Daily Analysis

1 April 2020                         Morning Session Analysis

New repo facility dragged greenback lower.

Dollar index which gauge its value against a basket of six major currencies dipped after Federal Reserve implemented new stimulus plan to smoothen the financial market. Last night, US central bank establish a temporary FIMA (foreign and international monetary authorities) repo facility where it allows all the FIMA account holders to enter into repurchase agreements with Federal Reserve. Through this program, FIMA account holders is able to exchange for dollar by temporarily selling their treasury securities to Federal Reserve. Besides, this unprecedented action from Federal Reserve not merely aim to increase the liquidity of dollar but as well as limiting other foreign central bank to sell their treasury holdings which due to market panic during the period of virus’s spreading. During early Asian trading session, dollar index inched down 0.24% to 98.95.  Nonetheless, upbeat economic data from US nation slightly limited the losses of greenback. According to the Conference Board, US CB Consumer Confidence came in at 120.0, stronger than the economist forecast of 110.0, reflecting US consumers are confidence on their economy health despite the pandemic of coronavirus.

In the commodities market, crude oil price depreciated by 0.05% to $19.95 per barrel as market remain pessimistic toward the prospect of oil market. Market participants are seeing huge selling pressure on this black commodity due to the combination of Covid-19 negative impact as well as the rising production level of crude oil. Besides, gold price notched down by 0.12% to $1,575.74 a troy ounce amid latest plan from Federal reserve lifted up market risk appetite.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 99.30. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses toward the support level at 97.60.

Resistance level: 99.30, 101.20

Support level: 97.60, 95.95

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2470. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2340.

Resistance level: 1.2470, 1.2605

Support level: 1.2340, 1.2230

EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.1040, MACD which illustrate diminishing bullish momentum suggests the pair to be traded lower in short term toward the support level at 1.0970.

Resistance level: 1.1040, 1.1120

Support level: 1.0970, 1.0900

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 107.65. MACD which illustrate diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 106.60.

Resistance level: 107.65, 108.75

Support level: 106.60, 105.25

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6035. MACD which illustrate bullish bias 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 lower following prior retracement from the resistance level at 0.6075. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.5865.

Resistance level: 0.6075, 0.6250

Support level: 0.5865, 0.5620

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.4185. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3990.

Resistance level: 1.4185, 1.4335

Support level: 1.3990, 1.3805

USDCHF, H1: USDCHF was traded lower following prior breakout below the previous support level at 0.9625. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9580.

Resistance level: 0.9625, 0.9680

Support level: 0.9580, 0.9520.

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 20.10. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 20.10.

Resistance level: 21.15, 23.15

Support level: 20.10, 19.40

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1579.00. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 1536.95.

Resistance level: 1579.00, 1602.55

Support level: 1536.95, 1503.40

31 March 2020                   Afternoon Session Analysis

Yen slips amid closing end of fiscal year.

The Japanese Yen which traded against the greenback and other currencies have fell during late Asian session after Japanese investors and companies rushed to cover a shortage of the U.S. currency before their fiscal year end. As Tuesday is the last trading day for Japan’s fiscal year and the end of the quarter for major investors, most big players in the market are ready to close their books, thus causing the demand in dollar rose as major companies and investors are buying the greenback to cover a shortage of U.S currencies. Besides that, Japan Prime Minister Shinzo Abe has pledged to lay out a huge stimulus plan which includes cash payouts to households and a scheme for private financial institutions to lend to small firms at zero interest to combat the virus fallout that will exceed the 57-trillion-yen package after the collapse of Lehman Brothers in 2008. While the package will help ease economic pain, it will also be added Japan’s ballooning public debt which is at twice the size of its own economy. Thus, causing the appeal of Yen to fall further. At the time of writing, USD/JPY rose 0.54% to 108.40 while dollar index climbs 0.14% to 99.37.

In the commodities market, crude oil price recovers 5.00% to $21.00 per barrel as of writing following Russia willingness to talk with U.S. According to Kremlin, Russia have agreed with U.S in a phone call recently to have their top energy officials discuss stabilizing oil markets. However, investors still remain cautious as the ongoing coronavirus continue to dent the demand outlook for the commodity. On the other hand, gold price fell 0.43% to $1614.66 a troy ounce at the time of writing amid increasing demand for the dollar.

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, H1: Dollar index was traded lower following prior retracement from the resistance level at 99.70. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 98.95.

Resistance level: 99.70, 100.50

Support level: 98.95, 98.25

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2300. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2505, 1.2730

Support level: 1.2300, 1.2125

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1005. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1090, 1.1150

Support level: 1.1005, 1.0900

USDJPY, H1: USDJPY was traded higher while currently testing the resistance level at 108.45. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 108.45,109.50

Support level: 107.75, 107.15

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6180. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

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. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6045, 0.6205

Support level: 0.5900, 0.5785

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.4215. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.4215, 1.4375

Support level: 1.4085, 1.3930

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous support level at 0.9560. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9630.

Resistance level: 0.9630, 0.9720

Support level: 0.9560, 0.9495

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 19.95. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 24.70.

Resistance level: 24.70, 30.65

Support level: 19.95, 15.75

GOLD_, H4: Gold price was traded within a range while currently near the support level at 1606.20. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1636.00, 1659.85

Support level: 1606.20, 1582.05

31 March 2020                   Morning Session Analysis

Mnuchin positive view boosted dollar index higher.

