Daily Analysis

29 January 2020                 Morning Session Analysis

US dollar rose over bullish data.

US dollar extended its gains against a basket of six major currencies, underpinned by mostly bullish economic data from the United States. According to US Commerce Department, Durable Goods Orders for the month of December rose by 2.4%, significantly higher than forecast of 0.4%. However, its Core Durable Goods Orders which excludes transportation items fell by -0.1%, missing forecast of 0.2% rise. The baseline data was deemed to be “misleading” as large amount of orders from last month comprises of aircraft defense orders. Nonetheless, Conference Board reported that its Consumer Confidence Index rose to 131.6, significantly higher than forecast for a reading of 128.0. As consumer confidence is the leading indicator of spending, a rise on the index may provide a more bullish take for retail sales in the future. For the time being, US dollar remains firm, hovering near 1 month high prior to the announcement of monetary policy from Federal Reserve’s meeting tomorrow morning. As of writing, the dollar index ticked up 0.01% to 97.71.

In the commodities market, crude oil price rose 0.01% to $53.92 per barrel. Oil futures snapped its bearish trend after OPEC reportedly to be discussing an extension upon its output cuts until the month of June. Prior, OPEC has agreed last year to extend its output cuts of 1.7 million barrels per day until the end of March in order to curb global oversupply. On the other hand, gold price rose 0.09% to $1,567.21 a troy ounce as trader’s remains anxious over the economical impact of China’s coronavirus outbreak.

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, H4: Dollar index was traded lower following prior retrace from 97.90. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.

Resistance level: 97.90, 98.15

Support level: 97.65, 97.20

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support of 1.2970. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 1.3055, 1.3135

Support level: 1.2970, 1.2920

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

Resistance level: 1.1050, 1.1080

Support level: 1.1005, 1.0990

USDJPY, H4: USDJPY was traded lower following prior retrace from 109.20. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

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 illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.6790, 0.6840

Support level: 0.6750, 0.6700

NZDUSD, H4: NZDUSD 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: 0.6590, 0.6650

Support level: 0.6540, 0.6490

USDCAD, H4: USDCAD was traded lower following prior retrace from its higher level. MACD which begin to form bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3180, 1.3200

Support level: 1.3140, 1.3100

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

Resistance level: 0.9730, 0.9780

Support level: 0.9670, 0.9615

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

Resistance level: 54.20, 56.25

Support level: 52.05, 49.55

GOLD_, H4: Gold price was traded lower following prior retrace from its higher levels. MACD which illustrate bearish signal suggests its price to be traded lower in short-term.

Resistance level: 1580.00, 1598.80

Support level: 1562.20, 1553.00

28 January 2020                Afternoon Session Analysis

Dollar fall amid heightening of rate cut’s probability.

Dollar index which gauge its value against a basket of six major currencies hovered near the two month highs level while markets are still scrutinizing the next move of Federal Reserve (Fed) in term of monetary policy. Despite Federal Reserve had adjusted the US cash rates downward for 3 times in the year of 2019, majority of the investors are still seeing Fed members will likely to have another round of rate cut in the upcoming Fed meeting. According to the Fed Rate Monitor Tool, the probability of rate cut has been rising to 87.8% while the previous day probability was still 86.7%, indicating that the unfolding monetary policy in US does not satisfied the ‘appetite’ of investors. Moreover, sluggish economy in US which shown by recent lackluster economic data also further cemented the reasonableness of a rate cut is necessary for current US economy. As of writing, dollar index inched down 0.02% to 97.70. On the other hand, the pair of EUR/USD notched up 0.05% to 1.1020 after falling to the lowest level since 2^th Dec 2019 amid downbeat data continues to weigh on this single currency. According to German Ifo Institute, German Ifo Business Climate Index came in at 95.9, lower than the forecast of economist at 97.0, showing that the business sector in Germany have a dim in future.

As for commodities market, crude oil price rose 0.09% to $52.82 per barrel amid rising of oil rig count in US indicating higher production of crude oil could be expected in the future while prompting investors to doubt against the issue of supply glut. Besides, gold price dropped 0.13% to $1579.65 a troy ounce amid heightening of risk-on sentiment from investors.

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 retrace from the higher levels. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.

Resistance level: 97.90, 98.15

Support level: 97.65, 97.20

GBPUSD, H4: GBPUSD was traded lower while currently testing at the support of 1.3055. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 1.3135, 1.3200

Support level: 1.3055, 1.3010

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

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 diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 109.20, 109.65

Support level: 108.50, 108.00

AUDUSD, Daily: AUDUSD was traded lower while currently testing at the support of 0.6750. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below the support level.

Resistance level: 0.6790, 0.6840

Support level: 0.6750, 0.6700

NZDUSD, H4: NZDUSD was traded lower while currently testing at the support of 0.6540. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 0.6590, 0.6650

Support level: 0.6540, 0.6490

USDCAD, Daily: USDCAD 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 1.3215.

Resistance level: 1.3215, 1.3275

Support level: 1.3140, 1.3060

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

Resistance level: 0.9725, 0.9780

Support level: 0.9670, 0.9615

CrudeOIL, H4: Crude oil price was traded flat near the support of 52.05. MACD which begin to form bullish signal suggest its price to be traded higher in short-term as technical correction.

Resistance level: 54.20, 56.25

Support level: 52.05, 49.55

GOLD_, H4: Gold price was traded lower while currently testing at the support near 1580.00. MACD which illustrate bearish signal suggests its price to extend its losses after closing below the support level.

