Daily Analysis

15 January 2020                Afternoon Session Analysis

Dollar remain steady as market awaiting trade deal.

The dollar index held firm against a basket of six major rival pairs as investors are waiting for the signing of trade deal between U.S and China. As the phase one deal is expected to signed on Wednesday, market are expecting that the two powerhouse would wrap up and draw a line underneath 18 months trade war. However, trade war fears still remain in the market after U.S. Treasury Secretary Steven Mnuchin recently stated that the current tariffs on Chinese goods would continue to stay, pending further talks. Still, market are currently focus on whether the deal is inked.

At the same time, investors will also continue to looking for further signals from upcoming data and ongoing development. Dollar index rose 0.02% to 97.06 at the time of writing.

In the commodities, crude oil price fell 0.14% to $58.06 per barrel on concerns U.S.-China trade deal may not boost demand. U.S. Treasury Secretary Steven Mnuchin said late on Tuesday that the tariffs would remain even as a trade deal is set to be signed on Wednesday and it would temper China’s oil demand growth by limiting its access to its second-largest trading partner. On the other hand, gold price climbs 0.38% to $1551.99 a troy ounce as of writing following the potential risk on phase on trade deal.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative     GBP        Autumn Budget

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the 20 moving average line (red). MACD which illustrated bearish bias momentum suggest the index to extend its losses after it successfully breakout below the moving average line.

Resistance level: 97.25, 97.70

Support level: 96.85, 96.25

GBPUSD, H4: GBPUSD was traded higher while currently testing the 20 moving average line (red). MACD which illustrated bullish momentum suggest the pair to extend its gains after it successfully breakout above the 20 moving average line (red).

Resistance level: 1.3035, 1.3100

Support level: 1.2965, 1.2895

EURUSD, Daily: EURUSD was traded higher following prior rebound from the upward trend line. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after toward the resistance level at 1.1170.

Resistance level: 1.1170, 1.1240

Support level: 1.1075, 1.1005

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 109.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.55.

Resistance level: 110.55, 111.80

Support level: 109.55, 108.85

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the 50 moving average line (Blue). MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6880.

Resistance level: 0.6925, 0.6965

Support level: 0.6880, 0.6850

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level at 0.6600. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6620, 0.6640

Support level: 0.6600, 0.6570

USDCAD, H4: USDCAD was traded higher following prior rebound from the 50 moving average lien (Blue). MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3085.

Resistance level: 1.3085, 1.3145

Support level: 1.3020, 1.2960

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9660. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9660.

Resistance level: 0.9690, 0.9725

Support level: 0.9660, 0.9610

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 58.60. However, MACD which illustrated bullish momentum signal suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 58.60, 59.70

Support level: 57.60, 56.80

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1551.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1551.10.

Resistance level: 1551.10, 1561.85

Support level: 1538.45, 1530.05

15 January 2020                 Morning Session Analysis

Swiss Franc surged after U.S. adds it to watchlist.

The Swiss franc skyrocketed on Tuesday following the United States added Switzerland to its watchlist of currency manipulators. According to Reuters, The U.S. Treasury Department wrote in the semi-annual report on Monday that it had added Switzerland to a list of countries where it had concerns about currency manipulating in order to steer the Swiss franc for competitive gain. In fact, the United States encouraged the Swiss authorities to publish all intervention data more frequently. Investors believed that the inclusion could discourage the Swiss National Bank (SNB) from intervening its currency in order to limit further appreciation of the Swiss franc, spurring significant demand for the currency. However, the finance ministry of the Switzerland on Tuesday rejected the U.S. allegations and reiterated that they did not manipulate their currency, citing the negative effects on inflation and its bleak export performance were merely the causes for devaluing its currency. On the other hand, the dollar index slumped over the backdrop of the bleak economic data yesterday. According to U.S. Bureau of Labor Statistics, U.S. Core Consumer Price Index (CPI) came in at 0.1%, missing the economist forecast of 0.2% while dialing down the market optimism towards the economic progression in the United States. However, at this time investors will continue to scrutinize the latest updates with regards of the “phase one” trade deal which would be signed today in order to gauge the likelihood movement for the pair. As of writing, USD/CHF surged 0.01% to 0.9670 while the dollar index appreciated by 0.04% to 97.05.

In the commodities market, the crude oil price appreciated by 0.02% to $58.11 per barrels. The oil market edged higher yesterday, underpinned by optimism over the U.S. China trade deal. Investors anticipated that the resolution of trade war would enhance the global economic growth while insinuating the demand for this black commodity. On the other hand, gold price surged 0.23% to $1549.58 per troy ounces following technical correction from its lower level.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative      GBP       Autumn Budget

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 97.10. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 97.10, 97.60

Support level: 96.65, 96.15

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2960. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

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 1.1145. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1145, 1.1170

Support level: 1.1080, 1.0990

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.55.

Resistance level: 110.55, 111.10

Support level: 109.55, 108.55

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6920. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6865.