Dollar index which gauge its value against a basket of six major currencies surged after hitting 13 days low level amid US Secretary of Treasury hawkish statement lifted up the investor’s confidence toward greenback. Despite US economy is undergoing low underlying pressures since the outbreak of fast spreading virus, Mnuchin viewed US economic condition still remain good while predicting the economy growth will catch up the gap after virus disappeared. Besides, Mnuchin also emphasizes that unfolding monetary policy and government relief packages will successfully ‘accompany’ US to get through the hardship. Besides, upbeat housing data which released on yesterday night also acted as a catalyst, prompting the investors swarm into dollar market.  According to National Association of Realtors, US Pending Home Sales for the month of February came in at 2.4%, blowing the estimates of economist at -1.0%, indicating housing sector remain resilient ahead of the major impact of coronavirus impact. During early Asian trading session, dollar index rose 0.69% to 99.05. On the other hand, the pair of EUR/USD notched down 0.03% to 1.1040 as Europe virus toll surges, while no sign to loosen their existing control measures at the moment. Moreover, Germany lawmakers also predicted its nation economy will sink into fatal recession since the Lehman crisis in year 2008.

In the commodities market, crude oil price appreciated by 1.15% to $20.20 per barrel after US President Donald Trump revealed that he will speak to President Putin regarding to the oil fight between Russia and Saudi Arabia. However, Saudi Arabia signalled no discussion with Russia on stabilizing oil price despite Trump administration was pressuring on them to reach a compromise. Besides, gold price quoted down 0.18% to $1,618.75 a troy ounce amid strengthening of dollar.

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, H4: Dollar index was traded lower following prior retracement from the resistance level at 99.35. However, MACD which illustrate diminishing bearish momentum suggest the dollar to undergo technical correction toward the resistance level at 99.35.

Resistance level: 99.35, 101.20

Support level: 97.60, 95.95

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.2340. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2340.

Resistance level: 1.2470, 1.2605

Support level: 1.2340, 1.2230

EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.1040, MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.0970.

Resistance level: 1.1040, 1.1120

Support level: 1.0970, 1.0900

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 107.65. MACD which illustrate bullish bias momentum signal suggests the pair to extend its gains toward the resistance level at 108.75.

Resistance level: 108.75,109.25

Support level: 107.65, 106.60

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6035. MACD which illustrate bullish bias 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 lower following prior retracement from the resistance level at 0.6075. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 0.5865.

Resistance level: 0.6075, 0.6250

Support level: 0.5865, 0.5620

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.4175. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.4175, 1.4335

Support level: 1.3990, 1.3805

USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 0.9580. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.9625.

Resistance level: 0.9625, 0.9680

Support level: 0.9580, 0.9520

CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 20.15. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 21.15.

Resistance level: 21.15, 23.15

Support level: 20.15, 19.40

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1634.90. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 1602.55.

Resistance level: 1634.90, 1664.70

Support level: 1602.55, 1579.00

30 March 2020                   Afternoon Session Analysis

US Dollar slumped amid to continually spike of the coronavirus in US. cases.

Dollar index which gauge against six major currency slumped on the last Friday as the unstoppable spike of the coronavirus cases in the U.S. region, which prompting investors to shift their portfolio from the U.S. market toward others safe-haven currencies such as Japanese Yen and Swift Franc. According to Reuters, the coronavirus death toll from the U.S. region topped up to 2,460 people, while with more than 141,000 people was infected, the most of any country in the world. The U.S. President Donald Trump who initially claimed that the coronavirus outbreak within the U.S. was “under controlled”, acknowledged on yesterday that the deaths in the United States from the coronavirus could reach 100,000 or even more. Besides that, President Donald Trump said on last Saturday that he is considering two-week quarantine on New York and parts of New Jersey and Connecticut in order to halt the outbreak of the coronavirus epidemic. However, the losses experienced by the US Dollar was limited following U.S. President Donald Trump enacted a historic $2 trillion stimulus bill to diminish the economic damage which caused by the coronavirus pandemic. Included are direct payments to many Americans, an increment in unemployment benefits and up to $350 billion in small business loans. As of writing, the Dollar Index appreciated by 0.34% to 98.85.

In the commodities market, the crude oil price slumped 6.04% to $24.47 per barrel as of writing. The oil market edged lower as the global coronavirus pandemic continually to weigh on the demand for this black commodity. On the other hand, the gold market slumped 0.80% to 1617.99 per troy ouns as of writing following recording their biggest weekly gains since 2008 on last Friday amid technical correction.

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, H1: Dollar index was traded higher while currently testing the resistance level at 98.95. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 98.95, 99.70

Support level: 98.25, 97.45

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2505. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2290.

Resistance level: 1.2505, 1.2730

Support level: 1.2290, 1.2090

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1060. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1165, 1.1290

Support level: 1.1060, 1.0965

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.15. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 108.45,109.50

Support level: 107.15, 105.75

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6165. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6165, 0.6290

Support level: 0.6005, 0.5865

NZDUSD, H1: NZDUSD was traded within a range while currently testing the support level at 0.6010. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level.

