Daily Analysis

28 February 2020                               Afternoon Session Analysis

Japanese yen soars as market risk escalates.

Japanese yen received substantial bullish support following risk aversion in the financial market. According to Reuters, 29 Turkish soldiers was killed after Syrian government initiated an attack in Syria’s Idlib. The Turkish army allegedly suffered mass casualties in an airstrike whereby Turkish officials deemed it will shift the course of Syrian war. Due to geopolitical escalation in the Middle East, safe-haven currencies such as Japanese Yen received higher demand during this morning. Likewise, investors continue to scrutinize recent developments of coronavirus endemic as it spreads across Asia and Europe. According to latest report, South Korea has confirmed 256 new cases, bringing it to ta total of 2,022. Meanwhile, China’s National Health Commission reported 327 new cases and 44 new deaths, bringing to a total of 78,824 confirmed cases and death toll of 2,788. Equities received higher sell orders as investors fear that the coronavirus may evolve into a widespread infection around the globe that may prolong economic downturn. As of writing, pair of USD/JPY slipped 0.17% to 109.40.

In the commodities market, crude oil price was traded flat near $46.50 per barrel. On yesterday, the black commodity extended its losses over fears of diminishing oil demand due to coronavirus epidemic. On the other hand, gold price ticks up 0.01% to $1,641.86 a troy ounce due to risk aversion in the 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 lower while currently testing the support level at 98.25. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 98.95, 99.80

Support level: 98.25, 97.55

GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.2875. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2985, 1.3080

Support level: 1.2875, 1.2775

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1005. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout the resistance level.

Resistance level: 1.1005, 1.1085

Support level: 1.0915, 1.0780

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.85. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.40.

Resistance level: 109.85, 111.65

Support level: 108.40, 107.15

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6720. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6480.

Resistance level: 0.6720, 0.6915

Support level: 0.6480, 0.6285

NZDUSD, H1: NZDUSD was traded lower following prior breakout below the previous support level at 0.6285. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6240.

Resistance level: 0.6285, 0.6315

Support level: 0.6240, 0.6200

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3435. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3435, 1.3475

Support level: 1.3380, 1.3325

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9680. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9730, 0.9780

Support level: 0.9680, 0.9630

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the support level at 47.20. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its losses towards support level at 44.65.

Resistance level: 47.20, 49.95

Support level: 44.65, 42.65

GOLD_, Daily: Gold price was traded lower following prior retracement from the resistance level at 1674.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1561.80.

Resistance level: 1674.70, 1764.20

Support level: 1561.80, 1449.30

28 February 2020                              Morning Session Analysis

Dollar fell amid expectation of rate cut increase.

The dollar index which traded against a basket of six major currency pairs have plunged during early Asian session as market expectation of Fed rate cut increase due to the spreading coronavirus. According to the latest data, money markets are now fully expecting for a 25 basis point cut in the Fed’s rate by April and also another three by March next year. The expected move is to offset the impact of the coronavirus epidemic that have been dragging the global economy as the virus continue to add fatality and infection rate and stoking fears that the economic impact of travel curbs, supply chain disruptions, and falling demand might be far greater than previously anticipated. At the same time, the decline in US yields also weigh on the sentiment where the 10-years yield have bottomed to a new all-time low of 1.25%. At the time of writing, dollar index plummeted 0.62% to 98.32.

In the commodities market, crude oil price continue to extend its downfall and fell 0.12% to $46.65 a barrel as of writing amid ongoing concern of the coronavirus. The commodity have crash to 2017 lows after U.S reported its first possible “community infection” from the coronavirus involving an individual who had developed symptoms despite not traveling out of the country or being in contact with another infected person. The reports have increase fear of potential damage towards the oil demand. On the other hand, gold price remains steady and edge higher 0.04% to $1646.61 a troy ounce as risk of global epidemic continue to support the price of gold.

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 while currently testing the support level 98.35. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level 98.35.

Resistance level: 98.90, 99.40

Support level: 98.35, 97.80

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2865. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its losses after it breaks below the support level 1.2865.

Resistance level: 1.2960, 1.3080

Support level: 1.2865, 1.2750

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1000. MACD which illustrate bullish momentum suggest the pair to extend its gains after it breaks above the resistance level 1.1000.

Resistance level: 1.1000, 1.1085

Support level: 1.0885, 1.0785

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 109.20. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses after it breaks below the support level 109.20.

Resistance level: 110.10, 110.95

Support level: 109.20, 108.25

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.6595. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level 0.6595.

Resistance level: 0.6595, 0.6675

Support level: 0.6500, 0.6420

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6305. However, MACD which illustrate bullish momentum suggest the pair to experience a technical correction towards the resistance level 0.6385.

Resistance level: 0.6385, 0.6490

Support level: 0.6305, 0.6210

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3380. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.3380, 1.3435

Support level: 1.3325, 1.3260

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9895. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.9625.

Resistance level: 0.9695, 0.9750

Support level: 0.9625, 0.9550

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 48.55. However, MACD which illustrate diminishing bearish momentum suggest the commodity to experience a short term technical correction towards the resistance level 49.40.