Resistance level: 1598.80, 1615.00

Support level: 1580.00, 1563.20

28 January 2020                 Morning Session Analysis

Yen climbs up, coronavirus in focus.

Greenback experienced some bearish pressure this morning over the backdrop of bearish housing data from the United States. According to US Commerce Department, New Home Sales for the month of December fell by 0.4% to 694,000 units, lower than analysts’ forecast of 730,000 units. Sales of new homes has slipped for its third consecutive month which is likely due to a shortage of affordable homes in the United States. However, many traders believe that US housing market remains supported by lower mortgage rates after Federal Reserve cut interest rates by three times last year. As of writing, the dollar index ticked down 0.03% to 97.66. On the other hand, safe-haven Japanese yen extended its gains following higher concern over China’s coronavirus which may bring possible impact towards its economy. According to The Hill, the coronavirus could have claimed more than 100 lives and infected more than 30,000 individuals within China, significantly higher than official data released by Beijing. Policymakers in China has banned travels and extended the Lunar New Year break in order to prevent further infections domestically and internationally. Analysts’ postulate that consumer spending and tourism business is expected to take a toll, which may further impact China’s economy which has significant signs of slowdown. During Asian trading session, pair of USD/JPY ticked down 0.01% to 108.97.

As for commodities market, crude oil price was traded flat near $52.90 per barrel. Oil futures were dumped since last week as fears over economic impact on coronavirus spur speculation of a lower crude oil demand if the pandemic persists. On the other hand, gold price ticked up 0.02% to $1,581.91 a troy ounce due to higher risk aversion in the market over the backdrop of coronavirus pandemic.

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 retrace from the higher levels. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.

Resistance level: 97.90, 98.15

Support level: 97.65, 97.20

GBPUSD, H4: GBPUSD was traded lower while currently testing at the support of 1.3055. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 1.3135, 1.3200

Support level: 1.3055, 1.3010

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

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 diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 109.20, 109.65

Support level: 108.50, 108.00

AUDUSD, Daily: AUDUSD was traded lower while currently testing at the support of 0.6750. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below the support level.

Resistance level: 0.6790, 0.6840

Support level: 0.6750, 0.6700

NZDUSD, H4: NZDUSD was traded lower while currently testing at the support of 0.6540. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 0.6590, 0.6650

Support level: 0.6540, 0.6490

USDCAD, Daily: USDCAD 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 1.3215.

Resistance level: 1.3215, 1.3275

Support level: 1.3140, 1.3060

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

Resistance level: 0.9725, 0.9780

Support level: 0.9670, 0.9615

CrudeOIL, H4: Crude oil price was traded flat near the support of 52.05. MACD which begin to form bullish signal suggest its price to be traded higher in short-term as technical correction.

Resistance level: 54.20, 56.25

Support level: 52.05, 49.55

GOLD_, H4: Gold price was traded lower while currently testing at the support near 1580.00. MACD which illustrate bearish signal suggests its price to extend its losses after closing below the support level.

Resistance level: 1598.80, 1615.00

Support level: 1580.00, 1563.20

23 January 2020                Afternoon Session Analysis

Aussie soars following jobs data.

The Australian dollar have climbs against its peers after jobs data showed an unexpected drop in unemployment. According to the Australian Bureau of Statistics, the Australian economy have added 28.9K jobs in December, higher than market expectation with the reading of 15K. Besides that, unemployment rate also improved to 5.1% which also surpassed market expectation of 5.2%. The unexpected results have provide a positive surprise and unwinding bets that the central bank will cut rates next month. As of Wednesday, expectations for a 25 basis point cut from the Reserve Bank of Australia (RBA) on 4 February sat at 56%. As of writing, AUD/USD soars 0.37% to 0.6869.

In the commodities market, crude oil price plummets 0.43% to $55.83 per barrel amid growing concerns over China coronavirus. As the death toll from the virus have risen to 17, travel restrictions were imposed on the city of 11 million from which it emerged, and the World Health Organization mulled whether to declare an international emergency. The effect of the virus may cause huge economic impact and cripple energy demand. In the other hand, gold price remains steady and rose 0.05% to $1559.35 a troy ounce as investors are undecided about the current sentiment for the commodity and awaits for further signal.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:45        EUR        ECB Monetary Policy Statement

21:30        EUR        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily：Dollar index was traded higher while currently testing the resistance level at 97.25. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to undergo technical correction for short term technical correction.

Resistance level: 97.25, 97.70

Support level: 96.85, 96.20

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3100. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction toward the support level at 1.3100.

Resistance level: 1.3165, 1.3250

Support level: 1.3100, 1.3035

EURUSD, H4: EURUSD was traded lower following prior retracement from the higher level of downward channel. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1070.

Resistance level: 1.1110, 1.1160

Support level: 1.1075, 1.1035

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.65. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 109.25.

Resistance level: 109.65, 110.20

Support level: 109.25, 108.85

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6850. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.6880.

Resistance level: 0.6880, 0.6925

Support level: 0.6850, 0.6820

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6600. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.

Resistance level: 0.6600, 0.6620

Support level: 0.6570, 0.6535

USDCAD, H4: 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, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9690. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.9665.

Resistance level: 0.9690, 0.9720

Support level: 0.9665, 0.9625

CrudeOIL, H4: Crude oil was traded lower following prior breakout below the previous support level at 56.35. MACD which illustrate bearish momentum signal suggests the commodity to extend its losses toward the support level at 55.25.

