Daily Analysis

7 February 2020                 Afternoon Session Analysis

Dollar remain steady ahead of NFP.

The U.S dollar which traded against a basket of six major currency pairs remains firm during late Asian session while market awaits for upcoming NFP. Recent positive data from U.S and China’s stimulus measure have continue to provide some relief for the market. However, market remains cautious as the ongoing coronavirus continue to weigh on the market. The number of death have surpassed 600 while the number of infected also soared to more than 30000. The uncertainty about the impact of the epidemic on global growth will keep the market in aware. Still, market sentiment also supported by central bank stimulus and Thursday’s surprise Chinese announcement of tariff cuts on U.S. imports. Investors will now focus on NFP to attain further confirmation for the direction. As of writing, dollar index rose 0.02% to 98.45.

In the commodities market, crude oil price slips 0.03% to $51.02 per barrel at the time of writing on sign of supply glut and uncertainty over coronavirus. Market continue to expect that the commodity oversupply will persist, as the deadly outbreak dents travel and diminished consumption of fuels and crude. Chinese consumption already cut by about a fifth since the outbreak, according to sources. On the other hand, gold price slips 0.02% to $1566.33 following the strength of the greenback.

Today’s Holiday Market Close

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N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 98.20. MACD which illustrate bullish signal suggests the pair 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 illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 1.2965.

Resistance level: 1.2965, 1.3035

Support level: 1.2895, 1.2820

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1000. MACD which illustrate bearish momentum signal suggests the pair to extend its losses toward the support level at 1.0960.

Resistance level: 1.1000, 1.1035

Support level: 1.0960, 1.0895

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 109.60. MACD which illustrate bullish bias momentum signal suggests 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 lower following prior retracement from the resistance level at 0.6750. MACD which illustrate bearish momentum signal suggests the pair to extend its losses toward the support level at 0.6705.

Resistance level: 0.6750, 0.6805

Support level: 0.6705, 0.6685

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6455. MACD which illustrate bearish signal suggests the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6490, 0.6535

Support level: 0.6455, 0.6430

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3265. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3335, 1.3395

Support level: 1.3265, 1.3210

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9750. MACD which illustrate diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 0.9705.

Resistance level: 0.9750, 0.9810

Support level: 0.9705, 0.9690

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the higher level. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 51.75, 52.60

Support level: 50.85, 49.65

GOLD_, H1: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate bearish momentum suggests its price to be traded lower toward the support level at 1564.15.

Resistance level: 1571.35, 1578.25

Support level: 1564.15, 1558.00

07 February 2020                               Morning Session Analysis

Dollar index surged amid to positive jobs data.

Dollar index surged following the positive jobs data from the United Stated was released yesterday. According to Department of Labor, U.S. Initial Jobless Claims notched down from the preliminary reading of 217K to 202K, better than the economist forecast at 215K. As the reading was fared better than expectation, it spurred some market optimism towards the economic progression as well as the jobs market in the United Stated. However, at this time investors would continue to scrutinize the latest updates with regards of the economic data such as Non-farm payrolls and unemployment rate which would be released tonight in order to receive a further trading signal. On the other hand, Japanese Yen slumped on yesterday amid to the risk-on sentiment in the FX market. According to Reuters, Chinese President Xi Jinping told Saudi Arabia’s King Salman that China has achieved positive results in prevention and controlling the outbreak of the coronavirus in China. In earlier, The People’s Bank of China (PBOC) has also pumped hundreds of billions of dollars into the financial system to cushion the potentially economic destruction due to the coronavirus. Such positive sentiment had stoked a shift in sentiment toward the riskier asset, while dragging down the appeal of the safe-haven currency such as Japanese Yen. As of writing, the dollar index appreciated by 0.17% to 98.30 while USD/JPY slumped 0.01% to 109.97.

In the commodity market, the crude oil appreciated by 0.55% to $51.31 per barrel. The oil market edged higher in the early morning following the Russia supports a recommendation an OPEC+ to cut in the oil output of 600,000 barrels per day in response to the coronavirus’ impact on energy demand, Foreign Minister Sergei Lavrov said on Thursday. On the other hand, the gold price depreciated by 0.03% to $1565.95 per troy ounces amid to stronger greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 98.20. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 98.55.

Resistance level: 98.55, 99.00

Support level: 98.20, 97.75

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2910. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2990, 1.3080

Support level: 1.2910, 1.2815

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1010. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.0955.

Resistance level: 1.1010, 1.1065

Support level: 1.0955, 1.0895

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 109.60. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.20.

Resistance level: 110.20, 110.95

Support level: 109.60, 109.05

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6715. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6760, 0.6795

Support level: 0.6715, 0.6680

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6445. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6535, 0.6630

Support level: 0.6445, 0.6345

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3300. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3300, 1.3345

Support level: 1.3245, 1.3185

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9750. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9750, 0.9780

Support level: 0.9715, 0.9670

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 50.85. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 51.90.

Resistance level: 51.90, 53.20

Support level: 50.85, 49.75

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1565.70. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1565.70, 1577.15

Support level: 1552.90, 1544.70

6 February 2020                 Afternoon Session Analysis

Greenback extend gains following optimism in virus.

