Daily Analysis

04 May 2020                       Afternoon Session Analysis

Aussie pressured amid U.S – China tension.

The Australian dollar which traded against the greenback and its peer remain weak during late Asian session as tension between U.S and China continue to weigh on the market. Previously, U.S President Donald Trump have been harshly criticizing China of mishandling the coronavirus outbreak. In his latest tweet, Donald Trump also threaten to break the trade deal between the two powerhouses and also impose new tariff on Beijing as a retaliatory measure over the outbreak. On top of that, US Secretary of State Mike Pompeo also suggest the intentional efforts of China behind the widespread of the deadly virus. The renewed tension has weighed heavily on the Aussie sentiment to be dragged down due to China being the biggest trade partner for Australia. Investors will focus on the ongoing development between U.S and China to gauge further direction. In the time of writing, AUD/USD fell 0.38% to 0.6394.

In the commodities market, crude oil price retreats 0.11% to $18.90 per barrel as of writing due to ongoing issue with oversupply. Producers currently continue to grapple with oversupply problems where there are already concerns that producers will struggle to meet their production cut quotas such OPEC’s second-largest producer, Iraq is predicted to experience difficulty to cut output by nearly a quarter. In the other hand, gold price soars 0.15% to $1698.30 a troy ounce amid risk of U.S and China tension boosting the demand of the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                                          Greenery Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 98.70. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend it rebound towards the resistance level 99.85.

Resistance level: 99.85, 100.90

Support level: 98.70, 97.60

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.2450. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level 1.2450.

Resistance level: 1.2635, 1.2840

Support level: 1.2450, 1.2205

EURUSD, H4: EURUSD was traded lower following prior retracement from resistance level 1.0995. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.0890.

Resistance level: 1.0995, 1.1080

Support level: 1.0890, 1.0825

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 107.10. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 105.55.

Resistance level: 107.10, 109.10

Support level: 105.55, 103.25

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.6445. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.6265.

Resistance level: 0.6445, 0.6565

Support level: 0.6265, 0.6125

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6060. MACD which illustrate ongoing bearish bias suggest the pair to extend its losses towards the support level 0.5840.

Resistance level: 0.6060, 0.6220

Support level: 0.5840, 0.5610

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.0445. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.4260.

Resistance level: 1.4260, 1.4550

Support level: 1.3865, 1.3705

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9600. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9720.

Resistance level: 0.9720, 0.9795

Support level: 0.9600, 0.9505

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 19.35. MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the commodity to extend its losses towards the support level 15.00.

Resistance level: 19.35, 24.85

Support level: 15.00, 10.00

GOLD_, H4: Gold price was traded higher following recent rebound from the support level 1672.90. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 1736.00.

Resistance level: 1736.00, 1789.10

Support level: 1672.90, 1633.30

4 May 2020                          Morning Session Analysis

Dollar seesawed amid market mixed sentiment.

Dollar index which gauge its value against a basket of six major currencies was traded up and down, having a mixed pattern before entering into weekend amid recent economic data painted a mixed picture over the health of economy. Late last week, dollar index received huge sell off pressure after US recorded another week of high unemployment benefit filing which shown by the Initial Jobless Claims data. In details, US labour market remained weak amid fallout of Covid-19 continues haunting the entire nation economy performance, prompting near to 4 million of US citizen to claim unemployment insurance during last week. Besides, senior official of Federal Reserve also revealed that the unemployment rate of US may shoot up to 20% in a short time frame while the GDP may also contracts near 30% in this year. These dovish statements and a series of bleak economic data given a shade to dollar, less likely to escape from risk from weakening at the moment. However, the losses of dollar were limited following the release of upbeat economic data from manufacturing sector. According to Institute of Supply Management, its Manufacturing PMI data came in at 41.5, blowing the estimates of economist at 36.9, hinting amplitude of economy slump in US is lighter and softer than the market believes. As of writing, dollar index up 0.14% to 99.20.

In the commodities market, crude oil price depreciates 5.43% to $18.65 per barrel despite OPEC and its allies have begun their oil cut starting from this week to tackle the supply glut which due to the crisis of Coronavirus. As of now, markets are still concerned over the spread of virus and the progress of drug on curing the virus to gauge the prospect of this black commodity market. Besides, gold price down by 0.33% to $1694.75 a troy ounce due to strengthening of dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                                          Greenery Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 99.75. MACD which illustrate bearish bias 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 lower following prior breakout below the previous support level at 1.2520. MACD which illustrate bearish momentum signal suggest the pair to be traded lower toward the support level at 1.2435.

Resistance level: 1.2520, 1.2620

Support level: 1.2435, 1.2370

EURUSD, H4: EURUSD was traded lower following prior retracement near the resistance level at 1.1025. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.0940.

Resistance level: 1.1025, 1.1115

Support level: 1.0940, 1.0830

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.20. MACD which illustrate bearish bias 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, 104.50

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level at 0.6460. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6180.

Resistance level: 0.6460, 0.6705

Support level: 0.6780, 0.5975

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6055. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.5995.