Resistance level: 0.6115, 0.6205

Support level: 0.6010, 0.5870

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.4075. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.4075, 1.4215

Support level: 1.3930, 1.3785

USDCHF, H1: USDCHF was traded higher while currently testing the resistance level at 0.9560. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9560, 0.9625

Support level: 0.9495, 0.9430

CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level at 21.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 21.00, 23.25

Support level: 19.10, 16.55

GOLD_, Daily: Gold price was traded lower following prior retracement from the resistance level at 1636.15. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1606.20.

Resistance level: 1636.15, 1653.45

Support level: 1606.20, 1582.05

30 March 2020                   Morning Session Analysis

Japanese Yen jumps while market awaiting for stimulus package.

Among majorities of the currencies market, Japanese Yen soared while prompting the pair of USD/JPY plunged to 10 days low level after Japan’s prime minister Shinzo Abe vows to unveil an unprecedented stimulus plan in the short run which hopefully able to buffer the economy from incoming storm. In details, the stimulus package will include cash pay outs to household and small firms which summed up to a size exceed the stimulus plan which laid out during the Lehman’s crisis. Moreover, Japan prime minister added that Japan is now in critical stage where its currently in a long-term battle against coronavirus with other countries, revealed in a press conference on last Saturday. As of now, the total cases of coronavirus’s infection in Japan rose to 1,693 while the death rate remains at 52 cases. During the Asian trading session, the pair of USD/JPY down 0.22% to 107.65. On the other hand, the pair of USD/CAD rose 0.68% to 1.4070 following an unpredicted rate cut from Bank of Canada on last Friday. Prior to the rate cut decision, Canada has failed to dodge the pandemic driven contraction which has exerted serious fallout toward the Canada’s economy. Hence, lawmakers unanimously voted to cut their overnight policy rate by 50 basis point from 0.75% to 0.25%, in a hope to support the financial system and the economy.

In the commodities market, crude oil price depreciated by 7.01% to $20.05 per barrel amid market fears over the fallout of coronavirus and the supply glut from Saudi Arabia and Russia. Despite Trump administration has pressured on Saudi Arabia to compromise with Russia, yet Saudi Arabia is still moving toward its production target. Besides, gold price inched up 0.05% to $1,630.50 a troy ounce amid heightening of market risk avoidance.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 99.35. MACD which illustrate diminishing bullish momentum suggest the dollar to extend its losses toward the support level at 97.60.

Resistance level: 99.35, 101.20

Support level: 97.60, 95.95

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.2390. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2390.

Resistance level: 1.2525, 1.2605

Support level: 1.2390, 1.2230

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1120. However, MACD which illustrate bullish bias momentum suggests the pair to undergo technical correction toward the higher level.

Resistance level: 1.1200, 1.1295

Support level: 1.1120, 1.1040

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.65. MACD which illustrate bearish bias momentum signal suggests the pair to extend its losses after it successfully breakout below the support level at 107.65.

Resistance level: 108.75,109.25

Support level: 107.65, 106.60

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6035. MACD which illustrate bullish bias 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, Daily: NZDUSD was traded higher following prior breakout above the previous resistance 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 from the support level at 1.3990. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.4175.

Resistance level: 1.4175, 1.4335

Support level: 1.3990, 1.3805

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9520. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it successfully breakout below the support level at 0.9520.

Resistance level: 0.9580, 0.9625

Support level: 0.9520, 0.9490

CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level at 21.50. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 19.10.

Resistance level: 21.50, 23.10

Support level: 19.10, 16.60

GOLD_, H1: Gold price was traded higher following prior rebound from the 50 moving average line (Blue). MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1637.05.

Resistance level: 1637.05, 1664.70

Support level: 1598.50, 1579.00

27 March 2020                   Afternoon Session Analysis

Euro soars following hopes of “Corona” bonds.

The Euro which traded against the U.S dollar and its peer continue to post gains and take flight during late Asian session following the ongoing talks of a new debt instrument to combat the coronavirus pandemic. According to the latest report, France, Italy and Spain and six other euro area governments have called for the issuance of joint European debt to finance the fight against coronavirus. While the ECB has recently launched a new package of quantitative easing, individual countries can combat the pandemic depends on the strength of their balance sheets, thus nine European countries have called upon their EU counterparts to issuea new debt instrument that would combine securities from different countries and put the firepower of German taxpayers behind the joint borrowing which is called corona bonds. Despite with the increasing talks on corona bonds, there are still many other EU countries that are oppose to it due to its controversy. Investors are now waiting for further confirmation from key conference call between the 27 leaders of the European Union later Thursday. At the time of writing, EUR/USD rose 0.41% to 1.1070 while dollar index fell 0.49% to 99.09.

In the commodities market, crude oil price continues to tumble and fell 0.44% to $22.73 per barrel as of writing following plans of top up the U.S oil reserves ignored. U.S. Energy Secretary Dan Brouillette recently stated the Trump administration has asked Congress for $3 billion to buy 77 million barrels to top up the Strategic Petroleum Reserve. However, the stimulus passed by the Senate did not allocate any funding for SPR crude purchases. At the same time, new record jobless claims filed and price war between Saudi Arabia and Russian continue to weigh on the market. In the other hand, gold price edge higher 0.11% to $1627.79 a troy ounce as of writing following US dollar weakness and worsening condition of coronavirus in the U.S.

