Daily Analysis

10 April 2020                       Afternoon Session Analysis

Pound sterling gains following Boris Johnson improvement.

The pound sterling which measured its value against the greenback and other currency have extend its gains during late Asian session following reports of improving condition of U.K Prime Minster Boris Johnson. According to Sky News, U.K Prime Minster Boris Johnson have been moved out from intensive care unit to the ward where he will receive close monitoring during the early phase of his recovery. Boris Johnson departure from ICU have diminished investors’ concern regarding towards potential political uncertainty, thus pleasing buyers to continue purchase the currency. At the same time, the ongoing weakness in greenback also help the pound sterling to obtain further support. On data wise, overall sentiment remains positive despite with mixed reaction on data where UK GDP have slipped to -0.1 for monthly basis. However, manufacturing activity in the U.K have rebound as the Manufacturing Production data came in at 0.5%, higher than market expectation of 0.1. At the time of writing, GBP/USD rose 0.07% to 1.2463

In the commodities market, crude oil price tumbles 0.22% to $23.14 per barrel following ongoing pessimism towards OPEC deal. As Mexico have rejected to join on the oil cut production plan despite with Saudi Arabia and Russia agreement, the sentiment for crude oil remains pressured. Investors will focus on OPEC meeting today to further determine the direction for the commodity. On the other hand, gold price soars 0.34% to $1683.63 a troy ounce amid broad USD weakness.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                                        Good Friday

All Day                   EUR                                        Good Friday

All Day                   CHF                                         Good Friday

All Day                   GBP                                        Good Friday

All Day                   CAD                                        Good Friday

All Day                   NZD                                        Good Friday

All Day                   AUD                                       Good Friday

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 99.40. 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: 99.40, 98.35

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2465. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2465, 1.2585

Support level: 1.2325, 1.2205

EURUSD, H4: EURUSD was traded higher while currently testing the 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: 1.0945, 1.1025

Support level: 1.0850, 1.0775

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 108.65. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.25.

Resistance level: 108.65, 109.00

Support level: 108.25, 107.80

AUDUSD, H1: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6230. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6405, 0.6485

Support level: 0.6230, 0.6095

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6080. AMCD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6080, 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. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3805.

Resistance level: 1.4005, 1.4255

Support level: 1.3805, 1.3605

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: 0.9495, 0.9380

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 23.00. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 24.30, 26.80

Support level: 23.00, 21.80

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

Resistance level: 1684.80, 1702.40

Support level: 1664.85, 1643.15

10 April 2020                       Morning Session Analysis

Dollar plummeted amid new lending program.

Dollar index which gauges its value against a basket of six major currencies plunged after Federal Reserve rolls out a new lending facility as a stimulus to the economy which will bolstered up the programs total up to $2.3 trillion. The additional measures were introduced by Federal Reserve after US Initial Jobless Claim data came in at a disappointed reading where its actual reading was 6,606K, whereas the economist forecast was 5,250K, reflecting the full damage of pandemic on US labour market. In details, the new lending program’s intention are to assist household and local businesses to go through the hardship during pandemic of coronavirus. Since the outbreak of coronavirus, US government and its central bank have implemented different types of stimulus plan to support the economy, combating while limiting the negative effect of coronavirus. However, a significant decline in US economy condition is doomed, indicating that the largest economy body in the world is also vulnerable against the hurricane of virus. Nonetheless, Federal Reserve revealed that they are remain committed to use the full range of tools to confront the virus. As of writing, dollar index plunged by 0.56% to 99.55.

In the commodities market, crude oil price dropped by 0.02% to $23.10 per barrel amid OPEC+ failed to reach a consensus in the meeting last night. The top oil producers in the world, Saudi Arabia and Russia have agreed to cut their oil production by 10M barrels per day in May and June, acting as a credential move to stop oil war while stabilising the oil market. However, Mexico rejected to vote a ‘yes’ to this oil cut production plan before the meeting end. Hence, market participants will continue eye on today OPEC’s meeting to determine the direction of oil price. Besides, gold price rose 0.05% to $1683.15 a troy ounce as Federal Reserve’s new lending program dragged down the appeal of greenback.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                                        Good Friday

All Day                   EUR                                        Good Friday

All Day                   CHF                                         Good Friday

All Day                   GBP                                        Good Friday

All Day                   CAD                                        Good Friday

All Day                   NZD                                        Good Friday

All Day                   AUD                                       Good Friday

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior 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 while currently testing the resistance level at 1.2470. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2470.

Resistance level: 1.2470, 1.2605

Support level: 1.2340, 1.2215

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.0940. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains after it successfully breakout above the resistance level at 1.0940.

Resistance level: 1.0940, 1.1025

Support level: 1.0830, 1.0765

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 108.55. MACD which illustrate diminishing bullish momentum signal suggests the pair to extend its losses after it successfully breakout below the support level at 108.55.

Resistance level: 109.25, 110.10

Support level: 108.55, 107.50

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 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 0.6115.

Resistance level: 0.6115, 0.6205

Support level: 0.6055, 0.5995

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3980. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout or rebound before entering into the market.

Resistance level: 1.4105, 1.4240

Support level: 1.3980, 1.3805

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 23.90. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 21.80.

