was traded within a range while currently testing the resistance level at 26.70. MACD which illustrated increasing bearish moment suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 26.70, 30.75

Support level: 22.90, 18.50

GOLD_, H4: Gold price traded lower following prior retracement from the resistance level at 1717.45. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1701.75.

Resistance level: 1717.45, 1731.35

Support level: 1701.75, 1689.40