Daily Analysis

11 March 2020                   Morning Session Analysis

Dollar surged amid to hope upon the economic stimulus.

The dollar index surged on yesterday as investors expected that the global monetary policymakers will launch further stimulus plans to ease the economic impact of the coronavirus outbreak, which prompting the U.S. stock market rebounded on yesterday while insinuating further demand for US Dollar. According to CNBC, US President Donald Trump told the Republican Senators that two options would be implemented in order to offset the damage cause by the coronavirus. He suggested that the government would be to waive the payroll tax through year-end or make tax cut permanent-source during their meeting. Investors expected that such policy would able to increase the consumer spending while boosting the economic momentum in the United Stated. On the other hand, the pound sterling slumped as investors fears that the Bank of England would choose to reduce its interest rates within a short-term in order to boost the economic growth in the UK region. Besides that, the uncertainty with regards of the trade negotiation between UK and Europe is also weighing on the demand of the Pound Sterling. However, at this time investors would continue to scrutinize the latest updates with regards of the UK Budget Meeting in today in order to gauge the likelihood movement of the currency. As of writing, dollar index depreciated by 0.14% to 96.18 while the GBP/USD slumped 0.01% to 1.1318.

In the commodities market, the crude oil price depreciated by 1.50% to $34.25 per barrel. The oil market edged lower as investors afraid that the continually outbreak of the coronavirus would harm the oil demand in the future, spurring some bearish momentum to this black commodity. On the other hand, the gold price surged 0.55% to $1658.19 per troy ounces amid to risk-off sentiment in the FX market.

Today’s Holiday Market Close

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Today’s Highlight Events

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Tentative     GBP                 Autumn Budget

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded lower following prior retracement from the resistance level at 96.40. However, MACD which illustrated increasing bullish momentum suggest the index to be trade higher in short-term as technical correction.

Resistance level: 96.40, 97.00

Support level: 95.95, 95.45

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2875. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2930, 1.2970

Support level: 1.2875, 1.2825

EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1405. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1210.

Resistance level: 1.1405, 1.1555

Support level: 1.1210, 1.1020

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 104.95. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 104.95, 106.45

Support level: 103.25, 101.40

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6480. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6720, 0.6915

Support level: 0.6480, 0.6285

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6450. MACD which illustrated diminishing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6315.

Resistance level: 0.6315, 0.6385

Support level: 0.6250, 0.6195

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3745. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3745, 1.3840

Support level: 1.3645, 1.3460

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

Resistance level: 0.9390, 0.9510

Support level: 0.9250, 0.9170

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 35.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 35.65, 37.65

Support level: 30.15, 27.70

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1658.10. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1658.10, 1680.65

Support level: 1641.35, 1627.65

10 March 2020                   Afternoon Session Analysis

Euro slumps as Italy shutdowns entirely.

Euro experienced significant selloff during Asian trading session as coronavirus spread rapidly around Italy. According to Al-Jazeera, the total number of coronavirus cases rose by 1,797 on yesterday, bringing to a total of 9,172. On the other hand, death toll rose by 97 to 463 thus far. When compared with other countries, Italy is currently the second country with the highest number of cases after China, followed by South Korea. As number of cases rises drastically for the past few days, Italy has extended its emergency measures which includes travel restrictions and ban on public gathering throughout the country. On Monday, Prime Minister Giuseppe Conte order its citizen to stay at home and seek permission for essential travels. He also announced that all sporting events will be suspended nationwide while schools and universities will be closed until 3^rd April. The lockdown has sparked concerns over Italy’s economic momentum which shows recessive risks prior to the outbreak of coronavirus in the country. Thus, investors will monitor coronavirus conditions in Italy as well as European Central Bank’s policy meeting later this week in order to gauge the performance of euro. As of writing, pair of EUR/USD slumped 0.37% to 1.1405.

As for commodities, crude oil price skyrocketed 8.70% to $32.70 per barrel. Oil price rebounds sharply from its prior low levels after US shale producers increases their spending cuts that could reduce future oil production. On the other hand, gold price was traded flat around $1,667.33 a troy ounce as market participants waits for more signals from the financial market.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded higher while currently testing the resistance level at 95.40. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level at 95.40.

Resistance level: 95.40, 96.00

Support level: 94.90, 94.20

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.3080. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3080.

Resistance level: 1.3080, 1.3120

Support level: 1.3045, 1.3015

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1395. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.1395.

Resistance level: 1.1445, 1.1545

Support level: 1.1395, 1.1325

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 102.25. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 104.35.

Resistance level: 104.35, 107.20

Support level: 102.25, 100.70

AUDUSD, H1: AUDUSD was traded lower following prior breakout below the previous support level at 0.6580. MACD which illustrated bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6545.

Resistance level: 0.6580, 0.6620

Support level: 0.6545, 0.6510

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6315. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6315.

Resistance level: 0.6355, 0.6385

Support level: 0.6315, 0.6285

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

Resistance level: 1.3830, 1.4060

Support level: 1.3650, 1.3360

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9265. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9330.

Resistance level: 0.9330, 0.9450

Support level: 0.9265, 0.9205

CrudeOIL, Daily: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the commodity to undergo technical rebound toward the resistance level at 39.20.

Resistance level: 39.20, 46.65

Support level: 29.75, 25.30

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1663.90. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 1663.90.