Resistance level: 0.6055, 0.6120

Support level: 0.5995, 0.5945

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.4120. MACD which illustrate bullish bias momentum suggests the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.4120, 1.4240

Support level: 1.3980, 1.3855

USDCHF, H4: USDCHF was traded higher following prior rebound from near the support level at 0.9585. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 0.9660.

Resistance level: 0.9660, 0.9710

Support level: 0.9585, 0.9510

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 18.05.

Resistance level: 21.80, 25.85

Support level: 18.05, 15.70

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1699.75. MACD which illustrate bearish momentum signal suggest the commodity to be traded lower toward the support level at 1683.50.

Resistance level: 1699.75, 1711.25

Support level: 1683.50, 1666.25

30 April 2020                       Afternoon Session Analysis

Euro mixed following plans of restart economy in EU.

The euro which traded against the dollar and other currency pair have slip during late Asian session as Eurozone have begun to recover its economy. Recently, France have proposed a plan to gently ease lockdown restrictions from the 11th May. The prime minister of France, Edouard Philippe stated that the move was necessary in order to avert the risk of economic “collapse”. Besides that, Spain also announced plans to reopen its economy. Spanish Prime Minister Pedro Sánchez stated that the goal is ‘to recover daily life without putting collective health at risk’. The announcement helped the pair to stay afloat, however sentiment remain mixed in overall following increasing of coronavirus in other EU counterparts. In Germany, the number of confirmed coronavirus cases continue to rose with the number now stands at 159,119, while death toll at 6,288. Investors will now focus on upcoming decision from ECB where it is expected to keep the policy unchanged and assist in determine the future outlook for the market. At the time of writing, EUR/USD have edge lower by 0.05% to 1.0854.

In the commodities market, crude oil price rose 8.36% to $17.16 per barrel as of writing amid early signs of slowing in oversupply. According to reports, U.S Treasury Secretary Steven Mnuchin stated that the government was exploring options “to store another several hundred million barrels” of oil. The comments have raised hopes for more supply to exit the market and bolster the output cuts planned by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers. In the other hand, gold price remains steady and rose 0.04% to $1713.05 a troy ounce at the time of writing following the weakness of greenback continue to support the demand for the greenback.

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

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower while currently near the support level at 99.45. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 99.90, 100.20

Support level: 99.45, 99.15

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.2515. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2515, 1.2775

Support level: 1.2300, 1.2095

EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.0875. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.0810.

Resistance level: 1.0875, 1.0925

Support level: 1.0810, 1.0735

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level 107.30. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 105.00.

Resistance level: 107.30, 109.00

Support level: 105.00, 103.15

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level 0.6665. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6665.

Resistance level: 0.6665, 0.6800

Support level: 0.6450, 0.6265

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6075. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6200.

Resistance level: 0.6200, 0.6320

Support level: 0.6075, 0.5955

USDCAD, Daily: USDCAD was traded lower while currently testing the support level 1.3860. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.4185, 1.4485

Support level: 1.3860, 1.3395

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9780. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9780, 0.9880

Support level: 0.9630, 0.9510

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 17.60. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 17.60, 21.85

Support level: 10.65, 6.60

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1699.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1732.65.

Resistance level: 1732.65, 1770.40

Support level: 1699.75, 1663.25

30 April 2020                       Morning Session Analysis

Dollar plunged following the release of downbeat data.

Dollar index which gauge its value against a basket of six major currencies dipped following US released a series of bleak economic data from its nation. According to the Bureau of Economic Analysis, its nation’s GDP for the first quarter in year 2020 was came in at -4.8%, blowing the estimate of economist at -4.0%, proving that US has underwent economic slowdown during the early stage of pandemic. However, there is a huge caveat that the data yet to fully reflecting the fallout of coronavirus against US economy, and so the coming economic data might be even worse. Besides, US Pending Home Sales data has down by 20.8%, weaker than the economist forecast of -10.0%, showing that housing sector turned sour amid negative effect of virus. Since the outbreak of Covid-19, global economy has been hammered tremendously whereas US is the most affected country. According to the latest statistics, US infected cases has accumulated to 1,035,675, recorded the highest cases and highest growing pace among all the countries. Nonetheless, the losses of US dollar was limited as the recent moves to reopen economy has risen up the appeal of dollar, where market believes that a short-term rebound in economy growth can be anticipated. During Asian early trading session, dollar index quoted down 0.37% to 99.50.

In the commodities market, crude oil price appreciates 4.03% to $16.00 per barrel amid EIA data showed a drop in US oil inventories level. According to EIA, US crude oil inventories came in at 8.991M, lower than economist expectation at 10.619M, lifting up the appeal of this black commodity product. Besides, gold price notched up 0.01% to $1713.00 a troy ounce amid weakening of dollar.

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

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the 50 moving average line (Blue). MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the MA line.

Resistance level: 99.70, 100.85

Support level: 98.30, 97.60

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2435. MACD which illustrate bullish bias momentum suggest the pair to be traded higher toward the resistance level at 1.2520.

Resistance level: 1.2520, 1.2620

Support level: 1.2435, 1.2370

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0830. MACD which illustrate diminishing bearish momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.0940.