The dollar index which measured against its basket of six major currency pair have continue to edge higher following hopes of economic impact from the coronavirus could be limited. According to the latest update, the death toll have increased another 73 people from the Chinese mainland which bring the total death toll to 563 while total number of infections stand at 28018. Despite this, global drugmakers and World Health Organization (WHO) have provide some positive reports on one step closer towards the cure. At the same time, the World Health Organization (WHO) expressed its confidence that the virus spread could be contained as it pointed out 99% of the cases are in China so far. The reports have help in easing market concerns and boosted market confidence towards the dollar. At the time of writing, dollar index rose 0.06% to 98.11 as of writing.

In the commodities market, crude oil price also gained 0.64% to $51.51 per barrel as of writing following optimism of rebound in the commodity demand. At the moment, market sentiment are buoyed by reports of a possible breakthrough in treatment drugs for the coronavirus. On the other hand, gold price fell 0.07% to $1555.22 a troy ounce at the time of writing as market continue to drift away from safe-haven markets and move towards greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:00                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded higher while currently testing the resistance level at 98.15. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 98.15, 98.55

Support level: 97.90, 97.60

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3000. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3000, 1.3030

Support level: 1.2965, 1.2940

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1015. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.0955.

Resistance level: 1.1015, 1.1095

Support level: 1.0955, 1.0895

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.05. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 110.20, 110.95

Support level: 109.60, 109.05

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6755. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6755, 0.6795

Support level: 0.6720, 0.6680

NZDUSD, Daily: NZDUSD was higher following prior rebound from the support level at 0.6445. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6535

Resistance level: 0.6535, 0.6630

Support level: 0.6445, 0.6345

USDCAD, H4: USDCAD was traded within a range while currently testing the resistance level at 1.3300. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3300, 1.3345

Support level: 1.3245, 1.3185

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9745. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9745, 0.9780

Support level: 0.9715, 0.9670

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 52.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 52.30, 54.10

Support level: 50.80, 49.30

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1552.85. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1564.55, 1577.15

Support level: 1552.85, 1544.70

06 Feb 2019                         Morning Session Analysis

Dollar soars amid upbeat economic data.

Dollar index which gauge its value against a basket of six major currencies managed to continue ride on bullish trend following the announcement of positive job data. According to Automatic Data Processing (ADP), US Nonfarm Employment Change data came in at 291K, unexpectedly stronger than the economist expectation at 156K while recorded the best performance month since May 2019. It showed that companies in US region start to ramp up their hiring pace, taking on more and more workers and indicating the labor market is still remains robust. Moreover, US ISM Non-Manufacturing data also further stimulated the bullish momentum of dollar index. According to Institute for Supply Management (ISM), US Non-Manufacturing PMI for the month of January recorded a reading of 55.5, slightly higher than the economist forecast of 55.0, indicating US economy is still remain resilient and intact while dragging down the market expectation toward a further rate cut in upcoming interest rate decision. During Asian early trading session, dollar index rose by 0.30% to 98.25.

As for commodities market, crude oil price appreciated by 0.18% to $51.25 a troy ounce despite US region showed a build-up in crude oil inventories level. According to Energy Information Administration (EIA), US Crude Oil Inventories data came in at 3.355M, surprisingly higher than economist forecast of 2.831M, indicating supply glut is getting even worse. However, market participants has become optimistic toward the future outlook of crude oil product as Saudi Arabia is now in urge to further deepening their production cut of up to 1 million barrels per day in order to overcome the impact of coronavirus. Besides, gold price fall by 0.01% to $1556.20 a troy ounce due to strengthening of dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:00                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 97.80. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 98.35

Resistance level: 98.35, 98.90

Support level: 97.80, 97.35

GBPUSD, Daily: GBPUSD was traded lower while currently testing near the support level at 1.2955. MACD which illustrate bearish signal suggests the pair to extend its losses after it successfully breakout below the support level at 1.2955.

Resistance level: 1.3095, 1.3225

Support level: 1.2955, 1.2830

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0995. MACD which illustrate diminishing bullish momentum signal suggests the pair to extend its losses after it successfully breakout below the support level at 1.0995.

Resistance level: 1.1085, 1.1165

Support level: 1.0995, 1.0860

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.70. MACD which illustrate bullish bias momentum signal suggests the pair to extend its gains toward the resistance level at 110.20.

Resistance level: 110.20, 110.65

Support level: 109.70, 109.25

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the 20 moving average line (Red). MACD which illustrate diminishing bearish momentum signal suggests the pair to extend its gains toward the resistance level at 0.6775.

Resistance level: 0.6775, 0.6835

Support level: 0.6730, 0.6675

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6500. MACD which illustrate bearish signal suggests the pair to extend its losses toward the support level at 0.6445.

Resistance level: 0.6500, 0.6560

Support level: 0.6445, 0.6385

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3265. However, MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3320, 1.3385

Support level: 1.3265, 1.3185

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9730. MACD which illustrate bullish momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level at 0.9730.

Resistance level: 0.9730, 0.9780

Support level: 0.9670, 0.9625

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 49.50. MACD which illustrate upward momentum signal suggests this commodity to extend its gains toward the resistance level at 52.60.

Resistance level: 52.60, 54.65

Support level: 49.50, 48.30

GOLD_, H4: Gold price was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggests its price to be traded higher toward the next resistance level.

Resistance level: 1563.45, 1588.05

Support level: 1542.15, 1523.25

5 February 2020                 Afternoon Session Analysis

Dollar remain strong as virus risk fade.

