Daily Analysis

19 February 2020                              Morning Session Analysis

Dollar remain strong amid virus concerns.

The dollar index which traded against a basket of six major currency pairs have rose during early Asian trading session following concerns about the damage extent that caused by the coronavirus in China. Following the increasing cases in death and infection, the return of risk aversion have encourage more gains for the greenback. On Tuesday, the number of new Covid-19 cases fell to 1,886 on Monday from 2,048 the day before. However, the World Health Organization cautioned Tuesday that “every scenario is still on the table” in terms of the epidemic’s evolution. The death toll have rose to 1868 while the number of infections stands at 72,436 so far. At the time of writing, dollar index rose 0.02% to 99.29.

In the commodities market, crude oil price remains weak and slips 0.10% to $51.81 per barrel as of writing as investors continue to feel anxious about how fuel demand will be affected by the impact of China’s deadly coronavirus. Next, gold price soars 0.09% to $1602.05 a troy ounce at the time of writing as coronavirus fears spurs safe-haven demand.

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 while currently testing near the resistance level 99.50. MACD which illustrate bullish bias signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 99.50, 99.90

Support level: 98.90, 98.35

GBPUSD, H4: GBPUSD was traded lower following prior retracement from its high level. MACD which illustrate ongoing bearish momentum suggest the pair to extend its retracement towards the support level 1.2940.

Resistance level: 1.3080, 1.3225

Support level: 1.2940, 1.2830

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.0795. 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: 1.0885, 1.0990

Support level: 1.0795, 1.0680

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 109.70. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend it rebound towards the resistance level 110.20.

Resistance level: 110.20, 110.65

Support level: 109.70, 109.25

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.6675.However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a technical correction towards the resistance level 0.6765.

Resistance level: 0.6765, 0.6840

Support level: 0.6675, 0.6600

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6380. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6490.

Resistance level: 0.6490, 0.6565

Support level: 0.6380, 0.6320

USDCAD, H4: USDCAD was traded flat near the support level 1.3245. However, MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher towards the resistance level 1.3325.

Resistance level: 1.3325, 1.3380

Support level: 1.3245, 1.3170

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9835. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.9835, 0.9915

Support level: 0.9755, 0.9695

CrudeOIL, H4: Crude oil was traded in a tight range while currently testing near the resistance level 52.55. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher after it breaks above the resistance level.

Resistance level: 52.55, 54.20

Support level: 51.25, 49.55

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1588.05. MACD which illustrate ongoing bullish momentum suggest the commodity to extend its gains towards the resistance level 1613.35.

Resistance level: 1613.35, 1646.30

Support level: 1588.05, 1563.45

18 February 2020                               Afternoon Session Analysis

AUD slips after RBA adopts dovish stance.

Australian dollar slipped against the US dollar following the release of Reserve Bank of Australia’s (RBA) meeting minutes during Asian trading session. According to the minutes, policymakers reiterates that an extended period of low interest rates is required in Australia in order to attain full employment and inflation target. However, the central bank remains cautious over the impact of coronavirus epidemic which poses significant risk to China’s economy as it is Australia’s major trading partner. Subsequently, policymakers signaled to loosen their monetary policy if necessary, in order to support their economy. Traders were anticipating for hawkish signals from RBA after Governor Philip Lowe expresses his optimism that Australia’s economy could overcome the impact of coronavirus. Despite receding pace of the epidemic, investors remain cautious as its impact over global economy continues to linger. As of writing, pair of AUD/USD depreciates by 0.39% to 0.6687.

In the commodities market, crude oil price slumped by 0.77% to $51.76 per barrel. Oil futures were dumped on Tuesday due to lingering concerns over the economic impact of coronavirus outbreak in China and its effect upon global oil demand. On the other hand, gold price rose 0.37% to $1,586.61 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, H4: Dollar index was traded higher while currently testing the resistance level at 99.10. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 99.05, 99.80

Support level: 98.35, 97.70

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3020. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2985.

Resistance level: 1.3020, 1.3065

Support level: 1.2985, 1.2950

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0900. 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, H4: USDJPY was traded lower while currently testing the support level at 109.60. MACD which illustrated increasing bearish momentum suggest the pair to extend it losses after it successfully breakout below the support level.

Resistance level: 110.15, 110.65

Support level: 109.60, 109.05

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6705. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6665.

Resistance level: 0.6705, 0.6750

Support level: 0.6665, 0.6630

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6425. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6380.

Resistance level: 0.6425, 0.6490

Support level: 0.6380, 0.6325

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3240. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3330, 1.3395

Support level: 1.3240, 1.3180

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9825. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9780.

Resistance level: 0.9825, 0.9870

Support level: 0.9780, 0.9750

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 52.35. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 50.95.

Resistance level: 52.35, 54.05

Support level: 50.95, 49.75

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1587.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it breakout the resistance level.

Resistance level: 1587.20, 1595.90

Support level: 1576.00, 1565.00

18 February 2020                               Morning Session Analysis

Yen fell following the negative data was released.

