Daily Analysis

22 April 2020                       Morning Session Analysis

Dollar surged over the risk-off sentiment

Dollar index which gauges its value against a basket of six major currencies surged following the big crash in oil prices, which stoked a shift in sentiment toward safe-haven asset such as Dollar index. On yesterday, the U.S. crude oil futures for May 2020 moved into historical negative territory, as a sharp fall in global demand for the oil due to the coronavirus pandemic, creating a huge supply glut and a shortage of storage capacity. The factory closures and travel curbs enforced in order to slow the pace of new coronavirus pandemic have triggered a collapse in oil prices. Besides, according to Reuters, the U.S. Congress had reached a tentative agreement on yesterday with U.S. President Donald Trump on nearly $500 billion coronavirus relief bill that would top up the $349 billion small business rescue program, while spurring some positive market sentiment in the United States. On the economic data front, the gains experienced by the Dollar Index was limited over the backdrop of the bleak housing data from the U.S. According to National Association of Realtor, the U.S. Existing Home Sales notched down from the preliminary reading of 5.76M to 5.27M, worse than the market forecast at 5.30M. As of writing, the dollar index appreciated by 0.25% to 100.30.

In the commodities market, the crude oil price surged 2.22% to $13.34 per barrel. However, the oil market was traded lower on yesterday following the Official U.S. government data shows that the oil storage at Cushing was already 70% full during the mid-April. Nonetheless, both Saudi Arabia and Russia claimed on Tuesday that they were ready to take extra measures to stabilize oil markets along with other producers. On the other hand, the gold price slumped 0.03% to $1685.55 per troy ounces amid strengthening US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 100.3. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 100.35, 100.85

Support level: 99.40, 98.80

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2230. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2385.

Resistance level: 1.2385, 1.2620

Support level: 1.2230, 1.2045

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0825. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.0975, 1.1125

Support level: 1.0825, 1.0660

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 107.90. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 107.40.

Resistance level: 107.90, 108.40

Support level: 107.40, 106.90

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.6220. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6460, 0.6640

Support level: 0.6220, 0.5985

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.5955. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6075, 0.6215

Support level: 0.5955, 0.5840

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.4175. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.4390, 1.4530

Support level: 1.4175, 1.4070

USDCHF, H4: USDCHF was traded higher while currently near the resistance level at 0.9715. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9715, 0.9775

Support level: 0.9595, 0.9510

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 12.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 25.50, 34.05

Support level: 12.25, 6.55

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1666.00. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1701.20.

Resistance level: 1701.20, 1737.25

Support level: 1666.00, 1634.75

21 April 2020                       Afternoon Session Analysis

Aussie slips following RBA minutes.

The Australian dollar which measured its value against the greenback and other currency pairs have fell during late Asian session following the recent release of meeting minutes from RBA. According to the minutes, the board have stated that it will remain committed to supporting jobs, incomes, and business and to do whatever it takes to achieve the three-year bond yield target. The minutes were somewhat less dovish with RBA didn’t plan to boost purchases on bonds, however policymakers have expressed their thought of smaller and less frequent purchases of government bonds would be required in the future. Besides that, the weakening risk sentiment also caused the pair to experience further pressure due to lack of demand from global economy. At the time of writing, AUD/USD fell 0.52% to 0.6301.

In the commodities market, crude oil price fell 0.31% to $21.33 per barrel as of writing following as fear of weak demand amid coronavirus pandemic continue to dominate the market. According to analyst poll by Reuters, U.S. crude inventories were expected to rise by about 16.1 million barrels in the week to April 17. Main U.S storage hub in Cushing, Oklahoma is also expected to be full within a matter of weeks. On the other hand, gold price slips 0.42% to $1688.97 a troy ounce at the time of writing amid strengthening dollar.

Today’s Holiday Market Close

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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 99.75. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 100.90.

Resistance level: 100.90, 101.65

Support level: 99.75, 98.80

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2385. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2620, 1.2765

Support level: 1.2385, 1.2230

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.0825. 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, 1.1125

Support level: 1.0825, 1.0660

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 107.70. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.35.

Resistance level: 107.70, 108.05

Support level: 107.35, 107.05

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6460. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6220.

Resistance level: 0.6460, 0.6640

Support level: 0.6220, 0.5985

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6075. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.5955.

Resistance level: 0.6075, 0.6215

Support level: 0.5955, 0.5840

USDCAD, H4: USDCAD was traded higher while currently near the resistance level at 1.4180. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.4180, 1.4390

Support level: 1.4070, 1.3970

USDCHF, H4: USDCHF was traded higher while currently near the resistance level at 0.9715. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9715, 0.9775

Support level: 0.9595, 0.9510

CrudeOIL, H1: Crude oil price was lower following prior retracement from the resistance level at 21.90. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 21.90, 23.45

Support level: 20.30, 17.85

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1701.20. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1701.20, 1737.25

Support level: 1670.95, 1634.75

21 April 2020                       Morning Session Analysis

Kiwi seesawed following the release of upbeat data.