Resistance level: 1.0940, 1.1025

Support level: 1.0830, 1.0765

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 107.25. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.25.

Resistance level: 107.25, 108.20

Support level: 106.25, 104.65

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6460. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6705.

Resistance level: 0.6705, 0.7005

Support level: 0.6460, 0.6180

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6120. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6205.

Resistance level: 0.6205, 0.6250

Support level: 0.6120, 0.6055

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3980. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.3855.

Resistance level: 1.3980, 1.4105

Support level: 1.3855, 1.3790

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9745. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.9685.

Resistance level: 0.9745, 0.9795

Support level: 0.9685, 0.9650

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level at 15.70. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 15.70.

Resistance level: 15.70, 18.05

Support level: 12.95, 10.90

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1711.25. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1726.05.

Resistance level: 1726.05, 1738.15

Support level: 1711.25, 1699.75

29 April 2020                       Afternoon Session Analysis

Safe-haven dollar slumped amid risk-on sentiment.

Dollar index which gauge its value against a basket of six major currencies slumped as the slowing spread of the coronavirus across the world and moves to re-open the economies had stoked a shift in sentiment toward the riskier asset, while diminishing the demand for the safe-haven US dollar. At this time, investors would continue to scrutinize the U.S. Federal Reserve meeting on Thursday in order to gauge the likelihood movement for the currency. On the U.S. economic data front, the U.S. CB Consumer Confidence notched down from the preliminary reading of 118.8 to 86.9, missing the economist forecast at 87.9, reported by Conference Board. Such negative data had dialled down the economic momentum in the United States, which spurring further sell-off for the U.S Dollar. On the other hand, the Australian dollar surged over the backdrop of the upbeat economic data from the Australia region. According to the Australian Bureau of Statistics, the Australia Consumer Price Index (CPI) for last month came in at 0.3%, exceeding the market forecast at 0.2%. As of writing, the Dollar Index depreciated by 0.19% to 99.73 while AUD/USD surged 0.53% to 0.6524.

In the commodities market, the crude oil price surged 1.02% to $13.83 per barrel as of writing. According to Reuters, the oil market edged higher today amid optimisms prospect on oil demand following the European countries and some of the U.S. cities decide to ease the coronavirus lockdown restriction. Besides that, despite the oil storage is rapidly filling up, the Rystad Energy consultants claimed that the production cut at 300,000 barrels per day (bpd) for May and June from the Organization of the Petroleum Exporting Countries (OPEC) would able to slow flows into the tank. On the other hand, the gold market slumped 0.13% to $1703.69 per troy ouns as of writing amid the depreciation of US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                                          Showa Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 99.70. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 100.85, 102.90

Support level: 99.70, 98.30

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2435. MACD which illustrate bullish bias momentum suggest the pair to be traded higher toward the resistance level at 1.2520.

Resistance level: 1.2520, 1.2620

Support level: 1.2435, 1.2370

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0830. MACD which illustrate diminishing bearish momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.0940.

Resistance level: 1.0940, 1.1025

Support level: 1.0830, 1.0765

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 106.85. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 105.80.

Resistance level: 106.85, 107.95

Support level: 105.80, 104.65

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6460. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6705.

Resistance level: 0.6705, 0.7005

Support level: 0.6460, 0.6180

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6055. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6120.

Resistance level: 0.6120, 0.6205

Support level: 0.6055, 0.5995

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3980. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.3790.

Resistance level: 1.3980, 1.4105

Support level: 1.3790, 1.3670

USDCHF, H4: USDCHF was traded lower while currently testing the 50 moving average line (Blue). MACD which illustrate bearish momentum suggest the pair to extend its losses after it successfully breakout below the moving average line.

Resistance level: 0.9745, 0.9795

Support level: 0.9685, 0.9650

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 12.95. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 15.70.

Resistance level: 15.70, 18.05

Support level: 12.95, 10.90

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1711.25. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1711.25, 1726.05

Support level: 1699.75, 1683.50

29 April 2020                       Morning Session Analysis

New Zealand kiwi rose following trade data.

The New Zealand Kiwi which traded against the greenback and its peer have managed to caught some bid following upbeat New Zealand’s trade numbers. According to Statistics New Zealand, Trade Balance grew from a revised down $531M to $672M with readings of $-3.46B against previous $-3.3B. Besides that, New Zealand imports also rose from $4.34B to $5.14B while exports also rose from $4.87B to $5.81B. Following the data, the Kiwi pair receive positive momentum while continue to carrying with previous positive momentum. On top of that, the pair also cheering on New Zealand’s improving recovery from the coronavirus. According to reports, New Zealand Prime Minister Jacinda Ardern have pared the lockdown restrictions from level 4 to level three on Tuesday, but still urged people to stay at home. At the time of writing, NZD/USD rose 0.18% to 0.6062.