Resistance level: 0.6920, 0.6965

Support level: 0.6865, 0.6810

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6615. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6675, 0.6735

Support level: 0.6615, 0.6560

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3045. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3110, 1.3180

Support level: 1.3045, 1.2965

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9740. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9670.

Resistance level: 0.9740, 0.9810

Support level: 0.9670, 0.9585

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 57.95. 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: 57.95, 56.45

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1550.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1528.75.

Resistance level: 1550.30, 1582.00

Support level: 1528.75, 1509.70

14 January 2020                Afternoon Session Analysis

Dollar plunged amid sign of trade tensions eased.

Dollar index which gauges its value against a basket of six major currencies notched down after US made a decision to remove ‘currency manipulator’ label from China yesterday. Back then, US President Donald Trump accused that China certainly devalued its currency in order to boost up the appeal of China Yuan, in an attempt to lift up their exports and support their economy growth. Devaluation of China Yuan has surprised the market, irritated Trump as it broke the origin of competitive advantage while dragged down the appearance of other currencies. Whatsoever, it is believingly that the removal of label from China will further ease the tensions between US and China ahead of the trade agreement that scheduled on later this week. As of writing, dollar index inched up 0.04% to 97.35. On the other hand, the pair of USD/CAD fall 0.04% to 1.3050 after winter Business Outlook Survey which released by Bank of Canada (BoC) indicated that Canada business sector is expanding at a steady pace while future outlook of domestic and foreign sales remain fragrant. Therefore, the inflation expectation in Canada is expected to be unchanged while leading to and further concreted the view of investor that BOC will not continue to adopt expanding monetary policy in the upcoming interest rate decision meeting.

In the commodities market, the crude oil price notched up 0.19% to $58.15 per barrel amid easing of trade tensions between US and China has lifted up the market expectation toward the global demand on this black commodity. Moreover, gold prices dived 0.52% to $1539.80 a troy ounce amid alleviation of trade tension elevated market risk-on sentiment.

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 flat while currently testing near the support level 96.95. However, MACD which illustrate bearish momentum signal with the recent formation of death cross suggest the dollar to be traded lower after it breaks below the support level.

Resistance level: 97.40, 98.20

Support level: 96.95, 96.45

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2965. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction in short term 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 gains towards the resistance level 1.1175.

Resistance level: 1.1175, 1.1250

Support level: 1.1105, 1.1045

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 110.20. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a technical correction towards the support level 109.70.

Resistance level: 110.20, 110.65

Support level: 109.70, 109.25

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6885. MACD which display bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6930, 0.6990

Support level: 0.6885, 0.6845

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6650. MACD which illustrate bearish momentum signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 0.6555.

Resistance level: 0.6650, 0.6740

Support level: 0.6555, 0.6500

USDCAD, H4: USDCAD was traded flat while currently testing the resistance level 1.3065. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.3065, 1.3125

Support level: 1.3010, 1.2945

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

Resistance level: 0.9725, 0.9780

Support level: 0.9650, 0.9590

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 57.75. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher as a short term technical correction towards the resistance level 59.55.

Resistance level: 59.55, 61.05

Support level: 57.75, 56.30

GOLD_, H4: Gold price was traded lower while currently testing the support level 1542.15. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 1561.90, 1613.35

Support level: 1542.15, 1523.25

14 January 2020                 Morning Session Analysis

Pound slumped amid to bleak economic data.

Pound Sterling slumped on yesterday following bleak economic data from the UK region, lifting the likelihood that the Bank of England will cut interest rates this month. According to Office for National Statistics, U.K Manufacturing Production for the last month notched down from the preliminary reading of 0.5% to -1.7%, missing the economist forecast at -0.3%. Meanwhile, the U.K. Gross Domestic Product (GDP) for last month came in at only -0.3%, massive reduction from the previous reading of 0.1%. In earlier, Bank of England Governor Mark Carney and two other rate-setters, Silvan Tenreyro and Gertjan Vlieghe, claimed last week that they would continue to scrutinize upon economic growth in UK, while more stimulus can be anticipated if the course of events urge their economy growth goes against their expectation. In fact, these data were both fared worse than expectation, which further dial down market optimism towards economic progression in the United Kingdom while strengthens the belief of a further rate cut in future. At this time, the investors expected a 50% probability of a rate cut by the end of January while 85% probability of rate cut in May, reported by Reuters. As of writing, GBP/USD appreciated by 0.03% to 1.2991.

In the commodities market, the crude oil price appreciated by 0.12% to $58.11 per barrels as of writing. However, the oil market edged lower yesterday amid easing tensions in the Middle East and worries that oil market could get into another oversupply situation from seasonal lows in consumption. On the other hand, gold price was traded lower on yesterday as positive expectation for the “phase one” trade deal between U.S. and China, spurring some sell-off for the safe-haven metal. As of writing, gold price slumped 0.05% to $1547.00 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 97.10. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 97.10, 97.60

Support level: 96.65, 96.15

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2960. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

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 1.1145. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1145, 1.1170

Support level: 1.1080, 1.0990

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.55.