Resistance level: 23.90, 25.90

Support level: 21.80, 20.10

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1678.10. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction toward the support level at 1678.10.

Resistance level: 1700.15, 1732.30

Support level: 1678.10, 1658.80

09 April 2020                       Afternoon Session Analysis

Euro slips amid disagreement on virus measures.

During late Asian session, the Euro which traded against the greenback and other currency pairs have slip after European Union finance ministers failed to agree on joint measures to support the region’s economy against the impact of the coronavirus crisis. According to recent reports, the finance ministers remain divided over the best way to provide loans and whether to go as far as issuing joint EU debt despite with 16 hours of discussions and talks. Previously, investors have been expecting for a package of stimulus measures which totalling around half a trillion euros and also involving support from the European Stability Mechanism, the European Investment Bank and the European Commission. However, the disagreement dash market hopes and thus caused a huge selling pressure towards the Euro. Still, European ministers will meet again on Thursday as they seek to overcome these two differences and investors will continue to focus on the final results of the upcoming meeting. At the time of writing, EUR/USD fell 0.03% to 1.0858.

In the commodities market, crude oil price rose 0.54% to $25.86 per barrel as of writing following production cut expectation. According to latest development, Russia have recently stated that the country was willing to reduce output by around 1.6 barrels daily, or 15%. Still, investors are waiting to see if Russia will be able to keep its word at OPEC+’s virtual meeting on Thursday. In the other hand, gold price edge higher 0.26% to $1649.72 a troy ounce at the time of writing following continued fears of the coronavirus.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:30                     EUR                                        ECB Publishes Account of Monetary Policy Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded within a range while currently near the support level at 99.70. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 100.75, 101.65

Support level: 99.70, 98.90

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2410. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2325.

Resistance level: 1.2410, 1.2460

Support level: 1.2325, 1.2205

EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.0930. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.0930, 1.1025

Support level: 1.0790, 1.0650

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 108.65. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 109.25, 109.85

Support level: 108.65, 108.25

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6235. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6235, 0.6405

Support level: 0.6095, 0.5955

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 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, 0.6210

Support level: 0.5955, 0.5840

USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.3990. MACD which illustrated increasing bearish momentum suggest the pair to extend its gains toward resistance level at 1.4075.

Resistance level: 1.4075, 1.4185

Support level: 1.3990, 1.3925

USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level 0.9765. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9640.

Resistance level: 0.9765, 0.9890

Support level: 0.9640, 0.9495

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level 26.25. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 25.15.

Resistance level: 26.25, 27.05

Support level: 25.15, 23.95

GOLD_, H1: Gold price was traded within a range while currently near the support level at 1643.15. However, due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1671.75, 1702.40

Support level: 1643.15, 1605.90

09 April 2020                       Morning Session Analysis

Dollar gains amid exacerbating of virus spreading.

Dollar index which gauges its value against a basket of six major currencies soared as investors sought for safe haven asset such as greenback under the circumstance of worsening in virus spreading while the whole world is suppressing by the devastating impact of Covid-19. According to the latest statistics, the total cases of infected patients rose to more than 1.4 million while the death rate has also broken the record of 80,000 yesterday. However, the gains of dollar were limited as United States has been recognised as the most virus-stricken area in globe, as its total coronavirus cases top at 400,000, doubling in one week. Moreover, top experts are also predicting that US total cases of virus will goes to the peak by the end of this month as US diagnoses is lagging behind the outbreak while no any sign of slowdown in virus spreading. Regardless of short to long term, it will undoubtedly affect the US economic health, leaving a big pothole on this largest economies’ body in the world for a long time. During Asian early trading session, dollar index notched up by 0.26% to 100.16.

In the commodities market, the crude oil price depreciated by 0.04% to $26.00 per barrels following the report of crude oil inventories released last night. According to EIA, US Crude Oil Inventories came in at 15.177M, higher than the economist forecast of 9.271M, indicating the demand of crude oil sapped due to coronavirus pandemic. However, market are now still eyes on the upcoming OPEC+ meeting in order to scrutinize the further direction of oil price. Besides, gold price rose by 0.18% to $1648.00 a troy ounce as market risk appetite declined amid worsening of virus pandemic.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:30                     EUR                                        ECB Publishes Account of Monetary Policy Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 99.80. 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: 99.80, 98.30

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2340. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.2470.

Resistance level: 1.2470, 1.2605

Support level: 1.2340, 1.2215

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance 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 108.55. MACD which illustrate diminishing bearish momentum signal suggests the pair to extend its gains toward the resistance level at 109.25.

Resistance level: 109.25, 110.10

Support level: 108.55, 107.50

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6180. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after its candle successfully close above the resistance level at 0.6180.

Resistance level: 0.6180, 0.6460

Support level: 0.5975, 0.5720

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.5865. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6075.

Resistance level: 0.6075, 0.6250

Support level: 0.5865, 0.5620

USDCAD, H4: USDCAD was traded lower following prior retracement from the 20 moving average line (red). However, MACD which illustrated diminishing bearish momentum and the formation of golden cross suggest the pair to undergo technical correction toward the higher level.

Resistance level: 1.4105, 1.4240

Support level: 1.3980, 1.3805

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9685. MACD which illustrate diminishing bearish momentum 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, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 25.90. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 27.40.