In the commodities market, crude oil price rebound 0.32% to $12.98 per barrel following API stockpiles data. According to American Petroleum Institute (API), crude oil inventories have added 9.978 million barrels, lesser than previous addition of 13.226 million barrels. The figures manage to attract the buyers amid the latest rout due to the fears of rising inventories creating a lack of storage capacity. On the other hand, gold price fell 0.16% to $1705.76 a troy ounce at the of writing following dollar recovery and increasing risk appetite.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                    JPY                       Showa Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 99.60. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its rebound towards the resistance level 100.90.

Resistance level: 100.90, 102.00

Support level: 99.60, 98.30

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.2470. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.2215.

Resistance level: 1.2470, 1.2645

Support level: 1.2215, 1.2000

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.0820. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.0905, 1.0995

Support level: 1.0820, 1.0740

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 107.10. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 105.55.

Resistance level: 107.10, 109.10

Support level: 105.55, 103.25

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.6445. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a short-term technical correction towards back the current support level 0.6445.

Resistance level: 0.6660, 0.6770

Support level: 0.6445, 0.6210

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6085. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6085, 0.6240

Support level: 0.5930, 0.5780

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.3975. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.4260.

Resistance level: 1.4260, 1.4550

Support level: 1.3735, 1.3460

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9720. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9795, 0.9895

Support level: 0.9720, 0.9600

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 10.00. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 15.00.

Resistance level: 15.00, 19.35

Support level: 10.00, 5.00

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1699.50. However, MACD which illustrate diminishing bearish momentum suggest the commodity to experience a technical correction towards the resistance level 1736.00.

Resistance level: 1736.00, 1789.10

Support level: 1699.50, 1667.00.

28 April 2020                       Afternoon Session Analysis

Aussie remains steady following easing restrictions.

During late Asian session, the Aussie which traded against the greenback and other currency pairs have slightly retreat from its previous rally due, but remain stable in overall due to signs of easing lockdown. According to latest development, states in the Australia are beginning to easing restrictions on movement as infection rate falls. On Monday, Australia recorded just seven new cases of coronavirus on Monday and zero deaths, bringing the total to 6721 confirmed cases and death toll stands at 83. Sydney’s famous Bondi beach re-opened to surfers on Tuesday. The reopening has helped the risk-sensitive currency to stay above. Still, investors will continue to monitor the ongoing situation on the coronavirus to gauge further sentiment for the pair. In the time of writing, AUD/USD retreats 0.12% to 0.6441.

In the commodities market, crude oil price fell 0.23% to $11.05 per barrel as of writing amid limited storage capacity issue. At the moment, investors continue to worries that there is nowhere to store all the oil that is not being consumed due to the drop-in global economic activity amid restrictions imposed around the world to curb the spread of the new coronavirus. On the other hand, gold price also fell 1.00% to $1697.11 a troy ounce at the time of writing following dollar rebound and easing lockdown measures boosted investors risk appetite.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level at 99.85. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 100.30.

Resistance level: 100.30, 100.75

Support level: 99.85, 99.60

GBPUSD, H1: GBPUSD was traded lower while currently near the support level at 1.2395. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2460, 1.2505

Support level: 1.2395, 1.2310

EURUSD, H1: EURUSD was traded lower while currently testing the support level at 1.0820. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.0855, 1.0910

Support level: 1.0820, 1.0785

USDJPY, H1: USDJPY was traded within a range while currently near the resistance level at 107.40. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.40, 107.75

Support level: 107.05, 106.70

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6445. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6445, 0.6615

Support level: 0.6285, 0.6160

NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.5990. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6030, 0.6070

Support level: 0.5990, 0.5955

USDCAD, H1: USDCAD was traded higher following prior breakout above the previous resistance level at 1.4045. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4115.

Resistance level: 1.4115, 1.4185

Support level: 1.4045, 1.4000

USDCHF, H4: USDCHF was traded higher while currently near the resistance level at 0.9780. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9780, 0.9880

Support level: 0.9630, 0.9510

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 10.70. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 13.70, 18.05

Support level: 10.70, 6.70

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1695.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1737.25, 1770.40

Support level: 1693.90, 1663.25

28 April 2020                       Morning Session Analysis

USD/JPY dipped despite dovish tone from BOJ.

Japanese Yen was traded higher against other major currencies despite BOJ remains its dovish tone toward the prospect of Japan’s economy while have made a decision to further ease its unfolding monetary policy. Earlier yesterday, Bank of Japan decided to maintain its cash rate at -0.10% as widely expected, but removed the cap of bond purchase limit for an uncertain period. In the BOJ’s press conference, current Governor of BOJ revealed that underlying inflationary pressure has disappeared since the outbreak of pandemic, export and output of Japan fall tremendously amid full damage of Covid-19 is still haunting the nation economy. It is also noteworthy that BOJ also revised down their GDP forecast for year 2020 from -3.0% to -5.0%. However, Kuroda emphasized that their long term inflation goal is still remained at 2.0% despite it might take longer period to achieve it. Nonetheless, it does not weaken the value of Japanese Yen as investors are still in favour of its safe haven characteristic. Markets are still eyeing on the development of Covid-19 in order to restructure their investment portfolio. During Asian early trading session, the pair of USD/JPY notched down 0.01% to 107.21.