Resistance level: 110.55, 111.10

Support level: 109.55, 108.55

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6920. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6865.

Resistance level: 0.6920, 0.6965

Support level: 0.6865, 0.6810

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6615. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6675, 0.6735

Support level: 0.6615, 0.6560

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3045. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3110, 1.3180

Support level: 1.3045, 1.2965

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9740. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9670.

Resistance level: 0.9740, 0.9810

Support level: 0.9670, 0.9585

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 57.95. 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: 57.95, 56.45

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1550.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1528.75.

Resistance level: 1550.30, 1582.00

Support level: 1528.75, 1509.70

13 January 2020                 Afternoon Session Analysis

Dollar gap up amid optimism between US and China.

Dollar index which gauge its value against a basket of six major currencies open market higher this morning as recent news showed that resumption of semi-annual talks likely will be a part of phase 1 trade deal between US and China. Back then, US president Donald Trump announced to abandon this talk’s plan with China after trade dispute between these two largest economy bodies escalated. The meeting session will likely be leaded by these country’s top officials respectively, US Treasury Secretary Steven Mnuchin and Chinese Vice-Premier Liu He. The restart of this meeting was aimed to resolve the economic dispute between US and China as their economy’s growth have been impacted negatively since the beginning of trade war. As of writing, dollar index rose 0.04% to 97.05. On the other hand, the pair of GBP/USD inched down 0.19% to 1.3030 after Bank of England (BoE) policymaker Gertjan Vlieghe revealed to the Financial Timer’s reporter that he will vote for a rate cut in the interest rate decision later this month. According to his opinion, he reiterated that uncertainties over Brexit has been weighed on this single currency for a long time, economy growth remained sluggish in accordance to recent economy data. Therefore, he insisted that a rate cut from BoE will be favorable toward the UK economy unless significant improvement showed in the upcoming economic data.

In the commodities market, the crude oil price notched down 0.14% to $59.10 per barrel amid recent stockpile in US crude oil inventories continue to pressure on this black commodity prices. Besides, gold price fall 0.35% to $1556.70 a troy ounce due to de-escalation of trade dispute between US and China.

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 resistance level at 97.20. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 96.65.

Resistance level: 97.20, 97.60

Support level: 96.65, 96.15

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3025. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3075, 1.3130

Support level: 1.3025, 1.2945

EURUSD, Daily: EURUSD was higher following prior rebound from the support level at 1.1080. MACD which illustrated diminishing momentum suggest the pair to extend its gains toward resistance level at 1.1145.

Resistance level: 1.1145, 1.1275

Support level: 1.1080, 1.0990

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.65. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 109.65, 110.55

Support level: 108.75, 107.70

AUDUSD, H4: AUDUSD was traded higher while currently near the resistance level at 0.6925. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6925, 0.6965

Support level: 0.6845, 0.6810

NZDUSD, H4: NZDUSD was traded higher while currently near the resistance level at 0.6650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6650, 0.6675

Support level: 0.6610, 0.6555

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.3065. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3035.

Resistance level: 1.3065, 1.3100

Support level: 1.3035, 1.2985

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9740. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9670.

Resistance level: 0.9740, 0.9810

Support level: 0.9670, 0.9585

CrudeOIL, Daily: Crude oil price was traded lower following prior breakout below the previous support level at 59.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 58.15.

Resistance level: 59.65, 61.00

Support level: 58.15, 56.45

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1560.70. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1547.00.

Resistance level: 1560.70, 1575.00

Support level: 1547.00, 1531.45

13 January 2020                 Morning Session Analysis

Greenback fell amid to the release of bleak data

Dollar index slumped following the backdrop of bleak jobs data from the United States. According to Bureau of Labor Statistics, U.S. Nonfarm payrolls notched down from the previous reading of 256K to 145K, missing the economist forecast at 164K while dialing down the market optimism toward the economic progression in the United States. However, the losses experienced by the dollar index was limited amid to the rising tensions between the U.S and Iran, which stoked a shift in sentiment toward safe-haven asset such as the U.S dollar. According to BBC, Iran admitted “unintentionally” hitting plane. The plane, Ukraine International Airlines Flight 752 was shot down near Tehran last Wednesday, shortly after Iran had launched missiles at two airbases housing US forces in Iraq. Indeed, thousands of anti-government protesters gathered on Saturday outside the gates of Amir Kabir University, blaming the government for doing such unethical movement. Besides that, The U.S President Donald Trump warned the leaders of Iran that do not harm those protestors in Iran, while the world is watching the action of the Iran government, spurring further tension between the both countries. As of writing, the dollar index appreciated by 0.06% to 97.01.

In the commodities market, the crude oil price slumped 0.49% to $58.85 per barrels. The oil market edged lower following a release of poor jobs data from the United States. Investors anticipated that the weak economic performance in the United States would affect the global economic growth while sapping the demand for the black commodity in the future. On the other hand, the gold price skyrocketed on last Friday amid to the rising tensions between Iran and United States as well as the weaker greenback performance. However, gold price slumped 0.16% to $1559.35 per troy ounces as of writing following technical correction from its recent high.

