Daily Analysis

20 March 2020                   Afternoon Session Analysis

Dollar soars as liquidity fears dominate.

The dollar index which traded against a basket of six major currency pairs have slightly retreat from its high after climbing to its highest level in more than three years during late Asian session as investors continue to seek for cash amid concerns of liquidity issues despite efforts from Fed to calm the market. The Federal Reserve have stated it would expand the currency swap lines which is a measure to boost U.S. dollar funding markets to nine more countries, including central banks in Singapore, South Korea, Brazil, Sweden, Australia, New Zealand, Mexico, Norway and Denmark. However, the plan proved ineffective to regain investors’ confidence. At the current moment, the coronavirus pandemic along with strict quarantine measures have causing commercial ground to a temporary halt and driving a massive demand for dollars to borrow so that these business could cover its cost. Besides that, stock market losses also cause traders to turn any assets to dollar in order to cover their losses. At the time of writing, dollar index slips 0.74% to 102.82.

In the commodities market, crude oil price rose 4.59% to $26.51 at the time of writing as the market turned positive after a hint of potential intervention from U.S President Donald Trump in the price war between Saudi Arabia and Russia. At the same time, Trump administration also stated that it will buy oil to top up the nation’s reserves and support American drillers. Next, gold price remains struggling and fell 0.21% to $1484.61 a troy ounce as of writing following market continue to dump gold in order to raise cash and cover losses in other markets.

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 103.55. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 101.85.

Resistance level: 103.55, 104.75

Support level: 101.85, 99.70

GBPUSD, H4: GBPUSD was traded within a range while currently testing the support level at 1.1525. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2160, 1.2835

Support level: 1.1405, 1.0335

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.0645. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.0835.

Resistance level: 1.0835, 1.0965

Support level: 1.0645, 1.0475

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 111.20. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 109.75.

Resistance level: 111.20, 112.15

Support level: 109.75, 108.45

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.5895. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.5895, 0.6020

Support level: 0.5710, 0.5500

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.5635. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.5825.

Resistance level: 0.5825, 0.5950

Support level: 0.5635, 0.5455

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.4505. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.4250.

Resistance level: 1.4505, 1.4730

Support level: 1.4250, 1.3980

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9845. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9755.

Resistance level: 0.9835, 0.9885

Support level: 0.9755, 0.9665

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 27.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 27.30, 29.20

Support level: 24.15, 22.45

GOLD_, H1: Gold price was traded higher while currently near the resistance level at 1490.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1490.50, 1510.30

Support level: 1469.00, 1449.25

20 March 2020                   Morning Session Analysis

Pound wobbled after BoE loosen up its policy.

In the forex market, Pound sterling failed to retain its overnight gains following the decision of easing their unfolding monetary policy, recording the historical low level in over 30 years. After an emergency meeting been held among the BoE board’s members, BoE decided to slash its interest rate by 15bps from 0.25% to 0.10%, and increase their holding in bond by another 200 billion pound which adding up the total amount of debt to 645 billion. In BoE meeting, all of the board members unanimously voted a ticket of ‘yes’ for these series of stimulus plan as the pandemic of coronavirus are continues haunting the economic condition, in a hope that new round of stimulus plan is able to boost up the UK economy against the spreading of virus. However, BoE new governor reiterated that they will try to avoid for negative rates at the moment as the banking sector will be hurt significantly if they flip over the existing policy to a rate lower than zero. However, BoE does not rule out the possibility of more stimulus plan would be implemented if this unprecedented virus problem unable to be solved within a short time of period. For the time being, market participants are still eyeing on the next scheduled meeting of BoE on 25 March in order to scrutinize the further direction of pound. During early Asian trading session, the pair of GBP/USD inched down 0.05% to 1.1435.

In the commodities market, crude oil prices appreciated by 2.50% to a barrel of $26.35 after its three worst drops in history as US trump administration is considering to intervene the dispute between Saudi Arabia and Russia in order to stabilize the oil market. However, Saudi Aramco signalled to the market that they are not stepping down from this oil price war by insisting to increase production throughout the next two months. Besides, gold price quoted down 0.19% to $1470.00 a troy ounce as market are in favour of selling gold to avoid the risk of margin call in equity market.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 103.75. MACD which illustrate bullish bias signal suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 103.75, 105.00

Support level: 102.89, 99.35

GBPUSD, H4: GBPUSD was traded higher following prior rebound near the support level at 1.1460. MACD which illustrate bullish momentum suggest the pair to be traded higher toward the resistance level at 1.1570.

Resistance level: 1.1570, 1.1760

Support level: 1.1460, 1.1315

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.0715. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.0615.

Resistance level: 1.0715, 1.0790

Support level: 1.0615, 1.0535

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 111.15. MACD which illustrate bullish bias momentum suggests the pair to be extend its gains toward the resistance level at 112.25.

Resistance level: 112.25, 113.15

Support level: 111.15, 110.05

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.5660. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 0.5985.

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 bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.5870.

Resistance level: 0.5870, 0.6075

Support level: 0.5595, 0.5420

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.4520. MACD which illustrate bearish bias 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 higher following prior breakout above the previous resistance level at 0.9840. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction toward 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 breakout above the previous resistance level at 25.75. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 30.50.

Resistance level: 30.50, 35.30

Support level: 25.75, 21.70

GOLD_, Daily: Gold price was traded lower following prior breakout below the previous support level at 1477.00. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses toward the support level at 1442.30.

Resistance level: 1477.00, 1503.40

Support level: 1442.40, 1381.15

19 March 2020                   Afternoon Session Analysis

Pound sterling crashed, recession incoming? 