Resistance level: 49.40, 51.20

Support level: 46.55, 44.40

GOLD_, H4: Gold price was traded flat near the support level 1639.25. However, MACD which illustrate diminishing bearish momentum suggest the commodity to be traded higher towards resistance level 1683.10.

Resistance level: 1683.10, 1717.10

Support level: 1639.25, 1613.35

27 February 2020                               Afternoon Session Analysis

GBP slumped ahead of trade talks.

Pound sterling recovered some losses this morning after experiencing deep selloff on yesterday as investors brace ahead of rocky EU-UK trade talks starting next week. Both UK and EU have agreed to begin their trade talks on 2^nd March while investors worried that tough rhetoric and hard stance in between both sides may led to a fallout. Prior, EU’s Chief Negotiator Michel Barnier said that EU would not agree to a deal “at any price” and while rebuffing the idea of offering UK with a Canada-style trade agreement. A Canada-style trade agreement aims to reduce or demolish tariffs on certain types of products while also increases purchase quotas in between both countries. In the other region, US dollar was opened lower this morning following speculations over possibilities for more rate cuts later this year. According to Wall Street Journal, the probability of US Federal Reserve cutting its interest rates three times for the year has rose to 80%. The odds have risen significantly over the past two weeks as coronavirus began to spread outside of China while raising the possibility of inducing large scale of economic slowdown globally. As of writing, pair of GBP/USD rose 0.09% to 1.2917 while the dollar index ticked down 0.02% to 98.88.

In the commodities market, crude oil price slumped 1.30% to $47.87 per barrel. Price of crude oil hits 13-months low as coronavirus continues to spread outside of China, spurring fears for a global economic slowdown that could jeopardize oil demand significantly. On the other hand, gold price rose 0.62% to $1,649.84 a troy ounce due to risk aversion in the 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 lower following prior breakout below the previous support level at 98.95. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 98.25.

Resistance level: 98.95, 99.80

Support level: 98.25, 97.55

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2905. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2945, 1.2980

Support level: 1.2905, 1.2865

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.0915. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.0915, 1.1005

Support level: 1.0780, 1.0655

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 110.15. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 112.25, 113.55

Support level: 110.15, 108.35

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6720. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6480.

Resistance level: 0.6720, 0.6915

Support level: 0.6480, 0.6285

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6285. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6355, 0.6420

Support level: 0.6285, 0.6240

USDCAD, Daily: USDCAD was traded higher following prior breakout above the resistance level at 1.3305. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3410.

Resistance level: 1.3410, 1.3460

Support level: 1.3305, 1.3215

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9750. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9710.

Resistance level: 0.9750, 0.9790

Support level: 0.9710, 0.9675

CrudeOIL, Daily: Crude oil price was traded lower following prior breakout below the previous support level at 49.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 45.60.

Resistance level: 49.75, 55.55

Support level: 45.60, 42.35

GOLD_, Daiy: Gold price was traded lower following prior retracement from the resistance level at 1674.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1561.80.

Resistance level: 1674.70, 1764.20

Support level: 1561.80, 1449.30

27 February 2020                              Morning Session Analysis

Dollar gains after solid housing data.

The dollar index which traded against a basket of six major currency pairs have rose during early Asian session after the positive of New Home Sales data. According to US Census Bureau, new housing purchases have rose to 764K, exceeding market expectation of 710K. The data showed that the condition of housing market remains strong despite with the ongoing coronavirus outbreak. At the same time, the positive data also help in reduce market expectation that the U.S Federal Reserve will signal more policy easing as the deadly virus continue to spread outside China. Fed Vice Chairman Richard Clarida stated that it is still too soon to determine whether the Fed would need to make changes in its monetary policy. At the time of writing, the dollar index have rose 0.17% to 99.03.

In the commodities market, crude oil price plummeted 0.11% to $49.57 as of writing as fear of coronavirus continue to weigh on the market sentiment. Despite with recent positive U.S crude data, market remains fearful and concern towards the future outlook after another spike in global reports of Covid-19 cases made clear to investors that a pandemic largely confined to China until last month was now becoming a global issue. On the other hand, gold price remains steady and edge higher 0.03% to $1641.35 a troy ounce at the time of writing as the ongoing risk of coronavirus continue to support the demand of the safe-haven asset.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 98.90. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound towards the resistance level 99.40.

Resistance level: 99.40, 99.90

Support level: 98.90, 98.35

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2865. 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 1.2865.

Resistance level: 1.2960, 1.3080

Support level: 1.2865, 1.2750

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.0885. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction towards the support level 1.0785.

Resistance level: 1.0885, 1.0990

Support level: 1.0785, 1.0680

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 110.10. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 110.90.

Resistance level: 110.95, 112.10

Support level: 110.10, 10920

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.6595. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6500.

Resistance level: 0.6595, 0.6675

Support level: 0.6500, 0.6420

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6305. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6210.

Resistance level: 0.6305, 0.6385

Support level: 0.6210, 0.6135

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3325. MACD which illustrate ongoing bullish momentum suggest the pair to extend its gains towards the resistance level 1.3380.