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 resistance level at 97.20. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 96.65.

Resistance level: 97.20, 97.60

Support level: 96.65, 96.15

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3025. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3075, 1.3130

Support level: 1.3025, 1.2945

EURUSD, Daily: EURUSD was higher following prior rebound from the support level at 1.1080. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1145, 1.1275

Support level: 1.1080, 1.0990

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.65. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 109.65, 110.55

Support level: 108.75, 107.70

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6845.

Resistance level: 0.6915, 0.6965

Support level: 0.6845, 0.6810

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6615. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6675, 0.6735

Support level: 0.6615, 0.6545

USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.3035. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3065.

Resistance level: 1.3065, 1.3100

Support level: 1.3035, 1.2985

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9740. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9740, 0.9810

Support level: 0.9670, 0.9585

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 59.65. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 59.65, 61.00

Support level: 58.15, 56.45

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1550.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity be traded lower in short-term as technical correction.

Resistance level: 1578.75, 1608.90

Support level: 1550.30, 1517.65

10 January 2020                   Afternoon Session Analysis

Greenback steady ahead of NFP.

Dollar index which gauge against a basket of six major currency pairs stays firm ahead of Non-Farm Payroll and signing of trade deal. Recently, a series of strong economic data showing an improvement in the U.S service sector, falling unemployment claims and solid private hiring continue to support the strength of the greenback. On trade war, the easing Middle East tension also help further strengthen the demand for the dollar as United States and Iran temporary backed away from further confrontation after recent U.S drone attack that killed a top Iranian military commander. Still, market remains cautious while currently focusing on upcoming payroll and further development to gauge further sentiment on the greenback. At the time of writing, dollar index edge higher 0.05% to 97.07.

In the commodities market, crude oil price remain pressured and fell 0.40% to $59.38 per barrel as of writing as threat in the Middle East recedes. Following the easing tension between U.S and Iran have slowly receded, current market continues to react towards economic growth prospects and increasing U.S crude inventories. On the other hand, gold price also slips 0.32% to $1547.20 at the time of writing as the strength of greenback supported by easing tension continue to diminishing further the appeal of the safe-haven commodities.

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 96.85. MACD which illustrate bullish momentum suggest the index to extend its gains toward the resistance level at 97.25.

Resistance level: 97.25, 97.70

Support level: 96.85, 96.25

GBPUSD, H1: GBPUSD was traded higher following prior rebound near the support level at 1.3035. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward resistance level at 1.3100.

Resistance level: 1.3100, 1.3165

Support level: 1.3035, 1.2965

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1170. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1075.

Resistance level: 1.1170, 1.1240

Support level: 1.1075, 1.1005

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.25. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 109.25.

Resistance level: 109.70, 110.00

Support level: 109.25, 108.95

AUDUSD, H1: AUDUSD was traded higher while currently testing the top level of sideway channel. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the top level at 0.6880.

Resistance level: 0.6880, 0.6925

Support level: 0.6850, 0.6815

NZDUSD, H1: NZDUSD was traded higher following prior rebound form the support level at 0.6600. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6620.

Resistance level: 0.6620, 0.6640

Support level: 0.6600, 0.6570

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

Resistance level: 1.3085, 1.3145

Support level: 1.3020, 1.2960

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 at 0.9725.

Resistance level: 0.9770, 0.9810

Support level: 0.9725, 0.9690

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

Resistance level: 59.70, 60.35

Support level: 58.60, 57.60

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1551.10. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1551.10, 1572.10

Support level: 1539.15, 1530.05

10 January 2020                 Morning Session Analysis

Pound fell amid to dovish statement from BoE.

Pound Sterling slumped yesterday following the Bank of England signals a possible rate cut in future. According to Reuters, Bank of England Governor Mark Carney yesterday claimed that there could be a “relatively prompt response” from the central bank if the course of events urge the UK economy growth goes against their expectation. After such statement, the money markets currently pricing in a 60% chance of a 25-basis point interest rate cut by December, which notched up from the previous expectation of 50% at the end of 2019. On the other hand, pound sterling received a further bearish momentum as the fear of hard-Brexit still remained. The UK Prime Minister Boris Johnson said that he will not ask for an extension of the transition period beyond 2020, while Ursula von der Leyen, the head of the European Commission said that it would be basically impossible to negotiate all aspects of the future relationship between the European Union and UK by the end of this year. Such sentiment had prompted some fears on the hard-Brexit, which spurring a significant sell-off of the Pound Sterling. However, at this time investors need to scrutinize the latest updates with regards of the meeting between UK and EU within this week in order to gauge the likelihood movement for the pair. As of writing, GBP/USD surged 0.04% to 1.3068.