Japanese Yen received significant bearish momentum yesterday over the backdrop of the negative GDP data from the Japan region. According to Cabinet Office, Japan Gross Domestic Product (GDP) for last month notched down from the preliminary reading of 0.1% to -1.6%, worse than the economist forecast at -0.9%, dialing down the market optimisms toward the economic growth within the Japan region while prompting expectation for further rate cut in the future in order to improve the economic growth. However, the losses experienced by the Japanese Yen was limited as the deterioration of the risk appetite within the FX market following the outbreak of the coronavirus, which stoked a shift in sentiment toward the safe-haven asset such as Japanese Yen. According to Aljazeera, the death toll from the coronavirus outbreak in mainland China reached 1,770 as of the end of Sunday, China National Health Commission said. In fact, across the country, there were 2,048 new confirmed infections, about 1,993 from Hubei alone, pushing the new total for the infection of coronavirus to 70,548. At this time, investors would continue to scrutinize the latest updates with regards of the economic data as well as the updates of the coronavirus in order to determine future trading strategy. As of writing, USD/JPY depreciate by 0.05% to 109.80.

In the commodities market, as of writing, crude oil price slumped 0.35% to $52.21 per barrels. However, the oil market edged higher yesterday as concerns over the economic slowdown from the coronavirus outbreak in China were offset by expectation that potential production cuts from major producers in future. Investors are anticipating that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, will approve a proposal to deepen production cuts and support the oil prices in future. On the other hand, as of writing the gold price appreciated by 0.25% to $1585.10 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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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily：Dollar index was traded higher while currently testing the 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: 99.05, 99.80

Support level: 98.35, 97.70

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3020. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2985.

Resistance level: 1.3020, 1.3065

Support level: 1.2985, 1.2950

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0900. 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, H4: USDJPY was traded within a range while currently near the resistance level at 109.70. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 110.15, 110.65

Support level: 109.70, 109.05

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6705. MACD which illustrated increasing bearish momentum suggest the pair to extend it losses after it breakout below the support level.

Resistance level: 0.6750, 0.6795

Support level: 0.6705, 0.6665

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6425. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6490, 0.6540

Support level: 0.6425, 0.6380

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3240. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it breakout below the support level.

Resistance level: 1.3330, 1.3395

Support level: 1.3240, 1.3180

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9825. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9780.

Resistance level: 0.9825, 0.9870

Support level: 0.9780, 0.9750

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 52.35. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 52.35, 54.05

Support level: 50.95, 49.75

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1586.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1586.30, 1595.90

Support level: 1572.85, 1563.95

17 February 2020                               Afternoon Session Analysis

Dollar hovered amid inconsistent market sentiment.

Dollar index which gauge its value against a basket of six major currencies was traded fat near the 4 months high level after US announced a series of positive economic data last Friday. According to US Census Bureau, US Retail Sales data was came in at 0.3% as widely expected, slightly ticked up as compare to last month reading. At the meantime, economists are still having optimistic view toward the US retail sector and forecasting that it is likely able to catch up the economy growth at steady pace in upcoming month. However, the gains of dollar index was limited by the recent coronavirus outbreak as market participants started to brace for the first rate cut by Federal Reserve (Fed). Despite US dollar considered as major safe haven asset, somehow market participants had begun to sell off their dollar’s holding as market bets that the pressure on Federal Reserve for an interest rate cut will heighten further as the global economy is going ‘south’, believing that the coronavirus epidemic would enlarge the gap between target and current inflation rate. As of writing, dollar index notched down 0.01% to 99.10.

In the commodities market, crude oil price slumped 0.29% to $52.05 per barrel after data showed US added another 2 oil rig to a total of 678 in last week. The oil drilling activity which biased to downside are expected to pick up as investors concern over the negative impact of coronavirus epidemic toward crude oil outlook began to ease. Besides, gold price dropped 0.10% to $1582.75 a troy ounce as market risk-off sentiment dampen.

Today’s Holiday Market Close

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All day       USD        United States- Washington’s Birthday

Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily：Dollar index was traded higher while currently testing the resistance level at 99.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 99.00, 99.80

Support level: 98.35, 97.70

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

Resistance level: 1.3065, 1.3110

Support level: 1.3020, 1.2985

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0900. 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, H4: USDJPY was traded within a range while currently testing the resistance level at 109.70. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 110.15, 110.65

Support level: 109.70, 109.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6705. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6750.

Resistance level: 0.6750, 0.6795

Support level: 0.6705, 0.6665

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6425. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6490, 0.6540

Support level: 0.6425, 0.6380

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3240. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it 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 0.9825. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9825, 0.9870

Support level: 0.9780, 0.9750

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 52.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 52.30, 54.05

Support level: 50.95, 49.75

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1583.40. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1583.40, 1590.05

Support level: 1576.45, 1564.50

17 February 2020                               Morning Session Analysis

EUR/USD slumped amid to bleak data.