Resistance level: 1.3380, 1.3435

Support level: 1.3325, 1.3260

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9750. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 0.9835.

Resistance level: 0.9835, 0.9915

Support level: 0.9750, 0.9695

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 49.40. MACD which illustrate persistent bearish momentum signal suggest the commodity to extend its losses towards the support level 47.05.

Resistance level: 49.40, 51.20

Support level: 47.05, 44.40

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1639.25. MACD which illustrate bearish bias signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 1683.10, 1717.10

Support level: 1639.25, 1613.35

26 February 2020                               Afternoon Session Analysis

Japanese Yen fades following amid coronavirus testing reports.

The Japanese Yen which is treated as a safe-haven currency have fell on late Asian session after reports of Singapore develops new test to establish links between cases. On early Tuesday, Singapore have announced that a medical research team had developed the world’s first serological test that could be used for establishing links between coronavirus patients. The test could identify antibodies in blood samples, which the immune system produces in response to an infection and assists investigators in determine the links between two existing clusters of Covid-19 patients in the city state. The positive development have since boosted the optimism of investors and diminishing risk-off sentiment. At the time of writing, USD/JPY rose 0.27% to $110.47.

In the commodities market, crude oil price slips 0.09% to $50.09 per barrel at the time of writing following fears of coronavirus continue to grasp the market. The coronavirus spread to more countries, while Iran’s virus death toll rose to 16, the highest outside China, and infections worsened in South Korea and Italy. Lingering worries that the rapidly spreading coronavirus continue dent the global economy and oil demand are weighing on investor sentiment. On the other hand, gold price slips 0.11% to $1642.06 a troy ounce as of writing following profit taking.

Today’s Holiday Market Close

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Today’s Highlight Events

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21:30                          EUR                    ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily：Dollar index was traded lower while currently testing the support level a 98.95. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 99.80, 100.45

Support level: 98.95, 98.25

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3010. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 1.2980.

Resistance level: 1.3010, 1.3035

Support level: 1.2980, 1.2955

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.0780. MACD which illustrated increasing bullish momentum suggest the pair to extend gains toward resistance level at 1.0900.

Resistance level: 1.0900, 1.1005

Support level: 1.0780, 1.0655

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 110.20. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 112.20, 113.60

Support level: 110.20, 108.35

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6720. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6480.

Resistance level: 0.6720, 0.6915

Support level: 0.6480, 0.6285

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6310. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6355, 0.6420

Support level: 0.6310, 0.6250

USDCAD, Daily: USDCAD was traded higher while currently near the resistance level at 1.3315. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3315, 1.3425

Support level: 1.3220, 1.3135

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9755. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9790.

Resistance level: 0.9790, 0.9840

Support level: 0.9755, 0.9715

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 49.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 50.55.

Resistance level: 50.55, 51.25

Support level: 49.65, 48.95

GOLD_, Daily: Gold price was traded lower following prior retracement from the resistance level at 1674.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1561.80.

Resistance level: 1674.70, 1764.20

Support level: 1561.80, 1449.30

26 February 2020                              Morning Session Analysis

Dollar slump amid disappointing economic data.

Dollar index which gauge its value against a basket of six major currencies sink amid downbeat data provided the latest sign of U.S. economic weakness. According to the US Conference Board, US Consumer Confidence came in at a reading of 130.7, slightly improved from last month reading of 130.4 but yet weaker than the economist forecast of 132.0. The data shows some signs that recent outbreak of coronavirus epidemic somehow have tampered the consumer view on future economic growth tremendously. As of now, market are still putting their attention on more economic data with bated breath to scrutinize the future direction of dollar index, as recent data started to reflect the negative impact of virus’s outbreak on US economy and goes against the estimation of market participants. On the other hand, the single currency of Europe retraced from its recent high level following Germany GDP data registered zero growth in the last three month of last year. According to the Federal Statistical Office of Germany, GDP data came in at 0.0% as widely expected while showing the output of country has fell significantly and reflecting the sluggish economy of German may continue to trap in subdued growth for a longer period. As of writing, dollar index fall 0.37% to 99.00 while the pair of EUR/USD inched down 0.01% to 1.0875.

In the commodities market, crude oil price appreciated by 0.14% to $50.00 per barrel amid decrease in stockpile slightly lifted up the positive sentiment of crude oil market. According to API, US crude oil inventories came in at 1.300M, lower than the forecast of economist at 4.200M. However, with the spreading fast of coronavirus epidemic outside China is seemingly will continue to rip the market view toward the oil future demand. Besides, gold price inched up 0.19% to $1638.35 a troy ounce amid coronavirus continue to put the global financial market in risks.

Today’s Holiday Market Close

Time                                       Market                  Event

N/A

Today’s Highlight Events

Time                                       Market                  Event

21:30                          EUR                    ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded lower following prior breakout below the previous support level at 99.05. MACD which illustrated bearish momentum signal suggest the index to extend its losses toward the support level at 98.65.