In the commodities market, crude oil price depreciated by 0.70% to $12.85 per barrel as oversupply concern persists. Recently, the significant drop in oil price failed to lift up the prospect of this black commodity as the coronavirus has throttled the demand of oil market even as producers are still in full-force to cut their production output. Besides, gold price inched down 0.11% to $1712.05 a troy ounce amid easing of lockdown evoked market risk appetite.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 100.85. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 99.70.

Resistance level: 100.85, 102.90

Support level: 99.70, 98.30

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2435. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.2370.

Resistance level: 1.2435, 1.2520

Support level: 1.2370, 1.2305

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.0830. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.0830, 1.0940

Support level: 1.0765, 1.0655

USDJPY, H4: USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound toward the resistance level at 107.95.

Resistance level: 107.95, 109.30

Support level: 106.85, 105.80

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6460. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6460.

Resistance level: 0.6460, 0.6705

Support level: 0.6180, 0.5975

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6055. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.5995.

Resistance level: 0.6055, 0.6120

Support level: 0.5995, 0.5945

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4105. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.3980.

Resistance level: 1.4105, 1.4240

Support level: 1.3980, 1.3790

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9745. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9795.

Resistance level: 0.9795, 0.9840

Support level: 0.9745, 0.9685

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 12.95. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 12.95.

Resistance level: 12.95, 15.70

Support level: 10.90, 6.95

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1711.25. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 1711.25.

Resistance level: 1726.05, 1738.15

Support level: 1711.25, 1700.15

27 April 2020                       Afternoon Session Analysis

Pound Sterling slumped over the backdrop of negative data.

Pound Sterling slumped on last Friday following the bleak data from the region of United Kingdom was released, which increasing the uncertainties upon the negative economic impact which caused by the coronavirus. According to Office for National Statistics, the U.K. Retails Sales for last month notched down from the preliminary reading of -0.3% to -5.1%, missing the economist forecast at -4.0% while dialling down the market optimisms toward the economy progression in the U.K. Besides that, many analysts predicted that the weak economic momentum in UK as well as the Brexit uncertainty will continue to diminish the appeal of the Pound Sterling. Nonetheless, investors would continue to scrutinize the latest updates with regards of the coronavirus, the Brexit’s development as well as further economic data from UK to gauge the likelihood movement for the currency. On the other hand, the Japanese Yen surged as market participants expected that the Bank of Japan may consider to scrapping limits on bond purchases while easing funding for the companies in order to combat the economic damage due to the coronavirus. As of writing, GBP/USD appreciated by 0.19% to 1.2386 while USD/JPY was slumped 0.01% to 107.47.

In the commodities market, the crude oil price slumped 0.38% to $15.82 per barrel as of writing. The oil market was traded lower today as investors fears that the worldwide oil storage would be filling rapidly, raising the concerns that the production cuts will not be good enough in order to solve the demand-shock problem of the crude oil due to the coronavirus pandemic. On the other hand, the gold price depreciated by 0.34% to $1722.65 per troy ouns due to the risk-on sentiment as investors expect the global central bank would continually to ease their monetary and fiscal policy in order to boost the economic growth.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   NZD                                        ANZAC Day

Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior breakout below the previous support level at 100.30. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 100.30, 100.75

Support level: 99.75, 98.50

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2400. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2400, 1.2460

Support level: 1.2310, 1.2250

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.0795. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.0875, 1.0940

Support level: 1.0795, 1.0740

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 107.30. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 107.80, 108.40

Support level: 107.30, 107.00

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6450. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6450, 0.6615

Support level: 0.6285, 0.6160

NZDUSD, H4: NZDUSD was traded higher while currently near the resistance level at 0.6070. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6070, 0.6215

Support level: 0.5955, 0.5840

USDCAD, H1: USDCAD was traded lower while currently testing the support level at 1.4065. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.4115, 1.4185

Support level: 1.4065, 1.4005

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9750. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9750, 0.9840

Support level: 0.9630, 0.9510

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 15.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 18.05, 21.15

Support level: 15.30, 13.45

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1737.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1737.25, 1770.40

Support level: 1704.50, 1668.20

27 April 2020                       Morning Session Analysis

Dollar dipped following a stimulus plan passed in US.

Dollar index which gauge its value against a basket of six major currencies eased as House of Congress has finally gave an approval toward the new round of stimulus plan last Friday. Since the outbreak of Coronavirus, US government and Federal Reserve has launched different types of stimulus program with the intention of supporting the nation economy through the hardship of pandemic period. The new round of money which worth near to $483 billion is aimed to support the local small business and hospitals. By injecting huge amount of money incessantly into the market in order to combat the full damages of Covid-19 against US, US economy is believingly will be boosted up in short term despite the additional liquidity has diminished the value of US dollar. However, the losses of dollar index were limited as positive economic data slightly lifted up the appeal of dollar index. According to the US Census Bureau, US Core Durable Goods Orders data came in at -0.2%, stronger than the economist forecast of -5.8%, while it merely provide little view about US current economy conditions as the gains are not likely to be sustainable during this pandemic period. As of writing, dollar index fall 0.11% to 100.20.