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, H4: Dollar index was traded lower following prior breakout below the previous support level at 99.35. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 99.35, 100.40

Support level: 98.55, 97.35

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.2295. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2295, 1.2510

Support level: 1.2085, 1.1830

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1065. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1065, 1.1165

Support level: 1.0960, 1.0870

USDJPY, Daily: USDJPY was traded lower while currently near the support level at 108.10. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 109.40,110.30

Support level: 108.10, 107.15

AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.6110. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6110, 0.6235

Support level: 0.5955, 0.5745

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous 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, 0.6215

Support level: 0.5955, 0.5840

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3990. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.4225, 1.4670

Support level: 1.3990, 1.3780

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

Resistance level: 0.9625, 0.9730

Support level: 0.9545, 0.9425

CrudeOIL, H1: Crude oil price was traded within a range while currently near the support level at 22.50. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 24.00, 24.95

Support level: 22.50, 21.45

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1635.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1603.80.

Resistance level: 1635.25, 1657.25

Support level: 1603.80, 1584.15

27 March 2020                   Morning Session Analysis

Dollar dips following the announcement of downbeat data.

Dollar index which gauge its value against a basket of six major currencies unsuccessfully return to its previous upward trend, shattering the record of 4 days low in a row following unexpected hike in US jobless claim amount. According to the Department of Labor, US Initial Jobless Claims data came in at 3,283K, blowing the estimates of 1,650k while indicating the pandemic of Covid-19 drives the US economy into recession. Since the virus start spreading over the states of US, widespread of pandemic virus has bring devasting impact toward the US economy especially the US labour market, unleashing a wave of layoff among the local businesses. The spike in claiming unemployment benefits are foreseeably to rise even higher in the upcoming weeks as the spread of coronavirus are still sweeping the entire US, prompting the unemployment rate rising in a lightning pace. During early Asian trading session, dollar index notched down 1.57% to 99.50. On the other hand, the pair of GBP/USD quoted down 0.32% to 1.2160 after hitting the 10 days high level following BoE decided to maintain its cash rate at 0.1% as widely expected. Besides, BoE board members also unanimously voted to keep its quantitative easing program at £645 billion after injecting £200 million last week. However, BoE are ready to further loosening their monetary policy if stimulus is needed to cure the economy from virus’s outbreak.

In commodities market, crude oil prices depreciated by 0.05% to $23.00 per barrel after Iran intends to increase the capacity of its oil fields in West Karoun during this suppressing period. By implementing this strategy, it enables Iran to gains higher income even in the low oil price environment. Besides, gold price inched down by 0.02% to $1630.00 a troy ounce as heightening of market risk appetite.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following while currently testing the support level at 99.35. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses after it successfully breakout below the support level at 99.35.

Resistance level: 101.20, 102.90

Support level: 99.35, 97.60

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2230. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2115.

Resistance level: 1.2230, 1.2390

Support level: 1.2115, 1.1975

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1040. However, MACD which illustrate bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.1120.

Resistance level: 1.1120, 1.1200

Support level: 1.1040, 1.0970

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.25. MACD which illustrate bearish bias momentum signal suggests the pair to extend its losses after it successfully breakout below the support level at 109.25.

Resistance level: 110.10, 111.35

Support level: 109.25, 108.75

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6035. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6035, 0.6350

Support level: 0.5720, 0.5375

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.5865. MACD which illustrate diminishing bearish 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 breakout below the support level at 1.4175. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.3990.

Resistance level: 1.4175, 1.4335

Support level: 1.3990, 1.3805

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9625. MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 0.9580.

Resistance level: 0.9625, 0.9680

Support level: 0.9580, 0.9520

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 23.05. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 23.05.

Resistance level: 25.00, 27.65

Support level: 23.05, 21.40

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1634.90. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.

Resistance level: 1634.90, 1664.70

Support level: 1602.55, 1579.00

26 March 2020                   Afternoon Session Analysis

Pound sterling climbs following recent upbeat CPI.

The pound sterling which traded against the greenback and other pairs have extend its gains during late Asian session following recent upbeat data and market continue to digest the impact of U.K. government’s measures to contain the coronavirus pandemic. From data perspective, U.K CPI remains strong as the data have came in at 1.7%, hitting market expectation despite with the ongoing outbreak. On the other hand, the plunge in dollar have also help the pound sterling getting a bid as Federal Reserve continue to expand its quantitative easing program to avert a financial crisis in markets. As the Monetary Policy Committee of the Bank of England are expected to announce its decision and release its meeting minutes on today, traders will continue to focus on the development of the coronavirus and waiting for the decision from BoE to determine further momentum for the pound sterling. At the time of writing, GBP/USD edge higher 0.15% to 1.1860 while dollar index fell 0.32% to 100.79.

In the commodities market, crude oil price fell 0.71% to $23.80 per barrel as of writing following fears of weak demand continue to rattle the market. As the coronavirus continue to spread and more countries started to impose lockdown, oil demand is continuing to take a hit. Next, gold price retreats 0.79% to $1604.40 a troy ounce at the time of writing amid massive relief package from U.S Senate.