In the FX Market, the pair of New Zealand dollar against US dollar hovered near the recent highest level despite optimistic data been released in New Zealand. According to the Statistics New Zealand, its nation CPI for the first quarter came in at 0.8%, blowing the forecast of economist at 0.4%, while beyond the fourth quarter of 2019 at 0.5%. The upbeat print of CPI first quarter data did not exerted huge buy-in wave in the market of New Zealand dollar as the data carries little importance where it does not reflects the full damage of Covid-19 on its economy yet. As of now, overall sentiment in NZD market is still remain weak, while having pessimistic view toward the outlook of this market as the fast spreading pandemic is still weighing on the commodity linked currencies such as New Zealand dollar. Despite, New Zealand Prime Minister revealed that the nation will remain in level 4 lockdown for one more week only, and then move to level 3 where the NZ citizens are allowed to work at office. In short run, easing of shutdown restriction may slightly boost up the economy, supporting the economy from the fallout of pandemic. As of writing, the pair of NZD/USD rose 0.05% to 0.6030.

In commodities market, crude oil price depreciated by 0.45% to $20.95 per barrel, recorded the lowest level since year 2001 amid heightening of market worries over the market’s outlook and diminishing demand amid pandemic of Coronavirus. Besides, speculators who keep short selling the oil futures also further dragged down this black commodity price. Besides, gold price dropped by 0.31% to $1690.95 a troy ounce as the sign of virus slowdown lifted up the market risk appetite.

Today’s Holiday Market Close

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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 while currently testing the support level at 1.2425. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2425.

Resistance level: 1.2520, 1.2620

Support level: 1.2425, 1.2340

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0940. MACD which illustrate diminishing bullish momentum 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 while currently testing the support level at 107.70. However, MACD which illustrate bullish bias momentum signal suggests the pair to undergo technical rebound from the support level.

Resistance level: 108.55, 109.45

Support level: 107.70, 107.00

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the 50 moving average line (Blue). However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the lower level.

Resistance level: 0.6460, 0.6705

Support level: 0.6180, 0.5975

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the 50 moving average (Blue). MACD which illustrate diminishing bearish 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, 0.5925

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.4105. MACD which illustrate diminishing bearish momentum suggest 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 higher while currently testing the resistance level at 0.9685. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.9685, 0.9745

Support level: 0.9650, 0.9570

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 21.80. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 20.00.

Resistance level: 21.80, 23.75

Support level: 20.00, 18.05

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1700.15. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction toward the resistance level at 1700.15.

Resistance level: 1700.15, 1724.50

Support level: 1683.50, 1666.25

20 April 2020                       Afternoon Session Analysis

Aussie slips despite PBoC rate cut.

 The Australian dollar which traded against the greenback and its peer have fell during late Asian session following with the latest rate from China’s central bank PBoC. According to their latest decision, People’s Bank of China (PBoC) held its benchmark interest rates steady, defying market forecasts amid widespread disruptions to businesses and activity from the COVID-19 crisis. However, it reduced the one-year loan prime rate to 3.85% from 4.05% and the five-year rate to 4.65% from 4.75%. The central bank was also expected to cut the borrowing costs the contain the economic fallout from coronavirus outbreak. investors are still not impressed with the rate cut as the Aussie continue to track on broader risk-off sentiment. Besides that, the economic restart in the U.S also dragged down further the risk tone which also affected the Chinese-sensitive currency at the same time. At the time of writing, AUD/USD fell 0.37% to 0.6341 while dollar index edge higher 0.11% to 99.93.

In the commodities market, crude oil price plummets 15.75% to $15.30 per barrel as of writing as weak oil consumption. In the latest report, the volume of oil held in U.S. storage, especially at Cushing, Oklahoma is rising due to a big drop in demand. At the same time, investors remain unconvinced that OPEC+’s cut of nearly 10 million barrels agreed to in early April will ease oversupply. On the other hand, gold price retreats and fell 0.09% to $1682.45 a troy ounce at the time of writing following dollar rebound.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded flat near the MA lines. Due to lack of clear direction and momentum from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 101.94, 103.75

Support level: 98.75, 96.40

GBPUSD, H4: GBPUSD was traded flat while currently testing the support level at 1.2465. However, due to lack of clear direction and momentum from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1.2750, 1.3015

Support level: 1.2465, 1.2230

EURUSD, H4: EURUSD was traded lower following prior retracement from the MA line. However, due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1.0910, 1.1150

Support level: 1.0825, 1.0765

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 107.10 MACD which illustrated bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 109.10.

Resistance level: 109.10, 111.45

Support level: 107.10, 105.55

AUDUSD, H4: AUDUSD was traded flat near the MA lines. Due to lack of clear direction and momentum from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 0.6450, 0.6660

Support level: 0.6190, 0.5970

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6060. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 0.6060.

Resistance level: 0.6060, 0.6365

Support level: 0.5840, 0.5580

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.3975. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.4260.

Resistance level: 1.4260, 1.4550

Support level: 1.3975, 1.3735

USDCHF, H4: USDCHF was traded flat near the MA line. However, MACD which illustrate bearish bias signal the pair to be traded lower towards the support level 0.9600.

Resistance level: 0.9720, 0.9795

Support level: 0.9600, 0.9505

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 24.85. MACD which illustrate ongoing bullish momentum suggest the commodity to extend its gains after it breaks above the resistance level 24.85.