In the commodities market, crude oil price depreciated by 3.55% to $16.55 per barrel as global production cut unable to keep pace with the collapse of market demand due to pandemic of virus. Market participants are still waiting for more catalysts in order to gauge the further direction of this black commodity. Besides, gold price notched down 0.40% to $1721.90 a troy ounce amid increasing of market risk appetite.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   NZD                                        ANZAC Day

Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 100.85. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 99.70.

Resistance level: 100.85, 102.90

Support level: 99.70, 98.30

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2370. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term toward the support level at 1.2305.

Resistance level: 1.2370, 1.2425

Support level: 1.2305, 1.2215

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.0830. MACD which illustrate bullish signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.0830, 1.0940

Support level: 1.0765, 1.0655

USDJPY, H4: USDJPY was traded lower following prior retracement from the 20 moving average line (Red). MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.85.

Resistance level: 107.95, 109.30

Support level: 106.85, 105.80

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the 20 moving average line (red). MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6460.

Resistance level: 0.6460, 0.6705

Support level: 0.6180, 0.5975

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.5995. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6055.

Resistance level: 0.6055, 0.6120

Support level: 0.5995, 0.5945

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.4105. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains after it successfully breakout above the resistance level at 1.4105.

Resistance level: 1.4105, 1.4240

Support level: 1.3980, 1.3790

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9745. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses toward the support level at 0.9685.

Resistance level: 0.9745, 0.9825

Support level: 0.9685, 0.9650

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the higher level. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 15.70.

Resistance level: 18.05, 21.80

Support level: 15.70, 12.95

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1723.45. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction toward the lower level.

Resistance level: 1724.45, 1738.15

Support level: 1711.25, 1700.15

24 April 2020                       Afternoon Session Analysis

Euro slips amid disagreement on stimulus plan.

During late Asian session, the euro which traded against the greenback and other currency pairs have fell following leaders of EU failed again to agree on a coronavirus recovery stimulus plan. According to reports, the European Commission is considering a plan that would produce two trillion euros to finance a European economic recovery after the deep recession that the coronavirus pandemic is expected to cause this year. Countries like France, Italy and Spain are pushing for the stimulus to be funded by the sale of EU debt which is called corona bonds. However, Germany and the Netherlands have once again rejected the idea with concerns that they will be the ones to pay to price. Following the disagreement, French President Emmanuel Macron afterward warned that the European project had no future if member states failed to provide enough aid. Thus, the disagreement has triggered selling pressure for the euro. At the time of writing, EUR/USD fell 0.04% to 1.0773.

In the commodities market, crude oil price jumps 2.11% to $17.34 as of writing following further output cuts. According to latest development, some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic. Kuwait’s state news agency KUNA also stated on Thursday that the producer will begin cutting supplies to international markets without waiting for the official start of the OPEC+ deal. Next, gold price retreats 0.40% to $1724.30 per barrel amid rebound in dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently near the resistance level at 100.75. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 100.75, 101.75

Support level: 99.75, 98.70

GBPUSD, Daily: GBPUSD was traded higher following prior rebound from the support level at 1.2250. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2420, 1.2620

Support level: 1.2250, 1.2055

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.0760. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.0945, 1.1125

Support level: 1.0760, 1.0660

USDJPY, H4: USDJPY was traded within a range while currently near the resistance level at 107.80. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.80, 108.40

Support level: 107.15, 106.45

AUDUSD, H1: AUDUSD was traded lower while currently testing the support level at 0.6350. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6390, 0.6425

Support level: 0.6355, 0.6315

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.5955. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6070, 0.6215

Support level: 0.5955, 0.5840

USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.4005. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4115.

Resistance level: 1.4115, 1.4250

Support level: 1.4005, 1.3850

USDCHF, H1: USDCHF was traded higher while currently testing the resistance level at 0.9770. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9770, 0.9825

Support level: 0.9720, 0.9665

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 18.05. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 18.05, 20.70

Support level: 15.70, 13.60

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1737.25. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1737.25, 1770.40

Support level: 1718.30, 1687.95

24 April 2020                       Morning Session Analysis

Dollar sinks amid weakening of labor market.

Dollar index which gauges its value against a basket of six major currencies wobbles amid latest economic data from US region showed a disappointed result. According to the Department of Labor, US Initial Jobless Claim data came in at 4,427K, blowing the estimate of economist at 4,200K, boosted the total number of Americans applied for unemployment to more than 26.5 million since the outbreak of the pandemic. Back to few months ago, Coronavirus pandemic’s impact has been rippling the entire US economy which shown by a series of bleak economic data, millions of Americans filed for unemployment benefit during this undesirable period. Besides, most of the economic experts also foresee that there could be another wave of layoffs and application of unemployment benefits as crisis continues, yet Trump administration still unveiled a three stage plan to reopen its economy. Besides, US New Home Sales which released yesterday also further dragged down the appeal of dollar index. According to the Census Bureau, US New Home Sales data rise by 627K, weaker than the economist forecast of 645K, while showing the economy is still being haunted by the fast spreading virus. As of writing, dollar index notched down 0.01% to 100.50.