U.K pound sterling which traded against all its peer have fell to the lowest level in three decades since 1985 and surpassed Brexit Vote lows on late Asian session following worsening conditions of coronavirus in the UK and the lack of commitment from U.K Prime Minister Boris Johnson. As the pandemic began to spread through Britain, investors fear that Prime Minister Boris Johnson’s response has fallen short compared to measures taken by other European nations. According to the latest update, the death toll from coronavirus in the U.K have jumped by 33 to 104 while the number of infections stands at 2626. The deteriorating conditions have prompt investors to flee from U.K assets. At the same time, U.K. sovereign bonds also plummeted, adding further pressure for the nation’s currency after the government announced a rescue package for businesses in an attempt to stop the coronavirus wrecking the domestic economy. GBP/USD plunged 0.90% to 1.1510 as of writing.

In the commodities market, crude oil price plummets 2.64% to $21.75 per barrel at the time of writing following the deteriorating demand outlook for the commodity. As of now, ongoing battle between Saudi Arabia and Russia for market share continue to drive down the commodity sentiment and the spread of coronavirus showing no sign of slowing. Next, gold price fell 0.28% to $1482.48 a troy ounce at the time of writing as investors continue to liquidate the commodity for cash to support the margin requirement due to global market meltdown.

Today’s Holiday Market Close

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Today’s Highlight Events

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16:30                     CHF                                         SNB Monetary Policy Assessment

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 101.85. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 101.85, 102.95

Support level: 99.70, 98.75

GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.2160. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1305.

Resistance level: 1.2160, 1.3255

Support level: 1.1305, 1.0335

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0895. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.0960, 1.1010

Support level: 1.0895, 1.0795

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.75, 112.15

Support level: 108.20, 104.65

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level at 0.5660. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.5465.

Resistance level: 0.5660, 0.5955

Support level: 0.5465, 0.5220

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.5455. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.5635, 0.5840

Support level: 0.5455, 0.5265

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.4495. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4730.

Resistance level: 1.4730, 1.4945

Support level: 1.4495, 1.4070

USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level 0.9735. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9680.

Resistance level: 0.9735, 0.9775

Support level: 0.9680, 0.9625

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 21.60. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 24.15, 27.50

Support level: 21.60, 19.20

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1463.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1485.75, 1510.30

Support level: 1463.65, 1450.45

19 March 2020                   Morning Session Analysis

Safe haven dollar soars amid exacerbating global uncertainty.

Dollar index which gauge its value against a basket of six major currencies managed to retain most of its whopping overnight gains as growing global recession fears urged investors to build up their major part of portfolio by safe haven dollar. As of now, US government are now planning to inject more stabilization fund into the economy in order to support it from the fallout of coronavirus pandemic. According to Bloomberg, the next round of stimulus plan is roughly amounted to $1.3 trillion which is still queuing for a ‘nod’ in Congress level. For the time being, global economy but not only US had been destroyed tremendously since the outbreak of coronavirus, hence it forced global central bank to further ease their monetary policy and fiscal policy in order to conquer the virus. As of writing, dollar index rose 1.34% to 100.90. On the other hand, the paid of EUR/USD quoted up by 0.33% to 1.0950 after ECB announced a new round of stimulus plan to restrict the downside of economy. After a policymaker level of emergency meeting carried out in early today, ECB officially decide to launch an emergency bond purchase programme which worth 750 billion euro to reduce the cost of borrowing, lifting up the economy from the hit of coronavirus. ECB also revealed that the bond purchase programme will be conducted by stages and lasts until the end of year 2020 while the scheme will also involve the purchases on Greece’s debt despite it had been banned by ECB due to low credit rating.

In the commodities market, crude oil price appreciated by 0.94% to $23.30 per barrel after hitting the lowest level since year 2002 as heightening of recession fears continue to drive the oil market downward. As of now, the pandemic of coronavirus continues to shrink the demand of this commodity while the global supply of crude oil jumped up substantially after Saudi Arabia decided to lift up their oil production until the month of May as a retaliation against Russia. Besides, gold price dropped by 0.08% to $1485.20 a troy ounce as US stock market halted for 15 minutes after triggering another round of level 1 circuit breaker, urging investor to sell off their gold’s holding in order to avoid margin call.

Today’s Holiday Market Close

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Today’s Highlight Events

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16:30                     CHF                                         SNB Monetary Policy Assessment

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level 101.20. MACD which illustrate bullish bias signal suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 101.20, 102.90

Support level: 99.35, 97.60

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.1570. MACD which illustrate bearish bias momentum suggest the pair to extend losses after it successfully breakout below the support level.

Resistance level: 1.1760, 1.1900

Support level: 1.1570, 1.1460

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0900. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.0970.

Resistance level: 1.0970, 1.1045

Support level: 1.0900, 1.0835

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 108.45. MACD which illustrate diminishing bullish momentum suggests the pair to be extend its retracement toward the support level at 107.25.

Resistance level: 108.45, 109.25

Support level: 107.25, 106.05

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level 0.5985. MACD which illustrate bearish 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, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.5870. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.5595.

Resistance level: 0.5870, 0.6075

Support level: 0.5595, 0.5420

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.4325. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.4520.

Resistance level: 1.4520, 1.4605

Support level: 1.4325, 1.4150

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9680. MACD which illustrate bullish bias signal suggest the pair to extend its gains toward the resistance level at 0.9735.

Resistance level: 0.9735, 0.9840

Support level: 0.9680, 0.9625

CrudeOIL, Daily: Crude oil price was traded lower following prior breakout below the previous support level 25.75. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses towards the support level 21.70.