Resistance level: 24.85, 29.05

Support level: 20.00, 15.00

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1672.90 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: 1672.90, 1633.30

20 April 2020                       Morning Session Analysis

Dollar slipped as US plans to reopen economy soon.

Dollar index which gauges its value against a basket of six major currencies dipped as US President Donald Trump planned for an early-reopen on their economy, while passing it up to governors to decide on the timing and breadth which unclear in the guideline for reopening economy. Despite there are new hotspots emerge and no sign of flattening in the spread of coronavirus, majority of the US citizens started to protest against the US administration of extending lockdown restriction in states is unnecessary, as resentment grow amid their living normality has been affected. As the pandemic of coronavirus has punched a huge hole on the US economy, US leader is now in urge to restart their economy in order to support their economy from the fallout of virus. Although restarting the economy as soon as possible may sound good to a country in short run, however without a great foundational plan such as strong virus prevention measures, virus could rebound from the fall and snugging out the economy from recovery phase. With the latest statistics, US confirmed cases breaks the record of 700,000 while the fatalities close to 40,000 cases. As of now, Investors are now eye on the development of Covid-19 and putting their attention on the steps taken by US administration. During Asian early trading session, dollar index notched down by 0.04% to 99.70.

In the commodities market, crude oil price depreciated by 4.68% to $17.31 per barrel as growing market worries over the pandemic of coronavirus might continue suppressed this black commodity’s prospect. The oil market sentiment is still remains sick while market is still waiting for further catalyst. Besides, gold price quoted down by 0.44% to $1676.40 a troy ounce amid heightening of market appetite toward riskier asset.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

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

Resistance level: 101.20, 102.90

Support level: 99.70, 98.30

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2520. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.2415.

Resistance level: 1.2520, 1.2620

Support level: 1.2415, 1.2340

EURUSD, H4: EURUSD was traded lower following prior retracement from the 20 moving average line (Red). However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short term technical correction toward higher level.

Resistance level: 1.0940, 1.1025

Support level: 1.0830, 1.0765

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 107.70. MACD which illustrate diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 107.00.

Resistance level: 107.70, 108.55

Support level: 107.00, 106.30

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the 50 moving average line (Blue). However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the lower level.

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, 0.5925

USDCAD, H4: USDCAD was traded higher following prior rebound near the support level at 1.3980. MACD which illustrate diminishing bearish momentum suggest 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 rebound from the lower level. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction toward the support level at 0.9650.

Resistance level: 0.9685, 0.9745

Support level: 0.9650, 0.9570

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the higher level. However, MACD which illustrate bullish bias momentum suggest the commodity to extend undergo technical correction toward the higher level.

Resistance level: 25.90, 27.40

Support level: 23.75, 21.80

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1683.50. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1666.25.

Resistance level: 1683.50, 1700.15

Support level: 1666.25, 1644.85

17 April 2020                       Afternoon Session Analysis

Pound sterling fell following risk of Brexit resumes.

The pound sterling which traded against the dollar and its peer have fell during late Asian session as risk of U.K leaving the EU without a deal back in focus while both parties are set to renew talks for next week. According to latest development, UK and EU have agreed to the dates for the next three rounds of negotiations with talks set to take place by video conference in the weeks beginning April 20, May 11 and June 1. However, the U.K. have expressed its unwillingness to prolong the Brexit further and would refuse any European Union request to extend the Brexit transition period, according to Prime Minster Boris Johnson’s spokesman. Market remains concerned about the risk of U.K leaving the EU without any trade deal would exert further on the economy due to the impact from the coronavirus pandemic. Thus, the ongoing uncertainty has dragged the currency sentiment lower. At the time of writing, GBP/USD fell 0.10% to 1.2495.

In the commodities market, crude oil price fell 0.15% to $19.69 as of writing amid demand concerns continue to weigh on the commodity. According to reports, OPEC have expected that the global oil demand to decline by 6.9 million barrels per day and sees the demand contraction in the second quarter to be around 12 million bpd. Regarding the demand outlook, OPEC said downward risks were still significant. In the other hand, gold price fell 0.74% to $1705.07 at the time of writing amid broad U.S dollar strength.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level at 99.65. However, MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 99.90 100.15

Support level: 99.65, 99.20

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2455. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2620, 1.2765

Support level: 1.2455, 1.2205

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.0835. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.0905, 1.0945

Support level: 1.0835, 1.0775

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 107.60. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 108.05, 108.35

Support level: 107.60, 107.15

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6220. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6460.

Resistance level: 0.6460, 0.6640

Support level: 0.6220, 0.5985

NZDUSD, H1: NZDUSD was traded lower following prior retracement from the resistance level at 0.6020. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.5935.

Resistance level: 0.6020, 0.6120

Support level: 0.5935, 0.5845

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4180. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3970.

Resistance level: 1.4180, 1.4390

Support level: 1.3970, 1.3780

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9690. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9690, 0.9775

Support level: 0.9595, 0.9510

CrudeOIL, H1: Crude oil price was traded within a range while currently near the support level at 19.25. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.

Resistance level: 20.65, 22.50

Support level: 19.25, 17.75

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1698.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1745.60, 1770.40

Support level: 1698.65, 1657.80

17 April 2020                                                       Morning Session Analysis

Dollar wobbles amid downbeat economic data.