EUR/USD extend its losses on last Friday over the backdrop of the bleak data from the European region. According to Statistisches Bundesamt Deutschland, the Germany Gross Domestic Product (GDP) for last month decrease from the previous reading of 0.2% to 0.0%, missing the economist forecast at 0.1%. Meanwhile, the Eurozone Gross Domestic Product (GDP) for last month notched down from the preliminary reading of 1.2% to 0.9%, weaker than the economist forecast at 1.0%. As both data fared worse than expectation, which dialing down market optimism towards the economic progression in the European Union, while prompting a greater expectation for the European central bank to decrease its interest rate in the future in order to boost back the economic growth. Besides that, the euro received a further bearish momentum as the risk-off sentiment in the FX market due to the fears upon the outbreak of coronavirus. Such negative sentiment had prompted the investors to shift their investment to the safe-haven asset such as Japanese Yen and US Dollar, while spurring a further selloff for the riskier asset such as the euro. According to CNBC, the China’s latest figures showed 68,500 cases of the coronavirus while 1,665 people were killed by the virus. As of writing, EUR/USD appreciated by 0.08% to 1.0837.

In the commodities market, the crude oil priced depreciated by 0.11% to $52.37 per barrel as of writing. However, the oil market was traded higher on last Friday with market hoping for OPEC+ to either deepen or extending oil output cuts in the future. On the other hand, the gold price was traded higher on last Friday amid to the concerns of the coronavirus, insinuating the demand for the safe-haven metal. However, as of writing, the gold price slumped 0.10% to $1581.88 per troy ounces amid to technical correction.

Today’s Holiday Market Close

Time                       Market                  Event

All day       USD        United States- Washington’s Birthday

Today’s Highlight Events

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N/A

Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily：Dollar index was traded higher while currently testing the resistance level at 99.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 99.00, 99.80

Support level: 98.35, 97.70

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

Resistance level: 1.3065, 1.3110

Support level: 1.3020, 1.2985

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0900. 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, H4: USDJPY was traded within a range while currently testing the resistance level at 109.70. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 110.15, 110.65

Support level: 109.70, 109.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6705. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6750.

Resistance level: 0.6750, 0.6795

Support level: 0.6705, 0.6665

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6425. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6490, 0.6540

Support level: 0.6425, 0.6380

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3240. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it 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 0.9825. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9825, 0.9870

Support level: 0.9780, 0.9750

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 52.50. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 52.50, 53.45

Support level: 51.75, 50.85

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1583.45. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1583.40, 1590.05

Support level: 1576.45, 1564.50

14 February 2020                              Afternoon Session Analysis

Japanese yen in bid as coronavirus spreads.

Japanese yen held onto its gains during Asian trading session on Friday following renewed worries with regards to coronavirus outbreak. On yesterday, officials in Hubei stunned financial market after reporting a sharp increase in new infections and deaths from the coronavirus following the adoption of new method to diagnose the illness. High uncertainty with regards to the scale of the epidemic has discouraged investors from taking excessive risk in the FX market and thus led to higher demand for safe-haven assets such as Japanese yen. According to a poll in Reuters, economists speculate that China’s economy will grow at its slowest pace since the last financial crisis due to shutdown in numerous major cities. However, economists added that the impact may be short-lived if the epidemic is successfully contained. On the other hand, euro extended its losses following the release of bearish data from the region. For the month of January, Germany’s CPI came in at -0.6%, signifying the ineffectiveness of loose monetary policy from European Central Bank. As of writing, pair of USD/JPY was traded flat at 109.81 while EUR/USD slumped 0.05% to 1.0836.

In the commodities market, crude oil price depreciates by 0.21% to $51.41 per barrel. Oil futures remains under pressure as coronavirus epidemic may significantly reduce global demand towards the commodity. On the other hand, gold price rose 0.03% to $1,576.49 a troy ounce due to risk aversion in the market.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily：Dollar index was traded higher following prior breakout above the previous resistance level at 98.65. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 99.05.

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 the support level at 1.3035.

Resistance level: 1.3080, 1.3175

Support level: 1.3035, 1.2975

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0855. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.0795.

Resistance level: 1.0855, 1.0895

Support level: 1.0795, 1.0740

USDJPY, H4: USDJPY 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 109.95.

Resistance level: 109.95, 110.25

Support level: 109.55, 109.25

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6720. MACD which illustrated bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6720.

Resistance level: 0.6720, 0.6755

Support level: 0.6705, 0.6680

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6455. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6405.

Resistance level: 0.6455, 0.6490

Support level: 0.6405, 0.6365

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3265. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses toward support level at 1.3210.

Resistance level: 1.3265, 1.3335

Support level: 1.3210, 1.3145

USDCHF, H4: USDCHF was traded higher following prior breakout above the resistance level at 0.9780. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9810.

Resistance level: 0.9810, 0.9845

Support level: 0.9780, 0.9750

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 51.65. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 50.65.