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded lower while currently near the support level at 100.40. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 101.45, 102.95

Support level: 100.40, 99.60

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.1875. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1875, 1.1975

Support level: 1.1805, 1.1705

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.8095. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.0960, 1.1025

Support level: 1.0895 1.0810

USDJPY, H1: USDJPY was traded lower following prior breakout below the previous support level at 110.80. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 110.80, 111.40

Support level: 110.25, 109.45

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.5865. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.5985, 0.6105

Support level: 0.5865, 0.5715

NZDUSD, H4: NZDUSD was higher while currently testing the resistance level at 0.5865. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.5865, 0.6045

Support level: 0.5635, 0.5455

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.4210. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.4340, 1.4470

Support level: 1.4210, 1.4005

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9725. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9830, 0.9885

Support level: 0.9725, 0.9625

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 24.00. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 25.05, 26.15

Support level: 24.00, 23.05

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1603.80. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1635.25, 1657.25

Support level: 1606.85, 1586.25

26 March 2020                   Morning Session Analysis

Greenback plunged following a stimulus plan been approved.

Dollar index which gauge its value against a basket of six major currencies dipped as US stimulus plan has been approved in the vote of Senate level. After facing two tumbles of voting down by the Democrats in a row since the beginning of this week, US politician has finally nodded their head on the latest stimulus plan which act as a new catalyst to boost up the nation economy. In details, the stimulus consists of providing a lump sum of payment to taxpayer, jobless benefits and a $500 billion fund to underpin the local business which are being suppressed by this pandemic. As a result, stimulus package has temporarily steadied the market nerves toward the outbreak of coronavirus, prompted the market participants to sell off their holding on safe haven dollar while fleeing into riskier market. Moreover, pessimistic economic data from US region also further dragged down the appeal of greenback. According to the Census Bureau, U.S. Core Durable Goods Orders data for the month of February came in at -0.6%, missing the estimate of economist at -0.4%. However, the reading of this data does not fully reflect the fallout of virus yet and it is expected to decline substantially as the pandemic has brought the economy to a sudden halt. During early Asian trading session, dollar index notched down by 1.07% to 100.90.

In commodities market, crude oil prices depreciated by 0.38% to $24.20 per barrel amid oil market sentiment still remain chaos as virus’s pandemic continues to haunt the prospect of oil market. However, the losses of oil prices limited after US oil inventories data shows a smaller stockpile than market expectation. According to EIA, US crude oil inventories data came in at 1.623M, lower than the forecast of 2.774M. Besides, gold price dropped by 0.30% to $1,613.50 a troy ounce as market fled into riskier asset after a stimulus plan to pump up the market liquidity has been approved by the US government.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:00                     GBP                                        BoE MPC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 101.20. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses toward the support level at 99.35.

Resistance level: 101.20, 102.90

Support level: 99.35, 97.60

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.1785. However, MACD which illustrate bearish momentum suggest the pair to undergo technical correction toward the support level at 1.1785.

Resistance level: 1.1900, 1.1975

Support level: 1.1785, 1.1700

EURUSD, H1: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0835. However, MACD which illustrate diminishing bullish momentum suggests the pair to undergo technical correction toward the support level at 1.0835.

Resistance level: 1.0900, 1.0970

Support level: 1.0835, 1.0790

USDJPY, H1: USDJPY was traded lower following prior breakout below the upward wedge’s bottom level. MACD which illustrate bearish bias momentum signal suggests the pair to extend its losses toward the support level at 110.10.

Resistance level: 111.35 112.25

Support level: 110.10, 109.25

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance 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, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.5865. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.5595.

Resistance level: 0.5865, 0.6075

Support level: 0.5595, 0.5420

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

Resistance level: 1.4335, 1.4535

Support level: 1.4175, 1.3990

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9785. MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 0.9735.

Resistance level: 0.9785, 0.9815

Support level: 0.9735, 0.9680

CrudeOIL, Daily: Crude oil price was traded higher following prior rebound from the support level at 21.50. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 25.75.

Resistance level: 25.75, 30.50

Support level: 21.50, 19.10

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1602.55. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction toward the support level at 1602.55.

Resistance level: 1634.90, 1664.70

Support level: 1602.55, 1579.00

25 March 2020                   Afternoon Session Analysis

Pound sterling soars despite mixed data.

The pound sterling soared against the dollar and its peer at late Asian session as trade shrugged off negative data. According to Markit Economics, service activity in the U.K have fell short to 35.7, lower than market expectation of 45. However, manufacturing activity in the U.K have surpassed market expectation with the reading of 48, higher than forecast of 45. Still, overall sentiment remains upbeat amid U.S Federal Reserve impose unlimited quantitative easing which have knock some confidence out of the U.S dollar and increasing the bid in pound sterling. At the same time, market also optimistic on recent decision of lockdown in the U.K where the currency was previously crushed by investors’ concern over the lack of decisiveness from the UK leadership as to how best protect the public and UK economy from the spread of COVID-19. At the time of writing, GBP/USD rose 0.44% to 1.1809 while dollar index slips 0.52% to 101.64.

In the commodities market, the price of crude oil jumped 1.63% to $24.71 per barrel as of writing amid increasing optimism of U.S stimulus. the U.S. Senate looked close to reaching an agreement on a massive stimulus package on Tuesday. Despite the talk would continue on Wednesday, the news has provided some boost for the commodity. Next, gold price also extended its gains and climbs 0.05% to $1617.97 a troy ounce following weakening dollar and U.S. Fed unprecedented measures of unlimited buying of bonds and securities also added further boost for the 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

Technical Analysis

DOLLAR_INDX, Daily：Dollar index was traded lower while currently testing the support level at 101.40. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 102.95, 103.65

Support level: 101.40, 100.40

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.1805. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1805, 1.1875

Support level: 1.1705, 1.1595

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.0810. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.0810, 1.0895

Support level: 1.0730, 1.0650

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 111.20. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 111.20, 112.15

Support level: 110.05, 108.60

AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.5985. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.5985, 0.6105

Support level: 0.5865, 0.5715

NZDUSD, Daily: NZDUSD was higher while currently testing the resistance level at 0.5845. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.5845, 0.6045

Support level: 0.5635, 0.5455

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.4470. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.4225.