Dollar index which measure its value against a basket of six major currencies plunged as US economy remains vulnerable which shown by a series of bleak economic data. According to the Department of Labor, U.S. Initial Jobless Claims remain weak where it came in at 5,245K, blowing the estimate of economist at 5,105K. Since the mid of March, lockdown restriction which implemented by the US government has been sweeping off the entire US economy, sent the economy into contractionary phrase. US labour market turned sour while causing higher number of Americans filing first-time claims for unemployment insurance last week, showing that the damage to the US labor market remains profound. Besides, a data from manufacturing sector also given a clearer sign over the current economy’s health. According to the Federal Reserve Bank of Philadelphia, US Philadelphia Fed Manufacturing index drop significantly to -56.6, whereas its previous reading for the month of March was -12.7, showing the full damage of virus’s pandemic are now suppressing United States. Despite, greenback managed to regain its value as market demand surged amid slowdown in pandemic of virus. During early Asian trading Session, dollar index rose by 0.47% to 99.95. 

In the commodities market, crude oil price notched up by 0.92% to $19.85 per barrel, however the market is still pressured by the disappointed oil cut decision from the OPEC+ meeting.  Besides, OPEC also reduced their forecast for world oil demand by 6.9 million barrels per day, according to the OPEC Monthly Report. Besides, gold price dropped by 0.34% to $1711.90 a trou ounce as dollar‘s strengthen.   

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 while currently testing the resistance level near 99.80. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains after it successfully breakout above the resistance level.   

Resistance level: 99.80, 101.20 

Support level: 98.30, 97.60 

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2475. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance.  

Resistance level: 1.2475, 1.2605 

Support level: 1.2475, 1.2340 

EURUSD, H4: EURUSD was traded higher folloiwng prior rebound from the support level at 1.0830. MACD which illustrate diminishing bearish momentum suggests 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, H4: USDJPY was traded higher following prior rebound from the support level at 107.70. MACD which illustrate bullish momentum signal suggests the pair to extend its gains toward the resistance level at 108.55. 

Resistance level: 108.55, 109.45 

Support level: 107.70, 107.00 

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the 50 moving average line (Blue). However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the lower level.  

Resistance level: 0.6460, 0.6705 

Support level: 0.6180, 0.5975 

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.5995. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.5995. 

Resistance level: 0.5995, 0.6055 

Support level: 0.5925, 0.5850 

USDCAD, Daily: USDCAD was traded lower folloiwng prior retracement from the resistance level at 1.4105. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction 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 previous resistance level at 0.9685. MACD which illustrate bullish bias momentum signal 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, Daily: Crude oil price was traded lower while currently testing the support level at 20.10. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level. 

Resistance level: 26.80, 34.20 

Support level: 20.10, 14.75 

GOLD_, H4: Gold price was traded lower while currently testing the upward trendline. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the upward trendline.  

Resistance level: 1722.15, 1746.05 

Support level: 1700.15, 1683.50 

16 April 2020                       Afternoon Session Analysis

Euro slips amid plans of easing coronavirus restriction.

During late Asian session, the euro which traded against the greenback and other currency have fell after EU discussions about the possibility of easing coronavirus restrictions in the country. According to latest reports, the largest economic powerhouse in the bloc, Germany plans to reopen parts of its economy as soon as on Monday. The reopening will allow retailers of up to 800 square meters allowed to reopen on Monday only if they have a plan for good hygiene. Schools in the country would also begin reopening on May 4, but large public events will remain banned until at least August 31. German Chancellor Angela Merkel is set to discuss easing restrictions with Germany’s 16 state premiers. However, market remains uncertain about the risk where government should ease the restriction and the possibility for the virus to re-emerge, thus dragging the sentiment of the Euro down. At the same time, the strengthening of the greenback also contributed to the decline of the currency pair. As of writing, EUR/USD fell 0.31% to 1.0874 while dollar index rose 0.44% to 99.90.

In the commodities market, crude oil price remains weak and fell 0.75% to $19.93 per barrel at the time of writing amid clear signs of oversupply issue. According to the latest development, the International Energy Agency (IAE) have warned of 29 million barrel per day dive in April oil demand in its monthly report, a level not seen in over two decades. Even with OPEC+ production cuts, the numbers pointed to an unenviable oversupply as the COVID-19 virus continues to hit demand. On the other hand, gold price retreats 0.04% to $1715.15 a troy ounce as of writing amid ongoing dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:00                     CrudeOIL                               OPEC Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher while currently testing the resistance level at 99.95. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 100.30, 100.85

Support level: 99.95, 99.40

GBPUSD, H1: GBPUSD was traded lower while currently near the support level at 1.2435. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2620, 1.2765

Support level: 1.2435, 1.2205

EURUSD, H1: EURUSD was traded lower following prior breakout below the previous support level at 1.0885. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.0850.

Resistance level: 1.0885, 1.0945

Support level: 1.0850, 1.0775

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 106.95. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 109.05.

Resistance level: 109.05, 110.15

Support level: 106.95, 105.65

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6460. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6185.