Resistance level: 51.65, 52.65

Support level: 50.65, 49.70

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1578.25. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1571.35.

Resistance level: 1578.25, 1584.45

Support level: 1571.35, 1564.15

14 February 2020                               Morning Session Analysis

Dollar firms higher on positive U.S inflation data.

The dollar index which traded against a basket of six major currency pairs continue to edge higher during early Asian trading session following the release of U.S inflation data. According to the Labor Department, core consumer price index in the U.S have rose to 0.2%, in line with market expectation last month. At the same time, initial jobless claims data also provide a better-than-expected results with the reading of 205K against market expectation of 210K. The positive data have showed that the economy remains in a steady pace, thus providing further boost for the greenback. Besides that, Federal Reserve member John Williams also stated that the current economy is still remain in a “very good place”. As of writing, dollar index rose 0.06% to 1.3043.

In the commodities, crude oil price climbs 0.09% to $51.47 per barrel as of writing as investors believe that Russia and OPEC will deepen its production cuts to balance worsening demand for crude from a new spike in deaths and infections related to China’s Covid-19 epidemic. Next, gold price rose 0.08% to $1576.81 a troy ounce at the time of writing amid receding risk appetite after a new spike in deaths and infections reported by China from its Covid-19 epidemic.

Today’s Holiday Market Close

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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 resistance level 98.90. MACD which illustrate bullish bias signal with the formation of golden cross suggest the dollar to extend its gains towards the resistance level 99.50.

Resistance level: 99.50, 99.90

Support level: 98.90, 98.35

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3080. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 1.2940.

Resistance level: 1.3080, 1.3225

Support level: 1.2940, 1.2830

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.0885. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.0795.

Resistance level: 1.0885, 1.0990

Support level: 1.0795, 1.0680

USDJPY, H4: USDJPY was traded lower while currently testing the support level 109.70. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 110.20, 110.65

Support level: 109.70, 109.25

AUDUSD, H4: AUDUSD was traded lower following prior retracement from its high level. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.6675.

Resistance level: 0.6765, 0.6840

Support level: 0.6675, 0.6600

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6425. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6490, 0.6565

Support level: 0.6425, 0.6380

USDCAD, H4: USDCAD was traded flat near the support level 1.3245. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher towards the resistance level 1.3325.

Resistance level: 1.3325, 1.3380

Support level: 1.3245, 1.3170

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9755. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.9830.

Resistance level: 0.9830, 0.9915

Support level: 0.9755, 0.9695

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 52.15. However, MACD which illustrate diminishing bullish momentum suggest the commodity to experience a technical correction towards the support level 49.55.

Resistance level: 52.15, 54.65

Support level: 49.55, 46.90

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1563.45. MACD which illustrate ongoing bullish momentum suggest the commodity to extend its gains towards the resistance level 1588.00.

Resistance level: 1588.00, 1613.35

Support level: 1563.45, 1542.15

13 February 2020                              Afternoon Session Analysis

Aussie dollar slumped, all eyes on Hubei.

Australian dollar extended its losses from prior high level after China’s Hubei province reported a sharp jump in the number of new cases of coronavirus. Earlier this morning, the local Hubei government reported 14,840 new cases, significantly higher than previous count of only 1,638. In addition, the total number of deaths in the province rose by 242 to 1,310. Hubei health commission said that it has started including cases which are diagnosed with new method, leading to a sharp increase in reported numbers. Investors remained pessimistic with regards to China and global economic outlook as the latest figures from Hubei signifies that the epidemic still remains as a potent threat. As China is one of Australia’s major trading partner, the data has dialed down market expectation towards Aussie’s economic growth and thus spurring a selloff on Australian dollar. However, losses on the Australian dollar were limited as investors expect Chinese policymakers to implement numerous measures in order to provide support to their economy. As of writing, pair of AUD/USD fell 0.15% to 0.6727.

In the commodities market, crude oil price depreciates by 0.45% to $51.42 per barrel. Oil futures received significant selloff following sharp rise in new coronavirus infection in Hubei, China. The report has dialed down market speculation that the epidemic may have reached its peak while spurring concerns over a possible slump in global oil demand due to the outbreak. On the other hand, gold price rose 0.30% to $1,570.03 a troy ounce due to higher 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, Daily：Dollar index was traded higher while currently testing the resistance level at 98.65. MACD which illustrated bullish bias momentum suggest the index to extend its gains after it successfully breakout above the resistance level at 98.65.

Resistance level: 98.65, 99.05

Support level: 98.20, 97.70

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2975. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2920.

Resistance level: 1.2975, 1.3035

Support level: 1.2920, 1.2870

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.0895. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.0855.

Resistance level: 1.0895, 1.0935

Support level: 1.0855, 1.0795

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 109.95. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 109.95.

Resistance level: 109.95, 110.25

Support level: 109.55, 109.25

AUDUSD, H1: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6720. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6755.

Resistance level: 0.6755, 0.6805

Support level: 0.6720, 0.6705

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6455. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6405.