Resistance level: 1.4470, 1.4670

Support level: 1.4225, 1.4000

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9830. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9830, 0.9885

Support level: 0.9715, 0.9625

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 25.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 25.05, 27.70

Support level: 22.05, 20.15

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1606.85. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1635.25, 1657.25

Support level: 1606.85, 1586.25

25 March 2020                   Morning Session Analysis

Dollar plunged following an over-optimistic statement from Trump.

The dollar index failed to hold its whopping gains while ended it’s 10-day hot rally record after Donald Trump calls for a quick end for coronavirus lockdown in US despite US had the biggest jump in coronavirus death cases attributed to the pandemic on yesterday. Other than that, he also reiterated that he would like to have the country opened up by Easter, even though the World Health Organisation warning US could be the next epicentre of coronavirus. The excessive optimistic view from Trump is seemingly will worsen the spread of coronavirus in US nation, prompting the market participants to sell off their current holding on greenback. Moreover, aggressive expansionary monetary policy which unveiled by Federal Reserve within these few weeks have also flooded the FX market with sufficient liquidity, while shifting the investor’s investment preference toward the equity market. During Asian early trading session, dollar index quoted down by 0.69% to 101.80. On the other hand, the pair of EUR/USD rose 0.19% to 1.0806 despite a dovish statement was given by ECB Chairman Christine Lagarde yesterday. Christine Lagarde emphasized that it is foreseeable that Eurozone economy will shrink significantly as big part of economy is temporarily frozen, putting the economic activity in a suppressed zone.

In the commodities market, crude oil prices appreciated by 0.92% to $24.55 per barrel as US shows a surprise draw in oil inventories level. According to API Institute, crude oil inventories came in at -1.250M, higher reduction than the economist forecast at -0.421M. Nevertheless, ongoing oil prices war within OPEC+ countries and persisting market fears over the outbreak of coronavirus’s pandemic are still continue weigh on this black commodity. Besides, gold price inched up 1.25% to $1636.90 a troy ounce as worsening of this pandemic prompted investor fled into safe haven asset.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous resistance level at 102.90. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses toward the support level at 101.20.

Resistance level: 102.90, 103.75

Support level: 101.20, 99.35

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.1760. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.1900.

Resistance level: 1.1900, 1.1975

Support level: 1.1760, 1.1545

EURUSD, H1: EURUSD was traded higher following prior rebound from the upward trendline. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.0835.

Resistance level: 1.0835, 1.0900

Support level: 1.0790, 1.0715

USDJPY, H1: USDJPY was traded lower following prior retracement from the top level of upward wedge. MACD which illustrate diminishing bullish momentum signal suggests the pair to be extend its losses toward the support level at 110.10.

Resistance level: 111.35 112.25

Support level: 110.10, 109.25

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.5985. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.5985.

Resistance level: 0.5985, 0.6350

Support level: 0.5740 0.5375

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.5595. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.5865.

Resistance level: 0.5865, 0.6075

Support level: 0.5595, 0.5420

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4535. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 1.4325.

Resistance level: 1.4535, 1.4605

Support level: 1.4325, 1.4175

USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level at 0.9840. However, MACD which illustrate bullish signal suggest the pair to undergo technical correction toward the resistance level at 0.9840.

Resistance level: 0.9840, 0.9905

Support level: 0.9785, 0.9735

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 21.50. MACD which illustrate bullish momentum suggest the commodity to extend its gains toward the resistance level at 25.75.

Resistance level: 25.75, 30.50

Support level: 21.50, 19.10

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1634.90. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1634.90.

Resistance level: 1634.90, 1664.70

Support level: 1606.15, 1579.00

24 March 2020                   Afternoon Session Analysis

Pound sterling recoup losses amid stricter lockdown measures.

U.K pound sterling which traded against the greenback and its peers have rebound from its lows during late Asian session after U.K tightens its lockdown to combat the coronavirus pandemic. According to reports, U.K Prime Minster Boris Johnson have issued a national lockdown on Monday as he told the British public to stay at home. The lockdown, which will be reassessed in three weeks, will close all businesses that is deemed nonessential and limiting gatherings of more than two people in public. After being accused previously of sending mixed signals, the stricter measures have helped the pound sterling to regain some confidence as investors hope that the measure could help slowing and reducing the numbers in cases and death from the coronavirus. As of now, the total cases of infection have soared by 958 to 6661 while the death toll also rose by 32 to 335. At the time of writing, GBP/USD rose 0.84% to 1.1641.

In the commodities market, crude oil price climbs 2.82% to $24.09 per barrel as of writing following further signals of potential deal between U.S and Saudi Arabia. According to the latest update, U.S. Energy Secretary Dan Brouillette have hinted on Monday that a U.S.-Saudi oil alliance was one option to stabilize prices. Still, he also emphasised: “At some point we will engage in a diplomatic effort down the road, but no decisions have been made on for now.” On the other hand, gold price jumped 1.99% to $1583.81 a troy ounce at the time of writing following U.S. Federal Reserve announced further measures that keep borrowing costs at low levels and gives the yellow metal a boost.