Resistance level: 27.40, 28.75

Support level: 25.90, 23.90

GOLD_, H1: Gold price was traded higher following prior rebound from the channel’s bottom level at 1644.00. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1657.55, 1666.10

Support level: 1644.00, 1623.75

08 April 2020                       Afternoon Session Analysis

Pound surged amid risk-on sentiment.

Pound Sterling surged on yesterday following the increasing risk appetite within the FX market as the death rate of the coronavirus in Spain and Italy has been declining for several days, prompting the investors to shift their portfolio toward riskier asset such as Pound Sterling. Nonetheless, at this time, the coronavirus has infected more than 51,000 people in U.K, with the death toll surging to nearly 5,400. In earlier, Pound sterling received bearish momentum following the UK Prime Minister Boris Johnson was moved into intensive care on late Monday after his condition deteriorated rapidly. However, investors had digested the such negative news while the U.K. Foreign Secretary Dominic Raab, who is deputizing for the U.K. Prime Minister, claimed on yesterday that the condition of the UK Prime Minister Boris Johnson was remained “stable” overnight. Besides, he reiterated that Boris Johnson is not required any mechanical ventilation or non-invasive respiratory support. Such sentiment had spurred some significant demand for the Pound Sterling. On the other hand, the dollar index surged over the backdrop of positive job data from the United Stated. According to Bureau of Labor Statistics, the U.S. JOLTs Job Openings came in at 6.882M, exceeding the economist forecast at 6.600M while enhancing the market optimism toward the economic progression in the United States. As of writing, dollar index appreciated by 0.22% to 100.12 while GBP/USD slumped 0.15% to 1.2316.

In the commodities market, the crude oil price surged 3.12% to $24.90 per barrels. The oil market edged higher as investors speculate that the OPEC members and its allied producers would successfully make an agreement in order to reduce the oil productions while ending the price war between Saudi Arabia and Russia during their meeting on Thursday. On the other hand, the gold market received bearish momentum yesterday amid strengthening U.S Dollar. As of writing, the gold market slumped 0.03% to $1648.45 per troy ounce.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                                        FOMC Meeting Minutes

(9^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 99.80. 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: 99.80, 98.30

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2340. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.2340, 1.2470

Support level: 1.2215, 1.2115

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance 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, H1: USDJPY was traded higher following prior rebound from the support level at 108.55. MACD which illustrate diminishing bearish momentum signal suggests the pair to extend its gains toward the resistance level at 109.25.

Resistance level: 109.25, 110.10

Support level: 108.55, 107.50

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6180. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6180.

Resistance level: 0.6180, 0.6460

Support level: 0.5975, 0.5720

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.5865. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6075.

Resistance level: 0.6075, 0.6250

Support level: 0.5865, 0.5620

USDCAD, H4: USDCAD was traded higher following prior rebound near the support level at 1.3980. MACD which illustrated 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, 1.3805

USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 0.9685. MACD which illustrate bullish bias momentum 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, H1: Crude oil price was traded higher following prior rebound from the support level at 23.90. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its rebound toward the resistance level at 25.90.

Resistance level: 25.90, 27.40

Support level: 23.90, 21.80

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1644.00. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1657.55.

Resistance level: 1657.55, 1666.10

Support level: 1664.00, 1623.75

08 April 2020                       Morning Session Analysis

Dollar retreats on improved risk sentiment.

The dollar index which traded against a basket of six major currency pairs have slip during early Asian session as market are heading for riskier assets following slowing coronavirus pandemic. As U.S, Italy and Spain reported falling COVID-19 case numbers over the weekend, risk sentiment continues to improve and market are becoming hopeful that the coronavirus pandemic could be slowing in major economies, thus causing the appeal of safe haven such as dollar itself that have benefitted most strongly from the coronavirus panic softened. In coronavirus front, Spain’s daily death toll fell for the fourth day running to 637, its lowest level since March 24, while Italy reported 525 deaths, the fewest since March 19. In New York which is the epicentre of the outbreak in the U.S, Governor Andrew Cuomo also recently stated that the state’s death rate has been ‘effectively flat’ for the last two days. Besides that, the greenback’s appeal is also limited by the recent weakness in the US job market where investors are still concerned following last week’s shockingly poor US job stats. At the time of writing, dollar index fell 0.72% to 99.92.

In the commodities market, crude oil price tumbles 0.75% to $24.21 per barrel as of writing following report of increasing oil inventories. According to the latest report from American Petroleum Institute (API), crude oil stockpiles have increased by 11.9 million barrels for the week ended April 3, higher that market forecast of 9.300 million barrels. In the other hand, gold price fell 0.09% to $1649.60 a troy ounce at the time of writing following slowing condition in coronavirus cause a drop in appeal for safe-haven assets.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 101.10. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 98.75.

Resistance level: 101.10, 103.75

Support level: 98.75, 96.40

GBPUSD, H4: GBPUSD remain traded in a sideway channel following recent rebound from the support level 1.2230. However, MACD which display bullish bias signal with the formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 1.2490.

Resistance level: 1.2490, 1.2750

Support level: 1.2230, 1.2000

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.0925. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.0925, 1.1060

Support level: 1.0780, 1.0640

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 108.95. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 107.10.