Resistance level: 0.6455, 0.6490

Support level: 0.6405, 0.6365

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3265. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward support level at 1.3210.

Resistance level: 1.3265, 1.3335

Support level: 1.3210, 1.3145

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9780. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9780.

Resistance level: 0.9780, 0.9810

Support level: 0.9750, 0.9720

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 50.65. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward the resistance level at 51.75.

Resistance level: 51.75, 52.60

Support level: 50.65, 49.70

GOLD_, H4: Gold price was higher while currently testing the resistance level at 1571.35. MACD which illustrated diminishing bearish momentum with the formation of golden cross suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1571.35, 1578.25

Support level: 1564.15, 1558.00

13 February 2020                               Morning Session Analysis

Yen slumped amid to positive prospect for the coronavirus.

Japanese Yen sagged on yesterday amid diminishing fears upon the coronavirus, which stoked a shift in sentiment toward the riskier asset while weighing on the demand for traditional safe-havens such as the Japanese Yen. According to China Official data, as of Wednesday morning, the growth rate of new coronavirus infections fell to the lowest level since late January. Moreover, China’s National Health Commission (NHC) announced that the recovery rate from infections increased from the preliminary reading of 1.3% on 27^th January to 10.6%. Besides that, investors expect that the global central banks are likely to provided further support for the market if the coronavirus continually to destroy the global economy, which further improving the risk appetite sentiment in the FX market. On the other hand, dollar index surged on yesterday following some hawkish statement from the U.S. central bank yesterday. According to Reuters, Federal Reserve Chair Jerome Powell told Congress that the economy growth within the U.S remained strong, despite there is a threat of the coronavirus, however he also reiterated that U.S. would continue to scrutinize the threat of the coronavirus in order to adopt a better policy for the U.S. economy. As of writing, USD/JPY appreciated by 0.01% to 110.07 while the dollar index surged 0.30% to 98.83.

In the commodity market, the crude oil appreciated by 0.15% to $51.75 per barrel. The oil market edged higher amid to positive prospect for the coronavirus. Investors expected that the resolution of the coronavirus would able to boost the world economy while insinuating the further demand on this black-commodity in the future. On the other hand, the gold price depreciated by 0.04% to $1565.95 per troy ounces amid to stronger U.S Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

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

Resistance level: 98.95, 99.80

Support level: 98.35, 97.70

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2985. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2985, 1.3020

Support level: 1.2920, 1.2875

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0890. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.0785.

Resistance level: 1.0890, 1.1005

Support level: 1.0785, 1.0655

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 110.15. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 110.15, 110.65

Support level: 109.60, 109.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6705. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6750, 0.6795

Support level: 0.6705, 0.6665

NZDUSD, H4: NZDUSD was traded lower while currently near the support level at 0.6435. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6490, 0.6540

Support level: 0.6435, 0.6380

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3245. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3319, 1.3395

Support level: 1.3245, 1.3185

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9780. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9780, 0.9810

Support level: 0.9745, 0.9715

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 51.85. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 50.85.

Resistance level: 51.85, 52.55

Support level: 50.85, 49.75

GOLD_, H1: Gold price was higher while currently near the resistance level at 1571.75. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1571.75, 1577.15

Support level: 1562.90, 1556.95

12 February 2020                               Afternoon Session Analysis

New Zealand dollar soars amid hawkish stance from RBNZ.

Among all the majority currencies, New Zealand dollar skyrocketed to one week high level following Reserve Bank New Zealand remain its unfolding monetary policy unchanged in this morning. Earlier today, RBNZ board members decided to keep its interest rate unchanged at 1.00% as widely expected while giving hawkish statement regarding to the future outlook of New Zealand. In the monetary policy statement, RBNZ revealed that their labor market is still remain resilient, growing near the maximum sustainable level. Besides, RBNZ chairman Adrian Orr also emphasized that the underlying inflation pressure in their country is remain intact while it getting nearer to the inflation target, which is at 2%. Therefore, low interest rate would never be changed in the meantime unless some course of event lead to longer period of subdued growth in New Zealand, such as recent outbreak of coronavirus. During Asian trading session, the pair of NZD/USD rose 0.95% to 0.6460.

In the commodities market, crude oil price rose 1.44% to $50.62 per barrel after China reported its lowest daily number of new coronavirus since late January. Recently, the growth rate of coronavirus has started to slow down, lifting up the investor hopes over oil demand may begin to recover from the outbreak of virus. Besides, gold price inched up 0.04% to $1568.00 a troy ounce amid weakening of dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                              GBP                                        Autumn Budget

23.00                     USD                                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily：Dollar index was traded lower following prior retracement from the resistance level at 98.75. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 98.35.

Resistance level: 98.75, 99.25

Support level: 98.35, 97.75

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2945. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2990.

Resistance level: 1.2990, 1.3065

Support level: 1.2945, 1.2875

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0890. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1005, 1.1075

Support level: 1.0890, 1.0785

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.95. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 109.95, 110.25

Support level: 109.60, 109.25

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6705. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6760.