Resistance level: 0.6460, 0.6640

Support level: 0.6185, 0.5985

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.5935. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6020, 0.6120

Support level: 0.5935, 0.5845

USDCAD, H4: USDCAD was traded higher following prior breakout the previous resistance level at 1.4005. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4250.

Resistance level: 1.4250, 1.4540

Support level: 1.4005, 1.3870

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9600. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9765

Resistance level: 0.9765, 0.9890

Support level: 0.9600, 0.9495

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 20.65. MACD which illustrated diminishing bullish momentum suggest the commodity toward support level at 19.25.

Resistance level: 20.65, 22.50

Support level: 19.25, 17.75

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1745.60. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1745.60, 1770.40

Support level: 1698.65, 1657.80

16 April 2020                       Morning Session Analysis

Greenback surged amid market concern over virus’s fallout.

Dollar index which gauge its value against a basket of six major currencies rose amid growing concern over the economic impact of the coronavirus pandemic, while believing that the full damage may prolonged to certain period. As of today, global virus confirmed cases has set a new record of 2 million, and the death toll climbs near to 130,000. Under the shadow of virus’s pandemic, global economy has been deteriorated significantly while no any single country able to escape from the clutches of the virus. Hence, market experts have now forced to adjusting downward their forecast over the global GDP growth in the upcoming years. Nevertheless, the gains of dollar index limited following the release of US retail sales data. In the month of March, US retail sales delivers a record of -8.7%, missing the forecast of economist at -8.0%, showing that the US economy had been affected tremendously by the still-raging Coronavirus. Moreover, US industrial activity also slumped critically which has been shown in the downbeat Industrial Production data, whereas its actual reading was -5.4% versus the forecast of -4.0%. As of writing, dollar index rose by 0.68% to 99.55.

In the commodities market, crude oil price notched down by 0.01% to $20.00 per barrel after US crude oil inventory showed a surprise build up. According to EIA data, US crude oil inventories data came in at 19.248M, far higher than the economist forecast of 11.676M. Besides, gold price quoted down by 0.02% to $1713.30 a troy ounce amid strengthening of dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:00                     CrudeOIL                               OPEC Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate bullish bias momentum suggest the dollar to extend its gains toward the resistance level at 99.80.

Resistance level: 99.80, 101.20

Support level: 98.30, 97.60

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2470. However, MACD which illustrate bearish bias momentum suggest the pair to undergo short term technical correction toward the lower level.

Resistance level: 1.2605, 1.2750

Support level: 1.2475, 1.2340

EURUSD, H4: EURUSD was traded lower following prior breakout below the upward trendline. MACD which illustrate bearish bias momentum suggests 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 higher following prior rebound from the support level at 107.00. MACD which illustrate bullish momentum with the formation of golden cross suggests the pair to extend its gains toward the resistance level at 107.70.

Resistance level: 107.70, 108.55

Support level: 107.00, 106.30

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 following prior breakout below the previous support level at 0.5995. MACD which illustrate bearish bias 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 following prior breakout above the previous resistance level at 1.4105. MACD which illustrate bullish bias momentum suggest 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 previous resistance level at 0.9650. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.9685.

Resistance level: 0.9685, 0.9745

Support level: 0.9650, 0.9570

CrudeOIL, H1: Crude oil price was traded flat near the support level at 20.15. MACD which illustrate diminishing bullish momentum suggest the commodity to be traded lower in short term after it successfully breakout below the support level at 20.15.

Resistance level: 21.80, 23.75

Support level: 20.15, 17.50

GOLD_, H1: Gold price was traded lower while currently testing the 50 moving average line (Blue). MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1722.15.

Resistance level: 1722.15, 1746.05

Support level: 1700.15, 1683.50

15 April 2020                       Afternoon Session Analysis

Dollar gains following recent decision from Donald Trump.

The dollar index which traded against its basket of six major currency pairs have regain some of its confidence during late Asian session on Wednesday as investors cautiously returned to riskier currencies after U.S. President Donald Trump recent decision. According to latest development, U.S. President Trump stated that he would speak with governors of all 50 states to open their economies in a timely manner by May 1. As daily fatalities in the United States from the coronavirus have fallen sharply, U.S states are already making plans to get businesses open again. On top of that, U.S Federal Reserve have launched commercial paper funding facility program to help address liquidity issues caused by economic impacts of the coronavirus. The program was also similar to the one used during the 2008 financial crisis where U.S. central bank becomes a lender of last resort for companies that are unable to borrow in the short-term market. Thus, the program also helps support the demand for the greenback. At the time of writing, dollar index edge higher 0.03% to 98.87.