Resistance level: 56.35, 56.80

Support level: 55.25, 53.90

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1561.85. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1561.85, 1572.10

Support level: 1551.10, 1538.45

23 January 2020                 Morning Session Analysis

Pound surged amid optimism data

Pound Sterling surged since yesterday over the backdrop of positive data from the region of United Kingdom. According to Confederation of British Industry, the U.K. CBI Industrial Trends Orders notched up from the previous reading of -28 to -22, exceeding the economist forecast at -25. The data was fared better than expectation, spurring some market optimisms toward the economic progression in the United Kingdom while diminishing the expectation for the Bank of England to cut rate during the end of the month. According to Reuters, the money-market pricing suggests investors see around 50% chance of the rate cut within this month, down from 70% on Monday. However, at this time investors would continue to scrutinize the latest updates with regards of the Brexit progression as well as the economic data in order to gauge the likelihood movement for the currency. On the other hand, the Japanese Yen was traded higher amid fears of China’s new respiratory virus outbreak which further diminish the risk appetite in the FX market. According to the latest news, death from China’s new flu-like virus rose to 17, with more than 540 cases confirmed. In fact, investors predicted that the virus would harm the global economic growth, spurring some risk-off sentiment toward the FX market while insinuating the demand for the safe-haven currency such as Japanese Yen.

In the commodity market, the crude oil price slumped 0.12% to $56.06 per barrels as of writing. The oil market edged lower following the released of the API crude oil inventory data. According to American Petroleum Institute (API), U.S. API Weekly Crude Oil Stock had increased from the previous reading of 1.100M to 1.600M, which implies weaker demand for the crude oil. On the other hand, as of writing the gold price surged 0.23% to $1562.05 per troy ounces amid to the fears of outbreak of the coronavirus and the weaker greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:45        EUR        ECB Monetary Policy Statement

21:30        EUR        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 97.35. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 97.35, 97.60

Support level: 96.85, 96.45

GBPUSD, H4: GBPUSD was traded higher while currently near the resistance level at 1.3160. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3160, 1.3215

Support level: 1.3115, 1.3065

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1080. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1135, 1.1200

Support level: 1.1080, 1.1005

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.55. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 110.25, 111.10

Support level: 109.55, 108.65

AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level at 0.6875. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6875, 0.6900

Support level: 0.6855, 0.6835

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the support level at 0.6630. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6630, 0.6725

Support level: 0.6530, 0.6435

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3165, 1.3235

Support level: 1.3100, 1.3040

USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 0.9670. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9720.

Resistance level: 0.9720, 0.9760

Support level: 0.9670, 0.9645

CrudeOIL, H4: Crude oil price was traded lower while currently near the support level at 55.60. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 58.05, 59.50

Support level: 55.60, 53.95

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1562.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1562.55, 1567.55

Support level: 1556.25, 1550.15

22 January 2020                Afternoon Session Analysis

Pound sterling rose as employment data delivers.

Pound sterling extended its gains since yesterday over the backdrop of bullish employment data from the United Kingdom. As of writing, pair of GBP/USD ticked up 0.01% to 1.3043. According to UK Office for National Statistics, Average Earnings Index +Bonus for the month of November rose by 3.2%, slightly higher than forecast of 3.1%. On the other hand, Claimant Count Change for the month of December came in at 14.9K, significantly lower than forecast of 22.6K. Both data shows that employment market and wage growth remain resilient despite ongoing Brexit risks which looms over UK economy. However, gains on the pound sterling remains limited as traders speculate Bank of England (BoE) may cut their interest rate further after Retail Sales portrays significant downtrend since March 2019. In the other region, pair of USD/CAD rose 0.16% to 1.3089. Canadian dollar received bearish pressure following a slump in crude oil price – one of the main export commodity for Canada.

As for commodities, crude oil price depreciates by 0.22% to $58.08 per barrel. Oil futures experienced heavy selloff since early of the week as traders remained concern over increasing oil production from the United States. Otherwise, gold price depreciates by 0.30% to $1,553.08 a troy ounce due to lack of major market movements.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23.00                     CAD                                        BoC Monetary Policy Report

23.00                     CAD                                        BoC Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily：Dollar index was traded higher following prior breakout above the previous resistance level at 97.25. MACD which illustrate bullish bias momentum signal suggest the dollar to extend its gains toward the resistance level at 97.70.

Resistance level: 97.70, 98.20

Support level: 97.25, 96.85

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3035. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.3035.

Resistance level: 1.3100, 1.3165

Support level: 1.3035, 1.2965

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1110. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1075.

Resistance level: 1.1110, 1.1160

Support level: 1.1075, 1.1035

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

Resistance level: 110.20, 110.55

Support level: 109.65, 109.25

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6850. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 0.6815.

Resistance level: 0.6850, 0.6880

Support level: 0.6815, 0.6770

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6600. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.6570.

Resistance level: 0.6600, 0.6620

Support level: 0.6570, 0.6535

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3085. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3085.

Resistance level: 1.3085, 1.3145

Support level: 1.3025, 1.2960

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9690. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 0.9725.

Resistance level: 0.9725, 0.9770

Support level: 0.9690, 0.9665

CrudeOIL, H1: Crude oil was traded lower following prior retracement from the resistance level at 58.60. MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggests the commodity to extend its losses toward the support level at 57.55.

Resistance level: 58.60, 59.70

Support level: 57.55, 56.80

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1551.10. MACD which illustrate bearish bias momentum suggest the commodity to extend its gains after its candle successfully close below the support level at 1551.10.