Resistance level: 0.6760, 0.6795

Support level: 0.6705, 0.6665

NZDUSD, Daily: NZDUSD was higher following prior breakout above the previous resistance level at 0.6435. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6495.

Resistance level: 0.6495, 0.6555

Support level: 0.6435, 0.6380

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3310. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3245.

Resistance level: 1.3310, 1.3395

Support level: 1.3245, 1.3185

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9750. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9775, 0.9810

Support level: 0.9750, 0.9715

CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 50.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward the resistance level at 51.35.

Resistance level: 51.35, 52.00

Support level: 50.45, 49.75

GOLD_, H1: Gold price was higher while currently testing the resistance level at 1568.45. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1568.45, 1575.50

Support level: 1563.70, 1559.60

12 February 2020                              Morning Session Analysis

Dollar pared gains amid labor data disappoints.

The dollar index which traded against a basket of six major currency pairs have fell during early Asian session following a soft labor data. According to US Bureau of Labor Statistics, the JOLTS Jobs Opening data which measured job vacancies in the U.S have fell to about 6.423M, lower than market expectation of 7M. The data have triggered some selling pressure in the market as investors weighed the weaker than expected data against the remarks from Fed Chairman Jerome Powell. In Powell recent statement, Powell have told the lawmakers that the Fed will continue to watching the coronavirus impact carefully and holding his wait-and-see approach. As of writing, dollar index fell 0.09% to 98.58. Meanwhile, GBP/USD climbs 0.04% to 1.2956 at the time of writing following positive data. According to National Statistics, GDP have rose to 0.3% in the month of December, stronger than market expectation of 0.2%. The data also showed that the U.K economy did not contract further, thus providing some relief for the currency.

In the commodities market, crude oil price slips 0.10% to $50.09 per barrel at the time of writing amid increasing inventory. According to American Petroleum Institute (API), crude oil inventories rose sharply last week by 6 million barrels for the week ended Feb. 7. On the other hand, gold price also fell 0.07% to $1566.35 a troy ounce at the time of writing as risk appetite returns to global markets.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                 GBP                      Autumn Budget

23.00                      USD                      Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded lower following prior retracement from the resistance level 98.90. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its retracement towards the support level 98.35.

Resistance level: 98.90, 99.25

Support level: 98.35, 97.80

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.2955. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.2955, 1.3095

Support level: 1.2830, 1.2700

EURUSD, H4: EURUSD was traded flat near the support level 1.0885. However, MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 1.0990.

Resistance level: 1.0990, 1.1085

Support level: 1.0885, 1.0795

USDJPY, H4: USDJPY was traded flat while currently testing near the support level 109.70. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 110.20, 110.65

Support level: 109.70, 109.25

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.6675. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6765.

Resistance level: 0.6765, 0.6840

Support level: 0.6675, 0.6600

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6380. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6445.

Resistance level: 0.6445, 0.6500

Support level: 0.6380, 0.6340

USDCAD, H4: USDCAD remain traded in a sideway channel following recent retracement from the resistance level 1.3320. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level 1.3260.

Resistance level: 1.3320, 1.3385

Support level: 1.3260, 1.3185

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9755. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9830, 0.9915

Support level: 0.9755, 0.9695

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 49.55. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to experience a technical correction towards the resistance level 52.60.

Resistance level: 52.60, 54.65

Support level: 49.55, 48.30

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1563.45. 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 1563.45.

Resistance level: 1588.05, 1613.35

Support level: 1563.45, 1542.15

11 February 2020                               Afternoon Session Analysis

Safe-haven stumbles, all eyes on coronavirus.

Japanese yen remains under pressure as market participants digests the latest development in coronavirus epidemic as well as recent bullish data from the United States. Pair of USD/JPY rose 0.09% to 109.84 during Asian trading session. Last Friday, Nonfarm Payrolls report for the month of January confounded forecast, cementing the course for a strong restart in hiring process after experiencing some shortage last December. The data has increased speculation that Federal Reserve may held off from loosening their monetary policy later this year if overall economic momentum picks up consistently. However, gains on the pair of USD/JPY were limited as coronavirus continues to spread largely in Asian region. According to South China Morning Post, China has reported 2,478 new cases while death toll reaches 1,018. Investors fear that coronavirus epidemic may bring significant impact upon global economic momentum, spurring higher risk aversion in the financial market. For the time being, investors will continue to monitor upcoming economic data from the US as well as coronavirus developments in order to gain market signals.

In the commodities market, crude oil price rose 1.13% to $50.20 per barrel. Oil futures received some bullish momentum after Azerbaijan announces their plans to lower oil production due to existing level of reserves. Otherwise, gold price depreciates by 0.18% to $1,569.12 a troy ounce due to stronger greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22.00                     EUR                        ECB President Lagarde Speaks

23.00                     USD                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 98.65. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward the resistance level at 99.05.