Resistance level: 108.95, 111.45

Support level: 107.10, 105.55

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.6190. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction towards the support level 0.5970.

Resistance level: 0.6190, 0.6450

Support level: 0.5970, 0.5725

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.5840. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a short-term technical correction towards back the support level 0.5840.

Resistance level: 0.6060, 0.6365

Support level: 0.5840, 0.5580

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

Resistance level: 1.4260, 1.4550

Support level: 1.3975, 1.3735

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9775. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses towards the support level 0.9650.

Resistance level: 0.9775, 0.9895

Support level: 0.9650, 0.9505

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 27.95. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 20.20.

Resistance level: 27.95, 35.55

Support level: 20.20, 15.00

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level 1635.95. MACD which illustrate persistent bullish bias signal suggest the commodity to extend its gains towards the resistance level 1702.25.

Resistance level: 1702.25, 1756.35

Support level: 1635.95, 1575.60

07 April 2020                       Afternoon Session Analysis

Kiwi gains following RBNZ latest statement.

The New Zealand Kiwi have rose against the dollar and other currency during late Asian session after the latest statement released by the Reserve Bank of New Zealand (RBNZ) on Tuesday. According to the statement, the central bank will extend its asset purchasing program (QE) to a total of NZD 33 billion. The Reserve Bank’s Monetary Policy Committee (MPC) noted that the purchases of New Zealand Government Bonds have successfully reduced longer-term interest rates. Besides that, the committee also agreed that monetary policy needed to be operated as effectively as possible. The news has since increased the appeal and further bid for the New Zealand Kiwi. In the coronavirus front, as infection cases tops surpassed above 1000, New Zealand Prime Minister Jacinda Ardern demotes Health Minister David Clark for coronavirus lockdown breach and also extended for a second time the state of national emergency for a further seven days. NZD/USD climbs 0.37% to 0.5951 at the time of writing.

In the commodities market, crude oil price rose 2.07% to $26.61 per barrel as of writing following increasing optimism on Saudi-Russian deal. According to latest development, Russian Direct Investment Fund’s chief executive told CNBC overnight that his country and Saudi Arabia are “very, very close” to an agreement to cut production. As OPEC+ members are preparing for a virtual meeting on Thursday, investors are now focusing on whether the two producers could reach an agreement on production cuts due to weak demand. On the other hand, gold price also rose 0.12% to $1660.22 a troy ounce at the time of writing following U.S reports slowing number of new cases. At the same time, physical demand continues to dominate and support gold prices.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12:30                     AUD                                       RBA Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded within a range while currently testing the resistance level at 100.75. MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 100.75, 101.65

Support level: 99.85, 98.90

GBPUSD, H1: GBPUSD was higher following prior rebound from the support level at 1.2205. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2315.

Resistance level: 1.2315, 1.2435

Support level: 1.2205, 1.2110

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.0790. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.0930, 1.1025

Support level: 1.0790, 1.0650

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 108.65. 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, 109.85

Support level: 108.65, 108.25

AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.6115. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6115, 0.6185

Support level: 0.6055, 0.5985

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.5920. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.5980.

Resistance level: 0.5980, 0.6035

Support level: 0.5920, 0.5875

USDCAD, H1: USDCAD was traded lower while currently testing the support level at 1.4085. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.4230, 1.4330

Support level: 1.4085, 1.4015

USDCHF, H1: USDCHF was traded lower while currently testing the support level at 0.9750. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout the support level.

Resistance level: 0.9830, 0.9890

Support level: 0.9750, 0.9625

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 25.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 27.75.

Resistance level: 27.75, 29.20

Support level: 25.75, 23.55

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1668.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1668.20, 1701.85

Support level: 1643.15, 1605.90

7 April 2020                         Morning Session Analysis

Pound sterling dips amid pessimistic economic data.

Among all the major currencies market, pound sterling plummeted against other currencies following the release of downbeat construction data in UK. According to CIPS, UK Construction PMI came in at a reading of 39.3, weaker than the economist expectation of 44.0 as Covid-19 restriction halted the construction activity across the entire nation. Since the outbreak of coronavirus, global economy has been affected tremendously, while no any indication of weakening in virus spreading. A series of bleak data from UK shows that the economy is contracting in a fastest pace since the economic crisis. The full damage on UK nation is doomed to reflect during UK spring time as the pandemic of virus is getting worse. Moreover, pound’s outlook turned sour as the news of Boris Johnson was admitted to hospital created fresh uncertainty. According to CNBC, a spokesman from Downing Street revealed that UK Prime Minister Boris Johnson suffered from persistent symptoms of virus, running with high temperature. Hence, a ‘precautionary step’ is forced to be taken in order to avoid unnecessary outcome happened. Despite, Boris Johnson is still in charge of the government and in contact with ministerial. As of writing, the pair of GBP/USD notched down 0.20% to 1.2205.

In the commodities market, crude oil price appreciated by 1.19% to $26.38 per barrel as market participants are still remain optimistic toward the prospect of this black commodity market despite a postponement on meeting between Saudi Arabia and Russia. The meeting was precedingly scheduled to held on Monday in order to discuss the issue of oil output. Besides, gold price quoted up 0.25% to $1,667.30 a troy ounce amid heightening of virus’s uncertainty.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12:30                     AUD                                       RBA Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.80. 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: 99.80, 98.30

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2215. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2215.