Resistance level: 25.75, 35.30

Support level: 21.70, 19.10

GOLD_, H4: Gold price was traded lower following prior retracement from resistance level 1503.40 MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 1477.00.

Resistance level: 1503.40, 1536.95

Support level: 1477.00, 1442.30

18 March 2020                   Afternoon Session Analysis

Euro tumbled amid worsening of Coronavirus.

Among all the major currencies market, the single currency euro fall in value after Italy and France announced to lockdown their countries in order to avoid fast spreading of coronavirus in Eurozone. Investor worries over the growing prospect of this bloc getting darken as the shutdown of countries would undoubtedly tamper the economic tremendously from time to time. Moreover, European Union has come into consensus to temporarily close down the external border to all the non-essential travel from third nations in order to mitigate the pandemic of coronavirus. For the time being, there is only few items are permitted to cross over the bloc such as medical equipment and goods. Besides, the recent downbeat data which announced in the region of EU also added some recession fears in the market. According to ZEW institute, Germany ZEW economic sentiment data came in at -49.5, missing the economist forecast of -26.4, indicating that the investors are increasingly pessimistic toward the economic outlook for EU zone. Nonetheless, market are now eyeing on the upcoming data such CPI and the development of virus pandemic in order to scrutinize the further direction of this single currency. As of writing, EUR/USD inched down 0.01% to 1.1005.

In the commodities market, crude oil price appreciated by 0.90% to $27.10 per barrel after hitting the lowest level since February of year 2016 amid supply glut continues haunting this commodity market outlook. Despite, an unexpected draw in US crude oil inventories data formed a support to slightly limit the downfall of crude oil price. According to the API data, crude oil inventories came in at -0.421M, lower than the previous month reading of 6.407M. Besides, gold price rose 0.23% to $1531.00 a troy ounce as coronavirus raised up the market risk avoidance behaviours.

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 resistnace level at 99.80. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 98.95.

Resistance level: 99.80, 100.35

Support level: 98.95, 98.30

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2020. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2175.

Resistance level: 1.2175, 1.2260

Support level: 1.2020, 1.1945

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.0965. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1060.

Resistance level: 1.1060, 1.1115

Support level: 1.0965, 1.0915

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 107.05. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 107.80, 108.35

Support level: 107.05, 106.40

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.5970. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6280, 0.6465

Support level: 0.5970, 0.5740

NZDUSD, H1: NZDUSD was traded within a range while currently testing the resistance level at 0.5965. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.

Resistance level: 0.5965, 0.6010

Support level: 0.5920, 0.5845

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

Resistance level: 1.4240, 1.4485

Support level: 1.4010, 1.3770

USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level 0.9645. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9645, 0.9725

Support level: 0.9465, 0.9380

CrudeOIL, H1: Crude oil price was traded within a range while currently testing the support level at 27.15. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 30.40, 33.80

Support level: 27.15, 24.15

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1538.40. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1538.40, 1558.10

Support level: 1506.85, 1474.25

18 March 2020                   Morning Session Analysis

Dollar recovers amid further measures from Fed.

The dollar index which measured against a basket of six major currency pairs have rose during early Asian session on Tuesday as market regained risk appetite due to aggressive easing stance taken by U.S Fed and other central banks. According to the latest plan, the Fed have rolled out another extensive measures again this week after detailing plans to create a lending facility in order to support short-term commercial debt markets to avert a liquidity crisis from the impact of the coronavirus spread. On top of that, U.S Treasury Secretary Steve Mnuchin have pitched for $850 billion stimulus package to support the economy which include payroll tax cuts, checks mailed to taxpayers and support for industries such as airlines that have been battered by the outbreak. The measures have help rebuild investors’ confidence towards the market after the global spread of coronavirus have roiled market in recent weeks, therefor prompting investors to add their bets on the greenback. At the time of writing, dollar index soars 1.46% to 99.74. Meanwhile, GBP/USD remain weak and fell 0.13% to 1.2109 as of writing after the U.K government taken a different stance on coronavirus policy which could inflict considerable damage to the economy, thus dragging down investors sentiment and the value of the pair.

In the commodities market, crude oil price remain pressured and slips 0.11% to $27.18 per barrel as fear of oversupply and weak demand continue to dominate the market. As Saudi Arabia and Russia continue to battle for market share, Saudi energy ministry have stated that the kingdom’s crude exports are set to rise in coming months to more than 10 million barrels per day. On the other hand, gold price jumps 0.87% to $1541.68 a troy ounce at the time of writing following various rescue plan for the U.S economy helping the commodity to recover its appeal.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 99.80. MACD which illustrate bullish bias signal suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 99.80, 101.15

Support level: 98.65, 97.25

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.1955. MACD which illustrate diminished bearish momentum with the starting formation of golden cross suggests the pair to extend its rebound towards the resistance level 1.2420.

Resistance level: 1.2420, 1.2745

Support level: 1.1955, 1.1565

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.0970. MACD which illustrate diminishing bearish momentum suggests the pair to extend its rebound towards the resistance level 1.1065.

Resistance level: 1.1065, 1.1190

Support level: 1.0970, 1.0870

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 105.70. MACD which illustrate ongoing bullish signal suggests the pair to be extend its rebound towards the resistance level 108.60.

Resistance level: 108.60, 110.55

Support level: 105.70, 103.10

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.6150. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short term towards the current resistance level 0.6150.

Resistance level: 0.6150, 0.6450

Support level: 0.5770, 0.5515

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.5935. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a technical correction towards the resistance level 0.6090.

Resistance level: 0.6090, 0.6205

Support level: 0.5935, 0.5790

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.4295. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 1.4060.