The dollar index continue to strengthen its value against its basket of six major currency pairs during late Asian session following easing concerns towards the coronavirus outbreak and strong data. According to US Census Bureau, U.S factory orders have soared to 1.8%, exceed market expectation of only 1.2% rise, marking it the largest gain since August 2018. The data was boosted by strong demand for defense aircraft. At the same time, the dollar also gained from easing fears about the coronavirus impact after China implement fresh stimulus measures to support the economy. The plan also caused majority investors to ditch their safe-haven assets such as Yen and favor the greenback. At the time of writing, dollar index rose 0.05% to 97.82 while USD/JPY also rose 0.04% to 109.45.

In the commodities market, crude oil price slips 0.15% to $50.12 per barrel at the time of writing as the potential threat of coronavirus towards the commodity demand continue to weigh the market sentiment. The virus have been estimated to cause a fall of 20% in China oil demand as quarantined cities and closed factories cripple industrial activity in the second largest economy in the world. In the other hand, gold price plummets 0.21% to $1554.15 a troy ounce as of writing following stronger dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:15        EUR                                     ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded higher while currently near the resistance level at 97.90. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 97.90, 98.15

Support level: 97.60, 97.25

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3030. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3030, 1.3075

Support level: 1.3000, 1.2965

EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level 1.1095. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1015.

Resistance level: 1.1095, 1.1135

Support level: 1.1015, 1.09555

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.60. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 109.05.

Resistance level: 109.60, 110.200

Support level: 109.05, 108.35

AUDUSD, Daily: 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, 0.6795

Support level: 0.6720, 0.6680

NZDUSD, Daily: NZDUSD was higher following prior rebound from the support level at 0.6445. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6535.

Resistance level: 0.6535, 0.6630

Support level: 0.6445, 0.6345

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3300. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3300, 1.3345

Support level: 1.3245, 1.3185

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9670. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9715.

Resistance level: 0.9715, 0.9745

Support level: 0.9670, 0.9625

CrudeOIL, Daily: Crude oil price was traded higher following prior rebound from the support level 49.30. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 50.80.

Resistance level: 50.80, 52.30

Support level: 49.30, 47.55

GOLD_, H4: Gold price was higher following prior rebound from the support level at 1552.90. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1564.55.

Resistance level: 1564.55, 1577.15

Support level: 1552.85, 1544.70

05 February 2020                              Morning Session Analysis

Australia’s interest rate remain unchanged.

Among all the major currencies, Aussie dollars managed to gain bullish momentum on yesterday following Australia central bank decided to leave its monetary policy unchanged, no hint of imminent rate cut at the moment. In the RBA rate statement, board members of RBA keep their interest rate at 0.75% as widely expected while turned their tone to optimistic view toward the future growth outlook in Australia’s economy. At this point, the central bank is forecasting that the Australian economy to grow by 2.75% this year and 3% in the subsequent year. However, it is foreseeable that the outbreak of new coronavirus and bushfires will temporarily weigh on the domestic growth. Anyhow, RBA did not rule out the possibility of further rate cut or further ease their monetary policy if the economic growth goes aversely against their expectation. As of writing, the pair of AUD/USD rose by 0.01% to 0.6740. On the other hand, the pair of GBP/USD managed to recover part of its previous losses after falling to the lowest level in one month. At this moment, pound sterling market lifted up marginally by the positive economic data following huge sell off pressure which exerted by obstinate stance from UK Prime Minister Boris Johnson toward the issue of Brexit. According to CIPS, UK Construction PMI was came in at 48.4, stronger than economist forecast of 46.6 while recording the highest level in eight months. During early Asian trading session, GBP/USD inched up 0.02% to 1.3030.

In the commodities market, crude oil price rose 0.38% to $49.80 per barrel after hitting the lowest level since 9^th January 2019. Prior to now, sell-off pressure on crude oil market spiked up after API data showed a large amount of stockpile in US crude oil inventories. According to API, US weekly crude oil stock was came in at 4.180M, unexpectedly higher than economist forecast of -4.270M. Besides, gold price notched up 0.23% to $1555.70 a troy ounce amid rising of risk-off sentiment around the global market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:15        EUR                                     ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 97.70. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 98.20

Resistance level: 98.20, 98.80

Support level: 97.70, 97.25

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3035. However, MACD which illustrate bullish signal suggests the pair to undergo technical correction in short term toward the resistance level at 1.3035.

Resistance level: 1.3035, 1.3100

Support level: 1.2965, 1.2895

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1035. MACD which illustrate diminishing bearish momentum signal suggests the pair to extend its gains towards the direction of 1.1075.

Resistance level: 1.1075, 1.1110

Support level: 1.1035, 1.1000

USDJPY, H4: USDJPY was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggests the pair to be traded lower in short term toward the support level at 109.25.

Resistance level: 109.65, 110.20

Support level: 109.25, 108.80

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 0.6705.

Resistance level: 0.6760, 0.6805

Support level: 0.6705, 0.6665

NZDUSD, H1: NZDUSD was traded lower following prior retracement from the resistance level at 0.6495. MACD which illustrate bearish signal suggests the pair to extend its losses toward the support level at 0.6455.