Resistance level: 1.2340, 1.2470

Support level: 1.2215, 1.2115

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

Resistance level: 1.0830, 1.0940

Support level: 1.0765, 1.0655

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 109.25. MACD which illustrate diminishing bearish momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.25, 110.10

Support level: 108.55, 107.50

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.5975. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6180.

Resistance level: 0.6180, 0.6460

Support level: 0.5975, 0.5720

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.5865. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6075.

Resistance level: 0.6075, 0.6250

Support level: 0.5865, 0.5620

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.4105. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout or rebound before entering into the market.

Resistance level: 1.4240, 1.4390

Support level: 1.4105, 1.3990

USDCHF, H4: USDCHF 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: 0.9825, 0.9900

Support level: 0.9745, 0.9685

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 25.90. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its rebound toward the resistance level at 27.40.

Resistance level: 27.40, 28.75

Support level: 25.90, 23.90

GOLD_, H1: Gold price was traded higher following prior breakout above the previous resistance level at 1663.80. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo technical correction in short term toward the support level at 1663.80.

Resistance level: 1681.50, 1701.20

Support level: 1663.80, 1651.40

06 April 2020                       Afternoon Session Analysis

Aussie fell as recession fears mount.

The Australian dollar which traded against its peers and the greenback have fell during late Asian session on Monday as the potential risk of recession continue to dominate the sentiment and weak Australian data. From data perspective, the AIG Performance of Construction Index fell to 37.9 in March from 42.7 in February. At the same time, the Commonwealth Bank Services PMI for the same month was also revised to 38.5. The data which have signalled a steeper economic slowdown in March have continue to exert bearish pressure for the currency. At the same time, the ongoing coronavirus also weigh on the currency. At the moment, strengthening dollar and market risk-aversion have kept Aussie to continue remain in the weak spot. With the global slowdown only likely to intensify as the pandemic worsens, investors have little reason to buy the Australian Dollar much. Still, investors will now focus to the next policy decision from RBA this week where if the bank discusses any quantitative easing (QE) policy, the Australian dollar could extend its selling pressure. At the time of writing, AUD/USD slips 0.11% to 0.6018 while dollar index rose 0.09% to 100.72.

In the commodities market, crude oil price fell 4.25% to $27.29 per barrel as of writing following concerns of oversupply. According to reports, the head of the International Energy Agency, Fatih Birol have recently stated that the oil inventories would still rise by 15 million bpd in the second quarter even with output cuts of 10 million bpd and urged the world’s richest economies to discuss broader ways to stabilize oil markets. Next, gold price remains stable and edge higher 0.03% to $1613.38 a troy ounce at the time of writing as investors remain cautious and waiting for more news and confirmation

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CNY                                        Ching Ming Festival

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 101.10. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a technical correction in short term towards the support level 98.75.

Resistance level: 101.10, 103.75

Support level: 98.75, 96.40

GBPUSD, H4: GBPUSD was traded flat near the resistance level 1.2290 following prior breakout below previous support level. However, MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.1990.

Resistance level: 1.2290, 1.2490

Support level: 1.1990, 1.1740

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.0780. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 1.0925.

Resistance level: 1.0925, 1.1060

Support level: 1.0780, 1.0640

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.95. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gain after it breaks above the resistance level.

Resistance level: 108.95, 111.45

Support level: 107.10, 105.55

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.5970. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction towards the resistance level 0.6190.

Resistance level: 0.6190, 0.6450

Support level: 0.5970, 0.5725

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.5840. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to experience a technical correction towards the resistance level 0.6075.

Resistance level: 0.6075, 0.6365

Support level: 0.5840, 0.5580

USDCAD, H4: USDCAD remain traded in a sideway channel following recent retracement from the resistance level 1.4260. Due to lack of momentum and direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1.4260, 1.4550

Support level: 1.4000, 1.3735

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9775. However, MACD which illustrate diminishing bullish bias signal with the starting formation of death cross suggest the pair to be traded lower as a technical correction towards the support level 0.9650.

Resistance level: 0.9775, 0.9895

Support level: 0.9650, 0.9505

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 28.00. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower towards the support level 20.20.

Resistance level: 28.00, 35.55

Support level: 20.20, 15.00

GOLD_, H4: Gold price remain traded in a sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower in short term towards the support level 1575.60.

Resistance level: 1635.95, 1702.25

Support level: 1575.60, 1521.65

6 April 2020                         Morning Session Analysis

Dollar soared despite pessimistic job data.

Dollar index which gauges its value against a basket of six major currencies rose after US nation released negative economic data from labour market, blowing up the historical gains of 113 months in a row. According the Bureau of Labour Statistics, US Non-Farm Payroll data came in at -701K, far weaker than the economist forecast at -100K, sweeping off the labour market tremendously. However, NFP data for the month of March has not fully capture the negative impact of Coronavirus yet as the data only covered till 12^th March 2020. Nonetheless, another job data which is US unemployment rate further cemented the weakness of labour market during the period of fast virus spreading, leapt up from 3.5% from previous month to 4.4%, while showing unprecedented job losses in US. Hence, these reports have been providing hints to the global market where the upcoming job data may even worsen. Since the outbreak of coronavirus, global markets have been tampered significantly, especially United States as its total infection cases surpass other countries, peaking as the top of the world. The losses of dollar index limited as the appeal of greenback strengthen amid US Manufacturing sector growth remain resilient and intact, seemingly well in the environment of Covid-19. During the Asian early trading session, dollar index rose 0.12% to 100.70.