Resistance level: 1.4295, 1.4610

Support level: 1.4060, 1.3765

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9620. MACD which illustrate diminishing bullish bias signal suggest the pair to extend its retracement towards the support level 0.9435.

Resistance level: 0.9620, 0.9745

Support level: 0.9435, 0.9235

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 28.05. MACD which illustrate bearish momentum signals with the formation of death cross suggest the commodity to extend its losses towards the support level 21.65.

Resistance level: 35.30, 43.25

Support level: 21.65, 14.00

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1518.70. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 1586.45.

Resistance level: 1586.45, 1682.00

Support level: 1518.70, 1457.90

17 March 2020                   Afternoon Session Analysis

Yen slips amid BoJ stimulus measures.

The Japanese Yen which traded against the dollar have fell during late Asian session following Bank of Japan expanding its stimulus to reduce the impact of the coronavirus. According to the latest report, the Bank of Japan have eased its monetary policy Monday by pledging to buy risky assets such as exchange-traded funds at double the current pace, joining global central banks in combating the widening economic fallout from the coronavirus epidemic. Besides that, the Japanese central bank has offered to buy Japanese government bonds worth almost 100 bullion that expiring in three to five years and five to 10 years. The measures have drawn out sellers on the Yen. Besides that, the recovering greenback also provide further reason for traders to shift their focus towards the dollar. At the time of writing, USD/JPY rose 0.68% to 106.44 while dollar index also climbs 0.06% to 98.15.

In the commodities market, crude oil price remain weak and fell 0.48% to $29.41 per barrel at the time of writing following recession fears from the coronavirus and a potential 1.3 billion surplus over the next six month. Following the worsening outbreak which caused global market meltdown, investors are now bracing for the possibility of recession that will further hit demand. Besides that, IHS Markit estimated that the crude surplus could range from 800 million to 1.3 billion barrels in the first six months of 2020. Next, gold price plummet 1.63% to $1490.59 a troy ounce as of writing amid market remain scattered to liquidate their position with this commodity to fulfil position margin due to market meltdown.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded within a range while currently testing the support level at 98.00. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 98.40, 98.75

Support level: 98.00, 97.55

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

Resistance level: 1.2395, 1.2585

Support level: 1.2215, 1.2025

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1185. However, MACD which illustrated increasing bearish momentum suggest the pair be traded lower in short-term as technical correction.

Resistance level: 1.1185, 1.1255

Support level: 1.1090, 1.1010

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 106.35. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 106.35, 107.25

Support level: 105.45, 104.40

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.6095. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6295, 0.6515

Support level: 0.6095, 0.5900

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6010. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6120, 0.6190

Support level: 0.6010, 0.5860

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.4010. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.4010, 1.4160

Support level: 1.3815, 1.3645

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9390. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9545, 0.9620

Support level: 0.9390, 0.9315

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 29.40. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 36.90, 45.45

Support level: 29.40, 26.05

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1507.30. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1507.30, 1561.80

Support level: 1452.30, 1408.70

17 March 2020                   Morning Session Analysis

Greenback may rebound soon?

US dollar remains under pressure on Tuesday following aggressive monetary policy move from Federal Reserve in order to try and reduces recessive risk upon the US economy as coronavirus continues to disrupt global activity. The rapidly spreading coronavirus has roiled up global markets for the past few weeks, inducing higher volatility and large selloff on global equities. US Federal Reserve took a significant measure by reducing its interest rates to zero late Sunday while announcing another round of massive bond purchasing in order to mitigate risks from financial tensions that could dampen growth and jobs market outlook. However, most analysts believed that traders have digested the news and weakness experienced by the US dollar may be temporary. They also believed that US dollar continues to received support from the market due to various reasons, from investors touting it as alternate safe-haven currency as well as businesses that increases their liquidity during periods of uncertainty. On the other hand, pound sterling recovered some overnight losses as market participants speculate further easing from the Bank of England. Some investors expect Bank of England to announce more stimulus measures after its meeting on March 26 which may include further rate cuts or a restart of quantitative easing. As of writing, the dollar index was quoted down 0.76% to 98.04 while GBP/USD ticks up 0.02% to 1.2268.

In the commodities market, crude oil price recovered overnight losses by 1.19% to $28.89 per barrel. On yesterday, oil futures were sold off extensively after Saudi Arabia announced to produce oil at maximum capacity, fuelling worries that global oversupply may swell even further. On the other hand, gold price slumped 0.77% to $1,503.24 a troy ounce as investors liquidate their position on this commodity in order to fulfil margin calls in their equity accounts.

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 lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests the index to be traded lower in short-term.

Resistance level: 98.70, 99.75

Support level: 97.90, 97.35

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.

Resistance level: 1.2290, 1.2550

Support level: 1.2170, 1.1960

EURUSD, H1: EURUSD was traded lower following prior retrace from the higher level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.

Resistance level: 1.1170, 1.1285

Support level: 1.1080, 1.0925

USDJPY, H1: USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.

Resistance level: 106.70, 108.00

Support level: 105.40, 103.80

AUDUSD, H4: AUDUSD was traded lower following prior closure below 0.6175. However, MACD which illustrate diminished downward momentum suggests the pair to experience short-term technical correction.

Resistance level: 0.6175, 0.6300

Support level: 0.6050, 0.5915

NZDUSD, H1: NZDUSD remains traded within a tight range of 0.6000 and 0.6100. Due to the lack of signal from MACD, it is suggested to wait for a breakout before entering the market.

Resistance level: 0.6100, 0.6200

Support level: 0.6000, 0.5870

USDCAD, H4: USDCAD was traded higher following prior closure above 1.3940. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 1.4125.