In the commodities market, the crude oil price depreciated by 0.10% to $59.51 per barrel. The oil markets edged lower amid easing tensions in between US and Iran which has dialed down the speculation over possibility of the supply destruction from the Middle East. On the other hand, gold price fell on yesterday amid to risk-on sentiment in the market. Diminishing tension between U.S. and Iran had prompted a shift in sentiment for the investors towards a riskier asset while spurring some sell-off of the safe-haven metal. As of writing, gold price surged 0.02% to $1552.35 per troy ounces.

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 at 96.95. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 97.30, 97.60

Support level: 96.95, 96.65

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3020. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3090.

Resistance level: 1.3090, 1.3175

Support level: 1.3020, 1.2940

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1160. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1075.

Resistance level: 1.1160, 1.1220

Support level: 1.1075, 1.1005

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 109.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.65, 110.55

Support level: 108.75, 107.70

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the support level at 0.6870. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 0.6810.

Resistance level: 0.6870, 0.6915

Support level: 0.6810, 0.6760

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the support level at 0.6620. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6575.

Resistance level: 0.6620, 0.6675

Support level: 0.6575, 0.6525

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3110. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3045.

Resistance level: 1.3110, 1.3180

Support level: 1.3045, 1.2965

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9740. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9740, 0.9810

Support level: 0.9670, 0.9585

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 59.30. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 60.75, 62.45

Support level: 59.30, 57.90

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1547.65. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1582.00, 1608.90

Support level: 1547.65, 1512.25

9 January 2020                   Afternoon Session Analysis

Positive data buoyed the demand for AUD.

Australian dollar rebounds from its lower level over the backdrop of positive economic data as well as diminishing tension in between US and Iran. As of writing, pair of AUD/USD rose 0.15% to 0.6875. According to Australian Bureau of Statistics, Trade Balance for the month of November came in with a higher surplus of 5.80 billion, significantly higher than forecast of 4.15 billion. A sharp recovery in trade is widely due to resources exports while coupled with weaker exchange rate of Australian dollar which helped services exports as well. In addition, the pair received additional bullish support after US and Iran backed away from the brink of conflict in the Middle East. In a speech delivered by US President Donald Trump yesterday, he stated that Washington will retaliate upon Iranian attack on US forces with sanctions and not violence. Likewise, Iran offered no immediate signal to respond further after US assassinate one of its senior military commanders last Friday. However, gains on the Australian dollar remains limited as November’s import contracted by -3%. A contraction in imports spur concerns over domestic consumption which may led to mediocre recovery in inflationary pressure. For the time being, investors will continue to scrutinize upon economic data from Australia as well as geopolitical development in the Middle East to gauge market sentiment.

As for commodities market, crude oil price recovered its losses by 0.12% to $60.06 per barrel. Oil price slumped more than 5% on yesterday following diminishing tension in between US and Iran which has dialed down speculation over possible oil shortage from the Middle East. On the other hand, gold price rebounds by 0.26% to $1,559.78 a troy ounce as investors due to ongoing risks in the market such as Brexit issues in the UK.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

17.30                     GBP                                        BoE Gov Carney Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 97.00. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 97.00, 97.60

Support level: 96.65, 96.15

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.3100. MACD which illustrated increasing bullish momentum suggest the pair to extend its gians toward resistance level at 1.3175.

Resistance level: 1.3175, 1.3225

Support level: 1.3100, 1.3045

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1105. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1140.

Resistance level: 1.1140, 1.1195

Support level: 1.1105, 1.1070

USDJPY, Daily: USDJPY was traded higher following prior break out above the previous resistance level at 108.75. MACD which illustrated diminishing bullish momentum suggest the pair to extend its gains toward resistance level at 109.65.

Resistance level: 109.65, 110.55

Support level: 108.75, 107.70

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.6865. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6915, 0.6965

Support level: 0.6865, 0.6810

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6620. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6675.

Resistance level: 0.6675, 0.6735

Support level: 0.6620, 0.6560

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3045. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3045, 1.3110

Support level: 1.2965, 1.2905

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9740. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9740, 0.9810

Support level: 0.9670, 0.9585

CrudeOIL, Daily: Crude oil price was traded lower following prior breakout below the previous support level at 60.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward the support level at 58.40.

Resistance level: 60.75, 62.45

Support level: 58.40, 56.65

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1552.15. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1582.00, 1608.90

Support level: 1552.15, 1517.65

09 January 2020                   Morning Session Analysis

Dollar soars amid Trump remarks.

Dollar index have climb against its basket of six major rival pairs as latest remarks from Donald Trump signaled de-escalation in conflict with Iran despite recent conflict. According to the latest response, U.S President Donald Trump have stated that the U.S. “will immediately impose additional punishing economic sanctions on the Iranian regime.” The sanctions would remain in force until Iran changes its behavior, he added. Besides that, Trump also emphasized that United States did not necessarily have to respond militarily to Iranian missile attacks on military bases housing U.S. troops in Iraq overnight. As the military response suggested that Trump is seeking to defuse the tension, the remarks have provide relief and eased investors’ concerns for now. At the time of writing, dollar index rose 0.32% to 97.98.