In the commodities market, crude oil price depreciated by 8.55% to $26.05 per barrel after OPEC+ postponed a meeting on discussing oil price until 9^th April. Prior to now, Saudi Arabia and Russia were pressured by the US administration and eventually agreed to further discuss the issue of oil output on Monday. Besides, gold price dipped 0.24% to $1,614.45 a troy ounce amid strengthening of dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CNY                                        Ching Ming Festival

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.80. 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: 99.80, 98.30

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2230. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2230.

Resistance level: 1.2340, 1.2470

Support level: 1.2230, 1.2120

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.0830. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains after it successfully breakout above the resistance level at 1.0830.

Resistance level: 1.0830, 1.0940

Support level: 1.0765, 1.0655

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.55. MACD which illustrate bullish bias momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 108.55, 109.25

Support level: 107.50, 106.45

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level at 0.6035. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.5720.

Resistance level: 0.6035, 0.6350

Support level: 0.5720, 0.5375

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.5865. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.5620.

Resistance level: 0.5865, 0.6075

Support level: 0.5620, 0.5420

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.4240. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout or retracement before entering into the market.

Resistance level: 1.4240, 1.4390

Support level: 1.3990, 1.3805

USDCHF, H1: USDCHF was traded higher following prior rebound from the 20 moving average line (Red). MACD which illustrate diminishing bearish momentum signal 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, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 25.90. However, MACD which illustrate bearish bias momentum suggest the commodity to undergo technical correction toward lower level in short term.

Resistance level: 27.40, 28.75

Support level: 25.90, 23.90

GOLD_, H4: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its retracement toward the support level at 1602.55.

Resistance level: 1636.30, 1664.70

Support level: 1602.55, 1579.00

03 April 2020                       Afternoon Session Analysis

Pound sterling remain stable following aid package.

The pound sterling which traded against the greenback and its peers remain standing on high ground in overall during late Asian session following hopes of coronavirus aid packages. During early Asia, UK Chancellor Rishi Sunak unveils a new measure to SME loan scheme which extended the state-backed aid packages to medium-sized firms with turnovers as high as £500 million. The government is also stopping lenders from requesting personal guarantees for loans under £250,000 and making changes to speed up lending approvals. On the other hand, Health Secretary Matt Hancock also suggested the idea of issuing certificates for people who have built up immunity to the coronavirus to return to normal life. At the same time, he has also a new target of carrying out 100,000 Covid-19 tests a day in England by the end of April. The combination of good news has continued to support the strength for the currency. However, potential upside may be limited as market continue to assess the condition after Centre for Business and Economic Research (CEBR) predicted that the UK’s GDP could plummet by 15% between this year’s first and second quarters due to the impact of the coronavirus. Market will now focus on upcoming data such as UK Service PMI to determine further confirmation for the pair. At the time of writing, GBP/USD edge higher 0.06% to 1.2383 as of writing.

In the commodities market, crude oil price retreats 2.94% to $23.98 per barrel as of writing amid rising doubts on Saudi Arabia and Russia deal. Despite U.S. President Donald Trump tweeted that Saudi Arabia and Russia had agreed to a potential cut of 10 million barrels or more, investors express towards the deal that is too little and too late. At the same time, analysts also doubted that the two producers will reduce supply without a coordinated cut from other big suppliers such as the U.S. and Canada. In the other hand, gold price jumped 0.09% to $1613.35 a troy ounce at the time of writing as investors flocked to the yellow metal amid ongoing risk of coronavirus.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.75. 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: 99.75, 98.30

GBPUSD, H1: GBPUSD was traded flat within the sideway channel. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout or rebound before entering into market.

Resistance level: 1.2470, 1.2605

Support level: 1.2340, 1.2230

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.0835. MACD which illustrate bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level at 1.0835.

Resistance level: 1.0900, 1.1000

Support level: 1.0835, 1.0790

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 107.15. MACD which illustrate bullish bias momentum signal suggests the pair to extend its gains toward the resistance level at 108.30.

Resistance level: 108.30, 109.25

Support level: 107.15, 106.00

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.6035. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6035.

Resistance level: 0.6350, 0.6720

Support level: 0.6035, 0.5720

NZDUSD, Daily: NZDUSD was traded lower while currently testing near the support level at 0.5865. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.5685.

Resistance level: 0.6075, 0.6250

Support level: 0.5865, 0.5620

USDCAD, H1: USDCAD was traded higher following prior rebound from the upward trendline. MACD which illustrate bullish momentum signal and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.4190.

Resistance level: 1.4190, 1.4335

Support level: 1.3990, 1.3805

USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level at 0.9745. MACD which illustrate bearish momentum signal 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 momentum signal suggest the commodity to extend its losses toward the support level at 23.15.

Resistance level: 24.95, 25.85

Support level: 23.15, 21.80

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1602.55. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1634.90.