Resistance level: 0.6495, 0.6535

Support level: 0.6455, 0.6430

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3265. However, MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3335, 1.3395

Support level: 1.3265, 1.3210

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9690. MACD which illustrate bullish momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level at 0.9690.

Resistance level: 0.9690, 0.9735

Support level: 0.9665, 0.9635

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 50.05. MACD which illustrate diminished downward momentum suggests this commodity to extend its gains after it successfully breakout above the resistance level at 50.05.

Resistance level: 50.05, 51.55

Support level: 48.80, 47.35

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1551.10. MACD which illustrate diminishing bearish momentum signal suggests its price to be traded higher toward the next resistance level.

Resistance level: 1564.15, 1571.35

Support level: 1551.10, 1544.90

4 February 2020                 Afternoon Session Analysis

Dollar soars amid rebound in manufacturing activity.

The dollar index which traded against its basket of six major currency pairs continue to rose during late Asian session as market remains positive after the release of manufacturing data. According to the Institute for Supply Management (ISM), U.S. factory activity have surprisingly improved to 50.9, surpassed market expectation of 48.5. The data showed that the U.S. factory activity unexpectedly rebounded in January after contracting for five straight months amid a surge in new orders, thus boosting the appeal of the greenback. However, market also remain vigilant and focus towards the ongoing coronavirus as the number of cases and death showed little signs of slowdown and potentially could affect further the global market. At the time of writing, dollar index climbs 0.04% to 97.83.

In the commodities market, crude oil price have rebound 1.08% to $50.42 per barrel after the commodity suffered tremendous sell-off amid fear of coronavirus. However, market remains concern in overall towards the coronavirus as the death toll for the coronavirus exceeds that of the SARS outbreak in 2002/2003. Next, gold price slides 0.03% to $1576.82 as of writing amid profit taking on stronger dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded higher following prior breakout above the previous resistance level 97.35. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains towards the resistance level 97.80.

Resistance level: 97.80, 98.35

Support level: 97.35, 96.95

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2965. MACD which illustrate ongoing bearish momentum suggest the pair to extend its gains after it breaks below the support level

Resistance level: 1.3095, 1.3225

Support level: 1.2965, 1.2830

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1085. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 1.0990.

Resistance level: 1.1085, 1.1165

Support level: 1.0990, 1.0925

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 108.45. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 108.90.

Resistance level: 108.90, 109.25

Support level: 108.45, 107.90

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6435. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction towards the resistance level 0.6500.

Resistance level: 0.6730, 0.6775

Support level: 0.6675, 0.6600

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6435. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to experience a technical correction in short term towards the resistance level 0.6500.

Resistance level: 0.6500, 0.6560

Support level: 0.6435, 0.6380

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 1.3320.

Resistance level: 1.3320, 1.3385

Support level: 1.3260, 1.3185

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9625. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.9695.

Resistance level: 0.9695, 0.9755

Support level: 0.9625, 0.9550

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 50.00. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its rebound towards the resistance level 52.60.

Resistance level: 52.60, 54.65

Support level: 50.50, 48.30

GOLD_, H4: Gold price was traded flat near the MA lines. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower in short term towards the support level 1561.90.

Resistance level: 1588.00, 1613.35

Support level: 1561.90, 1542.15

04 February 2020                               Morning Session Analysis

Pound plunged amid to fears of “hard-Brexit”

Pound Sterling slumped on yesterday following risk upon the hard-Brexit escalated. On the Brexit front, the UK Prime Minister Boris Johnson set out tough terms for Brexit talks with the European Union, spurring fears that the UK would reach the end of an 11-month transition period without agreeing an efficient trade deal, reported by Reuters. In fact, UK Prime Minister Boris Johnson claiming that the Britain will not adhere to any of the European Union’s rules and regulation. On the other hand, the EU warned the UK that there would be 450 million people would be affected if UK does not adhere to such rules on environmental and labor regulations. If the “hard-Brexit” occur between the both countries, it would eventually destruct the economy growth of the both countries in term of future trade condition, which further spurring significant selloff for the Pound Sterling. Nonetheless, the investors would continue to scrutinize the latest updates with regards of the trade negotiations between the UK and Europe in order to receive a further trading signal. On the other hand, the Euro surged on yesterday following a positive manufacturing data from the Europe region was released. According to Markit Economics, Germany Manufacturing Purchasing Manager Index (PMI) increased from the preliminary reading of 43.7 to 45.3, exceeding the economist forecast at 45.2 while improving the market optimisms towards economic progression in the Europe region. However, the gains experienced by the Euro was limited amid the negative prospect for the trade negotiation between UK and EU. As of writing, GBP/USD surged 0.03% to 1.2995 while EUR/USD surged 0.03% to 1.1060.

In the commodity market, the crude oil depreciated by 0.01% to $49.88 per barrel. The oil market edged lower yesterday following the outbreak of the coronavirus as investors fear that the virus could diminish the future demand for this black-commodity. On the other hand, the gold price appreciated by 0.17% to $1578.68 per troy ounces amid to the risk-off sentiment 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 while currently testing the resistance level at 97.60. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 97.60, 97.90

Support level: 97.25, 96.95

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.2980. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3085, 1.3145

Support level: 1.2980, 1.2915

EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1095. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1095, 1.1135

Support level: 1.1015, 1.0955

USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 108.35. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 109.05.