Resistance level: 1686.45, 1703.85

Support level: 1663.90, 1646.65

10 March 2020                   Morning Session Analysis

Pound gains amid expectation for expansionary fiscal policy.

Pound Sterling extend its gains on yesterday amid increasing optimism that the UK government would implement new expansionary fiscal policy during the upcoming UK budget meeting in order to minimize the damage that caused by the coronavirus while boosting the economic growth in UK. According to Reuters, Britain’s new finance minister, Rishi Sunak, is due to announce his first budget on Wednesday and a fiscal stimulus plan is widely expected by the investors. Expansionary fiscal policy means that the government might reduce taxes while increasing the government expenditures in order to minimize the cost of recessionary. Such policy could improve the consumer spending within the UK region while insinuating the higher demand for the Pound Sterling. However, the gains experienced by the Pound Sterling was limited as some of the investors’ fears that the Bank of England will be cutting its interest rates at least 25 basis points in order to offset the cost of the coronavirus. Nonetheless, at this time investors would need to continue to scrutinize the latest updates with regards of the post-Brexit trade talk in between UK and EU and also a further economic data to gauge the likelihood movement for the currency. On the other hand, the dollar index extends its losses amid expectations that the Federal Reserve will be forced to reduce its interest rate once again in order to cushion the impact from the coronavirus epidemic. As of writing, GBP/USD slumped 0.33% to 1.3085 while the dollar index slumped 0.92% to 95.01.

In the commodities market, the crude oil price appreciated by 5.95% to $31.91 per barrel as of writing. However, the oil market suffered its biggest one-day drop in almost 30 years amid to the price war in crude oil between Saudi Arabic and Russia. On the other hand, the gold price slumped 0.67% to $1668.95. However, the gold price edged higher yesterday amid the rising geopolitical tension between the Saudi and Russia and also the fears of coronavirus outbreak, which stoked a shift in sentiment toward the safe-haven metal.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H1：Dollar index was traded higher following prior rebound from the support level at 94.85. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 95.45.

Resistance level: 95.45, 95.95

Support level: 94.85, 94.30

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3055. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3190, 1.3255

Support level: 1.3055, 1.2950

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1415. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1415, 1.1555

Support level: 1.1210, 1.1020

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 102.30. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 103.60.

Resistance level: 103.60, 104.85

Support level: 102.30, 100.75

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6655. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6655, 0.6745

Support level: 0.6480, 0.6285

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6340. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6340, 0.6385

Support level: 0.6280, 0.6210

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3660. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3660, 1.3765

Support level: 1.3515, 1.3330

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9250. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9345.

Resistance level: 0.9345, 0.9425

Support level: 0.9250, 0.9170

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 32.95. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 32.95, 35.65

Support level: 30.15, 27.70

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1662.90. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1678.95, 1690.05

Support level: 1662.90, 1650.25

09 March 2020                   Afternoon Session Analysis

Japanese Yen skyrocketed amid heightening of global uncertainty.

The yen’s role as a safe haven currency soars among other major currencies market amid the fast spread of Covid-19 and the breakdown of negotiation between OPEC and Russia sparked up the risk avoidance attitude of the market participants. According to the latest update on Coronavirus, the global infection cases has been risen up to 110,060, while the global death rate also getting closer to the number of 4K. Among all the countries affected by Coronavirus, Italy and South Korea are the most infected nation where the number of virus’s cases in these two countries increasing significantly day over day. Besides, Japanese Yen soars further after OPEC and its allies failed to strike a deal in last Friday meeting. Prior to now, Russian President Vladimir Putin rejected to further increase the oil cut production as the present oil prices were sustainable for the Russian economy while emphasizing that their government had the tools to response any adverse result which may be caused by the spread of coronavirus. After that, Saudi Arabia fired back to irresponsible attitude of Russia by reducing the unrefined price as much as $6 to $7 per barrel and deciding to increase their oil production to 1 million barrels per day. An oil war seems to happen at any moment and the outbreak of coronavirus continue tampering the global growth. As of writing, the pair of USD/JPY plummeted 2.68% to 102.48.

In the commodities market, crude oil price depreciated by 27.16% to $30.25 per barrel amid Saudi Arabia retaliated against Russia by lowering the unrefined oil prices while increasing the number of oil production significantly. Besides, the worsening condition of coronavirus also sparked up the market worries over the future demand of oil market. Besides, gold price rose 0.84% to $1688.00 a troy ounce amid exacerbating of global uncertainties.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded lower while currently testing the support level at 95.30. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level at 95.30.

Resistance level: 96.00, 96.55

Support level: 95.30, 94.20

GBPUSD, H1: GBPUSD was traded lower following prior breakout below the previous support level at 1.3080. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.3045.

Resistance level: 1.3080, 1.3120

Support level: 1.3045, 1.3015

EURUSD, H1: EURUSD was traded lower while currently testing the support level at 1.1395. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.1395.

Resistance level: 1.1450, 1.1545

Support level: 1.1395, 1.1325

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 102.90. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 104.35, 107.20

Support level: 102.90, 100.70

AUDUSD, H1: AUDUSD was traded lower while currently testing the support level at 0.6515. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6515.

Resistance level: 0.6545, 0.6580

Support level: 0.6515, 0.6545

NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.6255. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6255.