Resistance level: 1634.90, 1664.70

Support level: 1602.55, 1579.00

3^rd April 2020                      Morning Session Analysis

Greenback slumped following bleak job data was released.

Dollar index which gauge against six major currency slumped over a backdrop of the bleak job data from the U.S. region. According to Department of Labor, U.S. Initial Jobless Claims notched up from the preliminary reading of 3.307M to 6.648M, almost double the previous all-time high which set a week earlier. Such negative reading had indicated that the outbreak of the coronavirus had already tremendously damaged the economic momentum within the U.S following the U.S government imposed social distancing moves for few states. Nonetheless, investors at this time would continue to scrutinize the updates with regards of the Non-Farm Payrolls report which will be released tonight in order to gauge the likelihood movement for the currency. However, the losses experienced by the US Dollar was limited amid risk-off sentiment in the FX market, which prompting the investors to shift their portfolio toward the safe-haven asset such as US Dollar. On the COVID-19 epidemic front, more than 1 million people have been diagnosed with the coronavirus disease worldwide, while the death toll soared by 3300 people to more than 52,000 people and about 208,000 patients recovered. As of writing, the dollar index appreciated by 0.43% to 100.15.

In the commodities market, the crude oil price surged 0.29% to $24.75 per barrel. The oil market edged higher yesterday following the U.S. President Donald Trump claimed that he had made a deal with the top producers Russia and Saudi Arabia to cut the oil output and stabilize the oil price, though the details were remained unclear. On the other hand, the gold market slumped 0.14% to $1611.80 per troy ouns. However, the commodity surged on yesterday following the negative jobs data from the U.S. was released, which insinuating demand for the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 100.75.

Resistance level: 100.75, 101.65

Support level: 99.85, 98.90

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2500. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2500, 1.2730

Support level: 1.2300, 1.2125

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.0835. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.0930, 1.1005

Support level: 1.0835, 1.0650

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 107.80. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 108.30.

Resistance level: 108.30,108.65

Support level: 107.80, 107.15

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6045. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6180, 0.6290

Support level: 0.6045, 0.5955

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.5900. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6045, 0.6155

Support level: 0.5900, 0.5785

USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.4120. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.4230.

Resistance level: 1.4230, 1.4330

Support level: 1.4120, 1.3985

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9750. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9750, 0.9830

Support level: 0.9625, 0.9495

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 24.45. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 27.40, 29.70

Support level: 24.45, 21.55

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1606.60. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1643.00.

Resistance level: 1643.00, 1673.20

Support level: 1606.60, 1576.55

02 April 2020                       Afternoon Session Analysis

Dollar regains as investors seek safety in liquidity.

The dollar index which is traded against a basket of six major currency pairs have climbed during late Asian following the worsening coronavirus that have caused massive disruption to global economy have prompt investors rushed back to the world’s most liquid currency. Investors were spooked after U.S President Donald Trump warned America to brace for a “painful two weeks” following the White House projected that the coronavirus pandemic could claim 100,000 to 240,000 lives even with the current social distancing guidelines are maintained. As of now, the number of coronavirus cases in the United States have surpassed 200,000 with the total number of infections at 215215 while death toll stands at 5110. U.S officials also warned spikes in confirmed cases may soon be seen outside of large city centres. Market will now focus on upcoming data such as U.S Jobless Claims to obtain further information as economist across North America are expecting that the United States will set another record for unemployment claims. As of writing, dollar index rose 0.04% to 99.61.

In the commodities market, the price of crude oil rose 0.67% to $21.06 at the time of writing following hopes of truce deal between Saudi Arabia and Russia. According to recent reports, U.S. President Trump have stated that he expected the two producers to come to an agreement within the next few days. Besides that, he also added that he has invited U.S. oil executives to the White House to discuss ways to help the industry. On the other hand, gold price fell 0.42% to $1584.62 as of writing amid ongoing bid for the dollar due to liquidity.

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 while currently near the resistance level at 99.85. However, MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 99.85, 100.75

Support level: 98.90, 98.25

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.2500. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2300.

Resistance level: 1.2500, 1.2730

Support level: 1.2300, 1.2125

EURUSD, H1: EURUSD was traded lower while currently testing the support level at 1.0930. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1005, 1.1065

Support level: 1.0930, 1.0850

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 107.15. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 107.80.

Resistance level: 107.80,108.35

Support level: 107.15, 106.35

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6060. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6180, 0.6290

Support level: 0.6060, 0.5955

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.5900. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6045, 0.6155

Support level: 0.5900, 0.5785

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4215. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.4085.

Resistance level: 1.4215, 1.4375

Support level: 1.4085, 1.3930

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9625. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9740, 0.9830

Support level: 0.9625, 0.9495

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 20.25. however, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 21.80, 23.35

Support level: 20.25, 19.10

GOLD_, Daily: Gold price was traded lower while currently near the support level at 1576.55. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1605.90, 1643.15

Support level: 1576.55, 1546.45

2 April 2020                         Morning Session Analysis

Dollar plunged following mixed economic data released.