In the commodities market, crude oil price extends its decline and fell 0.34% to $20.54 as of writing following market doubts on OPEC+ production cuts continue to dominate the sentiment. According to CNBC, analyst stated that the demand destruction forecasts ranging from 15 million to 22 million bpd in April 2020 and OPEC measures only happens from May, oversupply remains inevitable in short term. On the other hand, gold price retreats 0.15% to $1723.62 a troy ounce at the time of writing amid continued volatility which caused mixed risk sentiment.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     CAD                                        BoC Monetary Policy Report

22:00                     CAD                                        BoC Rate Statement

23:15                     CAD                                        BOC Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 98.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 99.75, 100.75

Support level: 98.75, 97.75

GBPUSD, Daily: GBPUSD was traded higher while currently near the resistance level at 1.2620. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2620, 1.2765

Support level: 1.2435, 1.2205

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0945. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1025, 1.1130

Support level: 1.0945, 1.0850

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 106.95. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 109.05, 110.15

Support level: 106.95, 105.65

AUDUSD, Daily: AUDUSD was traded higher while currently near the resistance level at 0.6460. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6460, 0.6640

Support level: 0.6185, 0.5985

NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.6065. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6105, 0.6130

Support level: 0.6065, 0.6030

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.4005. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.4005, 1.4245

Support level: 1.3805, 1.3610

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9600. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9765, 0.9890

Support level: 0.9600, 0.9495

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 20.20. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 31.35, 42.70

Support level: 20.20, 12.30

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1745.60. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1745.60, 1770.40

Support level: 1698.65, 1657.80

15 April 2020                       Morning Session Analysis

Safe haven Yen strengthen amid exacerbating of global uncertainty.

Among all the major currencies in the FX market, safe haven yen rose against other currency amid decelerating of market risk appetite during the outbreak of coronavirus. According to the latest statistics, global total confirmed cases climb up close to 2 million while the death toll has also jumped to 120,000 cases. As of now, US is being ranked as the global epicentre of Coronavirus, with the confirmed cases of more than 587,000 while fatalities near to 23,650 cases. Despite virus evolved more serious in United States, Trump drop a shocker yesterday by revealing that his administration was still finalising a plan to reopen the US economy, which was previously being forced to shutdown in order to slowdown the spread of virus. Prior to now, US President Donald Trump emphasized that he has the ‘total power’ to decide on lifting the restriction while signalled that there is high possibility for them to ease the restriction in US on the first day of May. On the other side, US Governors asserted that the prerogative to lift the restriction belong to them, as they have formed an alliance to work together for reopening their respective states in shared approach. As of now, the pair of USD/JPY dipped 0.01% to 107.15.

In the commodities market, crude oil price notched down by 0.20% to $20.20 per barrel, oil market sentiment remain bearish as oil cut for 9.7 million barrel per day is too little for the current market condition, as the slump in oil demand exceed the oil production cut which resulted from the OPEC+ meeting few days ago. Besides, gold price rose by 0.10% to $1729.00 a troy ounce due to deterioration of global economy lifted up the appeal of safe haven asset.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     CAD                                        BoC Monetary Policy Report

22:00                     CAD                                        BoC Rate Statement

23:15                     CAD                                        BOC Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 99.80. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses toward the support level at 98.30.

Resistance level: 99.80, 101.20

Support level: 98.30, 97.60

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2605. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2750.

Resistance level: 1.2750, 1.2880

Support level: 1.2605, 1.2470

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0940. MACD which illustrate bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.1025.

Resistance level: 1.1025, 1.1115

Support level: 1.0940, 1.0830

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 107.30. However, MACD which illustrate bearish bias momentum signal suggests the pair to undergo technical correction toward the resistance level.

Resistance level: 107.30, 107.95

Support level: 106.90, 105.80

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6180. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the next resistance level at 0.6460.

Resistance level: 0.6460, 0.6705

Support level: 0.6180, 0.5975

NZDUSD, H1: NZDUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish bias momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.6120.

Resistance level: 0.6120, 0.6205

Support level: 0.6055, 0.5995

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3980. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3805.

Resistance level: 1.3980, 1.4105

Support level: 1.3805, 1.3670

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9650. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9570.

Resistance level: 0.9650, 0.9685

Support level: 0.9570, 0.9495

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 21.80. However, MACD which illustrate diminishing bearish momentum suggest the commodity to undergo technical correction toward the resistance level at 21.80.

Resistance level: 21.80, 23.75

Support level: 20.10, 17.50

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1722.15. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1722.15.

Resistance level: 1746.05, 1768.85

Support level: 1722.15, 1700.15

14 April 2020                       Afternoon Session Analysis

Dollar fell following moody earning season expectation.

 The dollar index which traded against a basket of six major currency pairs have resume its decline during late Asian session as market braced for disappointing U.S earning seasons. The expectation came after U.S. announced on Thursday that over 16 million people claimed unemployment since March 21. With the U.S earnings season began on Tuesday; investors are bracing for dire economy reports during the crisis darkest months. On top of that, increasing U.S debt and budget deficit also exert additional pressure for the greenback. According to reports. The U.S. federal budget deficit is on track to exceed $3.8 trillion this year even if Congress doesn’t enact any more stimulus spending, and the nation’s debt could rise to levels not seen since the country emerged from World War II. Meanwhile, pound sterling continues to climbs despite extended lockdown in the U.K. Despite with coronavirus death toll in U.K surged beyond 11,000, market was mostly unfazed by the numbers as investors are concentrating on more than 20,000 from the US, which is the global epicentre. On top of that, the recent exit of U.K Prime Minister Boris Johnson from the ICU continue to support the demand for the pound sterling. According to the Guardian, Boris Johnson’s spokesman stated that he is currency focusing on recovery. At the time of writing, dollar index fell 0.18% to 99.17 while GBP/USD gains 0.48% to 1.2564.