Resistance level: 109.05, 109.60

Support level: 108.35, 107.90

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.6680. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6745, 0.6790

Support level: 0.6680, 0.6630

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6480. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-erm as technical correction.

Resistance level: 0.6480, 0.6555

Support level: 0.6420, 0.6325

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3245. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3320, 1.3410

Support level: 1.3245, 1.3165

USDCHF, H4: USDCHF was traded higher while currently near the resistance level at 0.9670. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9670, 0.9715

Support level: 0.9625, 0.9585

CrudeOIL, Daily: Crude oil price was traded lower following prior breakout below the previous support level at 52.20. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 52.20, 54.95

Support level: 47.20, 43.20

GOLD_, H4: Gold price was traded lower while currently near the support level at 1576.35. Due to lack of signal of MACD, it is suggested to wait for further confirmation before entering to the market.

Resistance level: 1592.00, 1609.60

Support level: 1576.35, 1561.50

3 February 2020                 Afternoon Session Analysis

Aussie slips on poor Caixin PMI.

The Aussie dollar which traded against its peers continue to extend its decline after Caixin Manufacturing PMI data showed poor results. According to Market Economics, the Caixin Manufacturing PMI, which surveys small and medium-sized export-oriented units fell to 51.1, missing market expectation of 51.3. At the same time time, China’s National Bureau of Statistics (NBS) Manufacturing PMI also fell to 50.00 from 50.2. The downbeat that have indicated the economy is remain weak and could possibly extending its slowdown in a period time of time. As China is the largest trading partner to Australia, the Aussie dollar is also influenced by the data. At the same time, the currency also facing pressure from the coronavirus fear as the total of infected and death toll in China continue to increase. At the time of writing, AUD/USD fell 0.07% to 0.6686 while dollar index climbs 0.09% to 97.27.

In the commodities market, crude oil price remain pressured and fell 0.52% to 51.30 as of writing which continue to be dragged down by fears of China coronavirus breakout. On the other hand, gold price plummets 0.42% to $1583.19 at the time of writing amid the recovery of dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4：Dollar index was traded lower following prior breakout below the previous support level 97.35. NACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the support level 96.95.

Resistance level: 97.35, 97.80

Support level: 96.95, 96.45

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3225. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3095.

Resistance level: 1.3225, 1.3320

Support level: 1.3095, 1.2965

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1085. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.0990.

Resistance level: 1.1085, 1.1165

Support level: 1.0990, 1.0925

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 108.45. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 108.90.

Resistance level: 108.90, 109.25

Support level: 108.45, 107.90

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6675. However, MACD which illustrate bullish bias signal suggest the pair to experience a technical correction towards the resistance level 0.6730.

Resistance level: 0.6730, 0.6775

Support level: 0.6675, 0.6600

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6435. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction towards the resistance level 0.6500.

Resistance level: 0.6500, 0.6560

Support level: 0.6435, 0.6380

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3260. However, due to lack of clear direction and momentum from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1.3260, 1.3320

Support level: 1.3185, 1.3125

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9625. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.9695.

Resistance level: 0.9695, 0.9755

Support level: 0.9625, 0.9550

CrudeOIL, H4: Crude oil price was traded lower while currently near the support level 50.50. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 52.60, 54.65

Support level: 50.50, 48.30

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1588.00. MACD which illustrate bearish bias signal suggest the commodity to extend its retracement towards the support level 1561.90.

Resistance level: 1588.00, 1613.35

Support level: 1561.90, 1542.15

03 February 2020                               Morning Session Analysis

Yen surged as fears of coronavirus continue.

Japanese Yen surged on last Friday amid to the risk-off sentiment in the FX market following the outbreak of the coronavirus. According to CNBC, the China’s coronavirus has so far taken 304 lives, affecting 14,380 people, which recorded by Sunday. Besides that, it has resulted in the banning of transport and extended holidays in China to confront the threat. According to latest news, airlines around the world have announced plans to cancel the number of flights which they are operating to and from China as the fears upon the outbreak of the coronavirus. Nonetheless, some others airlines such as Qatar Airways and Malaysia Airlines have not suspended the flights from and to China, but the passengers and crew traveling from China will be subjected to additional screening at the airports. Investors suspect that the outbreak of the coronavirus would definitely harm the whole economic growth, which stocked a shift in sentiment toward less risky asset while insinuating the demand for the safe-haven asset such as Japanese Yen. At this time, investors would have to scrutinize the latest updates with regards of the coronavirus in order to gauge the likelihood movement for the currency. As of writing, the pair of USD/JPY appreciated by 0.01% to 108.39.

In the commodity market, as of writing the crude oil slumped 1.07% to $51.01 per barrel as investors fears that the China coronavirus epidemic would be a huge destruction for the world economic, which further slashing the demand for the crude oil in the future. On the other hand, the gold price appreciated by 0.01% to $1589.25 per troy ounces amid to the lessening of the 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, H4: Dollar index was traded lower following prior breakout below the previous support level at 97.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 96.95.

Resistance level: 97.25, 97.60

Support level: 96.95, 96.60

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3200. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3140.