Resistance level: 0.6315, 0.6355

Support level: 0.6255, 0.6205

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3650, 1.3830

Support level: 1.3360, 1.3075

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9265. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9265.

Resistance level: 0.9330, 0.9450

Support level: 0.9265, 0.9205

CrudeOIL, Weekly: Crude oil price was traded lower while currently testing the support level at 29.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 39.20, 46.65

Support level: 29.75, 25.30

GOLD_, Weekly: Gold price was traded higher while currently testing the resistance level at 1703.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1703.85, 1786.80

Support level: 1566.20, 1469.50

09 March 2020                   Morning Session Analysis

Dollar index tumble on coronavirus contagion fears.

The Dollar index which traded against a basket of six major currency pairs extend its losses following the fear of the economic damage of the coronavirus epidemic cause the stock market in the United Stated fell more than 4%, which prompting investors to shift their portfolio from the United Stated to another countries. Indeed, many economists expected that the Federal Reserve will continue to cut its interest rate again in order to boost back the economic momentum in the U.S. According to CNBC, at least 21 people have died from the coronavirus in the United Stated. At least 521 people in the United Stated have tested positive for the virus. In worldwide, the number of deaths has topped 3,500 with more than 105,000 people was infected. However, the losses experienced by the dollar index was limited following the positive jobs data were released on last Friday. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls came in at 273K, exceeding the economist forecast at 175K. Similarly, the U.S. Unemployment Rate notched down from the preliminary reading of 3.6% to 3.5%, better than the market forecast at 3.6% while minimizing the market pessimism toward the economic progression in the United Stated. As of writing, the dollar index slumped 0.38% to 96.00.

In the commodities market, the crude oil price depreciated 19.82% to $33.40 as of writing. The oil market plunges almost 20% following the Saudi Arabia reduce its official selling price and announced plans to raise crude production significantly, signaling the start of a price war. Those moves came after Russia rejected the OPEC’s proposition of cutting the oil production in order to stabilize the prices of the crude oil. On the other hand, the gold price surged 1.50% to $1698.60 per troy ounces amid to the risk-off sentiment in the FX market.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, Daily：Dollar index was lower while currently testing the support level at 95.45. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 95.95, 96.40

Support level: 95.45, 94.85

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3060. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3125, 1.3205

Support level: 1.3060, 1.2995

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1405. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1405, 1.1555

Support level: 1.1210, 1.1020

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 103.60. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 104.85, 106.15

Support level: 103.60, 102.80

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6480. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6720.

Resistance level: 0.6720, 0.6915

Support level: 0.6480, 0.6285

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6340. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6280.

Resistance level: 0.6340, 0.6385

Support level: 0.6280, 0.6210

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3645. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3645, 1.3745

Support level: 1.3460, 1.3325

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9250. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9345.

Resistance level: 0.9345, 0.9425

Support level: 0.9250, 0.9170

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 31.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 36.90, 43.70

Support level: 31.65, 26.05

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1701.65. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1701.65, 1729.40

Support level: 1680.65, 1652.30

06 March 2020                   Afternoon Session Analysis

Dollar plunged amid more rate cut expectation.

The dollar index which measured its value against a basket of six major currency pairs continue to tumble during late Asian session following expectation of another rate cut and a massive drop in U.S yields to record lows. Due to the increasing fears over the impact of coronavirus, market continue to adding bets that the Fed may propose another rate cut of 50 basis points for the second time this month. In the latest report, the Fed had mentioned the epidemic 48 times which suggesting that the policymakers were highly concerned about the economic damage of the disease. At the same time, the greenback have also lost its most important advantage following the collapse of treasury yield, therefore causing investors to shift their assets towards other markets. The 10-year Treasury note fell to 0.899%, an all-time low on Thursday as coronavirus risk sparked fresh bids for U.S. debt at the expense of riskier assets like stocks. At the time of writing, dollar index slips 0.26% to 96.57.

In the commodities market, crude oil price plummet 1.35% to $45.30 per barrel as of writing following ongoing demand fears. Worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak continue to dominate the market. At the same time, the fear also heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. Next, gold price soars 0.40% to $1679.76 a troy ounce following weak dollar and ongoing risk of coronavirus.

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 lower while currently testing the support level at 96.55. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 96.80, 97.50

Support level: 96.55, 96.00

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2940. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2975, 1.3015

Support level: 1.2940, 1.2905

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1215. MACD which illustrated diminishing bearish momentum and the formation of golden cross suggest the pair to be traded higher toward the resistance level at 1.1275.

Resistance level: 1.1275, 1.1325

Support level: 1.1215, 1.1180

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 105.85. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 105.85.

Resistance level: 106.80, 107.90

Support level: 105.85, 105.40

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.6580. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6620.

Resistance level: 0.6620, 0.6650

Support level: 0.6580, 0.6545

NZDUSD, H4: NZDUSD was traded higher while currently near the resistance level at 0.6315. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6315, 0.6355

Support level: 0.6255, 0.6205

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3335. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3435.

Resistance level: 1.3435, 1.3490

Support level: 1.3335, 1.3265

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9450. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9385.

Resistance level: 0.9450, 0.9520

Support level: 0.9385, 0.9330

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 46.55. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward the support level at 43.80.

Resistance level: 46.55, 48.80

Support level: 43.80, 41.50

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1668.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1686.70

Resistance level: 1686.70, 1710.10

Support level: 1668.35, 1653.35

06 March 2020                   Morning Session Analysis

Dollar index fell following the negative data were released.