In the commodities market, crude oil price remains pressured and edge lower 0.23% to $22.63 per barrel as of writing following investors’ scepticism on the deal by the world’s biggest producers to cut output could help stabilize the market from the coronavirus pandemic. Despite with the agreement of 9.7 million barrels output cut recently, investors still expressing doubt as the global market remains very oversupplied, and Aramco is still prepared to fight for its market share. On the other hand, gold price soars 0.15% to $1716.62 a troy ounce at the time of writing amid broad weakness of the greenback prompt investors to shift their portfolio into safe-haven gold.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 99.05. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 100.15, 100.75

Support level: 99.05, 98.35

GBPUSD, H1: GBPUSD was traded higher while currently near the resistance level at 1.2585. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2585, 1.2765

Support level: 1.2435, 1.2205

EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.0945. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.0945, 1.1025

Support level: 1.0850, 1.0775

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 107.55. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 109.25, 110.25

Support level: 107.55, 106.40

AUDUSD, Daily: AUDUSD was traded higher while currently near 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: 0.6460, 0.6640

Support level: 0.6185, 0.5985

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6070. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6205.

Resistance level: 0.6205, 0.6340

Support level: 0.6070, 0.5955

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.4005. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.4005, 1.4255

Support level: 1.3805, 1.3610

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9635. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9765, 0.9890

Support level: 0.9635, 0.9495

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 23.90. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 23.90, 26.05

Support level: 21.60, 19.75

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1725.15. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1725.15, 1745.60

Support level: 1683.25, 1646.30

14 April 2020                       Morning Session Analysis

Greenback stagnant while market eyeing on virus’s issue.

Dollar index which measured its value against a basket of six major currencies hovered near the 2 weeks low level while the market remain on edge over the development of Covid-19 as severe restrictions which have been implemented during the peak of virus’s spreading has sent the global economy into an unprecedented freezing state, while no sign of stopping in parts of the world. According to Worldometer statistics, US total infection cases rose significantly in last week and reached 560,433 confirmed cases and recorded the most fatalities comparing to other country as of Tuesday morning. In United States, more than 40 states including Washington are now haunted by the Coronavirus pandemic, US economy continue suppressed in the recession stage due to still-ravaging Coronavirus crisis. During Asian early trading session, dollar index dropped by 0.03% to 99.50. On the other hand, the commodity currency such as Canadian dollar slipped against greenback as oil market sentiment remain pessimistic amid disappointed outcome from the OPEC+ meeting. In the phone call meeting, OPEC+ agreed to cut 9.7 million barrel of oil per day, lower than the market expectation of more than 10 million cuts. As of writing, the pair of USD/CAD rose 0.01% to 1.3905.

In the commodities market, crude oil price ticked up by 1.88% to $22.70 per barrel while continues hovering near its recent low level at $22.00 as oil production cuts of 9.7 million barrels per day failed to offset the broader concern of slumping in oil demand during the outbreak of coronavirus. In the meeting, Mexico was agreed to cut 100K in the upcoming months while it was initially being proposed by 400k of oil production cut. Besides, gold price rose by 0.02% to $1,714.70 a troy ounce amid weakening of dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 99.80. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses toward the support level at 98.30.

Resistance level: 99.80, 101.20

Support level: 98.30, 97.60

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2470. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.2605, 1.2750

Support level: 1.2470, 1.2340

EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.0940. MACD which illustrate diminishing bullish momentum suggests 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 breakout below the previous support level at 107.95. MACD which illustrate bearish bias momentum signal suggests the pair to extend its losses toward the support level at 107.25.

Resistance level: 107.95, 108.55

Support level: 107.25, 106.85

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6180. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the next 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 rebound from the upward trendline. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6115.

Resistance level: 0.6115, 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 suggest the pair to extend its losses toward the support level at 1.3805.

Resistance level: 1.3980, 1.4105

Support level: 1.3805, 1.3670

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9650. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9685.

Resistance level: 0.9685, 0.9745

Support level: 0.9650, 0.9570

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 23.80.

Resistance level: 23.80, 25.90

Support level: 21.80, 20.10

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1722.15. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the support level at 1700.15.

Resistance level: 1722.15, 1746.05

Support level: 1700.15, 1683.50

13 April 2020                       Afternoon Session Analysis

Canadian Dollar surged amid oil cut agreement.

The commodity-linked currency such as the Canadian Dollar received some bullish momentum amid the major oil producers, including the United States had reach an agreement to cut the oil output while enhancing the oil prices due to the coronavirus pandemic. According to Reuters, after the four-days of video conferences between OPEC+ and its allies, a loose organization of 24 oil-producing nations led by Russia and Saudi Arabia had agreed to reduce the oil supplies by 9.7 million barrels per day (bpd) for May and June, after 4 days of meetings following the pressure from U.S. President Donald Trump. Saudi Energy Minister Prince Adbulaziz bin Salman reiterated that the real effective cuts by OPEC+ could be expected to reach the total of 12.5 million bpd as Saudi Arabia, the United Arab Emirates and Kuwait would cut supplies steeper given higher output in April. Besides, three OPEC+ sources claimed that non-members Brazil, Canada, Indonesia, Norway and the United States would contribute another 4 million to 5 million bpd. Nonetheless, Goldman Sachs’ analysts claimed that the historic OPEC+ oil output cut deal would be insufficient to enhance the oil price amid the coronavirus pandemic had forced few nations to implement the “lock-down” policies, while spurring significant negative prospect for the oil demand. As of writing, USD/CAD slumped 0.01% to 1.3948.

