Daily Analysis

06 January 2020                Morning Session Analysis

Dollar slumped amid pessimistic economic data.

Dollar index which gauge its value against a basket of six major currencies plummeted amid recent economic data showed that US manufacturing sector is still within downturn stage. According to Institute for Supply Management, US ISM Manufacturing PMI data came in at a reading of 47.2, missing the economist forecast at 49.0, factory activity shrinks for the fifth consecutive month while recording the worst drop in more than 10 years. Despite recent de-escalation in trade war between US and China, uncertainties over trade war is still continue to weigh on US economic growth, haunting the economic performance of US region since the beginning of trade war. Besides, recent escalated tensions between US and Iran also tampered the dollar market sentiment even further. After US launched an air strike on Iran last Friday, Iran vowed that they will revenge and retaliate against US. On the other side, US President Donald Trump commented that if Iran really strikes back US, US will definitely hit back Iran ‘very fast and very hard’ while 52 important Iranian Sites have been targeted by US. Besides, Trump also revealed that Iran has been giving a lot of problem to the world for many years, and US wants no more threats, emphasized via twitter. As of writing, dollar index inched down 0.03% to 96.40.

In the commodities market, crude oil price skyrocketed 2.46% to $64.60 per barrel amid heightening of geopolitical tensions in Middle East region expected will significantly disrupt the crude oil supplies. As of now, market are still awaiting for further news regarding to US-Iran’s tensions to determine the direction of crude oil. Besides, gold prices rose 1.72% to $1578.10 a troy ounce as market risk-off sentiment lifted up this yellow metal’s demand.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the 50 moving average line (Blue). MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 96.25.

Resistance level: 96.85, 97.25

Support level: 96.25, 95.45

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3085. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3085.

Resistance level: 1.3085, 1.3165

Support level: 1.3035, 1.2965

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1170. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1170.

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 107.95. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 108.15.

Resistance level: 108.15, 108.45

Support level: 107.95, 107.70

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6925. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6965.

Resistance level: 0.6965, 0.7005

Support level: 0.6925, 0.6880

NZDUSD, H1: NZDUSD was traded lower following prior retracement from the resistance level at 0.6665. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6640.

Resistance level: 0.6665, 0.6695

Support level: 0.6640, 0.6620

USDCAD, H4: USDCAD was traded lower 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 at 1.2970.

Resistance level: 1.3020, 1.3085

Support level: 1.2970, 1.2935

USDCHF, H4: USDCHF was traded flat near the 20 moving average line (Red). MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short term toward the support level at 0.9690.

Resistance level: 0.9725, 0.9775

Support level: 0.9690, 0.9660

CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the resistance level at 64.40. MACD which illustrated bullish momentum suggest the commodity to extend its gains toward the resistance level at 65.45.

Resistance level: 65.45, 66.45

Support level: 64.40, 63.60

GOLD_, H1: Gold price was traded higher following prior breakout above the previous resistance level at 1572.10. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction toward the lower level.

Resistance level: 1591.10, 1611.80

Support level: 1572.10, 1551.10

03 January 2020                   Afternoon Session Analysis

Dollar slumped amid escalating in Middle East tensions.

Dollar index which gauge its value against a basket of six major currencies plummeted after exacerbating of geopolitical risks between US and Iran. According to Iraqi state television, Iranian general Qassem Suleimani has been killed in an air strike at Baghdad International Airport early today. In this round of drone attack, there are total seven people were killed by the missile, blaming US was the country who fired the missile while no immediate comment from US as of now. The death of Iranian general instantly trigger huge demand for safe haven asset as Qassem is the second most powerful person in Iran, believingly that Iranian will protest and retaliate against US while a war seemingly is unavoidable. Back then, tensions between US and China has risen aggressively after US implemented sanctions against Iran crude oil exports due to violation of treaty.  Afterward, the tensions between both countries does not seem to be faded over time while still remain tit-for-tat. However, US Defense Secretary Mark Esper said that ‘the game has changed’ after Iran attacked the U.S. Embassy in Baghdad, US President Donald Trump immediately assigned 750 soldiers to Middle East campsite as a rapid force available for use if war happened. During Asian trading session, dollar index inched down 0.09% to 96.75.

In commodities market, crude oil prices skyrocketed 2.91% to $63.00 per barrel following heightening of geopolitical tensions in Middle East. This round of air strike has escalated the market worries over the disruption of crude oil production in Iran, subsequently reduce the global oil supply. Besides, gold prices rose 0.76% to $1540.20 a troy ounce amid the death of Iranian general Qassem lifted up the market’s risk avoidance sentiment.

Today’s Holiday Market Close

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Today’s Highlight Events

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03:00        USD         FOMC Meeting Minutes

(4^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 96.50. 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.

Resistance level: 96.50, 96.95

Support level: 96.05, 95.60

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3095. MACD which illustrate bearish momentum signal 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 breakout below the support level 1.1175. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses 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 persistent bearish bias signal 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 following prior retracement from the resistance level 0.6990. MACD which display persistent bearish momentum signal suggest the pair to extend its retracement towards the support level 0.6925.