The Dollar index which traded against a basket of six major currency pairs slumped over a backdrop of bleak data from the United Stated yesterday. According to the Department of Labor, U.S. Initial Jobless Claims came in at 216K, higher than the economist forecast at 215K, which indicating the jobs market within the United Stated was remained subdued. Similarly, U.S Factory Orders for last month notched down from the preliminary reading of 1.9% to -0.5%, missing the economist forecast at -0.1%. As both data were fared worse than expectation, which further dialing down the market optimisms toward the economic progressions in the United Stated while spurring a significant selloff for the US Dollar. Besides that, Dollar index received a further bearish momentum following Federal Reserve Chair Jerome Powell claimed that the U.S central bank could reduce its interest rates again in order to offset the economic damage from the coronavirus. According to Reuters, market participants are now highly expecting that the U.S. central Bank would reduce its interest rate at least 25 basis points during the Fed’s March meeting. Nonetheless, at this time investors would continue to scrutinize the crucial economic data such as Nonfarm Payrolls from the United Stated which would be released tonight in order to gauge the likelihood movement of the US Dollar. As of writing, Dollar index depreciated by 0.76% to 96.50.

In the commodities market, crude oil price appreciated by 0.24% to $46.12 per barrel as of writing. However, the oil market edged lower on yesterday as Russia had not yet agreed with the OPEC to cut its oil production. At this time, investors would continue to focus on the OPEC meeting in order to receive further trading signal. On the other hand, the gold price surged 0.10% to $1673.75 per troy ouns as of writing as the uncertainties of the outbreak of the coronavirus continually to spur higher demand for this safe-haven metal.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily：Dollar index was lower while currently testing the support level at 96.40. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 97.00, 97.60

Support level: 96.40, 96.00

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2955. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2955, 1.3005

Support level: 1.2920, 1.2870

EURUSD, Daily: EURUSD was traded higher while currently near the resistance level at 1.1240. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1240, 1.1275

Support level: 1.1175, 1.1130

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 106.05. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 106.80, 107.55

Support level: 106.05, 105.35

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6480. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6720.

Resistance level: 0.6720, 0.6915

Support level: 0.6480, 0.6285

NZDUSD, H4: NZDUSD was traded higher while currently near the resistance level at 0.6325. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6325, 0.6400

Support level: 0.6270, 0.6205

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3380. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3450, 1.3535

Support level: 1.3390, 1.3235

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9510. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9425.

Resistance level: 0.9510, 0.9620

Support level: 0.9425, 0.9345

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 45.45. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 48.35, 51.45

Support level: 45.45, 43.70

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1654.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1683.10.

Resistance level: 1683.10, 1727.15

Support level: 1654.45, 1626.65

05 March 2020                   Afternoon Session Analysis

Aussie remain steady following upbeat trade data.

The Australian dollar which traded against the dollar and its peers remain steady on high level after the above-forecast trade surplus data. According to Australian Bureau of Statistics, Australia’s trade surplus for January came in at 5210M, beating market expectation of 4800M by a huge margin. Despite data showed that the exports fell by 3% while imports also fell by 3%, the positive sentiment did not faltered as investors have already expected a slowdown in the economy due to the outbreak of the coronavirus in China. Besides that, recent positive data such as GDP also continue to support the demand for the Aussie in short term. Still, upside potential may be limited due to the future prospect of quantitative easing while market awaits for confirmation from data to determine further direction. At the time of writing, AUD/USD edge higher 0.03% to 0.6615.

In the commodities market, crude oil price fell 0.16% to $47.34 per barrel at the time of writing following reluctant from Russia. According to the latest development, Saudi Arabia and members of OPEC are struggling to convince Russia to participate in cutting additional output of more than 1 million barrels per day. Russia is looking to have its participation in any fresh cut at the minimum possible level, a source told Reuters on Wednesday. In the other hand, gold price rose 0.02% to $1637.53 a troy ounce as of writing following coronavirus risk and global central bank easing continue to support the demand for the commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     CrudeOIL                               OPEC Meeting

01:00                     GBP                                        BoE Gov Carney Speaks

(6^th)

01:45                     CAD                                        BoC Gov Poloz Speaks

(6^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 97.60. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 97.60, 98.20

Support level: 97.00, 96.50

GBPUSD, H4: GBPUSD was higher while currently testing the resistance level at 1.2875. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2870, 1.2955

Support level: 1.2760, 1.2680

EURUSD, Daily: EURUSD was lower while currently testing the support level at 1.1130. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1175, 1.1240

Support level: 1.1130, 1.1065

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 107.65. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 107.65, 108.45

Support level: 106.80, 106.05

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6480. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6720.

Resistance level: 0.6720, 0.6915

Support level: 0.6480, 0.6285

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6270. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6325, 0.6400

Support level: 0.6270, 0.6205

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3405. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3405, 1.3465

Support level: 1.3325, 1.3250

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9540. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9620, 0.9715

Support level: 0.9540, 0.9465

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 46.70. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 48.20.

Resistance level: 48.20, 49.25

Support level: 46.70, 45.45

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1652.25. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1626.65.

Resistance level: 1652.25, 1683.10

Support level: 1626.65, 1588.45

5 March 2020                      Morning Session Analysis

Dollar ‘awake’ amid upbeat economic data.