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 lower following prior breakout below the previous support level at 102.95. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 101.65.

Resistance level: 102.95, 103.70

Support level: 101.65, 99.70

GBPUSD, H1: GBPUSD was traded higher while currently near the resistance level at 1.1695. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1695, 1.1835

Support level: 1.1455, 1.1300

EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.0805. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.0805, 1.0895

Support level: 1.0730, 1.0650

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 110.05. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 111.40, 112.45

Support level: 110.05, 108.60

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.5945. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.5945, 0.6140

Support level: 0.5725, 0.5540

NZDUSD, Daily: NZDUSD was higher following prior rebound from the support level at 0.5635. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.5840

Resistance level: 0.5840, 0.6045

Support level: 0.5635, 0.5455

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.4465. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.4465, 1.4730

Support level: 1.4070, 1.3745

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9775. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9885, 0.9950

Support level: 0.9775, 0.9715

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 24.40. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 24.40, 27.70

Support level: 22.05, 20.15

GOLD_, H4: Gold price traded higher following prior breakout above the previous resistance level at 1553.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1583.50.

Resistance level: 1538.50, 1603.05

Support level: 1553.45, 1533.45

24 March 2020                   Morning Session Analysis

The release of massive expansionary plan swept off dollar’s gains.

Dollar index which gauge its value against a basket of six major currencies sinks after Federal Reserve unveiled an extensive new measure’s plan to support the US economy from the pandemic of coronavirus. In latest FOMC statement, Fed board’s members enacted full range of tools which including purchase unlimited amounts of US Treasuries and agency mortgage-backed securities as an extraordinary move that goes even further than 2008 financial crisis. Besides, Federal reserve also set up few additional lending tools to support the economy go through nation hardship, combating the negative effect of virus spreading. Massive policy loosening put market in confusion as it may acted as a double-edged knife where it could hurt nation growth tremendously if it does not carry out properly. On the other side, rescue bill which was voted down by the majority of Democrats faces stumble in second vote, as they insist the plan was disproportionately tilt toward helping companies, instead of supporting families and health care providers. During Asian trading session, dollar index dropped by 0.34% to 102.47.

In the commodities market, crude oil prices appreciated by 1.96% to $23.89 per barrel as market sentiment remain mixed despite Federal Reserve throw a massive loosening plan to the economy. As of now, unbalance market supply and demand continue weigh on this black commodity, and market are now eyes on the development of oil war between Saudi Arabia and Russia. Besides, gold up by 0.56% to $1561.10 a troy ounce due to 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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 103.75. MACD which illustrate bearish bias momentum suggest the dollar to extend its losses toward the support level at 102.90.

Resistance level: 103.75, 105.00

Support level: 102.90, 101.20

GBPUSD, H1: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.1545. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 1.1760.

Resistance level: 1.1760, 1.1900

Support level: 1.1545, 1.1440

EURUSD, H1: EURUSD was traded higher following prior rebound form the support level at 1.0715. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.0790.

Resistance level: 1.0790, 1.0835

Support level: 1.0715, 1.0650

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 111.35. MACD which illustrate bearish bias momentum signal suggests the pair to be extend its losses toward the support level at 110.10.

Resistance level: 111.35, 112.25

Support level: 110.10, 109.25

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.5740. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.5985.

Resistance level: 0.5985, 0.6350

Support level: 0.5740 0.5375

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.5595. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.5865.

Resistance level: 0.5865, 0.6075

Support level: 0.5595, 0.5420

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4535. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 1.4325.

Resistance level: 1.4535, 1.4605

Support level: 1.4325, 1.4175

USDCHF, H1: USDCHF was traded lower following prior breakout below the previous support level at 0.9840. MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 0.9785.

Resistance level: 0.9840, 0.9905

Support level: 0.9785, 0.9735

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 21.50. MACD which illustrate bullish momentum and the formation of golden cross suggest the commodity to extend its gains toward the resistance level at 25.75.

Resistance level: 25.75, 30.50

Support level: 21.50, 19.10

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1536.95. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1579.00

Resistance level: 1579.00, 1606.15

Support level: 1536.95, 1503.40

23 March 2020                   Afternoon Session Analysis

Japanese yen gains following additional purchase from BoJ.

The Japanese Yen which traded against the dollar and its peers have rose during late Asian session following signal of BoJ purchase of bonds. According to the latest report, BoJ have signalled that it will purchase an additional 800 billion Japanese yen worth of Japan Government Bonds (JGB). The bonds would be of the medium-term (3 to 10- years) maturity also adds to the scheduled purchase of JGB on Monday. At the same time, the Japanese Yen also takes clues from the surge in coronavirus figures from the US and Italy which added further buying momentum for the risk-off currency. In the case of coronavirus, the U.S has now the third-highest numbers after Italy and China with the cases of infection soared by 11606 to 38813 while the number of deaths also increased by 111 to 460. At the time of writing, USD/JPY fell 0.58% to 110.12 while dollar index also slips 0.52% to 103.11.