In the commodities market, crude oil price fell 0.17% to $59.85 per barrel as of writing following surprise inventory build. According to the Energy Information Administration (EIA), U.S. crude stockpiles rose by 1.2 million barrels for the week ended Jan. 3. The results were disappointing as market was looking for a decline of 3.6 million barrels. On the other hand, gold price plummets 0.16% to $1557.13 a troy ounce at the time of writing following the temporary de-escalation of tension between Iran and U.S have reduce the appeal for the safe-haven markets.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

17.30                     GBP                       BoE Gov Carney Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 96.95. MACD which illustrate ongoing bullish momentum suggest the dollar to extend its gains after it breaks above resistance level.

Resistance level: 96.95, 97.55

Support level: 96.50, 96.05

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3095. MACD which display bearish bias with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3225, 1.3320

Support level: 1.3095, 1.2965

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1105. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1175, 1.1250

Support level: 1.1105, 1.1045

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 109.20. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a short term technical correction towards the support level 108.45.

Resistance level: 109.20, 109.70

Support level: 108.45, 107.90

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6850. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 0.6925.

Resistance level: 0.6925, 0.6990

Support level: 0.6850, 0.6800

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6640. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 0.6740.

Resistance level: 0.6740, 0.6830

Support level: 0.6640, 0.6565

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3015. MACD which display bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3105.

Resistance level: 1.3105, 1.3185

Support level: 1.3015, 1.2955

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9735. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.9735, 0.9780

Support level: 0.9660, 0.9590

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the support level 60.85. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 58.55.

Resistance level: 60.85, 62.45

Support level: 58.55, 56.30

GOLD_, H4: Gold price was traded lower while currently testing the support level 1555.20. MACD which illustrate bearish momentum signal with the recent formation of death cross suggest commodity to extend its losses after it breaks below the support level.

Resistance level: 1581.50, 1613.40

Support level: 1555.20, 1533.25

8 January 2020                   Afternoon Session Analysis

Safe-haven rose sharply following missile attack.

Market demand for safe-haven assets skyrocketed this morning after Iran launches a rocket attack upon a base hosting US troops in Iraq, heightening tension in between both countries. Investor’s fear over a full-blown war breaking out in the Middle East prompted a large selloff upon risky assets and rushed into safety. According to Reuters, rockets were fired at multiple targets including Iraq’s al Asad airbase which hosts US forces. Pentagon said that the missiles were launched from Iran while Iranian news agency Mehr reported that the attack was launched by Iran’s Islamic Revolutionary Guard Corps. The attack happened a few hours after the funeral service for Iran military commander which were killed by US drone strike at Baghdad International Airport last Friday. Subsequently, White House spokeswoman Stephanie Grisham confirmed that US President Donald Trump was briefed with regards to the attack and they are currently monitoring the situation. Following the missile strike, equities across the globe experienced significant selloff as traders shifts their portfolio into safe-haven such as Japanese Yen, Swiss Franc and gold. As of writing, pair of USD/JPY slumped 0.24% to 108.16 while USD/CHF ticked down 0.03% to 0.9700.

In the commodities market, crude oil price surged more than 2.23% to $64.14 per barrel. Oil futures rose sharply after US said that its forces in Iraq was attacked by Iranian ballistic missiles that raised the prospect of regional conflagration which could lead to oil supply disruption. Similarly, gold price skyrocketed 0.95% to $1,588.70 a troy ounce following higher risk aversion in the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 96.65. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 96.15.

Resistance level: 96.65, 97.20

Support level: 96.15, 95.40

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.3105. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3175

Resistance level: 1.3175, 1.3225

Support level: 1.3105, 1.3055

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1140. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain towards resistance level at 1.1195.

Resistance level: 1.1195, 1.1225

Support level: 1.1140, 1.1105

USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 107.70. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 108.75.

Resistance level: 108.75, 109.65

Support level: 107.70, 106.85

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6850. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6915, 0.6965

Support level: 0.6850, 0.6810

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6620. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6675.

Resistance level: 0.6675, 0.6735

Support level: 0.6620, 0.6560

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3045. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2965.

Resistance level: 1.3045, 1.3110

Support level: 1.2965, 1.2905

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9730. MACD which illustrated diminishing bullish momentum suggest the pair to extend its loses toward support level at 0.9670.

Resistance level: 0.9730, 0.9790

Support level: 0.9670, 0.9585

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 64.55. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 64.55, 66.40

Support level: 62.45, 60.75

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1608.90. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1608.90, 1629.75

Support level: 1582.00, 1552.15

08 January 2020                   Morning Session Analysis

Dollar climbs on positive service data.

Dollar index which traded against a basket of six major currency pairs have rose during early Asian after recent service data suggest that the U.S economy remains on strong footing. According to Institute for Supply Management (ISM), ISM non-manufacturing data for December have improved to 55, surpassed market forecast of 54.5. As the service sector holds roughly 80% of U.S. private-sector gross domestic product (GDP), the upbeat data have since boosting the appeal for the greenback. Dollar index rose 0.31% to 96.97 as of writing. Meanwhile, GBP/USD fell 0.07% to 1.3115 at the time of writing amid dovish comments from BOE’s Carney. According to Financial Times, Governor BOE Mark Carney have emphasized that the central bank rates can still to be cut close to zero. At the same time, the lingering concern in Brexit also exert further pressure for the pound sterling as the members of UK Parliament are now began to debate on UK Prime Minster Boris Johnson’s EU Withdrawal Agreement Bill.