Resistance level: 1561.85, 1572.10

Support level: 1551.10, 1538.45

22 January 2020                 Morning Session Analysis

Greenback fell amid first virus case in U.S.

The dollar index have slipped against its basket of six major currency pairs after reports on deadly coronavirus have spread to the U.S. According to the reports from CNN, the U.S. Centers for Disease Control and Prevention confirmed the first case of the deadly virus originated from Wuhan where a man in the Washington state has been diagnosed with the mysterious virus that have already killed at least six people and sickened hundreds more. Following the previous outbreak of 2003 SARS virus which caused an estimate losses of USD 12.3 to 28.4 billion, investors are fearing that a widespread outbreak could disrupt tourism and seriously hurt economic growth. The current situation also triggered risk-aversion mode as investors are fleeing towards safe-haven markets such as the Japanese Yen. At the time of writing, dollar index fell 0.03% to 97.25 while USD/JPY fell 0.04% to 109.79.

In the commodities market, crude oil price remain pressured and fell 0.08% to $58.27 per barrel as of writing following recent builds in U.S fuel supplies. Recently, investors have barely shown any alarm toward the Libyan crisis and react towards the builds of 15.7 million barrels in U.S. gasoline stockpiles and 13.8 million in distillates inventories over the past two weeks, versus expectations of 5.8 million and 5 million respectively. On the other hand, gold price rose 0.07% to $1556.61 a troy ounce at the time of writing amid risk of global virus outbreak and a weakening dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23.00                     CAD                                        BoC Monetary Policy Report

23.00                     CAD                                        BoC Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 97.35. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to experience a technical correction towards the support level 96.95.

Resistance level: 97.35, 97.80

Support level: 96.95, 96.45

GBPUSD, H4: GBPUSD remain traded in a sideway channel. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower in short term towards the support level 1.2965.

Resistance level: 1.3095, 1.3225

Support level: 1.2965, 1.2830

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1085. 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: 1.1165, 1.1250

Support level: 1.1085, 1.0990

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 109.70. MACD which illustrate ongoing bearish momentum 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 while currently testing the support level 0.6845. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level 0.6845.

Resistance level: 0.6885, 0.6930

Support level: 0.6845, 0.6805

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6600. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.6560.

Resistance level: 0.6600, 0.6650

Support level: 0.6560, 0.6500

USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing the resistance level 1.3070. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.3070, 1.3125

Support level: 1.3010, 1.2945

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9695. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.9695, 0.9755

Support level: 0.9625, 0.9550

CrudeOIL, H4: Crude oil was traded lower while currently testing near the support level 57.75. MACD which display bearish bias signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 59.55, 61.05

Support level: 57.75, 56.30

GOLD_, H4: Gold price was remain traded in a sideway channel while currently testing near the resistance level 1561.90. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1561.90, 1581.90

Support level: 1542.15, 1523.25

21 January 2020                Afternoon Session Analysis

Sterling depreciates following Brexit risks.

Euro was traded lower during Asian trading over the backdrop of bearish economic data from the region. As of writing, pair of EUR/USD notched down 0.03% to 1.1090. According to Destatis, Germany Producer Price Index (PPI) for the month of December came in at 0.1%, missing economist’s forecast of 0.2%. Although European Central Bank (ECB) noted that there is a “possible” indication for a rebound in inflationary pressure, recent data in terms of producer’s inflation shows a slower recovery momentum. On the other hand, pair of GBP/USD depreciates by 0.07% to 1.3000. Pound sterling received substantial selloff pressure from yesterday after UK Finance Minister Sajid Javid expresses pessimism over Brexit negotiation while signaling possible adverse effect upon UK businesses. In terms of economy, recent data released in the UK shows mixed signal as of late as we head towards Bank of England’s policy meeting at the end of the month. With its Consumer Price Index and Retail Sales shows substantial softness, it has increased investor’s speculation for further rate cut ahead from the central bank.

As for commodities, crude oil price depreciates by 0.39% to $58.61 per barrel. Oil futures received some selloff pressure after OPEC announced that next meeting will be held in March where market speculates that they may end additional production cuts introduced in late 2019. On the other hand, gold price rose 0.27% to $1,565.47 a troy ounce following higher risk aversion in the market as traders waits for more signals.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily：Dollar index was traded lower while currently testing the support level at 97.25. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its losses after it successfully breakout below the support level at 97.25.

Resistance level: 97.70, 98.20

Support level: 97.25, 96.85

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2965. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains 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 1.1075. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1110.

Resistance level: 1.1110, 1.1160

Support level: 1.1075, 1.1035

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 110.20. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 109.65.

Resistance level: 110.20, 110.55

Support level: 109.65, 109.25

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6880. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction toward the resistance level at 0.6880.

Resistance level: 0.6880, 0.6925

Support level: 0.6850, 0.6815

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6600. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6620.

Resistance level: 0.6620, 0.6650

Support level: 0.6600, 0.6570

USDCAD, H4: USDCAD was traded flat near the 20 (Red) and 50 (Blue) moving average lines. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.3085, 1.3145

Support level: 1.3025, 1.2960

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9690. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9665.

Resistance level: 0.9690, 0.9725

Support level: 0.9665, 0.9625

CrudeOIL, H4: Crude oil was traded lower while currently testing the support level at 58.60. MACD which illustrate diminishing bullish momentum signal suggests the commodity to extend its losses after it successfully breakout below the support level at 58.60.