Resistance level: 1.3200, 1.3250

Support level: 1.3140, 1.3075

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1095. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1095, 1.1135

Support level: 1.1015, 1.0955

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 108.70. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 108.70, 109.55

Support level: 107.85, 107.10

AUDUSD, H1: AUDUSD was traded within a range while currently testing the support level at 0.6680. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market

Resistance level: 0.6720, 0.6755

Support level: 0.6680, 0.6630

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6480. Namun, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6480, 0.6630

Support level: 0.6420, 0.6325

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3245. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market

Resistance level: 1.3245, 1.3335

Support level: 1.3165, 1.3100

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

Resistance level: 0.9670, 0.9715

Support level: 0.9625, 0.9585

CrudeOIL, Daily: Crude oil price was traded lower following prior breakout below the previous support level at 50.15. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 53.05, 56.55

Support level: 50.15, 46.25

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1582.70. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1594.45.

Resistance level: 1594.45, 1609.60

Support level: 1582.70, 1561.50

31 January 2020                 Afternoon Session Analysis

Safe-haven plunged as WHO declares global emergency.

Safe-haven Japanese yen and Swiss Franc slumped during Asian trading session following diminishing fears upon the economic impact of China’s coronavirus epidemic. In a press conference held on yesterday, World Health Organization (WHO) declared the new coronavirus outbreak as a global emergency as it continues to spread outside of China. The decision was made after the total number of individuals diagnosed with the new strain of coronavirus skyrocketed to 8,200, surpassing the total number of cases for SARS. With the declaration of global emergency from WHO, it may further heighten global response towards the outbreak, in return which may led to shorter time-frame of the epidemic and thus limiting its impact upon global economy. In addition, WHO praised China for taking “extraordinary measures” in order to prevent the virus from spreading further. Prior, China has shutdown numerous cities which includes epicenter of the outbreak in Wuhan in order to curb the epidemic. As of writing, pair of USD/JPY rose 0.10% to 109.05 while USD/CHF appreciates by 0.07% to 0.9698.

In the commodities market, crude oil price rose 0.06% to $52.95 per barrel. Following the declaration of global emergency from WHO, investor’s pessimistic sentiment the economic impact from coronavirus outbreak diminishes, raising prospect for a possible rebound in oil demand after the epidemic is being contained. On the other hand, gold price slumped 0.02% to $1,573.54 a troy ounce due to higher demand for risky assets 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 lower while currently testing at the upward trendline. MACD which illustrate bearish signal suggests the pair to extend its losses after breaking the trendline.

Resistance level: 97.65, 97.90

Support level: 97.20, 97.00

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains towards the direction of 1.3135.

Resistance level: 1.3135, 1.3200

Support level: 1.3055, 1.2970

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains towards the direction of 1.1050.

Resistance level: 1.1050, 1.1080

Support level: 1.1005, 1.0990

USDJPY, H4: USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to advance further up in short-term.

Resistance level: 109.20, 109.65

Support level: 108.50, 108.00

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower level. MACD which begins to form bullish signal suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6800, 0.6870

Support level: 0.6700, 0.6570

NZDUSD, Daily: NZDUSD was traded lower following prior closure below 0.6490. MACD which illustrate bearish signal suggests the pair to extend its losses in mid-term, towards the direction of 0.6430.

Resistance level: 0.6490, 0.6545

Support level: 0.6430, 0.6345

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

Resistance level: 1.3220, 1.3305

Support level: 1.3120, 1.3030

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

Resistance level: 0.9725, 0.9780

Support level: 0.9670, 0.9620

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

Resistance level: 54.20, 56.25

Support level: 52.05, 49.55

GOLD_, H1: Gold price was traded lower following prior retrace from the resistance of 1585.30. MACD which illustrate bearish signal suggests its price to be traded lower in short-term as technical correction.

Resistance level: 1574.00, 1578.00

Support level: 1567.00, 1561.40

31 January 2020                 Morning Session Analysis

Pound skyrocketed following BoE maintained its interest rate.

Pound Sterling surged yesterday following the Bank of England maintained their interest rate at 0.75%, defying the market expectations that 50% probability of a cut in order to boost up the economy. In earlier, Britain’s economy suffered at the end of 2019, prompting several policymakers to claim that they would vote for a rate cut within this month unless the economy have shown some improvement. However, 7 Monetary Policy Committee voted for maintaining the interest at 0.75% while 2 members vote to lower rates yesterday. The Bank of England decision had slashed the investors expectation for a rate cut in this month, while insinuating significant demand for the pound sterling. On the Brexit front, at this time investors would continue to scrutinize the latest updates with regards of the trade negotiations between European Union and UK after the Britain officially leaves the European Union today. On the other hand, US Dollar slumped yesterday amid a report that show the U.S. economy in 2019 posted its slowest annual growth in three years and that personal consumption weakened dramatically. According to Bureau of Economic Analysis, U.S. Gross Domestic Product (GDP) for last month came in at 2.1%, which showed no deviation from the previous expectation. However, U.S. Real Consumer Spending had notched down from the previous reading of 3.2% to 1.8% while U.S. Initial Jobless Claims in at 216K, missing the economist forecast at 215K, spurring some bearish pressure on the US Dollar. As of writing, GBP/USD slumped 0.04% to 1.3086 while dollar index slumped 0.13% to 97.63.

In the commodity market, the crude oil slumped 0.23% to $52.79 per barrel as of writing. The oil market slumped on yesterday amid to the fears of outbreak coronavirus would harm the world economic, which further reduce the demand for the crude oil in the future. On the other hand, the gold price surged 0.07% to $1574.53 per troy ounces amid to weaker greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 97.60. MACD which illustrated increasing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 97.85, 98.15

Support level: 97.60, 97.35

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3095. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3095, 1.3160

Support level: 1.2980, 1.2920

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1005. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1080.