In the commodities market, crude oil price appreciated by 0.10% to $17.05 per barrel amid renewed tensions in the Middle East. After Trump allowed their battleship to fire on any Iran warship in its sea, Iran warned US that they will destroy US warships if Tehran’s security is threatened in the Gulf. Besides, gold price rose 0.05% to $1730.50 a troy ounce amid dollar weakened.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.70. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains toward the resistance level at 101.20.

Resistance level: 101.20, 102.90

Support level: 99.70, 98.30

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2340. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2425.

Resistance level: 1.2425, 1.2520

Support level: 1.2340, 1.2215

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0765. MACD which illustrate bearish signal with the formation of death cross 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, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.95. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 106.85.

Resistance level: 107.95, 109.30

Support level: 106.85, 105.80

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the 20 moving average line (red). MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6460.

Resistance level: 0.6460, 0.6705

Support level: 0.6180, 0.5975

NZDUSD, H1: NZDUSD 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 0.5995.

Resistance level: 0.6055, 0.6120

Support level: 0.5995, 0.5945

USDCAD, H4: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.4105.

Resistance level: 1.4105, 1.4240

Support level: 1.3980, 1.3790

USDCHF, H4: USDCHF was traded higher following prior breakout above the resistance level at 0.9745. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9825.

Resistance level: 0.9825, 0.9900

Support level: 0.9745, 0.9685

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 15.70. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 18.05.

Resistance level: 18.05, 21.80

Support level: 15.70, 12.95

GOLD_, H1: 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 1724.45.

Resistance level: 1738.15, 1760.10

Support level: 1724.45, 1711.25

23 April 2020                       Afternoon Session Analysis

Sterling slips amid coronavirus woes.

The pound sterling has fell against the greenback and other currency pairs during late Asian session following weak inflation data coupled with concerns of deeper coronavirus impact in the U.K. According to National Statistics, U.K consumer price index have slowed to 1.5% last month from 1.7% in February. The weak data was dragged down by clothing cost and lower energy price amid Covid-19 pandemic. On top of that, analyst have also warned of further economic impact in the U.K ahead. Following recent reports, investors have also begun to raise the probability of extended lockdown, which could continue to cause the pound sterling to struggle. At the time of writing, GBP/USD edge lower 0.05% to 1.2331.

In the commodities market, crude oil price rebounds 2.24% to $14.84 per barrel as of writing following signs of producers are cutting production to cope with a collapse in demand for fuel. According to latest development, U.S Oklahoma’s energy regulator said companies could shut down digging rigs without losing their leases, an initial victory for struggling U.S. producers seeking relief from the market crash after a surge in production. The state is the fourth-largest oil producer in the U.S. In the other hand, gold price gains 0.13% to $1712.45 a troy ounce at the time of writing amid uncertainty towards global economic outlook continue to support the demand for the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently near the resistance level at 100.75. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 100.75, 101.65

Support level: 99.70, 98.35

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2385. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2385, 1.2620

Support level: 1.2230, 1.2045

EURUSD, H4: 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: 1.0945, 1.1125

Support level: 1.0795, 1.0660

USDJPY, H1: USDJPY was traded within a range while currently near the resistance level at 107.90. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.90, 108.40

Support level: 107.30, 106.90

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.6280. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6335.

Resistance level: 0.6335, 0.6375

Support level: 0.6280, 0.6230

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the support level at 0.5955. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.5955, 0.6075

Support level: 0.5840, 0.5690

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.4120. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.4250, 1.4445

Support level: 1.4120, 1.4005

USDCHF, H4: USDCHF was traded higher while currently near the resistance level at 0.9730. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9730, 0.9775

Support level: 0.9595, 0.9510

CrudeOIL, H1: Crude oil price was traded within a range while currently testing the support level at 13.90. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.

Resistance level: 18.05, 25.50

Support level: 13.90, 10.75

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1718.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1687.95.

Resistance level: 1718.20, 1737.25

Support level: 1687.95, 1672.80

23 April 2020                       Morning Session Analysis

Dollar dips while US set to vote on new stimulus plan.

Dollar index which gauge its value against a basket of six major currencies plunged after hitting the highest level in two weeks following US senate has approved a new round of stimulus plan for the stalled US economy. Yesterday, the legislation has passed in the level of Senate, and now it has been sent to House of Congress for likely approval on Thursday. This stimulus program is expected to be implemented shortly, on top of the $2trillion package and more than 10 billion of fund injection which were enacted during the outbreak of pandemic. These stimulus programs were taking the same purpose of supporting the US economy from virus’s fallout while relieving the negative impact of Covid-19 against the household and local businesses. As of writing, dollar index dropped by 0.05% to 100.15. On the other hand, the pair of USD/CAD soars 0.03% to 1.4160 amid a downbeat economic data has been released in Canada. According to the Statistics of Canada, Core CPI data was came in at -0.6%, missing the forecast and previous reading at -0.4% and 0.4% respectively. It shows that underlying pressure of inflation in Canada has weakened which due to the full damage of virus on the nation economy.