Resistance level: 1.4125, 1.4300

Support level: 1.3940, 1.3685

USDCHF, H1: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.9470.

Resistance level: 0.9470, 0.9545

Support level: 0.9385, 0.9320

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests its price to be traded higher as technical correction.

Resistance level: 30.00, 33.00

Support level: 27.55, 25.10

GOLD_, Daily: Gold price was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests its price to extend its losses towards the direction of 1491.10.

Resistance level: 1541.20, 1603.10

Support level: 1491.10, 1441.00

16 March 2020                   Afternoon Session Analysis

NZD/USD slumped following the rate cuts from RBNZ.

The New Zealand Dollar slumped following the Reserve Bank of New Zealand announced a surprise interest rate cuts during the weekend in order to diminish the economic damage from the coronavirus. According to Reuters, the Reserve Bank of New Zealand decided to reduce 0.75% to its benchmark interest rate, lowering down to 0.25% from the previous reading of 1.0%. Indeed, it also delayed the start of new capital requirements by 12 months. Besides that, the central bank committees urged that the negative impact of coronavirus on New Zealand economy will continue to be significant. Despite that, Governor of the Reserve Bank of New Zealand, Adrian Orr claimed that they are not contemplating a negative interest rate at this point, while claiming that the New Zealand Financial system remains stable and major financial institutions are still well liquidised and solid. Nonetheless, they claimed that they will continue to scrutinize the financial market pricing closely in order to gauge the likelihood decisions for the future policy. Besides that, the China proxy currency such as New Zealand Dollar and Australia dollar received further bearish momentum over the backdrop of bleak economic data from China. According to National Bureau of Statistics, the China Industrial Production for last month notched down from the preliminary reading of 6.9% to -13.5%, worse than the market forecast at 1.5%. As of writing, NZD/USD depreciated by 0.32% to 0.6035 while AUD/USD slumped 0.42% to 0.6154.

In the commodities market, the crude oil price slumped 5.40% to $31.55 per barrel as of writing. The oil market edged lower as the accelerating cases with regards of coronavirus and a price war rages on between Russia and Saudi Arabia continually to weigh on the commodity. On the demand front, investors worry that the outbreak of coronavirus would consistently jeopardize the global economy, while diminishing the future demand for the black-commodity. On supply side, oversupply fears have accelerated following the top exporter Saudi Arabia ramped up output and slashed the oil prices. On the other hand, the gold price surged 1.15% to $1546.05 per troy ounces amid to the risk-off sentiment in the FX market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward the resistance level at 98.95.

Resistance level: 98.95, 99.65

Support level: 98.20, 97.60

GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.2320. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2425, 1.2555

Support level: 1.2320, 1.2185

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1090. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1165, 1.1200

Support level: 1.1090, 1.1015

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 105.80. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.20, 108.35

Support level: 105.80, 103.60

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.6115. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6295.

Resistance level: 0.6295, 0.6515

Support level: 0.6115, 0.5780

NZDUSD, H4: NZDUSD 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: 0.6190, 0.6250

Support level: 0.6045, 0.5845

USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.3865. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3865, 1.3945

Support level: 1.3790, 1.3730

USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level at 0.9510. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9445.

Resistance level: 0.9510, 0.9545

Support level: 0.9445, 0.9395

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 29.40. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 36.90, 45.45

Support level: 29.40, 26.05

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1535.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1556.85.

Resistance level: 1556.85, 1572.05

Support level: 1535.20, 1513.05

16 March 2020                   Morning Session Analysis

Fed cut its interest rates to zero.

In an unprecedented move announced last Sunday, the US Federal Reserve decided to slash its benchmark interest rate to zero while launching yet another round of quantitative easing. The new fed funds rate which is used as a benchmark for both short-term lending for financial institution and as a peg to many consumer rates will now be targeted at 0% – 0.25%, down from previous range of 1% to 1.25%. US which currently facing disrupted financial market has prompted Fed to slash the rate of emergency lending for banks by 125 basis points to 0.25% while lengthening the term of loans to 90 days. On the other hand, the Fed also cut its reserve requirements for thousands of banks to zero in order to enhance domestic liquidity and promote loan borrowings. In addition, the Fed said that Bank of Canada, Bank of England, Bank of Japan, European Central Bank and Swiss National bank took action to enhance US dollar liquidity around the wold through existing dollar swap arrangements. These drastic actions were taken as coronavirus continues to spread around the globe, crippling global supply chain as well as hampering consumer spending. In the US itself, Centres for Disease Control and Prevention (CDC) reported a whopping 546 new cases in a day, bringing total number of cases to 3,626. As the US economy revolves around consumer spending and services sector, the rapidly spreading coronavirus may cripple its economy, prompting the Fed to take pre-emptive measures to mitigate or reduce recessive risks. Following the aggressive move, financial market’s initial response was fairly negative with the dollar index slumping 0.94% to 97.82 during early Asian trading session.

On the other hand, crude oil price was traded flat near $32.98 per barrel. Oil futures continues to trade within a tight price range while investors gauge the effectiveness of expansionary measures taken by several major central banks around the world which could help reduces the risks upon diminishing oil demand due to coronavirus. On the other hand, gold price skyrocketed 1.19% to $1,547.26 a troy ounce as Fed latest decision to slash its interest rate to zero prompted large selloff upon US equity and led to higher demand for the 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 higher following prior rebound from the lower level. However, MACD which illustrate diminishing upward momentum suggests the index to be traded lower in short-term.