Resistance level: 0.6990, 0.7040

Support level: 0.6925, 0.6885

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6710. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 0.6630.

Resistance level: 0.6710, 0.6785

Support level: 0.6630, 0.6565

USDCAD, H4: USDCAD was traded flat while currently testing near the resistance level 1.3010. However, 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: 1.3010, 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 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 following prior breakout above the previous resistance level 62.35. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 63.75.

Resistance level: 63.75, 66.25

Support level: 62.35, 60.85

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1533.25. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1556.95.

Resistance level: 1556.95, 1589.00

Support level: 1533.25, 1514.00

03 January 2020                 Morning Session Analysis

Pound fall amid fears of the no-deal Brexit.

Pound Sterling recorded its biggest daily dropped in more than two weeks on yesterday amid fear over the risk of a no-deal Brexit at the end of 2020. Earlier, UK Prime Minister Boris Johnson set a hard deadline of December 2020 to reach a new trade deal with the EU, spurring fears of hard-Brexit as investors believed that it would be insufficient time to make an efficient trade deal between both countries. In addition, according to a Bank of England survey that straddled the election, it showed that 42% of respondents did not expect the Brexit uncertainty to be resolved completely until the year of 2021, a significant increase from the previous reading of 34% in November. However, investors would continue to scrutinize the latest official updates with regards of UK and European Union trade negotiations in order to gauge the likelihood movement for the pair. Besides that, Pound Sterling received a further bearish momentum following a bleak data from the UK manufacturing sector was released. According to Markit, U.K. Manufacturing Purchasing Managers Index (PMI) notched down from the previous reading of 48.9 to 47.5, missing the economist forecast at 47.6. As of writing, GBP/USD appreciated by 0.02% to 1.3143.

In the commodities market, crude oil price slumped on yesterday as investors start to worry about the future outlook for the demand for crude oil in the new year. On the other hand, the gold price surged on yesterday as the US-Middle East tension escalated, which weighed on the risk appetite in the FX market while insinuating the demand for the safe-haven metal. As of writing, crude oil price was traded flat at $61.12 per barrel while the gold price slumped 0.04% to $1527.95 per troy ounces.

Today’s Holiday Market Close

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Today’s Highlight Events

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03:00        USD         FOMC Meeting Minutes

(4^rd)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 96.50. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 96.50, 96.95

Support level: 95.95, 95.40

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3125. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3210, 1.3275

Support level: 1.3125, 1.3005

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1165. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1215, 1.1270

Support level: 1.1165, 1.1125

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 108.45. MACD which illustrated increasing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 109.50, 110.45

Support level: 108.45, 107.15

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7020. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6965.

Resistance level: 0.7020, 0.7055

Support level: 0.6965, 0.6925

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6755. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6755, 0.6825

Support level: 0.6665, 0.6600

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2970. However, MACD which illustrated diminishing bearish momentum suggest the pair to be trade higher in short-term as technical correction.

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 0.9750

Resistance level: 0.9750, 0.9805

Support level: 0.9670, 0.9585

CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 61.95. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 60.25.

Resistance level: 61.95, 63.10

Support level: 60.25, 58.45

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1532.40. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1532.40, 1556.85

Support level: 1509.50, 1488.25

02 January 2020                                       Afternoon Session Analysis

Aussie remain tested following weak data.

The Australian dollar which traded against the US dollar continue to hold its ground despite poor data from its main exporting partner China. According to Markit Economics, China Caixin Manufacturing PMI which display the health of China manufacturing sector came in at 51.5, weaker than market expectation of 51.7. Despite that, the Australian dollar continue to exert its resilience against the greenback as recent Australia labor data remains solid while the expectation of a rate cut from Reserve Bank of Australian (RBA) have fell back below 50% for the time being. Investors will now wait for further catalyst in order to determine the pair’s direction in the near term. At the time of writing, AUD/USD edged up 0.02% to 0.7004.

In the commodities market, crude oil price climbs 0.10% to $61.28 per barrel as of writing amid warming trade relations between the U.S and China which have helped eased investor’s concern towards future economic outlook and global demand. Next, gold price climbs 0.21% to $1520.13 a troy ounce at the time of writing as geopolitical risk continue to support the demand of the commodity.

Today’s Holiday Market Close

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Today’s Highlight Events

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03:00        USD         FOMC Meeting Minutes

(3^rd)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level 96.25. MACD which illustrated bearish momentum suggest the index to extend its losses toward support level at 95.45.

Resistance level: 96.25, 96.85

Support level: 95.45, 94.60

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3225. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3165.

Resistance level: 1.3225, 1.3315

Support level: 1.3165, 1.3085

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1240. MACD which illustrated bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.1170.

Resistance level: 1.1240, 1.1300

Support level: 1.1170, 1.1075

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 108.65. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 108.95.

Resistance level: 108.95, 109.25

Support level: 108.65, 108.45

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7005. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 0.6965.

Resistance level: 0.7005, 0.7040

Support level: 0.6965, 0.6925

NZDUSD, H1: NZDUSD was traded lower following prior breakout below the previous support level at 0.6725. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6695.