Resistance level: 99.05, 99.55

Support level: 98.65, 98.20

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2975.

Resistance level: 1.3035, 1.3080

Support level: 1.2975, 1.2920

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0855. MACD which illustrated bullsih momentum suggest the pair to extend its gains toward resistance level at 1.0895.

Resistance level: 1.0895, 1.0935

Support level: 1.0855, 1.0795

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 110.25. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 110.55.

Resistance level: 110.55, 110.90

Support level: 110.25, 109.95

AUDUSD, H1: AUDUSD was traded flat within a sideway channel. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the top level of sideway channel in short term.

Resistance level: 0.6620, 0.6650

Support level: 0.6585, 0.6560

NZDUSD, H1: NZDUSD was traded lower following prior breakout below the previous support level at 0.6320. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward support level at 0.6305.

Resistance level: 0.6320, 0.6355

Support level: 0.6305, 0.6285

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3265. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 1.3265.

Resistance level: 1.3335, 1.3395

Support level: 1.3265, 1.3210

USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 0.9750. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9780.

Resistance level: 0.9780, 0.9810

Support level: 0.9750, 0.9720

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 49.70. However, MACD which illustrated diminishing bearish momentum suggest the commodity extend its gains toward the resistance level at 50.65.

Resistance level: 50.65, 51.65

Support level: 49.70, 48.80

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1639.30. MACD which illustrated bearish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1656.80, 1686.70

Support level: 1639.30, 1628.35

25 February 2020                               Afternoon Session Analysis

Euro rose over bullish Germany data.

Euro extended its gains from lower level since yesterday following an improvement in sentiment towards businesses in Germany. According to Ifo, Germany’s Business Climate Index for the month of February rose to 96.1, slightly higher than forecast of 95.3. However, out of all four sectors that are being measured, only manufacturing sector receives an uptick in its index while three others including services, trade and construction received significant depreciation. In addition, analysts believe that the data is rather outdated as the survey is taken before coronavirus spreads in Italy. The virus has infected more than 220 individuals and it has pushed Italy authorities to lockdown several towns which is believed to be the epicentre of the epidemic. Thus, the virus which poses a threat upon Italy’s economy may highly likely to affect Germany as well as EU zone’s economy are interdependent to each other. As of writing, pair of EUR/USD rose 0.08% to 1.0861.

In the commodities market, crude oil price rose 0.59% to $51.45 per barrel. Oil futures rebounds from its lower level after Saudi Aramco CEO Amin Nasser expects coronavirus impact on global oil demand to be short-lived. He also expects consumption to rise in the second half of the year. On the other hand, gold price slumped 0.27% to $1,655.89 a troy ounce due to technical correction after touching 7-years high on yesterday.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

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 following prior retracement from the resistance level 99.40. MACD which illustrate bearish bias signal suggest the dollar to extend its retracement towards the support level 98.90.

Resistance level: 99.40, 99.90

Support level: 98.90, 98.35

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.2960. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.2960, 1.3080

Support level: 1.2865, 1.2750

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.0885. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.0885.

Resistance level: 1.0885, 1.0990

Support level: 1.0785, 1.0680

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 110.95. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 110.10.

Resistance level: 110.95, 112.10

Support level: 110.10, 109.20

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.6595. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.6675.

Resistance level: 0.6675, 0.6765

Support level: 0.6595, 0.6500

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6305. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.6385.

Resistance level: 0.6385, 0.6490

Support level: 0.6300, 0.6235

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3260. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3325.

Resistance level: 1.3325, 1.3380

Support level: 1.3260, 1.3170

USDCHF, H4: USDCHF was traded lower following prior retracement from its high level. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.9755.

Resistance level: 0.9835, 0.9915

Support level: 0.9755, 0.9695

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 51.20. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its rebound towards the resistance level 52.55.

Resistance level: 52.55, 54.20

Support level: 51.20, 49.55

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1646.30. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 1676.90, 1717.10

Support level: 1646.30, 1613.35

25 February 2020                               Morning Session Analysis

Japanese Yen skyrocketed amid escalating risk of coronavirus.

Japanese Yen surged on yesterday amid to the fears upon the outbreak of coronavirus in the global world, which spurring some risk-off sentiment in the FX market while prompting the investors to shift their portfolio toward the safe-haven currencies such as Japanese Yen. According to CNBC, The World Health Organization (WHO) warned that the significant increase in new cases of coronavirus outside of China is “deeply concerning,” following a rise in infections of coronavirus in Italy, South Korea and Iran. Italy reported more than 220 cases of the virus, with five deaths as of Monday morning. Besides that, South Korea confirmed 231 cases, increasing the total in the country to more than 830. Meanwhile, Iran confirmed 61 total cases with 12 deaths nationwide. On the other hand, dollar index slumped as investors speculated that the Federal Reserve could deliver a rate cut sooner rather than later to cushion the impact form the coronavirus outbreak. However, at this time investors would still have to scrutinize the latest updates with regards of the development of the coronavirus as well as the economy data in order to receive further trading signals. As of writing, USD/JPY surged 0.09% to 110.80 while Dollar index appreciated by 0.03% to 99.15.