In the commodities market, the crude oil price appreciated by 3.25% to $23.89 per barrels following the OPEC+ and its allies approve the oil cut deal. On the other hand, the gold price appreciated by 0.03% to $1,683.05 per troy ounces amid the acceleration of the coronavirus cases continually to spur risk-off sentiment in the FX market.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   GBP                                        Easter Monday

All Day                   EUR                                        Easter Monday

All Day                   CHF                                         Easter Monday

All Day                   AUD                                       Easter Monday

All Day                   NZD                                        Easter Monday

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 lower while currently testing the support level at 99.30. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 100.65, 101.75

Support level: 99.30, 98.35

GBPUSD, H1: GBPUSD was traded within a range while currently testing the resistance level at 1.2465. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2465, 1.2585

Support level: 1.2325, 1.2205

EURUSD, H1: EURUSD was traded within a range while currently near the resistance level at 1.0945. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.

Resistance level: 1.0945, 1.1025

Support level: 1.0850, 1.0775

USDJPY, H1: USDJPY was traded lower following prior breakout below the previous support level at 108.25. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.80.

Resistance level: 108.25, 108.65

Support level: 107.80, 107.15

AUDUSD, H4: AUDUSD was traded higher while currently near the resistance level at 0.6405. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6405, 0.6580

Support level: 0.6230, 0.6095

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6070. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6070, 0.6210

Support level: 0.5955, 0.5840

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.4005. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.4005, 1.4255

Support level: 1.3805, 1.3610

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9640. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9765, 0.9890

Support level: 0.9640, 0.9495

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 23.65. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 24.35, 25.15

Support level: 23.65, 22.55

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1684.80. However, MACD which illustrated momentum bearish suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1684.80, 1702.50

Support level: 1664.85, 1643.15

13 April 2020                       Morning Session Analysis

Dollar seesawed as low liquidity during Easter holiday.

Dollar index which gauges its value against a basket of six major currencies hovered near the lowest level in one month as market lack of catalyst since last Friday amid Good Friday’s holiday. However, a downbeat economic data from US region continued to suppress the appeal of dollar index, keeping the value of greenback at recent low level. According to US Bureau of Labour Statistics, US Core CPI for the month of March came in at a pessimistic reading of -0.1%, blowing the estimates of 0.1%, while indicating that Coronavirus pandemic has sent the US economy into deep freeze. As of now, majority of the market participants are now eye on the global development of Covid-19 to scrutinize the market sentiment and risk appetite. Prior to now, US government and Federal Reserve has unveiled a series of stimulus program to support the household and local businesses go through the hardship which due to virus spreading. Last Saturday, US surpassed Italy as the country with the highest coronavirus death in the world, resulted a catastrophic damage to entire economy. During Asian early trading session, dollar index notched down by 0.01% to 99.50.

In the commodities market, crude oil price depreciated by 2.60% to $22.45 per barrel as after OPEC+ agreed to cut their oil production by 9.7 million barrels per day, amounting to around 10% of global supply to stabilize the oil market. However, the oil cut plan is seemingly insufficient to head off the oversupply in oil market. Besides, gold price appreciated by 0.05% to $1685.00 a troy ounce due to exacerbating of global virus spreading.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   GBP                                        Easter Monday

All Day                   EUR                                        Easter Monday

All Day                   CHF                                         Easter Monday

All Day                   AUD                                       Easter Monday

All Day                   NZD                                        Easter Monday

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 lower following prior breakout below the previous support level at 99.80. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses toward the support level at 98.30.

Resistance level: 99.80, 101.20

Support level: 98.30, 97.60

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2470. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.2340.

Resistance level: 1.2470, 1.2605

Support level: 1.2340, 1.2215

EURUSD, H4: EURUSD was traded flat above the support level at 1.0940. MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses after it successfully breakout below the support level at 1.0940.

Resistance level: 1.1025, 1.1115

Support level: 1.0940, 1.0830

USDJPY, H1: USDJPY was traded lower following prior retracement from higher level. MACD which illustrate diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 108.25.

Resistance level: 108.60, 108.90

Support level: 108.25, 107.95

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6180. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the next resistance level at 0.6460.

Resistance level: 0.6460, 0.6705

Support level: 0.6180, 0.5975

NZDUSD, H4: NZDUSD was traded lower while currently testing the upward trendline. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the upward trendline.

Resistance level: 0.6115, 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. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.3980, 1.4105

Support level: 1.3805, 1.3670

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9650. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9685.

Resistance level: 0.9685, 0.9745

Support level: 0.9650, 0.9570

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 23.60. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 21.80.

Resistance level: 23.60, 25.90

Support level: 21.80, 20.10

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1683.50. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after its candle successfully close above the resistance level.

Resistance level: 1683.50, 1700.15

Support level: 1666.25, 1644.85