Resistance level: 59.70, 60.35

Support level: 58.60, 57.55

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1561.85. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after its candle successfully close above the resistance level at 1561.85.

Resistance level: 1561.85, 1572.10

Support level: 1551.10, 1538.45

21 January 2020                 Morning Session Analysis

Dollar remains calm amid recent holiday in U.S.

The dollar index which traded against a basket of six major currency pairs was largely flat during early Asian session following recent U.S holiday. Due to U.S celebrate Martin Luther King, Jr. Day on Monday, market offers little incentive for traders to take risk. However, the greenback remains strong against its peers as investors continue to gauge its sentiment with recent data. U.S. housing starts in December were well above economists’ estimates for 1.38 million and were the biggest gain in 13 years. Retail sales were also on the rise and a gauge of manufacturing activity rebounded to its highest in eight months. These positive data have reduced the chances of Federal Reserve to slash rates when it meets later this month. Still, market continues to await for further catalyst that may determine the direction for the greenback. As of writing, dollar index edged higher 0.01% to 97.35.

In the commodities market, crude oil price slips 0.24% to $58.70 at the time of writing following market cashing out from Libya opening spike. As weekend reports surrounding the unrest in Libya and Iraq caused an opening gap on Monday, markets were quick to cash in on the concerns regarding on production of 1.2 million bpd (barrels a day) are expected to be disrupted due to the pipeline closures in Libya. In the other hand, gold price remains flat and fell 0.03% to $1560.56 a troy ounce as of writing while investors waiting for further signal to determine the sentiment for the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

11.00                     JPY                                          BoJ Outlook Report (YoY)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 97.35. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a technical correction towards the support level 96.95.

Resistance level: 97.35, 97.80

Support level: 96.95, 96.45

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2965. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.3095.

Resistance level: 1.3095, 1.3225

Support level: 1.2965, 1.2830

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1085. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.1165.

Resistance level: 1.1165, 1.1250

Support level: 1.1085, 1.0990

USDJPY, H4: USDJPY was traded flat while currently testing the resistance level 110.20. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 109.70.

Resistance level: 110.20, 110.65

Support level: 109.70, 109.25

AUDUSD, H4: AUDUSD was traded higher following prior rebound from its low level. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 0.6885.

Resistance level: 0.6885, 0.6930

Support level: 0.6845, 0.6805

NZDUSD, H4: NZDUSD remain traded in a sideway channel while currently near the support level 0.6600. MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.6650, 0.6740

Support level: 0.6600, 0.6560

USDCAD, H4: USDCAD remain traded in a sideway channel following prior retracement from the resistance level 1.3070. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement in short term towards the support level 1.3010.

Resistance level: 1.3070, 1.3125

Support level: 1.3010, 1.2945

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9650. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 0.9650.

Resistance level: 0.9725, 0.9780

Support level: 0.9650, 0.9590

CrudeOIL, H4: Crude oil was traded lower following prior retracement from the resistance level 59.55. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its retracement towards the support level 57.75.

Resistance level: 58.60, 61.05

Support level: 57.75, 56.30

GOLD_, H4: Gold price was remain traded in a sideway channel while currently testing near the resistance level 1561.90. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1561.90, 1581.90

Support level: 1542.15, 1523.25

20 January 2020                Afternoon Session Analysis

Pound dived amid Brexit’s uncertainty.

Pound sterling fall against other major country currencies as market concerned Brexit uncertainty will continue to tamper the economy growth of UK region. After Brexit legislation passed in the House of Common on 9^th January without any amendment, the withdrawal agreement will now move into next stage where UK Prime Minister Boris Johnson must gain the approval from House of Lords with majority votes. In less than two week times until the Brexit deadline, a survey showed that there is only 47% of people support to leave European Union, indicating high unsureness across the entire UK toward the future path of Brexit. On the other sides, a member of European Parliament named Billy Kelleher has vowed that he will vote against Boris Johnson’s Brexit deal with no doubt as the deal seemingly will erode the rights of citizens in Northern Ireland. This comment is likely to spark up renewed uncertainty across the members of European Parliament, potentially dragging out the entire progress of Brexit legislation. As of writing, the pair of GBP/USD inched down 0.05% to 1.3000.

In the commodities market, crude oil price appreciated 0.60% to $59.15 per barrel as market concern over escalating tensions in North African believingly will affect the future crude oil supply. However, the gains of crude oil was limited after Baker Hughes rig oil count data reported a rise in number of rig oil. Besides, gold price rose 0.12% to $1558.00 a troy ounce amid weakening of dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

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 97.25. MACD which illustrate bullish bias momentum signal suggest the dollar to extend its gains toward the next resistance level at 97.70.

Resistance level: 97.70, 98.20

Support level: 97.25, 96.85

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3035. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses toward the support level at 1.2965.

Resistance level: 1.3035, 1.3100

Support level: 1.2965, 1.2895

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1110.

Resistance level: 1.1110, 1.1160

Support level: 1.1075, 1.1035

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 110.20. However, MACD which illustrate bearish bias momentum signal suggest the pair to experience a technical correction in short term towards the support level 109.65.

Resistance level: 110.20, 110.55

Support level: 109.65, 109.25

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6880. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6925.

Resistance level: 0.6925, 0.6965

Support level: 0.6880, 0.6850

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the lower level. MACD which illustrate bearish momentum signal suggest the pair to undergo short term technical correction toward the support level at 0.6600.