In the commodities market, crude oil price rose 0.37% to $51.50 per barrels. However, the oil market edged lower yesterday amid as investors fears that the outbreak of the coronavirus would damage the oil demand in the future. On the other hand, gold price surged on yesterday amid diminishing risk appetite sentiment. However, the gold price slumped 0.27% to $1655.15 per troy ounces as of writing due to the technical correction.

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 99.05. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 99.80, 100.45

Support level: 99.05, 98.35

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2965. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2870.

Resistance level: 1.2965, 1.3055

Support level: 1.2870, 1.2775

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.0780. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.0900.

Resistance level: 1.0900, 1.1005

Support level: 1.0780, 1.0655

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 112.20. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 109.95.

Resistance level: 112.20, 113.60

Support level: 109.95, 108.55

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6720. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6480.

Resistance level: 0.6720, 0.6915

Support level: 0.6480, 0.6285

NZDUSD, H1: NZDUSD was traded lower following prior retracement from the resistance level at 0.6350. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6305.

Resistance level: 0.6350, 0.6400

Support level: 0.6305, 0.6255

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3215. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3315.

Resistance level: 1.3315, 1.3425

Support level: 1.3215, 1.3135

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9780. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9840, 0.9900

Support level: 0.9780, 0.9750

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 51.25. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 53.05, 55.75

Support level: 51.25, 49.65

GOLD_, Daily: Gold price was traded lower following prior retracement from the resistance level at 1673.60. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1591.25.

Resistance level: 1673.60, 1708.95

Support level: 1591.25, 1522.60

24 February 2020                               Afternoon Session Analysis

Pound surged amid upbeat manufacturing data.

Pound Sterling surged on last Friday over a backdrop of the upbeat data from the UK region. According to Markit Economics, the UK Markit Manufacturing PMI for last month unexpectedly notched up from the preliminary reading of 50 to the reading of 51.9, exceeding the economist forecast at 49.7, which enhancing the market optimisms toward the business conditions in the UK manufacturing sector while insinuating the further demand for the Pound Sterling. However, the gains experienced by the Pound Sterling was limited following the release of the negative Market Services PMI Data from the UK region. The UK Market Services PMI for last month notched down from the preliminary reading of 53.9 to 53.3, which worse than the economist forecast at 53.4. Indeed, the geopolitical uncertainty with regards of the trade negotiation between the Europe and UK had also continually to provide some bearish momentum on the currency. Nonetheless, at this time, investors would continue to scrutinize the latest updates with regards of the Post-Brexit negotiations between United Kingdom and Europe in order to receive further trading signals. Any further signs that the UK could leave the EU without a deal later on this year would be dragging down the appeal of the Pound Sterling. As of writing, GBP/USD slumped 0.24% to 1.2935.

In the commodities market, the crude oil price slumped -2.65% to $51.95 per barrels. The oil market edged lower as the rapid spread of the coronavirus in several countries outside China, prompting the investors to fears that the virus could harm the global demand on this black-commodity in future. On the other hand, the gold price surged 1.07% to $1660.65 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 lower following prior retracement from the resistance level at 99.80. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 99.05.

Resistance level: 99.80, 100.45

Support level: 99.05, 98.35

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.2965. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2860.

Resistance level: 1.2965, 1.3105

Support level: 1.2860, 1.2755

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.0780. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.0900.

Resistance level: 1.0900, 1.1005

Support level: 1.0780, 1.0655

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 112.25. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 109.95

Resistance level: 112.25, 113.55

Support level: 109.95, 108.55

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level at 0.6720. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6480.

Resistance level: 0.6720, 0.6975

Support level: 0.6480, 0.6285

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6310. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6350, 0.6400

Support level: 0.6310, 0.6255

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3215. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3315.

Resistance level: 1.3315, 1.3425

Support level: 1.3215 1.3135

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9780. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9840, 0.9900

Support level: 0.9780, 0.9730

CrudeOIL, Daily: Crude oil was traded lower following prior retracement from the resistance level at 53.05. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 49.65.

Resistance level: 53.05, 55.75

Support level: 49.65, 45.20

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1676.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1676.30, 1724.90

Support level: 1591.25, 1522.60

24 February 2020                              Afternoon Session Analysis

Dollar tumbles amid shrinking U.S service sector.

The dollar index which traded against a basket of six major currency pairs have fell during early Asian session as recent data signalled potential trouble ahead of U.S economy. According to Markit Economics, service PMI have dropped to 49.4 in February, the lowest reading in six years. The data have triggering concerns towards the economy health as the service sector accounts for roughly 66% of total growth. At the same time, manufacturing PMI also fell to 50.8, lower than market expectation 51.5 which hinted the ongoing weakness in Manufacturing. The sign of weakness have since cause investors to sell the greenback. At the time of writing, dollar index slips 0.03% to 99.15.