Dollar index which gauge its value against a basket of six major currencies managed to rebound after hitting the lowest level in two months following the release of unexpected positive data. According to ADP, the private payrolls in US increased by 183K, blowing the estimation of economist at 170k while showing that the recent outbreak of Coronavirus in US region had not much of affection against its labor market. Besides, the non-manufacturing data in US also came in at an optimistic reading at 57.3, where slightly higher than the economist of 54.9. Despite the fast spread of Coronavirus is threatening the US economy growth, but the recent economic data still shows a positive sign while indicating the economy is remain resilient and intact. Nonetheless, investor will still continue to eye on the upcoming release of economic data in order to scrutinize the direction of greenback as it is seemingly that the negative impact has not shown up in the data yet. As of writing, dollar index rose by 0.23% to 97.35. On the other hand, the pair of USD/CAD inched up 0.01% to 1.3385 following Bank of Canada revised down its cash rates to 1.25% in response to diminish the negative impact of Coronavirus. In the monetary policy statement, BoC emphasized that the outbreak of COVID-19 caused the business activity fallen sharply and supply chains have also been disrupted. Therefore, a deep rate will be implemented in order to accommodate the current economy situation, while not ruling out the possibility of further loosening their monetary policy in the future.

In commodities market, crude oil prices rose by 0.06% to $47.15 per barrel as market participants are expecting OPEC and its allies to agree on a deeper round of production cuts as a result of two days meeting in Vienna. At the same time, a decrease of stockpile which shown in EIA crude oil inventories data also further support the crude oil price. According to the EIA, crude oil supplies rose by 0.785M, lower than the economist forecast of 2.644M. Besides, gold prices dropped 0.03% to $1636.60 a troy ounce amid strengthening of dollar index.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     CrudeOIL                               OPEC Meeting

01:00                     GBP                                        BoE Gov Carney Speaks

(6^th)

01:45                     CAD                                        BoC Gov Poloz Speaks

(6^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 97.45. However, MACD which shows increasing bullish momentum suggests the index to experience technical correction in short-term.

Resistance level: 97.45, 97.90

Support level: 96.80, 96.55

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2870. MACD which illustrate bullish signal suggests the pair to extend its gains after it successfully breakout above the resistance level at 1.2870.

Resistance level: 1.2870, 1.2905

Support level: 1.2830, 1.2785

EURUSD, H4: EURUSD was traded higher following prior rebound from the bottom level of sideway channel. MACD which illustrate diminishing bearish momentum suggests the pair to be traded higher toward the top level of channel.

Resistance level: 1.1180, 1.1215

Support level: 1.1110, 1.1075

USDJPY, H4: USDJPY was traded higher following prior rebound from the lower level. MACD which shows bullish bias momentum suggests the pair to extend its gains toward the resistance level at 107.90.

Resistance level: 107.90, 108.65

Support level: 106.70, 105.85

AUDUSD, H1: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6620. MACD which illustrate diminished bearish momentum suggests the pair to extend its gains toward the next resistance level at 0.6650.

Resistance level: 0.6650, 0.6680

Support level: 0.6620, 0.6580

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level. However, MACD which illustrate diminished bullish momentum suggests the pair to experience brief technical correction.

Resistance level: 0.6315, 0.6355

Support level: 0.6255, 0.6205

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3335. However, MACD which illustrate bearish signal suggests the pair to undergo short term technical correction toward the support level at 1.3335.

Resistance level: 1.3435, 1.3490

Support level: 1.3335, 1.3265

USDCHF, Daily: USDCHF was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to extend its rebound toward the resistance level at 0.9585.

Resistance level: 0.9585, 0.9625

Support level: 0.9520, 0.9450

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 48.10. MACD which illustrate bearish signal suggests its price to be traded lower toward the support level at 46.60.

Resistance level: 48.10, 49.30

Support level: 46.60, 45.35

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1635.20. However, MACD which illustrate diminishing bearish momentum suggest the commodity to undergo short term technical correction toward the resistance level at 1654.50.

Resistance level: 1654.50, 1671.60

Support level: 1635.20, 1625.95

04 March 2020                   Afternoon Session Analysis

Aussie remains solid following positive GDP.

The Australian dollar which traded against the dollar and all its peers have rose during late Asian session after a better-than-expected GDP data. According to the Australian Bureau of Statistics, the GDP for the fourth quarter came in at 0.5%, better than market expectation of 0.3%. The upbeat data have boosted the market confidence which since pushing the Aussie higher. Besides that, the bullish sentiment will likely to be supported by the surprise rate cut from Fed on Tuesday. The US central bank have reduce its rate by 50 basis points, its biggest single cut in more than a decade in order to contain the economic fallout from the coronavirus outbreak. Besides that, Reserve Bank of Australia also cut rates by 25 basis points on Tuesday and left the doors open for another cut in April. At the time of writing, AUD/USD gains 0.38% to 0.6604 while dollar index slips 0.02% to 97.09.

In the commodities market, crude oil price climbs 1.47% to $47.66 per barrel at the time of writing amid surprise rate cut and hopes on OPEC. The Fed have boosted market optimism after it cut the key lending rate cut by half a point ahead of its scheduled March 18 meeting. Besides that, investors continue to expect that OPEC+ would go along with Saudi Arabia with the plans of cutting another 1 million barrel per day on Thursday meeting. In the other hand, gold price soars 0.48% to $1644.82 as of writing amid rate cut and virus concerns continue to drive demand for the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative     GBP        BoE MPC Treasury Committee Hearings

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily：Dollar index was traded lower following prior breakout below the previous support level at 97.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward the support level at 96.80.