In the commodities market, crude oil price soars 2.68% to $64.38 per barrel at the time of writing following API data and Iran Crisis. According to API, crude stockpiles have dropped by 5.9 million barrels for the week ended Jan. 3. At the same time, the tension in Middle East have provide further catalyst for buyers as Iran have stated that it retaliate with “tens of missiles” at Al Asad airbase that hosted U.S military. On the other hand, gold price also soars 1.42% to $1595.75 a troy ounce at the time of writing as market continue to position themselves in the safe-haven market amid a potential full-blown war in the Iran.

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 96.50. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a technical correction back towards the current support level 96.50.

Resistance level: 96.95, 97.55

Support level: 96.50, 96.05

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3095. MACD which display bearish bias with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

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 1.1175. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.1105.

Resistance level: 1.1175, 1.1250

Support level: 1.1105, 1.1045

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 107.90. MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 108.45, 108.90

Support level: 107.90, 107.40

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6850. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6890, 0.6925

Support level: 0.6850, 0.6805

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6640. MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level 0.6565.

Resistance level: 0.6640, 0.6740

Support level: 0.6565, 0.6500

USDCAD, H4: USDCAD was traded flat while currently testing near the resistance level 1.3010. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower towards the support level 1.2925.

Resistance level: 1.3010, 1.3065

Support level: 1.2925, 1.2865

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9725. MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the pair to extend its retracement towards the support level 0.9650.

Resistance level: 0.9725, 0.9780

Support level: 0.9650, 0.9590

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 64.70. MACD which display bullish bias signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 64.70, 66.25

Support level: 62.45, 60.85

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1589.00. MACD which illustrate bullish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1589.00, 1613.35

Support level: 1556.95, 1533.25

7 January 2020                   Afternoon Session Analysis

Swiss franc in demand as geopolitical tension rises.

Swiss franc received higher demand in the FX market after traders flock into safe-haven assets amid heightened geopolitical tension in between US and Iran. US equities remains under pressure after Tehran vows that they would no longer abide by any limits on enriching its uranium after Washington assassinated General Qasem Soleimani last week. According to US government, Soleimani was actively developing plans to attack US interests in Iraq and Middle East. In retaliation towards Tehran’s comment, US President Donald Trump said that they are ready to strike Iran “in a disproportionate manner” if they retaliate. Rising tension in between both countries has prompted investors to reassess their risk tolerance towards US assets and therefore shifted their focus towards other markets such as EU or Canada. On the other hand, euro extended its gains over the backdrop of optimistic data from the region. For the month of November, Germany’s Retail Sales came in at 2.1%, significantly higher than forecast of 1.1%. Likewise, both its Services and Composite PMI fared better than expected which has provided additional bullish support for the currency. As of writing, pair of USD/CHF ticked down 0.01% to 0.9689 while EUR/USD notched up 0.02% to 1.1192.

As for commodities market, crude oil price depreciates by 0.32% to $62.69 per barrel. Oil futures received some selloff as investors began to realize their profits from recent uptrend. On the other hand, gold price slumped by 0.49% to $1,558.03 a troy ounce following technical correction from its recent high.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 96.55. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 96.55, 97.20

Support level: 95.95, 95.40

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3125. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3210.

Resistance level: 1.3210, 1.3275

Support level: 1.3125, 1.3060

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1195. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1195, 1.1225

Support level: 1.1160, 1.1120

USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 107.70. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 108.75.

Resistance level: 108.75, 109.65

Support level: 107.70, 106.85

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the previous resistance level at 0.6965. However, MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6965.

Resistance level: 0.6965, 0.7020

Support level: 0.6915, 0.6850

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6655. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6755, 0.6825

Support level: 0.6655, 0.6590

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2955. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3045, 1.3110

Support level: 1.2955, 1.2870

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9670. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9730, 0.9790

Support level: 0.9670, 0.9585

CrudeOIL, Daily: Crude oil price was traded lower following prior breakout below the previous support level at 62.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 60.75.

Resistance level: 62.70, 64.80

Support level: 60.75, 58.15

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1588.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1550.10.

Resistance level: 1588.70, 1629.75

Support level: 1550.10, 1517.65

07 January 2020                   Morning Session Analysis

Greenback slumps following further escalation on Middle East tension.