Resistance level: 0.6620, 0.6650

Support level: 0.6600, 0.6570

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3020. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the next resistance level at 1.3085.

Resistance level: 1.3085, 1.3145

Support level: 1.3020, 1.2960

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9665. MACD and price action which illustrate positive divergence signal suggest the pair to extend its gains toward the resistance level at 0.9690.

Resistance level: 0.9690, 0.9725

Support level: 0.9665, 0.9625

CrudeOIL, H1: Crude oil was traded lower following prior retracement from the resistance level at 59.70. MACD which illustrate diminishing bullish momentum signal suggests the commodity to extend its losses toward the support level at 58.60.

Resistance level: 59.70, 60.35

Support level: 58.60, 57.55

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1561.85. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1561.85, 1572.10

Support level: 1551.10, 1538.45

20 January 2020                 Morning Session Analysis

Dollar climbs on positive housing data.

The dollar index which traded against a basket of six major currency pairs continue to advance towards fresh session high during early Asian session as recent house data raising market expectation of expanding U.S economy. According to the Commerce Department, housing starts have rose 16.9% to 1.61 million units in December, higher than market expectation of only 1.38 million. Besides that, the reading was also the biggest gain in 13 years. At the same time, University of Michigan’s preliminary consumer sentiment index for January have edged down to 99.1 from a seven-month high of 99.3 in December. Still, the ongoing signs have displayed that that the consumer remains in good shape. At the time of writing, dollar index have edge higher 0.04% to 97.33. On the other hand, GBP/USD fell 0.05% to 1.2999 as of writing following the recent release of weak Retail Sales. According to National Statistics, the volume of goods sold in stores and online nationwide have fell -0.6%, missing economist forecast with an increase of 0.6%. The data have increased the chances of BoE may reduce its key interest rate this month.

In the commodities market, crude oil price recovers 1.09% to 59.40 at the time of writing following geopolitical crisis in Libya. According to the latest reports, renegade military commander Khalifa Haftar have blocked a key pipeline in western Libya that connects Libya’s largest oilfield to the coast. The movement since removing almost 800,000 barrels per day of exports and boosting the price of crude oil. On the other hand, gold price remain flat and edge higher 0.02% to $1556.86 at the time of writing while market continue to awaits for further catalyst to clearly determine the direction of the safe-haven asset.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 97.35. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level 97.35.

Resistance level: 97.35, 97.80

Support level: 96.95, 96.45

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2965. 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: 1.3095, 1.3225

Support level: 1.2965, 1.2830

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1085. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1165, 1.1250

Support level: 1.1085, 1.0990

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 110.20. However, MACD which illustrate bearish momentum signal suggest the pair to experience a technical correction in short term towards the support level 109.70.

Resistance level: 110.20, 110.65

Support level: 109.70, 109.25

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.6885. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6845.

Resistance level: 0.6885, 0.6930

Support level: 0.6845, 0.6805

NZDUSD, H4: NZDUSD remain traded in a sideway channel while currently near the support level 0.6600. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.6650, 0.6740

Support level: 0.6600, 0.6560

USDCAD, H4: USDCAD was traded flat while currently testing near the resistance level 1.3070. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above resistance level 1.3070.

Resistance level: 1.3070, 1.3125

Support level: 1.3010, 1.2945

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9650. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9725.

Resistance level: 0.9725, 0.9780

Support level: 0.9650, 0.9590

CrudeOIL, H4: Crude oil was traded higher while currently testing the resistance level at 58.60. MACD which illustrate ongoing bullish signal suggests the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 58.60, 61.05

Support level: 57.75, 56.30

GOLD_, H4: Gold price was remain traded in a sideway channel while currently testing near the resistance level 1561.90. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1561.90, 1581.90

Support level: 1542.15, 1523.25

17 January 2020                Afternoon Session Analysis

UK pound sterling gains ahead of data.

British pound sterling continue to outperform against all its peers despite recovering greenback and soft data from the U.K. At the moment, market continue to speculate that there is a strong probability of Bank of England (BoE) will reduce its benchmark rate by 25 basis points on 30 January following soft data and activity. Still, a Reuter’s poll of analysts showed that the British central bank is likely to steer rates on a steady course on January. Market will now focused ahead of inflation data which is the U.K retail sales to attain further confirmation and signal for the pair. As of writing, GBP/USD climbs 0.03% to 1.3075. On the other hand, AUD/USD rose 0.04% to 0.6896 at the time of writing following the release of data from China. According to National Bureau of Statistics of China, retail sales in China have improved to 8%, a slight increase from market expectation of 7.8%. Besides that, industrial production also came in at 6.9%, surpassed market expectation of 5.9% while GDP remains unchanged at 1.5%. As China is the largest trading partner with Australia, the Aussie dollar also react positively towards the data.

In the commodities market, crude oil price rose 0.07% to $58.52 as of writing following a draw in stockpile. According to Energy Information Administration (EIA), crude inventories fell by 2.5 million barrels, far more than the expected drop of 750,000 barrels. At the same time, the phase one trade deal also help boosting the optimism and provide support for the commodity price. Next, gold price remain in tight range and edge higher 0.04% to $1553.56 at the time of writing as market awaits for further signal to determine its direction.

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 retracement from the higher level. However, MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term.

Resistance level: 97.25, 97.70

Support level: 96.85, 96.25

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3035. MACD which formed bullish signal suggests the pair to extend its gains, towards the direction of 1.3100.