Resistance level: 99.05, 99.55

Support level: 98.65, 98.20

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2920. However, MACD which illustrated bullish bias momentum suggest the pair to be traded higher in short term as technical correction.

Resistance level: 1.2920, 1.2975

Support level: 1.2870, 1.2820

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0935. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.0895.

Resistance level: 1.0935, 1.0960

Support level: 1.0895, 1.0855

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.60. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 110.20.

Resistance level: 110.20, 110.55

Support level: 109.60, 109.25

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6705.  MACD which illustrated diminishing bearish momentum with the formation of positive divergence suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6705.

Resistance level: 0.6705, 0.6720

Support level: 0.6680, 0.6665

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6405. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo short term technical correction toward the resistance level at 0.6405.

Resistance level: 0.6405, 0.6455

Support level: 0.6365, 0.6325

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3265. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.3265.

Resistance level: 1.3335, 1.3395

Support level: 1.3265, 1.3210

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9780. However, MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9780.

Resistance level: 0.9780, 0.9810

Support level: 0.9750, 0.9720

CrudeOIL, H4: 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 the resistance level at 50.65.

Resistance level: 50.65, 51.75

Support level: 49.65, 48.80

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1571.35. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1564.15.

Resistance level: 1571.35, 1578.25

Support level: 1564.15, 1558.00

11 February 2020                               Morning Session Analysis

Euro fell amid virus fear and weak data.

The Euro which traded against all its peers have fell to 4-month low and likely to continue its decline following fears of the coronavirus dragging the region’s economic growth and recent weak data. At the moment, investors are concerned that the economy in the Eurozone will slump further as the coronavirus continue to spread rapidly with the death toll now above 900. The ongoing crisis also cause some of the major forecasters such as JPMorgan Chase $ Co have lowered their forecast on the currency. Besides that, investors are also worried on the political issue in Germany where the leader of the German conservative party CDU, Annegret Kramp-Karrenbauer (AKK), announced her resignation as the party chief and said she will not be running to replace Chancellor Angela Merkel at the next federal election in autumn of 2021. On data wise, investor confidence in the euro also fell to 5.2 from the previous reading of 7.6 in January. As of writing, EUR/USD fell 0.03% to 1.0908 while dollar index rose 0.17% to 98.68.

In the commodities market, crude oil price remain weak and fell 0.09% to $49.76 per barrel at the time of writing amid market continue to react towards the uncertainty from Russia. Moscow remains skeptical on OPEC plans to reduce 600,000 bpd of supply as Russian Energy Minister Alexander Novak stated that he needs more time to decide because it had reasons to believe U.S. crude production growth could slow while global demand appeared solid. In the other hand, gold price rose 0.04% to $1572.43 a troy ounce as market await further confirmation from Chairman Powell testimony.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22.00                     EUR                                        ECB President Lagarde Speaks

23.00                     USD                                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded higher following prior breakout above the previous resistance level 98.35. MACD which illustrate ongoing bullish momentum suggest the dollar to extend its gains towards the resistance level 98.90.

Resistance level: 98.90, 99.25

Support level: 98.35, 97.80

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.2955. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.2955, 1.3095

Support level: 1.2830, 1.2700

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.0885. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses towards the support level 1.0885.

Resistance level: 1.0990, 1.1085

Support level: 1.0885, 1.0795

USDJPY, H4: USDJPY was traded flat while currently testing the support level 109.70. However, MACD which illustrate ongoing bearish momentum signal suggest the pair to be traded lower after it breaks below the support level 109.70.

Resistance level: 110.20, 110.65

Support level: 109.70, 109.25

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6675. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.6765.

Resistance level: 0.6765, 0.6840

Support level: 0.6675, 0.6600

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6380. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.6445.

Resistance level: 0.6445, 0.6500

Support level: 0.6380, 0.6340

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3320. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.3320, 1.3385

Support level: 1.3260, 1.3185

USDCHF, H4: USDCHF was traded flat near the support level 0.9755. However, 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: 0.9830, 0.9915

Support level: 0.9755, 0.9695

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 49.55. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 52.60, 54.65

Support level: 49.55, 48.30

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1563.45. However, MACD which illustrate diminishing bullish momentum suggest the commodity to be traded lower as a short term technical correction towards the current support level 1563.45.

Resistance level: 1588.05, 1613.35

Support level: 1563.45, 1542.15

10 February 2020                              Afternoon Session Analysis

Antipodean soars amid China’s upbeat economic data.

Among all of the majority currencies, Aussie dollar and New Zealand dollar which also known as antipodean currencies rose significantly following the announcement of positive economic data from their main trading partner- China. According to National Bureau of Statistics of China, China Consumer Price Index (CPI) came in at 5.4%, blowing the past estimates of economist at 4.9% while providing latest sign of China economic strength and underlying inflation pressures is still remain strong. However, the recent outbreak of coronavirus outweigh the positive impact from the economic data and still riding on these antipodean currencies market. According to the latest death toll, the amount of coronavirus deaths have increased to more than 900 people and 3,062 new cases were recorded in the preceding 24 hours. As of now, there is no any vaccine to prevent or cure the coronavirus infection yet, and it is believingly that economic growth will remain subdued and even worse if this situation keep going. During Asian trading session, the pair of AUD/USD notched up 0.48% to 0.6705, while NZD/USD inched up 0.20% to 0.6415.