In the commodities market, crude oil price plummet 4.66% to $22.14 per barrel as of writing following an anticipated deal between OPEC and the U.S. failed to materialise. On Friday, OPEC Secretary General Mohammad Barkindo invited Texas Railroad Commissioner Ryan Sitton to the organisation’s summer meeting in June. Despite that, Sitton attracted criticism as he called for decreased production of Texan crude output for the first time since 1970. At the same time, Saudi Arabia and Russia are still not backing down from their ongoing price war which continue to exert further pressure for the commodity. In the other hand, gold price climbs 0.25% to $1492.49 at the time of writing following worsening outbreak and a weakened dollar.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded higher while currently testing near the resistance level 101.75. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to experience a technical correction in short term towards the support level 101.90.

Resistance level: 103.75, 105.65

Support level: 101.90, 99.80

GBPUSD, H4: GBPUSD was traded in a sideway channel. However, MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 1.1860.

Resistance level: 1.1860, 1.2160

Support level: 1.1465, 1.1150

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.0660. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.0820.

Resistance level: 1.0820, 1.0970

Support level: 1.0660, 1.0555

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 111.45. MACD which display bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 108.45.

Resistance level: 111.45, 114.05

Support level: 108.45, 105.65

AUDUSD, H4: AUDUSD was traded lower following recent retracement from the resistance level 0.5975. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 0.5560.

Resistance level: 0.5975, 0.6265

Support level: 0.5560, 0.5290

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.5530. MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.5870, 0.6120

Support level: 0.5530, 0.5300

USDCAD, H4: USDCAD was traded higher while currently near the resistance level 1.4465. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it breaks above the resistance level 1.4465.

Resistance level: 1.4465, 1.4685

Support level: 1.4205, 1.3990

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9890. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.9735.

Resistance level: 0.9890, 1.0025

Support level: 0.9735, 0.9595

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 21.35. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level 21.35.

Resistance level: 28.00, 35.55

Support level: 21.35, 15.00.

GOLD_, H4: Gold price remain traded in a sideway channel. However, MACD which illustrate bullish momentum signal suggest the commodity to be traded higher in short term towards the resistance level 1538.05.

Resistance level: 1538.05, 1607.55

Support level: 1463.05, 1397.40

23 March 2020                   Morning Session Analysis

Greenback plummets following a stimulus plan failed to pass.

Dollar index which gauge its value against a basket of six major currencies failed to keep its last Friday gains after a Covid-19 Bill fails to clear the first level of procedural in Senate. Last week, US government worked tight with Federal Reserve in the issue of coronavirus pandemic, and eventually drafted out a massive stimulus package to boost up the US economy from the negative effect of this virus. In details, this stimulus plan consists of $1,200 checks for most U.S adults and a huge amount of fund planned to put aside to assist the local businesses which have halted their operation during the pandemic’s outbreak. Nonetheless, this plan was mostly rejected by the Democrats as they think that the motions deems to be revised, putting the vote results into 47 against 47. However, US President Donald Trump believe that the lawmakers would reach a deal somehow, revealed in a press briefing after the vote. During Asian trading session, dollar index dropped by 0.01% to 102.80. On the other hand, the pair of EUR/USD notched down 0.19% to 1.0670 amid the worsening spread of coronavirus in Europe zone. According to the latest source of news, Italy has implemented movement constrain in the country after the fatalities rose by 651 to a total of 5476, as an attempt to combat the fast spreading of virus.

In the commodities market, crude oil prices depreciated by 9.18% to a barrel of $21.10 following few largest economy bodies ordered a lockdown in their country in order to restrict the negative effect of pandemic, putting the prospect of oil’s demand in ‘dark zone’. Besides, gold price inched down by 0.33% to 1,493.20 a troy ounce after US stock futures limit down lately, as markets threw off their gold’s holding to avoid the risk of margin call.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level at 103.75. MACD which illustrate diminishing bullish momentum suggest the dollar to extend its losses toward the support level at 102.90.

Resistance level: 103.75, 105.00

Support level: 102.89, 101.20

GBPUSD, H1: GBPUSD was traded higher following prior rebound near the support level at 1.1545. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 1.1760.

Resistance level: 1.1760, 1.1900

Support level: 1.1545, 1.1440

EURUSD, H1: EURUSD was traded higher following prior rebound form the support level at 1.0650 MACD which illustrate bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.0715.

Resistance level: 1.0715, 1.0790

Support level: 1.0650, 1.0560

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 111.15. MACD which illustrate bearish momentum signal suggests the pair to be extend its losses toward the support level at 110.05.

Resistance level: 111.15, 112.25

Support level: 110.05, 109.25

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.5985. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.5660.

Resistance level: 0.5985, 0.6350

Support level: 0.5660, 0.5375

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.5595. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.5865.

Resistance level: 0.5865, 0.6075

Support level: 0.5595, 0.5420

USDCAD, H1: USDCAD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.4325.

Resistance level: 1.4520, 1.4605

Support level: 1.4325, 1.4150

USDCHF, H1: USDCHF was traded lower while currently testing the support level at 0.9840. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 0.9840.

Resistance level: 0.9905, 0.9975

Support level: 0.9840, 0.9785

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 21.50. However, MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the commodity to undergo technical correction toward the support level at 21.50.

Resistance level: 25.75, 30.50

Support level: 21.50, 19.10

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1477.00. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1503.40.

Resistance level: 1503.40, 1536.95

Support level: 1477.00, 1442.30