Resistance level: 1.3100, 1.3165

Support level: 1.3035, 1.2965

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

Resistance level: 1.1160, 1.1180

Support level: 1.1110, 1.1075

USDJPY, H4: USDJPY extended gains following prior breakout above the previous resistance level at 110.15. MACD which begins to form bullish signal suggests the pair to extend its gains, towards the direction of 110.55.

Resistance level: 110.55, 110.90

Support level: 110.10, 109.65

AUDUSD, H1: AUDUSD was traded higher while currently testing the 20 (red) and 50 (blue) moving average line. MACD which formed a bullish signal suggests the pair to extend its gains after it successfully breakout above the both moving average line.

Resistance level: 0.6925, 0.6965

Support level: 0.6880, 0.6850

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the 50 moving average line (Blue). MACD which illustrate bullish bias momentum suggests the pair to extend its gains toward the resistance level at 0.6650.

Resistance level: 0.6650, 0.6670

Support level: 0.6620, 0.6600

USDCAD, Daily: USDCAD was traded lower following prior retrace from 1.3085. MACD which illustrate diminished upward momentum suggests the pair to extend its losses toward the support level at 1.3020.

Resistance level: 1.3085, 1.3145

Support level: 1.3020, 1.2960

USDCHF, H4: USDCHF was traded higher following prior rebound near the support level at 0.9610. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 0.9660.

Resistance level: 0.9660, 0.9690

Support level: 0.9610, 0.9550

CrudeOIL, H4: Crude oil was traded higher while currently testing the resistance level at 58.60. MACD which illustrate bullish signal suggests this commodity to extend its gains after it successfully breakout above the resistance level at 58.60.

Resistance level: 58.60, 59.70

Support level: 57.55, 56.80

GOLD_, H1: Gold price was traded higher following prior rebound near the support level at 1551.10. MACD which shows diminishing downward momentum suggests its price to be traded higher in short term toward the resistance level at 1561.85.

Resistance level: 1561.85, 1572.10

Support level: 1551.10, 1538.45

17 January 2020                 Morning Session Analysis

US dollar edged up over optimistic data.

Greenback rose against a basket of six major peers on yesterday after several economic data fared better than expectation. For the month of December, Core Retail Sales which exclude sales of automobiles rose by 0.7%, significantly higher than forecast of 0.5%. The data shows resilient consumer spending for its third consecutive month despite a slowdown in job growth last month due to higher savings and rising house prices. Similarly, Philadelphia Fed Manufacturing Index for the month of January shows further expansion, with its latest reading coming in at 17.0, significantly higher than forecast of 3.8. Manufacturing activity on the east coast picked up due to high order volumes and shipments. Both data has confounded investors speculation whereby US economy is being hit badly by US-China trade war which has linger for more than a year. With diminishing trade risk following the signage of phase 1 trade deal, investors will now continue to scrutinize upcoming data releases from the US in order to gauge its economic momentum. Elsewhere, safe-haven Japanese yen extended its losses as demand for the currency waned following the signage of phase 1 trade deal. As of writing, the dollar index rose 0.07% to 97.00 while USD/JPY ticked up 0.02% to 110.17.

In the commodities market, crude oil price rebounds by 0.02% to $58.60 per barrel. Oil futures managed to pare its prior losses as preliminary US-China trade deal fueled market optimism with regards to future economic growth and possible uptick in future oil demand. On the other hand, gold price depreciates by 0.03% to $1,552.10 a troy ounce due to diminishing demand for safe-haven asset as market risks diminishes.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

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

Resistance level: 97.20, 97.60

Support level: 96.80, 96.20

GBPUSD, H4: GBPUSD extended gains following prior breakout from narrowing triangle. MACD which formed bullish signal suggests the pair to extend its gains, towards the direction of 1.3135.

Resistance level: 1.3135, 1.3200

Support level: 1.3010, 1.2925

EURUSD, H1: EURUSD was traded higher following prior rebound from the lower level of ascending channel. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 1.1145, 1.1180

Support level: 1.1110, 1.1085

USDJPY, H4: USDJPY extended gains following prior rebound from the lower level. MACD which begins to form bullish signal suggests the pair to extend its gains, towards the direction of 110.40.

Resistance level: 110.40, 110.80

Support level: 109.65, 109.20

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support of 0.6885. MACD which formed a bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 0.6930, 0.6955

Support level: 0.6885, 0.6865

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.6650, 0.6670

Support level: 0.6630, 0.6615

USDCAD, Daily: USDCAD was traded lower following prior retrace from 1.3060. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.

Resistance level: 1.3060, 1.3140

Support level: 1.2960, 1.2890

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrate positive divergence signal suggest the pair to be traded higher in short-term.

Resistance level: 0.9670, 0.9730

Support level: 0.9620, 0.9560

CrudeOIL, H4: Crude oil was traded higher following prior rebound from 57.95. MACD which illustrate bullish signal suggests its price to be traded higher in short-term.

Resistance level: 60.00, 61.70

Support level: 57.95, 56.25

GOLD_, H4: Gold price remains traded within a sideways channel formation. MACD which shows diminishing upward momentum suggests its price to be traded lower in short-term.

Resistance level: 1553.00, 1563.20

Support level: 1541.20, 1523.40

16 January 2020                Afternoon Session Analysis

Pound slid amid downbeat economic data.