Resistance level: 98.70, 99.75

Support level: 97.90, 97.35

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2550, 1.2735

Support level: 1.2290, 1.2170

EURUSD, H1: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.

Resistance level: 1.1170, 1.1285

Support level: 1.1080, 1.0925

USDJPY, H1: USDJPY was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 106.70, 108.00

Support level: 105.40, 103.80

AUDUSD, H4: AUDUSD was traded lower while currently testing at the support of 0.6175. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 0.6300, 0.6450

Support level: 0.6175, 0.6050

NZDUSD, H4: NZDUSD was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests the pair to extend its losses in mid-term.

Resistance level: 0.6100, 0.6200

Support level: 0.6000, 0.5870

USDCAD, Daily: USDCAD was traded lower following prior retrace from the higher level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3940, 1.4125

Support level: 1.3685, 1.3520

USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance of 0.9545. MACD which illustrate bearish signal suggests the pair to extend its losses in short-term as technical correction.

Resistance level: 0.9470, 0.9545

Support level: 0.9385, 0.9320

CrudeOIL, H1: Crude oil price was traded lower while currently testing at the support of 30.00. MACD which illustrate bearish signal suggests its price to extend its losses after breaking the support level.

Resistance level: 33.00, 35.65

Support level: 30.00, 27.55

GOLD_, Daily: Gold price was traded lower following prior retrace from the higher levels. MACD which illustrate bearish signal suggests its price to extend its losses after breaking the support at 1541.20.

Resistance level: 1603.15, 1635.45

Support level: 1541.20, 1491.10

13 March 2020                   Afternoon Session Analysis

Euro recovered its losses following ECB policy decision.

Euro managed to recover its losses during Asian trading session following European Central Bank policy meeting on yesterday. The pair of EUR/USD rose 0.04% to 1.1187 as of writing. Prior to ECB’s policy meeting, investors speculated the central bank to cut its interest rates deeper into the negative territory, spurring large selloff from its previous high levels. However, euro managed to attract buyback from low levels after ECB decided to leave its interest rates unchanged, contrary to broader speculation that they may cut its interest rates by 10 basis points. Meanwhile, ECB announced a new Long-Term Refinancing Operation (LTRO), a cheap loan scheme for European banks at 25 basis points below the main refinancing operations rate in order to provide immediate liquidity. In addition, the central bank also raised bond purchasing by 120 billion euros per month. However, latest measures announced by ECB failed to stem global stock rout, which resumed after US Federal Reserve took aggressive step to add liquidity to Treasury financing markets. Speaking in a press conference, ECB President Christine Lagarde commented that governments should act to soften the economic impact of the coronavirus outbreak. Her comments sparked concerns that the central bank may not provide additional protection to highly indebted country, specifically Italy which is badly hit by the pandemic. Following her comments, 10-year Italian bond experienced significant selloff, sending its yields from 1.3% to 1.8%.

As for commodities market, crude oil price slumped 0.74% to $30.73 per barrel. Oil prices fell for the third consecutive day as panic upon diminishing market demand for crude oil rises due to rapidly spreading coronavirus worldwide. On the other hand, gold price slumped 1.44% to $1,554.88 a troy ounce as traders shifts into equity market and cover margins calls following large selloff since Monday.

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 while currently testing the support level at 97.35. MACD which illustrated diminishing bullish momentum suggest the index to be traded lower after it successfully breakout below the support level at 97.35.

Resistance level: 97.90, 98.35

Support level: 97.45, 96.80

GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.2570. MACD which illustrated bearish bias momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.2410.

Resistance level: 1.2570, 1.2745

Support level: 1.2410, 1.2325

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1195. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1195.

Resistance level: 1.1195, 1.1295

Support level: 1.1120, 1.1040

USDJPY, H1: USDJPY was traded higher while currently testing the resistance level at 105.15. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short term toward the support level at 103.65.

Resistance level: 105.15, 106.20

Support level: 103.65, 102.05

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.6275.  MACD which illustrated bullish momentum and the formation of golden cross suggest the pair extend its gains toward the resistance level at 0.6330.

Resistance level: 0.6330, 0.6400

Support level: 0.6275, 0.6230

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6090. MACD which illustrated diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 0.6165.

Resistance level: 0.6165, 0.6205

Support level: 0.6090, 0.6030

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3830. MACD which illustrated bullish momentum suggest the pair to extend its gains toward the resistance level at 1.4060.

Resistance level: 1.4060, 1.4375

Support level: 1.3830, 1.3650

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9450. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9395.

Resistance level: 0.9450, 0.9535

Support level: 0.9395, 0.9325

CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the higher level. However, MACD which illustrated diminishing bearish momentum suggest the commodity to undergo technical rebound toward higher level.

Resistance level: 39.20, 46.60

Support level: 29.75, 25.30

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1584.45. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 1551.40.

Resistance level: 1584.45, 1635.30

Support level: 1551.40, 1532.40

13 March 2020                   Morning Session Analysis

Dollar plummets following Trump’s disappointing response.

The dollar index have fell against its basket of six major currency pairs during early Asian session following the lack of detailed response from U.S President Donald Trump. On Wednesday, U.S President Donald Trump have stated that the U.S will enforce a ban on travellers from 26 European countries entering the U.S for a month. Despite that, the lack of details on further measures such as stimulus package which never came have sending the market into a chaos as market was hoping for more such as public health measures like sick leave, free testing and treatment. Investors also increased their bets that the Fed could possibly reduce their interest rate to 0% in the midst of the coronavirus storm. On data perspective, the U.S PPI for the month of February are also unable to regain market confidence where the data came in at -0.6%, lower than market expectation of -0.1%. At the time of writing, dollar index slips 0.32% to 97.13.