Resistance level: 97.45, 97.90

Support level: 96.80, 96.55

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2830. MACD which illustrated diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 1.2785.

Resistance level: 1.2830, 1.2870

Support level: 1.2785, 1.2745

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1170. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.1215.

Resistance level: 1.1215, 1.1275

Support level: 1.1170, 1.1110

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 107.90. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 106.80.

Resistance level: 107.90, 108.65

Support level: 106.80, 105.85

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.6580. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6620.

Resistance level: 0.6620, 0.6650

Support level: 0.6580, 0.6545

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the 50 moving average line (Blue). MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6315.

Resistance level: 0.6315, 0.6355

Support level: 0.6255, 0.6205

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3335. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction toward the support level at 1.3335.

Resistance level: 1.3435, 1.3490

Support level: 1.3335, 1.3265

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9585. MACD which illustrated bearish momentum signal suggest the pair to extend its losses toward the support level at 0.9520.

Resistance level: 0.9585, 0.9625

Support level: 0.9520, 0.9450

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 46.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 48.10.

Resistance level: 48.10, 49.30

Support level: 46.60, 45.35

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1637.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1654.50.

Resistance level: 1654.50, 1671.60

Support level: 1637.50, 1625.95

04 March 2020                   Morning Session Analysis

Dollar index fell following the dovish decision from Fed.

The Dollar index which traded against a basket of six major currency pairs slumped following the Federal Reserve delivered a surprise rate cut in order to cushion the potential damage from the spread of the coronavirus on the economy on yesterday. According to Reuters, though Fed Chair Jerome Powell reiterated that the U.S. economy remains strong, he acknowledged that the spread of the virus had prompted a material change in the U.S. central bank’s decision for the economy growth in Untied Stated. Hence, the Federal Open Market Committee decided yesterday to lower the target range for the federal funds rate by a half percentage point to a target range of 1.00% to 1.25% in order to boost up the economic growth within the United Stated. On the other hand, the safe-haven asset such as Japanese Yen surged on yesterday as investors remained anxious about the economic fallout due to the coronavirus outbreak. On the coronavirus front, the infections rose again in South Korea and Iran. Besides that, UK has reported 51 new cases while Japan’s total cases had increased to more than 1,000 people and Spain rose 32% to 150 people. As of writing, the Dollar index slumped 0.22% to 97.10 while USD/JPY depreciated by 0.15% to 106.95.

In the commodities market, the crude oil price slumped 0.34% to $46.95 per barrels as of writing. The oil market edged lower yesterday as investors’ fears that the outbreak of the coronavirus would harm the global economy, which might be diminishing the demand for this black-commodity in future. However, at this time investors would continue scrutinize the latest updates with regards of the OPEC meeting on Thursday and wider OPEC+ meeting on Friday in order to gauge the likelihood movement for the commodity. On the other hand, as of writing the gold price appreciated by 0.48% to $1646.40 per troy ounces amid to weaker US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative     GBP        BoE MPC Treasury Committee Hearings

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily：Dollar index was lower while currently testing the support level at 97.00. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 97.60, 98.20

Support level: 97.00, 96.50

GBPUSD, Daily: GBPUSD was traded higher following prior rebound from the support level at 1.2760 MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2940.

Resistance level: 1.2940, 1.3165

Support level: 1.2760, 1.2585

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1175. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1175, 1.1240

Support level: 1.1130, 1.1065

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 106.80. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 107.55, 108.45

Support level: 106.80, 106.00

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6480. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6720.

Resistance level: 0.6720, 0.6915

Support level: 0.6480, 0.6285

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6270. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6325, 0.6400

Support level: 0.6270, 0.6205

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3380. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3380, 1.3450

Support level: 1.3310, 1.3235

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9540. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9620, 0.9715

Support level: 0.9540, 0.9465

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 45.45. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 51.45.

Resistance level: 51.45, 57.45

Support level: 45.45, 43.00

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1626.65. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1654.45.

Resistance level: 1654.45, 1683.10

Support level: 1626.65, 1588.45

03 March 2020                   Afternoon Session Analysis

Pound extend losses amid gloomy outlook.

The U.K pound sterling which traded against all its peers have continue to experience a major sell-off following recent weak data and odds of an interest rate cut from the Bank of England (BoE) continue to mount over growing coronavirus (Covid-19) fears. On data perspective, Markit Manufacturing PMI for the month of February came in at 51.7, missing economist forecast of 51.9. Besides that, the Bank of England (BoE) have recently stated that it will take “all the needed steps to protect the stability of the country”, which fuelling expectation that they will turn to interest rate cuts as a stimulus measure. Thus, the increasing rate cut expectation have sending the pound sterling further down. Meanwhile, as Brexit talks have started on Monday, market will continue to monitor the developments and the economic conditions in the UK to determine further direction for the pair. At the time of writing, GBP/USD fell 0.03% to 1.2764.