In the commodity market, crude oil price depreciated by 0.01% to $50.15 per barrel after OPEC and its allies failed to achieve a consensus on the plan of further production cut. In last Friday OPEC meeting, Russia rejected the proposals to slash crude oil output while emphasizing that they need more time to scrutinize the impact of coronavirus on crude oil’s outlook. Besides, gold price slumped by 0.08% to $1568.70 a troy ounce due to strengthening of dollar.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 98.20. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward the resistance level at 98.65.

Resistance level: 98.65, 99.05

Support level: 98.20, 97.70

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 1.2920.

Resistance level: 1.2920, 1.2975

Support level: 1.2820, 1.2760

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.0960.

Resistance level: 1.0960, 1.1100

Support level: 1.0895, 1.0855

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.60. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 110.20.

Resistance level: 110.20, 110.55

Support level: 109.60, 109.25

AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.6705.  MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6705.

Resistance level: 0.6705, 0.6720

Support level: 0.6680, 0.6665

NZDUSD, H1: NZDUSD was traded higher while currently testing the 20 moving average line (Red). MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the moving average line.

Resistance level: 0.6430, 0.6455

Support level: 0.6405, 0.6365

USDCAD, Daily: USDCAD was traded lower following prior retracement from the higher level.  MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.3265.

Resistance level: 1.3335, 1.3395

Support level: 1.3265, 1.3210

USDCHF, H4: USDCHF was higher while currently testing the resistance level at 0.9780. MACD which illustrated diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 0.9750.

Resistance level: 0.9780, 0.9810

Support level: 0.9750, 0.9720

CrudeOIL, H1: Crude oil price was traded higher while currently testing the 20 moving average line (Red). MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the 20 moving average line (Red).

Resistance level: 50.65, 51.20

Support level: 49.65, 48.80

GOLD_, H1: Gold price was traded lower while currently testing the 20 moving average line (Red). MACD which illustrated bearish bias momentum with the formation of death cross suggest the commodity to extend its losses after it successfully breakout below the 20 moving average line (Red).

Resistance level: 1571.35, 1578.25

Support level: 1564.15, 1558.00

10 February 2020                               Morning Session Analysis

Dollar index surged amid to positive NFP data.

Dollar index skyrocketed on last Friday following the positive jobs data from the U.S. were released. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls increased from the preliminary reading of 147K to 225K, exceeding the economist forecast at 160K while indicating the jobs market in the U.S. remained stable and diminishing for the expectation upon the further rate cut in future. In fact, US Dollar received further bullish momentum amid to risk-off sentiment in the FX market due to the fears upon the coronavirus. According to Reuters, the coronavirus outbreak had so far killed 811 people on Sunday, exceeding the number killed globally by the SARS epidemic. Besides that, large number of workplaces and schools will remain closed and many white-collar employees from China will work from home. Investors expected that such virus could be potentially destroyed the world economy growth, which prompting them to shift their portfolio toward safe-haven asset such as the US Dollar. However, the gains experienced by the dollar index was limited following the U.S. unemployment rate notched down from the previous reading of 3.5% to 3.6%, worse than the economist forecast at 3.5%, while dialing down the market optimism towards economic progression in the United Stated. As of writing, dollar index appreciated by 0.02% to 98.53.

In the commodity market, the crude oil slumped 1.37% to $49.63 per barrel. The oil market edged lower yesterday as the investors worried that the outbreak of the coronavirus could be decreasing the future demand for this black-commodity. On the other hand, the gold price appreciated by 0.41% to $1576.89 per troy ounces amid diminishing risk appetite in the FX market.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 98.55. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 98.55, 99.00

Support level: 98.20, 97.75

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2915. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2915, 1.2990

Support level: 1.2815, 1.2735

EURUSD, H4: EURUSD was traded lower following while currently testing the support level at 1.0935. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.0970, 1.1010

Support level: 1.0935, 1.0890

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.60. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 110.20, 110.65

Support level: 109.60, 109.35

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6665. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6705, 0.6760

Support level: 0.6665, 0.6630

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6435. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6435, 0.6535

Support level: 0.6345, 0.6280

USDCAD, Daily: USDCAD was traded higher while currently near the resistance level at 1.3330. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3320, 1.3395

Support level: 1.3245, 1.3185

USDCHF, H4: USDCHF was lower following prior retracement from the resistance level at 0.9770. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9750.

Resistance level: 0.9780, 0.9810

Support level: 0.9750, 0.9715

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 49.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 50.65, 51.40

Support level: 49.65, 48.45

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1575.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1575.30, 1579.45

Support level: 1571.20, 1564.30