Dollar index which measured against a basket of six major currency pairs have slipped during early Asian session as tension between U.S and Iran continue to dominate the headlines. According to the latest reports, U.S have denied entry to Iran’s Foreign Minister Mohammad Javad Zarif, who was to speak at the United Nation’s (UN) Security Council about the US assassination of Qassem SuleimaniIra. Besides that, news of U.S troops aren’t going to leave Iraq also provide further concern for the market. US Defence Secretary Mark T. Esper have confirmed with the Washington Post that the U.S has not made any decision to leave Iraq. In addition, U.S diplomat also mentioned that the military would “follow the laws of armed conflict” if needs to strike Iranian cultural sites. Market are currently concerned that the escalating tension will turned into a full blown war between nations, thus the ongoing headlines continue to grasp market sentiment. As of writing, dollar index fell 0.23% to 96.25.

In the commodities market, crude oil price slightly jumped 0.10% to $62.95 per barrel at the time of writing as Washington and Tehran continue to exchange strike threats. As Iran is among one of the largest oil producers in the Middle East, which accounts for 40% of the world’s crude supply, market are expecting a tighter supply in the Middle East and feared that a breakout of war will seriously hamper movement of crude from the region to global market. On the other hand, gold price climbs 0.15% to $1564.30 a troy ounce as of writing following the events of U.S and Iran continue to provide support for the demand.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following recent retracement from the resistance level 96.50. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the dollar to extend its retracement towards the support level 96.05.

Resistance level: 96.50, 96.95

Support level: 96.05, 95.60

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3095. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3225.

Resistance level: 1.3225, 1.3320

Support level: 1.3095, 1.2965

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1175. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.1250.

Resistance level: 1.1250, 1.1340

Support level: 1.1175, 1.1105

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 108.45. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 108.45, 108.90

Support level: 107.90, 107.40

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6925. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction in short term towards the resistance level 0.6990.

Resistance level: 0.6990, 0.7040

Support level: 0.6925, 0.6885

NZDUSD, H4: NZDUSD was traded flat while currently testing near the support level 0.6640. However, MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to experience a technical correction towards the resistance level 0.6740.

Resistance level: 0.6740, 0.6830

Support level: 0.6640, 0.6565

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3010. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses towards the support level 1.2925.

Resistance level: 1.3010, 1.3065

Support level: 1.2925, 1.2865

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9650. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9725, 0.9780

Support level: 0.9650, 0.9590

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 62.35. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level 62.35.

Resistance level: 64.55, 66.25

Support level: 62.35, 60.85

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1556.95. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 1589.00, 1613.35

Support level: 1556.95, 1533.25

06 January 2020                 Afternoon Session Analysis

Sterling slumped following the release of negative data.

Pound Sterling slumped following the release of bleak data from the UK region. According to CIPS, U.K Construction Purchasing Managers Index (PMI) notched down from the preliminary 45.3 to 44.4, missing economists forecast of 45.9. The negative data had dialed down the market optimisms toward the economic progression in the United Kingdom, which may prompt an expectation for a further rate cut in future in order to boost the economic growth in UK. Besides that, pound sterling received additional bearish momentum amid to risk-off sentiment in the FX market. The escalation tensions between Iran and the United States has stoked a shift in sentiment toward safe-haven asset while spurring some significant selloff for the risk-sensitive currencies such as pound sterling. Nonetheless, investors would continue to scrutinize the latest updates with regards to the meeting between UK Prime Minister Boris Johnson and EU Commission President, Ursula Von Der Leyen this week in order to obtain further trading signal for the pair as investors believe that the leaders would be discussing the post-Brexit relationship between the two economies in the future during the meeting. As of writing, GBP/USD slumped 0.02% to 1.3080.

In the commodities market, crude oil price rose 2.00% to $64.30 per barrel as of writing. The oil market edged higher following the U.S. crude oil inventories was released. According to Energy Information Administration (EIA), U.S. crude oil inventories came in at -11.463M, lower than the market forecast at -3.288M. Besides that, the crude oil price rose higher as many investors predicted that the escalation of geopolitical risk in the Middle East region is expected to disrupt the crude oil supplies in the future. On the other hand, gold price appreciated by 1.50% to $1574.45 per troy ounces amid diminishing of risk appetite in the FX market.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded within a range while currently testing the resistance level at 96.55. MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 96.55, 97.20

Support level: 95.95, 95.40

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3060. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3125, 1.3210

Support level: 1.3060, 1.3000

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

Resistance level: 1.1160, 1.1185

Support level: 1.1120, 1.1075

USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 107.70. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 108.75, 109.65

Support level: 107.70, 106.85

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level 0.6965. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6915.

Resistance level: 0.6965, 0.7020

Support level: 0.6915, 0.6855

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6665. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6665, 0.6755

Support level: 0.6615, 0.6560

USDCAD, H4: USDCAD was traded within a range while currently testing the support level at 1.2970. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower after it successfully breakout below the support level.

Resistance level: 1.3045, 1.3110

Support level: 1.2970, 1.2900

USDCHF, Daily: 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 0.9730.

Resistance level: 0.9730, 0.9790

Support level: 0.9670, 0.9585

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 64.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 64.80, 66.40

Support level: 62.70, 60.75

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1550.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1588.70.

Resistance level: 1588.70, 1629.75

Support level: 1550.10, 1517.65