In the commodities market, crude oil price soars 1.18% to $47.95 per barrel as of writing following increasing optimism of OPEC. Following ongoing concerns towards the demand due to coronavirus outbreak, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are expected to announce deeper output cuts at their meeting on March 5-6 in Vienna. On the other hand, gold price rose 0.06% to $1595.33 at the time of writing following the ongoing risk of coronavirus continue to support the risk-aversion appeal of the commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 97.40. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 97.05

Resistance level: 97.40, 97.85

Support level: 97.05, 96.75

GBPUSD, Daily: GBPUSD was lower while currently testing the support level at 1.2750. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2940, 1.3165

Support level: 1.2750, 1.2585

EURUSD, Daily: EURUSD was lower while currently testing the support level at 1.1130. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1175, 1.1240

Support level: 1.1130, 1.1065

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 108.45. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 107.55

Resistance level: 108.45, 109.15

Support level: 107.55, 107.05

AUDUSD, Daily: AUDUSD was traded lower while currently near the support level at 0.6480. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6720, 0.6915

Support level: 0.6480, 0.6285

NZDUSD, H1: NZDUSD was traded within a range while currently testing the resistance level at 0.6270. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6270, 0.6325

Support level: 0.6205, 0.6120

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3380. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3310.

Resistance level: 1.3380, 1.3435

Support level: 1.3310, 1.3235

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9570. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9630, 0.9675

Support level: 0.9570, 0.9530

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 45.45. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 51.45.

Resistance level: 51,45, 57.45

Support level: 45.45, 43.00

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1588.45. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1626.65.

Resistance level: 1626.65, 1663.75

Support level: 1588.45, 1561.80

3 March 2020                      Morning Session Analysis

ECB may take action to prevent economic risks.

Euro rose sharply on yesterday over the backdrop of bullish signal from the EU zone. As of writing, pair of EUR/USD rose 0.07% to 1.1140. According to Markit Economics, German Manufacturing PMI for the month of February rose to 48.0, slightly higher than forecast of 47.8. However, economists warned that the data shown may be outdated as continuous economic disruption in China due to coronavirus may be reflected in its reading for the near future. On the other hand, euro received additional bullish support as European Central Bank signaled to take “appropriate measures” in order to counter negative impact from the spread of the coronavirus. According to ECB, they stand ready to take appropriate and targeted measures as necessary and commensurate to the underlying risk. ECB Vice President Luis de Guindos commented that they would remain “vigilant” and are currently “monitoring all incoming data” from the EU. Optimistic signal from the central bank has invigorated hopes that further action could be taken in order to circumvent any economic slowdown due to the rapidly spreading coronavirus in EU and other countries.

As for commodities, crude oil price rebounds by 0.02% to $47.39 per barrel. Oil price settled up more than 5% on yesterday with hopes of deeper production cuts from OPEC. In addition, major central banks around the world were coordinating to loosen their monetary policy in order to prevent global economic collapse has provided additional support on the commodity’s price. On the other hand, gold price slumped 0.05% to $1,589.64 a troy ounce following a recovery in sentiment towards equities around the world.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

11:30                     AUD                        RBA Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from 97.15. MACD which shows diminishing downward momentum suggests the index to experience technical correction in short-term.

Resistance level: 97.90, 98.30

Support level: 97.45, 97.15

GBPUSD, Daily: GBPUSD was traded lower while currently testing near 1.2745. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 1.2915, 1.3130

Support level: 1.2745, 1.2570

EURUSD, H4: EURUSD was traded lower following prior retracement from the higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1155, 1.1200

Support level: 1.1075, 1.1010

USDJPY, H4: USDJPY was traded higher while currently testing at 108.40. MACD which shows diminished bearish momentum suggests the pair to extend its gains after closing above 108.40.

Resistance level: 108.40, 109.25

Support level: 107.55, 106.35

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from 0.6450. MACD which illustrate diminished bearish momentum suggests the pair to experience brief technical correction.

Resistance level: 0.6580, 0.6700

Support level: 0.6450, 0.6300

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level. MACD which illustrate diminished bearish momentum suggests the pair to experience brief technical correction.

Resistance level: 0.6330, 0.6435

Support level: 0.6200, 0.6100

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

Resistance level: 1.3390, 1.3445

Support level: 1.3305, 1.3265

USDCHF, H4: USDCHF was traded higher following prior rebound from 0.9550. MACD which illustrate diminished bearish momentum suggests the pair to experience brief technical correction.

Resistance level: 0.9620, 0.9730

Support level: 0.9550, 0.9470

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests its price to be traded higher in short-term.

Resistance level: 49.00, 51.55

Support level: 46.30, 43.00

GOLD_, H4: Gold price was traded lower following prior retracement from previous high level. Stochastic Oscillator which illustrate retracement signal suggest its price to be traded lower in short-term.

Resistance level: 1600.00, 1635.00

Support level: 1562.00, 1526.90

02 March 2020                   Afternoon Session Analysis

Aussie recovers despite weak China PMI.

The Australian dollar have rebound against all its peers during late Asian session despite recent disappointing release of China PMI. According to Caixin, the manufacturing PMI which measured the manufacturing sector companies came in at 40.3, missing market expectation of 45.7. Still, the Aussie dollar were showing resilience due to the increasing expectation of central bank rate. In the U.S, the Fed is expected to cut its rate by 25 basis points in March and April while RBA is also expected for a rate cut on Tuesday. At the time of writing, AUD/USD rose 0.30% to 0.6526. Meanwhile, USD/JPY gains 0.05% to 108.02 as of writing following BoJ Kuroda’s Statement. Bank of Japan’s Governor Haruhiko Kuroda stated that the central bank is closely monitoring future developments, and will strive to provide ample liquidity and ensure stability in financial markets through appropriate operations and asset purchases.