In the commodities market, crude oil price also plummet 2.65% to $51.81 per barrel as of writing following increasing U.S oil rig count. According to reports from Baker Hughes, U.S. oil rig count continue to rose for a third week in a row even though the growth in the country slows as producers cut spending on new drilling for a second consecutive year. On the other hand, gold price soars 1.40% to $1666.10 at the time of writing following increase risk aversion sentiment amid the worsening coronavirus.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 99.40. MACD which illustrate ongoing bearish momentum suggest the dollar to extend its losses towards the support level 98.90.

Resistance level: 99.40, 99.90

Support level: 98.90, 98.35

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.2960. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.2865.

Resistance level: 1.2960, 1.3080

Support level: 1.2865, 1.2750

EURUSD, H4: EURUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.0785.

Resistance level: 1.0885, 1.0990

Support level: 1.0785, 1.0680

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 112.10. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 110.95.

Resistance level: 112.10, 113.15

Support level: 110.95, 110.20

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.6595. However, MACD which illustrate diminishing bearish bias signal suggest the pair to experience a technical correction towards the resistance level 0.6675.

Resistance level: 0.6675, 0.6765

Support level: 0.6595, 0.6500

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6300. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.6385.

Resistance level: 0.6385, 0.6490

Support level: 0.6300, 0.6235

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3260. MACD which illustrate bullish bias signal suggest the pair to extend its gain after it breaks above the resistance level.

Resistance level: 1.3260, 1.3325

Support level: 1.3170, 1.3095

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9835. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 0.9755.

Resistance level: 0.9835, 0.9915

Support level: 0.9755, 0.9695

CrudeOIL, H4: Crude oil was traded lower following prior breakout below the previous support level 52.55. MACD which illustrate ongoing bearish momentum suggest the commodity to extend its losses towards the support level 51.20.

Resistance level: 52.55, 54.20

Support level: 51.20, 49.55

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1646.30. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1676.90

Resistance level: 1676.90, 1717.10

Support level: 1646.30, 1613.35

21 February 2020                              Afternoon Session Analysis

Pound sterling recovers as Retail Sales delivers.

Pound sterling managed to recoup its losses on yesterday following the release of bullish data from United Kingdom. As of writing, pair of GBP/USD rose 0.05% to 1.2885. According to Office for National Statistics, Retail Sales for the month of January came in at 0.9%, slightly higher than forecast of 0.7%. The data shows that consumer spending is still resilient despite ongoing Brexit risk which continues to cast a shadow upon UK’s future economic outlook. On the other hand, CBI reported that its Industrial Trends Orders came in slightly higher at -18, better than forecast with -19. The data shows that expectation towards manufacturing companies in UK has recovered slightly as they expect output to recover in the next three months due to an improvement in domestic economic condition.

As for commodities market, crude oil price slumped 0.21% to $53.34 per barrel. Oil futures remains under bearish pressure as worries over coronavirus impact upon global oil demand continues to linger. On the other hand, gold price extended gains by 0.16% to $1,621.69 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

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 99.40. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a technical correction in short term towards the support level 99.40.

Resistance level: 99.90, 100.45

Support level: 99.40, 98.90

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2865. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction towards the resistance level 1.2960.

Resistance level: 1.2960, 1.3080

Support level: 1.2865, 1.2750

EURUSD, H4: EURUSD was traded flat while currently testing the support level 1.0795. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.0885.

Resistance level: 1.0885, 1.0990

Support level: 1.0795, 1.0680

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 112.20. MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction towards the support level 111.75.

Resistance level: 112.20, 112.80

Support level: 111.75, 111.20

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.6600. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6675, 0.6765

Support level: 0.6600, 0.6550

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6600. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its losses after it breaks below the support level

Resistance level: 0.6380, 0.6490

Support level: 0.6320, 0.6250

USDCAD, H4: USDCAD was traded flat near the support level 1.3250. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher towards the resistance level 1.3325.

Resistance level: 1.3325, 1.3380

Support level: 1.3250, 1.3170

USDCHF, H4: USDCHF was traded flat while currently testing the resistance level 0.9835. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower towards the support level 0.9755.

Resistance level: 0.9835, 0.9915

Support level: 0.9755, 0.9695

CrudeOIL, H4: Crude oil was traded lower following prior retracement from the resistance level 54.20. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its retracement towards the support level 52.55.

Resistance level: 54.20, 56.30

Support level: 52.55, 51.25

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1613.35. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1646.30

Resistance level: 1646.30, 1676.90

Support level: 1613.35, 1588.05

21 February 2020                               Morning Session Analysis

Yen slumped as rising number of the virus cases in Japan.

The Japanese Yen slumped amid to unease grows about the rising number of the coronavirus cases in Japan, which dialling down the market optimisms toward the economic progression in the Japan. According to CNBC, the Japan’s health authorities confirmed seven new confirmed infections of the coronavirus, pushing the new total number of patients outside the passengers and crew from the ship to over 90 people. In fact, there are fears that the coronavirus could be prompting the Japanese government to cancel the Olympic Games in Tokyo. Moreover, according to Reuters, around $27 billion in net foreign bond was purchased by Japanese investors in the first two weeks of February as they are lack of confidence in domestic investment. On the other hand, Dollar index received bullish momentum over a backdrop of the upbeat data from the United Stated region. According to Federal Reserve Bank of Philadelphia, the U.S. Philadelphia Fed Manufacturing Index notched up from the previous reading of 17.0 to 36.7, exceeding the economist forecast at 12.0, which indicating the business conditions in Philadelphia remained strong while insinuating a greater demand for the US Dollar. As of writing, USD/JPY depreciated by 0.05% to 112.03 while Dollar index surged 0.17% to 99.75.