In the commodities market, crude oil price depreciated by 0.10% to $14.10 as US crude oil inventories showed a huge build-up in last week. According to the EIA, US Crude Oil Inventories data came in at 15.022M, slightly lower than the economist forecast of 15.150M, while showing that the issue of global supply glut remains unsolved. Besides, gold price notched down by 0.10% to $1712.05 a troy ounce amid rising of market’s risk-on sentiment.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.70. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains toward the resistance level at 101.20.

Resistance level: 101.20, 102.90

Support level: 99.70, 98.30

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2340. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2340, 1.2425

Support level: 1.2215, 1.2115

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0830. MACD which illustrate bearish signal with the formation of death cross suggest the pair to extend its losses after its candle successfully closed below the support level.

Resistance level: 1.0940, 1.1025

Support level: 1.0830, 1.0765

USDJPY, H4: USDJPY was traded flat below the resistance level at 107.95. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 107.95, 109.30

Support level: 106.85, 105.80

AUDUSD, Daily: AUDUSD was traded lower following prior retracement near the resistance level at 0.6460. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6180.

Resistance level: 0.6460, 0.6705

Support level: 0.6180, 0.5975

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.5945. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.5995, 0.6055

Support level: 0.5945, 0.5850

USDCAD, H4: USDCAD was traded higher following prior rebound from the upward trend line. MACD which1illustrate bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.4240.

Resistance level: 1.4240, 1.4390

Support level: 1.4105, 1.3980

USDCHF, H4: USDCHF was traded higher following prior breakout above the resistance level at 0.9685. MACD which illustrate bullish bias momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.9745.

Resistance level: 0.9745, 0.9825

Support level: 0.9685, 0.9650

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 12.95. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 15.70.

Resistance level: 15.70, 18.05

Support level: 12.95, 10.90

GOLD_, H4: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 1700.15.

Resistance level: 1724.50, 1746.05

Support level: 1700.15, 1683.50

22 April 2020                       Afternoon Session Analysis

Pound sterling fell amid Brexit worries

The pound sterling which traded against the dollar and other currency pairs have fell during late Asian session amid concerns about a no-deal Brexit ahead of trade talks between the EU and U.S. set for next week. According to Reuters, a top official at Britain’s foreign ministry have stated on Tuesday that he expected Prime Minister Boris Johnson to stick with the existing Dec. 31 deadline to reach a post-Brexit trade deal with the European Union. The head of the diplomatic service at the foreign ministry, Simon McDonald mentions that there is an “option” to extend the timeline for both nations to reach a deal beyond the end of the year. Following the unwillingness of Boris Johnson to delay the Brexit any further, the possibility of achieving a trade deal between U.K and EU remain grim and hurting the economy in the future. On top of that, the ongoing coronavirus also exert pressure for the currency. Investors will now focus on upcoming inflation data expected will show weak numbers amid the impact from the Covid-19 pandemic. At the time of writing, GBP/USD fell 0.05% to 1.2285.

In the commodities market, crude oil price plummets 3.88% to $11.29 per barrel as of writing amid oversupply issue continue to dragged down sentiment. In data perspective, the American Petroleum Institute (API) have recently announced another huge 13.226-million-barrel build in U.S. crude oil stockpiles for the week ending April 17. With reports of depleting oil storage space and weakening demand for the commodity, crude oil remains struggling. On the other hand, gold price rose 0.11% to $1682.85 a troy ounce at the time of writing amid investors seeking safe-haven in the midst of economic turbulence.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.70. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains toward the resistance level at 101.20.

Resistance level: 101.20, 102.90

Support level: 99.70, 98.30

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2340. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2215.

Resistance level: 1.2340, 1.2425

Support level: 1.2215, 1.2115

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0940. MACD which illustrate bearish signal with the formation of death cross suggest the pair to extend its losses toward the support level at 1.0830.

Resistance level: 1.0940, 1.1025

Support level: 1.0830, 1.0765

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.95. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 107.95, 109.30

Support level: 106.85, 105.80

AUDUSD, Daily: AUDUSD was traded lower following prior retracement near the resistance level at 0.6460. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6180.

Resistance level: 0.6460, 0.6705

Support level: 0.6180, 0.5975

NZDUSD, H1: NZDUSD was traded lower following prior retracement from the resistance level at 0.5995. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.5925.

Resistance level: 0.5995, 0.6055

Support level: 0.5925, 0.5850

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.4240. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.4240.

Resistance level: 1.4240, 1.4390

Support level: 1.4105, 1.3980

USDCHF, Daily: USDCHF was traded higher following prior breakout above the resistance level at 0.9685. MACD which illustrate diminishing bearish momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.9745.

Resistance level: 0.9745, 0.9825

Support level: 0.9685, 0.9650

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 12.95. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 9.55.

Resistance level: 12.95, 15.70

Support level: 9.55, 6.80

GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1683.50. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1700.15, 1724.50

Support level: 1683.50, 1666.25