Dollar index which gauge its value against a basket of six major currencies slumped after a series of mixed data released in US region last night. As a widely used indicator to scrutinize the health of labour market, ADP Non-farm payroll data was come in at -27k, recorded a deepest drop before the impact of Covid-19 flow through the economy as the report merely covered till 12^th March. Since the outbreak of coronavirus, US economy has been affected tremendously and labour market has showed the largest slump by referring to the initial jobless claim data. Despite the ADP data was reported in a reading slightly stronger than the economist forecast at -150k, however it did not exerted bullish momentum toward the dollar index as market forecast the actual losses for the entire month of March were far worse as millions of people in US had filed the unemployment claims. Nonetheless, the losses of greenback limited following an upbeat data of manufacturing sector released. According to the Institute of Supply Management, ISM Manufacturing PMI recorded a drop lower than forecast whereas the actual reading is 49.1 and the forecast is 45.0. As of writing, dollar index inched down 0.05% to 99.50.

In the commodities market, crude oil price rose by 0.72% to $21.20 per barrel despite skyrocketed in crude oil inventories. According to EIA, US Crude Oil Inventories data rose significantly to 13.834M from previous month of reading at 1.623M. The overall oil market sentiment still remains weak due to the negative effect of coronavirus and dispute between Saudi Arabia and Russia. Besides, gold price appreciates 0.05% to $1591.95 a troy ounce amid weakening of 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 while currently testing the resistance level at 99.75. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains after it successfully breakout above the resistance level at 99.75.

Resistance level: 99.75, 101.20

Support level: 98.30, 97.60

GBPUSD, H1: GBPUSD was traded flat within the sideway channel. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout or rebound before entering into market.

Resistance level: 1.2470, 1.2605

Support level: 1.2340, 1.2230

EURUSD, H1: EURUSD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggests the pair to be traded lower in short term toward the support level at 1.0900.

Resistance level: 1.1000, 1.1040

Support level: 1.0900, 1.0835

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

Resistance level: 107.55, 108.55

Support level: 106.50, 105.20

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6035. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6350.

Resistance level: 0.6350, 0.6720

Support level: 0.6035, 0.5720

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.5865. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 0.6075.

Resistance level: 0.6075, 0.6250

Support level: 0.5865, 0.5620

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.4190. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.4190.

Resistance level: 1.4335, 1.4535

Support level: 1.4190, 1.3990

USDCHF, H1: USDCHF was traded higher following prior rebound from the 20 moving average line (Red). MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9680.

Resistance level: 0.9680, 0.9730

Support level: 0.9625, 0.9580.

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 undergo technical correction toward higher level in short term.

Resistance level: 21.85, 23.15

Support level: 21.15, 20.10

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1579.00. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1602.55.

Resistance level: 1602.55, 1634.90

Support level: 1579.00, 1536.95

01 April 2020                       Afternoon Session Analysis

Safe-haven yen firms despite weak business mood.

The Japanese Yen which measured its value against the greenback and its peer have strengthen during late Asian trading session even though Japan’s business mood hits seven-year low. According to BoJ survey, big manufacturers’ sentiment turned pessimistic for the first time in seven years as supply chain disruptions caused by the outbreak hit sectors across the board. Service-sector also hit a seven-year low as travel bans and social distancing policies hurt consumption, clouding an already dark outlook. Both manufacturers and non-manufacturers expect business conditions to worsen further three months ahead. However, due to the increasing of global cases and deaths from the coronavirus, the appeal of the Japanese Yen as a safe-haven currency have managed to refrain investors from running away. As of now, global infection cases have reach 8611455 while death toll stands at 42200. In the U.S, U.S continue to set new deadly record where the virus killed a record of 865 people in the United States in the 24 hours recently, according to a Johns Hopkins University. Besides that, the weakening dollar also help support the demand for the safe-haven yen. As of writing, USD/JPY fell 0.11% to 107.70 while dollar index slips 0.04% to 99.10.

In the commodities market, crude oil price fell 0.65% to $20.57 per barrel at the of writing following reports of rising crude inventories. According to API, crude inventories have rose by 10.485 million barrels to 461.9 million barrels last week. Despite with recent positive development between U.S and Russia, the momentum was short-lived as the overall prospect of demand and supply remain weak following Russia and Saudi Arabia having free reign over production levels starting today. In the other hand, gold price also plummeted 0.36% to $1584.64 a troy ounce as of writing speculations of Russia, the world’s largest purchaser of bullion, decided to suspend gold purchases starting today.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 98.90. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 99.85, 100.50

Support level: 98.90, 98.25

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2480. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2300.

Resistance level: 1.2480, 1.2730

Support level: 1.2300, 1.2125

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1005. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1090, 1.1165

Support level: 1.1005, 1.0900

USDJPY, H1: USDJPY was traded higher while currently testing the resistance level at 107.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 107.80,108.35

Support level: 107.15, 106.35

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6180. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6005.

Resistance level: 0.6180, 0.6290

Support level: 0.6005, 0.5865

NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6045. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.5900.

Resistance level: 0.6045, 0.6155

Support level: 0.5900, 0.5785

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.4085. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.4215, 1.4375

Support level: 1.4085, 1.3930

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9625. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9625, 0.9710

Support level: 0.9495, 0.9380

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 19.95. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 24.70, 28.45

Support level: 19.95, 15.85

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1576.80. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1603.20.

Resistance level: 1603.20, 1636.00

Support level: 1576.80, 1556.30