Resistance level: 1.1080, 1.1135

Support level: 1.1005, 1.0955

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 108.70. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 109.55.

Resistance level: 109.55, 110.15

Support level: 108.70, 107.85

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6700. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6755, 0.6850

Support level: 0.6700, 0.6670

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6480. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6625, 0.6725

Support level: 0.6480, 0.6420

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3165. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3245.

Resistance level: 1.3245, 1.3335

Support level: 1.3165, 1.3100

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9680. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9700.

Resistance level: 0.9700, 0.9725

Support level: 0.9680, 0.9660

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 52.05 MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 53.95.

Resistance level: 53.95, 55.60

Support level: 52.05, 50.75

GOLD_, H1: Gold price was traded lower while currently near the support level at 1573.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1579.85, 1585.45

Support level: 1573.05, 1568.10

30 January 2020                Afternoon Session Analysis

Safe-haven rose as coronavirus spreads.

Safe-haven currencies such as Japanese yen remains received higher demand in the FX market following concerns over China’s virus epidemic which could bring impact upon global economic momentum. As the new pneumonia-like disease spreads across China, investors worry that it may dampen down economic growth in the region which could subsequently affect its major trade partners in Asia and Europe. As such, traders continue to buy-into Japanese yen in order to safe-guard their capital while at the same time selling off risky assets. According to economists, China’s economic growth may drop to 5% or lower due to the epidemic, pushing higher chances for policymakers in Beijing to introduce more stimulus measures. In the other region, pound sterling was traded steadily prior to Bank of England’s policy decision later today. Prior, investors speculate that the central bank may cut its interest rates further as recent data shows diminishing consumer spending while Brexit risks continues to linger. As of writing, USD/JPY was down 0.08% to 108.89 while GBP/USD was traded flat near 1.3015.

As for commodities, crude oil price plunged by 0.49% to $52.80 per barrel. Oil futures received extensive selloff pressure following higher death tolls from the new coronavirus in China which may dampen global economic momentum as well as their demand towards crude oil. On the other hand, gold price rose 0.22% to $1,580.14 a troy ounce following higher risk aversion due to the spread of coronavirus.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:00        GBP        BoE Inflation Report

20:00        GBP        BoE MPC Meeting Minutes

20:30        GBP        BoE Gov Carney Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 97.70. MACD which illustrate bullish bias momentum suggest the index to extend its gains toward the next resistance level at 98.20.

Resistance level: 98.20, 98.80

Support level: 97.70, 97.25

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support of 1.2965. MACD which illustrate diminished downward momentum and the formation of golden cross suggests the pair to be traded higher in short-term.

Resistance level: 1.3035, 1.3100

Support level: 1.2965, 1.2895

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1000. MACD which has formed bullish signal suggests the pair to be traded higher in short-term.

Resistance level: 1.1035, 1.1075

Support level: 1.1000, 1.0960

USDJPY, H4: USDJPY was traded lower while currently testing near the support level at 108.80. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after it successfully breakout below the support level at 108.75.

Resistance level: 109.25, 109.65

Support level: 108.75, 108.00

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6760. MACD which illustrate diminished upward momentum suggests the pair to extend its losses toward the support level at 0.6705.

Resistance level: 0.6760, 0.6805

Support level: 0.6705, 0.6665

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6535. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.

Resistance level: 0.6535, 0.6570

Support level: 0.6490, 0.6460

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3145. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3210.

Resistance level: 1.3210, 1.3265

Support level: 1.3145, 1.3085

USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level at 0.9735. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses toward the support level at 0.9690.

Resistance level: 0.9735, 0.9770

Support level: 0.9690, 0.9665

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 52.60. MACD which illustrate bearish signal suggests its price to be traded lower after it successfully breakout below the support level at 52.60.

Resistance level: 54.15, 55.25

Support level: 52.60, 51.55

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1572.10. MACD which illustrate bullish signal suggests this commodity to extend its gains toward the resistance level at 1585.25.

Resistance level: 1585.25, 1599.90

Support level: 1572.10, 1561.85

30 January 2020                 Morning Session Analysis

Greenback surged following Fed maintained its interest rate

Dollar index surged yesterday following the U.S. Central Bank announced that they would leave the interest rate unchanged while providing hawkish statement which claiming that the jobs market in the United States still remained strong. Besides that, the uncertainty about the impact of the outbreak of the corona virus had stoked a shift in sentiment towards safe-haven asset, which spurred some significant demand for the US Dollar. According to CNBC, China’s National Health Commission confirmed an additional 38 deaths and 1,737 new cases had infected by the corona virus. China government reiterated that it had increased to the total of 170 deaths and 7,711 cases with regards of the virus while 170 people had been cured and discharged from the hospital. However, the gains experienced by the US Dollar was limited following the released of the bleak housing data from the United States. According to National Association of Realtors, U.S. Pending Homes Sales for last month notched down from the previous reading of 1.2% to -4.9%, missing the economist forecast at 0.5%, dialing down the market optimisms towards the economic progression in the United States. As of writing, the dollar index appreciated by 0.04% to 97.80.