In the commodities market, the crude oil price slumped 0.19% to $53.58 per barrel. However, the oil market edged higher yesterday following the oil inventory data was released. According to Energy Information Administration, the U.S. Crude Oil inventories reduced from the preliminary reading of 7.459M to 0.414M, lower than the market forecast at 2.494M while providing further bullish support for this black commodity. On the other hand, the gold prices appreciated by 0.14% to $1621.35 per troy ounces as diminishing risk appetite 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 while currently testing the resistance level at 99.80. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 99.80, 100.45

Support level: 99.05, 98.35

GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.2865. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3020, 1.3070

Support level: 1.2865, 1.2640

EURUSD, H4: EURUSD was traded within a range while currently testing the support level at 1.0780. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.0900, 1.1005

Support level: 1.0780, 1.0655

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 112.25. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 112.20, 113.55

Support level: 109.95, 108.55

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6720. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6480.

Resistance level: 0.6720, 0.6975

Support level: 0.6480, 0.6285

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6325. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6380, 0.6425

Support level: 0.6325, 0.6275

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3230. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3330.

Resistance level: 1.3330, 1.3395

Support level: 1.3230, 1.3180

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9840. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9840, 0.9900

Support level: 0.9780, 0.9730

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 52.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 55.55.

Resistance level: 55.55, 57.45

Support level: 52.80, 49.30

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1589.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1639.00.

Resistance level: 1639.00, 1677.90

Support level: 1589.85, 1550.50

20 February 2020                               Afternoon Session Analysis

AUD plunged after China cut interest rates.

Australian dollar plunged to fresh 11-years low after People’s Bank of China (PBOC) announced to cut their interest rates. As of writing, pair of AUD/USD slumped by 0.41% to 0.6647, its lowest level since February 2009. In a largely anticipated move, PBOC announced to cut its interest rate by 10 basis points for 1-year loan prime rate and 5 basis points for 5-year loan prime rate. The decision was made in response to the recent outbreak of coronavirus which has led to a stall in China’s economic momentum. Thus, a lower borrowing cost would help to ease financial strains on companies which were hit by the epidemic. However, Australian dollar managed to limit its losses following the release of optimistic employment data earlier today. Employment Change for the month of January came in higher than expected with 13.5K versus forecast of 10.0K. Likewise, participation rate for January inches up to 66.1% from 66.0%. For the time being, traders will continue to monitor coronavirus infection status in China as well as upcoming economic data in order to received more market signals.

In the commodities market, crude oil price rose 0.45% to $53.73 per barrel. Oil futures received some bullish momentum after PBOC announced to cut their interest rates in order to limit economic impact from coronavirus epidemic. This would also limit its impact upon oil demand from the world’s largest oil importer. On the other hand, gold price slumped 0.15% to $1,609.01 a troy ounce as investor’s anticipate PBOC’s rate cut decision to help limit coronavirus impact in terms of economic momentum.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:30                       EUR                      ECB Publishes Account of Monetary Policy Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 99.40. MACD which illustrate ongoing bullish momentum suggest the dollar to extend its gains towards the resistance level 99.90.

Resistance level: 99.90, 100.45

Support level: 99.40, 98.90

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.2960. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses towards the support level 1.2865.

Resistance level: 1.2960, 1.3080

Support level: 1.2865, 1.2750

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.0795. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 1.0885.

Resistance level: 1.0885, 1.0990

Support level: 1.0795, 1.0680

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 111.20. MACD which display ongoing bullish momentum suggest the pair to extend its gains towards the resistance level 111.75.

Resistance level: 111.75, 112.20

Support level: 111.20, 110.65

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.6675. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.6600.

Resistance level: 0.6675, 0.6765

Support level: 0.6600, 0.6550

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6380. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses towards the support level 0.6320.

Resistance level: 0.6380, 0.6490

Support level: 0.6320, 0.6270

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3250. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short term technical correction towards the resistance level 1.3250.

Resistance level: 1.3250, 1.3325

Support level: 1.3170, 1.3095

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9835. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a technical correction towards the support level 0.9755.

Resistance level: 0.9835, 0.9915

Support level: 0.9755, 0.9695

CrudeOIL, H4: Crude oil was traded higher while currently testing near the resistance level 54.20. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 54.20, 56.30

Support level: 52.55, 51.25

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1613.35. MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 1588.05.

Resistance level: 1613.35, 1646.30

Support level: 1588.05, 1563.45

20 February 2020                               Morning Session Analysis

Dollar index surged as positive economic data.