Pound sterling slumped amid pessimistic data from UK’s region further proved that its economic performance is still being haunted by hard Brexit’s uncertainties. According to Office for National Statistics, UK Consumer Price Index (CPI) data came in at 1.3%, missing the economist’ forecast of 1.5%, hinting inflation’s pressure has weakened and gradually away from Bank of England (BoE) target. Besides, feeble CPI data also further concreted UK Central bank policy setter’s dovish statement where an expanding monetary policy should be implemented in order to support their economy‘s growth. In a speech by Michael Saunders on Wednesday, he emphasized that sluggish economy which shown by recent lackluster economic data is likely will lead to longer period of subdued growth, enlarged the gap between target inflation and current inflation. The dovish statement from Saunders rippled through the market while urging the investor to sell off their pound’s holding. Michael Saunders has changed his point of view from keeping interest rate unchanged to a rate cut is necessary for current economic situation since the month of November year 2019. However, the pair of GBP/USD managed to recover most of its losses amid trade optimism between US and China which dragged down the appearance of US dollar. As of writing, the pair of GBP/USD notched up 0.12% to 1.3050.

In the commodities market, the crude oil price rose 0.17% to $58.15 per barrel amid a huge draw in crude oil inventories and signed off of phase 1 trade agreement continue to weigh on this black commodity market. Besides, gold price depreciated by 0.01% to $1556.10 a troy ounce as de-escalation of trade dispute pulled down the appealing of gold market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:30        EUR        ECB Publishes Account of Monetary Policy Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 96.95. MACD which illustrate ongoing bearish momentum suggest the dollar to extend its losses towards the support level 96.45.

Resistance level: 96.95, 97.40

Support level: 96.45, 96.00

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2965. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3095.

Resistance level: 1.3095, 1.3225

Support level: 1.2965, 1.2830

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1105. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1175.

Resistance level: 1.1175, 1.1250

Support level: 1.1105, 1.1045

USDJPY, H4: USDJPY was traded flat near the support level. However, MACD which illustrate bearish momentum signal with the recent formation of death cross 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 remain traded in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 0.6930, 0.6990

Support level: 0.6890, 0.6845

NZDUSD, H4: NZDUSD was traded higher following prior rebound from its low level. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6550.

Resistance level: 0.6550, 0.6740

Support level: 0.6555, 0.6500

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3065. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.3010.

Resistance level: 1.3065, 1.3125

Support level: 1.3010, 1.2945

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9650. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short term towards the resistance level 0.9725.

Resistance level: 0.9725, 0.9780

Support level: 0.9650, 0.9590

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 57.75. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 59.55.

Resistance level: 59.55, 61.05

Support level: 57.75, 56.30

GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the resistance level 1561.90. MACD which illustrate bullish bias signal with the recent formation of golden cross suggest the commodity to be traded higher after it breaks above the resistance level.

Resistance level: 1561.90, 1613.35

Support level: 1542.15, 1523.25

16 January 2020                 Morning Session Analysis

Dollar slumped after trade deal was signed.

Dollar Index slumped yesterday after United Stated and China signed a “phase-one” trade deal, spurring some trade optimism between the both countries. According to Reuters, the centerpiece of the deal is a pledge by China to purchase at least an additional $200 billion worth of U.S. farm products and other goods and services over two years, while the United Stated promised that they will roll back some tariffs from China. Nonetheless, investors would need to focus on the effectiveness in the implementation of the phase one deal while also scrutinizing the latest updates with regards of the “phase-two” trade deal between the U.S and China in order to receive a further trading signal. Besides that, the dollar index received a further bearish momentum over the backdrop of the bleak economic data from the United Stated. According to U.S. Bureau of Labor Statistics, U.S. Producer Price Index (PPI) for the last month came in at 0.1%, missing the economist forecast of 0.2%, which dialed down the market optimism toward the economic growth in the United Stated while prompting a higher expectation for the rate cut in order to boost the economic progression in future. As of writing, dollar index slumped 0.18% to 96.89.

In the commodities market, the crude oil price appreciated by 0.07% to $58.12 per barrels as of writing. The oil markets edged higher following the inventory data was released. According to Energy Information Administration (EIA), the U.S. Crude Oil Inventories notched down from the previous reading of 1.164M to -2.549M, better than the economist forecast of -0.474M. However, investors worried that the oil market could get into another oversupply situation from seasonal lows in consumption, which limited the gains experienced by this black commodity. On the other hand, as of writing, the gold price appreciated by 0.03% to $1556.10 per troy ounces amid to weaker Greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:30        EUR        ECB Publishes Account of Monetary Policy Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 97.10. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 96.65.

Resistance level: 97.10, 97.60

Support level: 96.65, 96.15

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2960. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3140.

Resistance level: 1.3140, 1.3270

Support level: 1.2960, 1.2800

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1160. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1160, 1.1185

Support level: 1.1130, 1.1090

USDJPY, H4: USDJPY was traded within a range while currently near the resistance level at 110.25. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 110.25, 111.10

Support level: 109.55, 108.55

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6920. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6920, 0.6960

Support level: 0.6885, 0.6845

NZDUSD, H1: NZDUSD was traded higher while currently testing the resistance level at 0.6635. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6635, 0.6665

Support level: 0.6605, 0.6560

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3055. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3045.

Resistance level: 1.3055, 1.3110

Support level: 1.2965, 1.2905

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9670. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9670, 0.9740

Support level: 0.9585, 0.9505

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 57.90. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 59.25, 60.75

Support level: 57.90, 56.45

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1550.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1578.35.

Resistance level: 1578.35, 1608.90

Support level: 1550.30, 1528.75