In the commodities market, the crude oil price surged 0.11% to $53.14 per barrels as of writing. However, the oil market edged lower yesterday following the crude oil data from the U.S. was released. According to Energy Information Administration (EIA), U.S. Crude Oil inventories had increased from the previous reading of -0.405M to 3.548M, higher than the market forecast at 0.482M while providing some bearish momentum on this black commodity. On the other hand, the gold price appreciated by 0.22% to $1579.87 per troy ounces amid to the risk-off sentiment in the markets due to the outbreak of the corona virus, which insinuating the demand for the safe-haven metal.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:00        GBP        BoE Inflation Report

20:00        GBP        BoE MPC Meeting Minutes

20:30        GBP        BoE Gov Carney Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level at 97.85. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 97.60.

Resistance level: 97.85, 98.15

Support level: 97.60, 97.35

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2980. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3065.

Resistance level: 1.3065, 1.3145

Support level: 1.2980, 1.2920

EURUSD, H4: EURUSD was traded within a range while currently testing the support level at 1.1005. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1080, 1.1135

Support level: 1.1005, 1.0955

USDJPY, H4: USDJPY was traded lower while currently near the support level at 108.75. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 109.55, 110.15

Support level: 108.75, 107.85

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level at 0.6765. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6765, 0.6850

Support level: 0.6710, 0.6670

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the support level at 0.6655. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6435.

Resistance level: 0.6555, 0.6625

Support level: 0.6435, 0.6325

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3165. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3245, 1.3335

Support level: 1.3165, 1.3100

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9725. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9760, 0.9795

Support level: 0.9725, 0.9670

CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 53.95. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 53.95, 55.60

Support level: 52.15, 50.75

GOLD_, H1: Gold price was traded higher while currently near the resistance level at 1579.85. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1579.85, 1585.45

Support level: 1573.05, 1568.10

29 January 2020                Afternoon Session Analysis

Pound dip while market awaits for BoE interest rate decision.

Among all the major currencies market, pound sterling fall tremendously over the past month as market participants forecast the unfolding monetary policy will be twisted in the upcoming Bank of England’s meeting. Prior to now, UK economy has been tampered significantly by the unsolved Brexit issue. Although Boris Johnson latest withdrawal bill has passed all the hurdles and successfully get the royal assent from The Queen, however investors are still seeing that UK might not be able to achieve a mutual consent with EU before the end of transition period. An exit bill without agreement may trigger huge sell off pressure on pound market as hard Brexit will definitely cool down the UK long term economy growth. Moreover, recent report which showed UK inflation rate has dropped to 1.3%, down from 1.5% in previous month also cemented the investors views toward UK central bank may further loosen their monetary policy, introducing more stimulus or adjusting the interest rate downward. As of writing, the pair of GBP/USD notched down 0.09% to 1.3015.

In the commodities market, crude oil price appreciates by 0.30% to $54.10 per barrel as markets believe OPEC and its allies will further extend its oil production cut before the end of March. Besides, trade tensions eased also further supporting this black commodity from falling while market are still awaiting for more progress in trade talk between US and China. On the other hand, gold price inched down 0.04% to $1,565.20 a troy ounce as US dollar strengthen.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   China                      Spring Festival

Today’s Highlight Events

Time                       Market                  Event

03:00                     USD                                        FOMC Statement (30^th)

03:30                     USD                                        FOMC Press Conference (30^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 97.70. MACD which illustrate bullish bias momentum suggest the index to extend its gains toward the next resistance level at 98.20.

Resistance level: 98.20, 98.80

Support level: 97.70, 97.25

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support of 1.2965. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 1.3035, 1.3100

Support level: 1.2965, 1.2895

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1000. MACD which has formed bullish signal suggests the pair to be traded higher in short-term.

Resistance level: 1.1035, 1.1075

Support level: 1.1000, 1.0960

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.25. MACD which illustrate upward momentum suggests the pair to extend its gains after it successfully breakout above the resistance level at 109.25.

Resistance level: 109.25, 109.65

Support level: 108.85, 108.00

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6770. MACD which illustrate diminished downward momentum suggests the pair to extend its gains after it successfully breakout above the resistance level at 0.6770.

Resistance level: 0.6770, 0.6805

Support level: 0.6750, 0.6710

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6535. MACD which illustrate diminished downward momentum suggests the pair to extend its gains after it successfully breakout above the resistance level at 0.6535.

Resistance level: 0.6535, 0.6570

Support level: 0.6490, 0.6460

USDCAD, H4: USDCAD was traded lower following prior retrace from its higher level. MACD which begin to form bearish signal suggests the pair to extend its losses toward the support level at 1.3145.

Resistance level: 1.3210, 1.3265

Support level: 1.3145, 1.3085

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9720. MACD which illustrate upward momentum suggests the pair to extend its gains toward the resistance level at 0.9770.

Resistance level: 0.9770, 0.9810

Support level: 0.9720, 0.9690

CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 53.90. MACD which illustrate bullish signal suggests its price to be traded higher toward the resistance level at 55.25.

Resistance level: 55.25, 56.35

Support level: 53.90, 52.20

GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level at 1572.10. MACD which illustrate bearish signal suggests this commodity to extend its losses toward the support level at 1561.85.

Resistance level: 1572.10, 1585.25

Support level: 1561.85, 1551.10