In the commodities market, crude oil price recovers 1.09% to $45.63 per barrel as of writing following hopes of OPEC+ supply cut. According to the latest report, Saudi Arabia was pushing for a million barrels per day cut to be agreed this week. OPEC and its allies have been already limit its output by 1.7 million bpd till the end of March and market are expecting that the it will increasing its cut by another 1 million barrels per day due to the effects of coronavirus. On the other hand, gold price also rebounds 0.73% to $1596.37 a troy ounce at the time of writing as the risk tone remains heavy on coronavirus headlines.

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 lower while currently testing the support level 97.80. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 98.35, 98.90

Support level: 97.80, 97.20

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2730. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.2870.

Resistance level: 1.2870, 1.3020

Support level: 1.2730, 1.2570

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1085. MACD which illustrate persistent bullish momentum suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.1085, 1.1165

Support level: 1.1000, 1.0885

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 108.25. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 108.25, 109.20

Support level: 107.40, 106.60

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.6500. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6595.

Resistance level: 0.6595, 0.6675

Support level: 0.6500, 0.6420

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

Resistance level: 0.6305, 0.6490

Support level: 0.6210, 0.6135

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3325. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3380, 1.3435

Support level: 1.3325, 1.3260

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9625. AMCD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9695, 0.9750

Support level: 0.9625, 0.9550

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 46.80. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 46.80, 49.40

Support level: 44.40, 42.20

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1588.05. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1613.35.

Resistance level: 1613.35, 1639.25

Support level: 1588.5, 1563.45

2 March 2020                      Morning Session Analysis

Euro rebounds following optimistic data.

Euro extended its gains against the US dollar last Friday over the backdrop of optimistic economic data from the region. For the month of February, German Unemployment Change came in at -10,000, fared better than forecast of 3,000. Similarly, Germany’s Core CPI for the month of February rose to 0.4%, slightly higher than forecast of 0.3%. Both data has invigorated the appeal of euro towards the financial market after previous data from the region shows extensive recessive risks. However, gains on the euro were limited as coronavirus spreads quickly from Italy to other countries in Europe such as Switzerland, Austria and Spain. Investor’s fear that the coronavirus infection may hinder a recovery in Eurozone economy, thus dialling down market confidence towards Euro. On the other hand, US dollar tumbled sharply as investor’s speculate a slower future growth due to the spread of coronavirus in the United States. Last week, US Centres for Disease Control and Prevention warned that the coronavirus may have spread in the United States. US Federal Reserve signalled that they are monitoring current situation while recent possibility over its spread in the US has increased the likelihood for another rate cut in the near future. As of writing, pair of EUR/USD rose 0.19% to 1.1046 while dollar index fell 0.05% to 98.01.

In the commodities market, crude oil price depreciates by 0.01% to $45.13 per barrel. Oil prices plunged sharply on last week as coronavirus began to spread outside of China to countries such as Switzerland, Italy and possibly the United States. Investors fear that the spread may cripple global economic growth which in return dampens the demand for crude oil. On the other hand, gold price ticks up 0.01% to $1,586.16 a troy ounce due to risk aversion in the market.

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 lower while currently testing at the support of 97.90. MACD which shows bearish signal suggests the index to extend its losses after closing below 97.90.

Resistance level: 98.30, 98.90

Support level: 97.90, 97.45

GBPUSD, Daily: GBPUSD extended its losses following prior closure below 1.2915. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 1.2740.

Resistance level: 1.2915, 1.3130

Support level: 1.2740, 1.2570

EURUSD, Daily: EURUSD extended its gains following prior closure above 1.0200. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 1.1090.

Resistance level: 1.1090, 1.1165

Support level: 1.1020, 1.0930

USDJPY, Daily: USDJPY tumbled further down following prior retrace from its higher level. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 106.35.

Resistance level: 107.55, 108.40

Support level: 106.35, 104.85

AUDUSD, H4: AUDUSD was traded higher following prior rebound near 0.6450. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6580, 0.6700

Support level: 0.6450, 0.6300

NZDUSD, Weekly: NZDUSD was traded lower while currently testing near the support of 0.6200. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 0.6200.

Resistance level: 0.6435, 0.6700

Support level: 0.6200, 0.5790

USDCAD, H1: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3445, 1.3510

Support level: 1.3390, 1.3305

USDCHF, Daily: USDCHF was traded lower while currently testing near the support of 0.9620. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 0.9620.

Resistance level: 0.9730, 0.9840

Support level: 0.9620, 0.9550

CrudeOIL, Daily: Crude oil price extended its losses while currently testing near 43.00. Stochastic Oscillator began to illustrate bullish signal suggests its price to experience technical correction in short-term.

Resistance level: 46.30, 51.55

Support level: 43.00, 38.80

GOLD_, H4: Gold price was traded higher following prior rebound from the lower level. MACD which shows diminished downward momentum suggests its price to be traded higher in short-term.

Resistance level: 1600.00, 1629.15

Support level: 1562.00, 1526.90