Dollar index surged over a backdrop of the positive data from the United Stated region. According to Census Bureau, U.S. Building Permits for last month notched up from the preliminary reading of 1.420M to 1.551M, exceeding the economist forecast at 1.450M. Besides that, U.S. Producer Price Index (PPI) for last month increased from the previous reading of 0.2% to 0.5%, which also better than the economist forecast at 0.1%. As the data both came in better than expectation, which increasing the market optimisms toward the economic progression in the United Stated. Indeed, according to the FOMC meeting minutes, the members viewed the current stance of the monetary policy is remain appropriate for now to support the sustained expansion of economic activity, strong labour market conditions and also U.S. inflation rate, minimizing the expectations of further rate cut by the U.S. central bank in future. Such hawkish statement had further spurred some significant demand for the dollar index. As of writing, dollar index appreciated by 0.15% to 99.44.

In the commodities market, crude oil price slumped 0.13% to $53.65 per barrel. However, the oil market edged higher yesterday amid the escalating tensions in Libya, which further threatening the global crude oil supply in future. The latest attack in Libya forced authorities to evacuate tankers carrying gasoline and liquefied petroleum gas before they had unloaded, which prompting the nation’s crude output dropped to around 123,000 barrels a day from the previous reading of 1.2 million a day, according to National Oil Corp. On the other hand, as of writing the gold price surged 0.06% to $1612.05 per troy ounces, buoyed by 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

20:30        EUR         ECB Publishes Account of Monetary Policy Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily：Dollar index was traded higher following prior breakout above the previous resistance level at 99.10. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 99.80.

Resistance level: 99.80, 100.45

Support level: 99.10, 98.35

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2950. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2875.

Resistance level: 1.2950, 1.2980

Support level: 1.2875, 1.2815

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0785. However, MACD which illustrated diminishing bearish momentum suggest pair to be traded higher in short-term as technical correction.

Resistance level: 1.0900, 1.1005

Support level: 1.0785, 1.0655

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 109.85. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 111.80.

Resistance level: 111.80, 113.25

Support level: 109.85, 108.35

AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.6690. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6690, 0.6705

Support level: 0.6670, 0.6660

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level at 0.6375. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6425, 0.6890

Support level: 0.6375, 0.6325

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3240. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3180.

Resistance level: 1.3240, 1.3330

Support level: 1.3180, 1.3100

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9840. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9780.

Resistance level: 0.9840, 0.9870

Support level: 0.9780, 0.9750

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 52.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 55.55.

Resistance level: 55.55, 57.45

Support level: 52.80, 49.30

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1589.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1639.00.

Resistance level: 1639.00, 1677.90

Support level: 1589.85, 1550.50

19 February 2020                              Afternoon Session Analysis

Euro droops amid downbeat economic data.

Among all of the major currencies market, euro currency refused ‘wake up’ from bearish, recording the lowest level in two years on yesterday. Euro market sentiment remain pressured as recent lackluster economic data is likely will lead to longer period of subdued growth in EU. According to Center for the European Economic Research, German ZEW economic sentiment data decreased sharply from previous month reading of 26.7 to 8.7 in February, while missing the economist forecast of 21.5. Based on the data, it is obviously indicating that the recent outbreak of coronavirus epidemic in China has triggered a huge negative impact on the global economy, causing significant drop in EU economic condition and enlarged the gap of potential and current underlying inflation pressure. On the other hand, greenback which tracks its value against a basket of major currencies managed to extend its gains yesterday following data shows US business activity in certain region start to pick up in US, showing a good sign of economic recovery. According to Federal Reserve Bank of New York, NY Empire State Manufacturing index rose to 12.90 from previous month of reading at 4.80, even stronger than the reading that forecasted by the economist. As of writing, the pair of EUR/USD notched down 0.01% to 1.0795 while dollar index ticked up 0.01% to 99.30.

In the commodities market, crude oil price appreciated by 0.92% to $52.60 per barrel despite current coronavirus epidemic is getting worst, which shown by increasing death rate. Markets are now eyeing on the upcoming OPEC meeting in order to scrutinize the further direction of crude oil. Besides, gold price rose 0.01% to $1601.80 a troy ounce as market remain pessimistic toward the development of coronavirus epidemic.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

03:00                     USD                                        FOMC Meeting Minutes

(20^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.05. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 99.80, 100.45

Support level: 99.05, 98.35

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3020. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3020, 1.3060

Support level: 1.2980, 1.2950

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0785. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.0900, 1.1005

Support level: 1.0785, 1.0655

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 110.15. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 110.15, 110.65

Support level: 109.60, 109.05

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.6685. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6705.

Resistance level: 0.6705, 0.6730

Support level: 0.6685, 0.6670

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6380. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6425, 0.6490

Support level: 0.6380, 0.6325

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3180. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3330, 1.3395

Support level: 1.3240, 1.3180

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9835. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9835, 0.9870

Support level: 0.9780, 0.9750

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 52.35. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 54.05.

Resistance level: 54.05, 55.90

Support level: 52.35, 50.95

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1602.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1602.50, 1610.00

Support level: 1588.70, 1575.35