On the commodities market, crude oil price fell 0.26% to $30.87 per barrel as of writing following travel ban from the U.S and a lowered forecast from International Energy Agency (IEA). The European travel ban meant even fewer flights, delivering new pressure to airlines already teetering on the brink of collapse and the weakening demand of the commodity. At the same time, International Energy Agency also lowering its annual forecast by almost 1 million barrels per day this week. On the other hand, gold price plunged 0.35% to $1575.81 a troy ounce at the time of writing following investors scramble to liquidate their safe-haven assets for cash to cover margins and losses on Wall Street.

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 support level 97.60. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses in short term towards the support level 97.05.

Resistance level: 97.60, 98.30

Support level: 97.05, 96.55

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.2570. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short term technical correction towards the resistance level 1.2730.

Resistance level: 1.2730, 1.2870

Support level: 1.2570, 1.2400

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1190. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.1190, 1.1335

Support level: 1.1085, 1.1000

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 105.50. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 103.65.

Resistance level: 105.50, 106.95

Support level: 103.65, 101.90

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.6310. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 0.6205.

Resistance level: 0.6310, 0.6450

Support level: 0.6205, 0.6100

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6135. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 0.6015.

Resistance level: 0.6135, 0.6210

Support level: 0.6015, 0.5910.

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3955. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.3955, 1.4120

Support level: 1.3785, 1.3625

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9460. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.9365.

Resistance level: 0.9460, 0.9550

Support level: 0.9365, 0.9265

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 30.60. MACD which illustrate bearish bias signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 35.05, 39.25

Support level: 30.60, 27.20

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1564.05. MACD which illustrate ongoing bearish momentum suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 1607.30, 1637.15

Support level: 1564.05, 1532.20

12 March 2020                   Afternoon Session Analysis

US bans travels from EU due to Covid-19.

Euro was traded within a tight range as market participants awaits the result from European Central Bank (ECB) policy meeting later tonight. ECB is expected to announce measures in order to combat negative impact from the coronavirus pandemic. The central bank may cut its interest rate further into the negative territory and might unveil liquidity measures such as new lending programmes that targeted at small and medium enterprises. However, investors would also scrutinize on how monetary measures is being integrated on fiscal stimulus as the eurozone remains constrained by deficit rules while several countries are facing minimal to no space in expanding their fiscal plans. Nonetheless, sentiment among investors with regards to ECB and its measures remains pessimistic as measures taken may be similar to current setting with lower interest rates and higher amount of quantitative easing. Thus, a more pronounced fiscal stimulus will be needed in conjunction with monetary easing to reduce recessive risks from the EU zone. On the other hand, US dollar tumbled during Asian trading session after US President Donald Trump addresses to the nation in response to Covid-19 pandemic. In his speech, Trump announced that US will suspend all travel from Europe to US for the next 30 days, effective on Friday midnight. He also instructs US Treasury to defer tax payments without interests or penalties for certain business and individuals whom are impacted by the pandemic. The announcement has sparked concerns that US may be succumbed to the rapidly spreading pandemic which was being downplayed from White House prior. As of writing, pair of EUR/USD rose 0.46% to 1.1319 while the dollar index slumped 0.38% to 96.12.

In the commodities market, crude oil price plunged by 6.80% to $30.84 per barrel. According to Reuters, United Arab Emirates followed Saudi Arabia footsteps by announcing plans to boost oil output after OPEC and Russia negotiation collapsed last week. On the other hand, gold price ticks up 0.01% to $1,633.66 a troy ounce due to risk aversion in the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20.45                     EUR                                        ECB Monetary Policy Statement

21.30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded lower while currently testing the support level at 96.00. MACD which illustrated diminishing bullish momentum suggest the index to be traded lower after it successfully breakout below the support level at 96.00.

Resistance level: 96.55, 96.80

Support level: 96.00, 95.40

GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.2915. MACD which illustrated diminishing bullish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.2745.

Resistance level: 1.2915, 1.3130

Support level: 1.2745, 1.2570

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1295. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1295.

Resistance level: 1.1295, 1.1450

Support level: 1.1255, 1.1195

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 105.15. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo short term technical correction toward the resistance level at 105.15.

Resistance level: 105.15, 106.20

Support level: 103.10, 100.20

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6465.  MACD which illustrated bearish bias momentum suggest the pair extend its losses after it successfully breakout below the support level at 0.6465.

Resistance level: 0.6515, 0.6545

Support level: 0.6465, 0.6400

NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.6255. However, MACD which illustrated diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 0.6285.

Resistance level: 0.6285, 0.6315

Support level: 0.6255, 0.6205

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3650. MACD which illustrated bullish momentum suggest the pair to extend its gains toward the resistance level at 1.3830.

Resistance level: 1.3830, 1.4060

Support level: 1.3650, 1.3360

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9330. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9395, 0.9450

Support level: 0.9330, 0.9265

CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the higher level. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 29.75.

Resistance level: 39.20, 46.65

Support level: 29.75, 25.30

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1635.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1647.15

Resistance level: 1647.15, 1663.90

Support level: 1635.60, 1626.05

12 March 2020                   Morning Session Analysis

Dollar remains weak following WHO declaration.

The dollar index which measured its value against a basket of six major currency pairs have slip during early Asian session as market fears were realized after WHO have officially declared the coronavirus a global pandemic. According to the statement of the Director of WHO Dr. Tedros Adhanom Ghebreyesus, the number of cases outside China have increased by 13 fold and the number of affected countries have also tripled. Besides that, he also stated that the number of cases, deaths and affected countries are expected to climb even higher in the days ahead. In the U.S, Washington State confirmed another 366 cases of the coronavirus (COVID-19), with 29 more added to the death toll. Meanwhile, Italy also recorded 168 new deaths from the coronavirus, the highest cases in a single day within the country while number of infections soared past 10000. Coronavirus fear are expected to persist further and continue to diminish the confidence of investors. At the time of writing, dollar index slips 0.08% to 96.39.

In the commodities market, crude oil price fell 0.11% to $33.20 per barrel as of writing amid plans for higher capacity. According to latest report, Saudi Arabia’s energy minister have instructed oil producer Saudi Aramco to raise its output capacity to 13 million from 12 million barrels per day (bpd). Besides that, UAE national oil company ADNOC also said it would raise crude supply to more than 4 million bpd in April. In the other hand, gold price rose 0.52% to $1643.74 a troy ounce as the increasing fears of coronavirus continue to increase the appeal of the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20.45                     EUR                                        ECB Monetary Policy Statement

21.30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 96.60. However, MACD which illustrate diminishing bullish momentum suggest the dollar to be traded lower as a short term technical correction towards the support level 96.00.

Resistance level: 96.60, 97.10

Support level: 96.00, 95.35

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.2870. MACD which illustrate persistent bearish momentum signal suggest the pair to extend it losses towards the support level 1.2730.

Resistance level: 1.2870, 1.3020

Support level: 1.2730, 1.2570

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1335. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.1190.

Resistance level: 1.1335, 1.1460

Support level: 1.1190, 1.1085

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 105.50. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 103.65.

Resistance level: 105.50, 106.95

Support level: 103.65, 101.90

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.6450. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6530, 0.6650

Support level: 0.6450, 0.6385

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6305. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 0.6210.

Resistance level: 0.6305, 0.6385

Support level: 0.6210, 0.6135

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3785. However, MACD which illustrate bearish bias signal with the starting formation of death cross suggest the pair to be traded lower as a technical correction towards the support level 1.3665.

Resistance level: 1.3785, 1.3900

Support level: 1.3665, 1.3575

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9365. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9460.

Resistance level: 0.9460, 0.9550

Support level: 0.9365, 0.9265

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 35.05. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its retracement in short term towards the support level 30.60.

Resistance level: 35.05, 39.25

Support level: 30.60, 27.20

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1652.40. MACD which illustrate ongoing bearish momentum suggest the commodity to extend its losses towards the support level 1613.35.

Resistance level: 1652.40, 1684.80

Support level: 1613.35, 1588.05

11 March 2020                   Afternoon Session Analysis

Dollar slips as coronavirus fears persist.

The dollar index have resumed its decline against its basket of six major currency pairs during late Asian session following the ongoing fears over the coronavirus continue to persist. Not long ago, the dollar have recovered some gains after investors hope that the global policymakers will proposed a further stimulus plans to support the economy that affected by travel and trade disruptions. However, as the coronavirus continue to spread across the globe, fears among investors continue to dominate the overall sentiment. The U.S. Centres for Disease Control and Prevention (CDC) reported an increase of 224 cases, bringing the total to 696. At the same time, the number of deaths had risen by six to 25. Investors are expecting that the Fed will cut additional interest rate by another 50 basis point next week which could further diminishing the greenback yield advantage and the appeal of the greenback. At the time of writing, dollar index fell 0.28% to 96.05.

In the commodities market, crude oil price regains 1.35% to $35.23 per barrel as of writing amid stimulus hopes. According to the latest report, Russian Energy Minister Alexander Novak has called for a meeting with the country’s oil companies today to discuss the possibility of future cooperation with OPEC. Besides that, news about Trump had spoken with Saudi Arabia’s Crown Prince Mohammed bin Salman in a call on Monday to discuss global energy markets also provide an additional boost for the oil market. Next, gold price remains steady and edge higher 0.63% to $1659.83 a troy ounce at the time of writing following weak dollar and ongoing coronavirus concerns.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative     GBP                 Autumn Budget

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded lower while currently testing the support level at 96.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower after it successfully breakout below the support level at 96.00.

Resistance level: 96.55, 96.80

Support level: 96.00, 95.40

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2900. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2975.

Resistance level: 1.2975, 1.3015

Support level: 1.2900, 1.2830

EURUSD, H1: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1325. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the next resistance level at 1.1395.

Resistance level: 1.1395, 1.1450

Support level: 1.1325, 1.1275

USDJPY, H4: USDJPY was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 104.35.

Resistance level: 107.20, 109.25

Support level: 104.35, 102.25

AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.6510. MACD which illustrated bullish bias momentum suggest the pair extend its gains after it successfully breakout above the resistance level at 0.6510.

Resistance level: 0.6510, 0.6545

Support level: 0.6470, 0.6400

NZDUSD, H1: NZDUSD was traded higher while currently testing the resistance level at 0.6285. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6285.

Resistance level: 0.6285, 0.6315

Support level: 0.6255, 0.6205

USDCAD, Daily: USDCAD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short term toward the support level at 1.3650.

Resistance level: 1.3830, 1.4060

Support level: 1.3650, 1.3360

USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level at 0.9395. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 0.9330.

Resistance level: 0.9395, 0.9450

Support level: 0.9330, 0.9265

CrudeOIL, H4: Crude oil price was traded higher following prior rebound near the support level at 29.75. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 39.20.

Resistance level: 39.20, 46.65

Support level: 29.75, 25.30

GOLD_, H1: Gold price was traded higher following prior breakout above the previous resistance level at 1651.10. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1663.90.

Resistance level: 1663.90, 1686.45

Support level: 1651.10, 1636.10