Resistance level: 0.6725, 0.6750

Support level: 0.6695, 0.6665

USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.2985. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after It successfully breakout above the resistance level at 1.2985.

Resistance level: 1.2985, 1.3020

Support level: 1.2935, 1.2895

USDCHF, H1: USDCHF was traded higher while currently testing the resistance level at 0.9690. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9690.

Resistance level: 0.9690, 0.9725

Support level: 0.9660, 0.9610

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 61.15. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short term.

Resistance level: 62.00, 63.05

Support level: 61.15, 60.10

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1520.25. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1520.25.

Resistance level: 1520.25, 1530.05

Support level: 1513.55, 1507.75

02 January 2020                 Morning Session Analysis

Dollar index fall as trade tension eases.

Dollar index which measures the currency against a basket of rivals slumped on Tuesday amid easing trade tensions between U.S. and China, spurring some risk-on sentiment in the FX market while diminishing the demand for the safe-haven asset such as the Greenback. According to Reuters, U.S. President Donald Trump claimed on Tuesday that the first phase of an American trade deal with China would be signed on 15^th January 2020 at the U.S. White House, though considerable confusions remains about the details of the agreement. Besides that, the dollar index received a further bearish momentum following the bleak data from the United States was released. According to Conference Board, U.S. CB Consumer Confidence notched down from the previous reading of 126.8 to 126.5, missing the economist forecast at 128.2. Such negative data has dialed down the market optimism towards the economic progression in the United States, which spurring some selloff for the Greenback. On the other hand, the trade-sensitive currency such as the New Zealand dollar surged on Tuesday as the acceleration of risk appetite in the FX market with the concern of U.S.-China trade relationship significantly better. However, investors would still continue to scrutinize the latest updates with regards of the U.S.-China trade deal in order to obtain further trading signal until the trade problem has resolved completely. As of writing, the dollar index surged 0.06% to 96.09 while the New Zealand dollar appreciated by 0.21% to 0.6732.

In the commodities market, the crude oil price was traded flat at $61.12 per barrels. The oil market was traded lower on Tuesday as investor worried over the future outlook for crude oil demand in the year of 2020. On the other hand, the gold price surged 0.19% to $1519.30 per troy ounces as of writing amid to weaker greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

03:00        USD         FOMC Meeting Minutes

(3^rd)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 95.95. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 96.50, 96.95

Support level: 95.95, 95.40

GBPUSD, H4: GBPUSD was traded higher after it successfully breakout above the previous resistance level at 1.3225. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3320, 1.3415

Support level: 1.3225, 1.3105

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1220. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1220, 1.1270

Support level: 1.1160, 1.1120

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 108.65. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 108.90.

Resistance level: 108.90, 109.35

Support level: 108.65, 108.45

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7020. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7020, 0.7055

Support level: 0.6965, 0.6925

NZDUSD, Daily: NZDUSD was traded higher while currently near the resistance level at 0.6755. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6755, 0.6825

Support level: 0.6665, 0.6600

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2970. However, MACD which illustrated diminishing bearish momentum suggest the pair to be trade higher in short-term as technical correction.

Resistance level: 1.3045, 1.3110

Support level: 1.2970, 1.2900

USDCHF, H4: USDCHF was traded lower while currently testing the 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: 0.9730, 0.9790

Support level: 0.9670, 0.9585

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 61.15. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 61.95.

Resistance level: 61.95, 63.10

Support level: 61.15, 60.25

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1512.45. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1531.60, 1556.85

Support level: 1512.45, 1488.25

31 December 2019                            Afternoon Session Analysis

Pound stunned amid Brexit remain uncertain.

Pound sterling hovered near 1.3125 level after hitting two weeks high as market worries over Brexit’s future path continue to weigh on this single currency. Prior to now, EU Commission President Ursula von der Leyen revealed that EU may need to extend the deadline for negotiation about a new trade relationship with UK, told the reporter from French daily Les Echos in an interview. Back to 3 weeks ago, Boris Johnson immediately announce to write into law that UK will leave EU before the end of year 2020 after Conservative party won majority seats in the general election, by attempting to block for further extension on transition period. However, it is seemingly that both sides are now should consider wisely whether an extension further talks on future trade deal and other series of issue is needed. A deal should be sealed as soon as possible in order to solve the Brexit issue which has been rattled the UK economic growth for more than 3 years. As of writing, the pair of GBP/USD rose 0.12% to 1.3130. On the other hand, the pair of AUD/USD rose 0.13% to 0.7000 following the release of positive manufacturing data from China. According to China Logistics Information Census, China Manufacturing PMI came in at 50.2, slightly higher than economist forecast of 50.1, indicating China’s manufacturing sector remain resilient as a reading above 50 is a sign of expansion. Thus, the sentiment of Australian dollar turns fragrant as the country performance is positive correlated with China.

In the commodities market, crude oil price fall 0.03% to $61.65 per barrel after hitting 3 month highs level amid investor concern over the future outlook of crude oil demand in year 2020. Besides, there is a report showed that oil market may face lackluster demand and oil glut as market can see robust oil production from US and other major crude oil exporters. Besides, gold price inched up 0.44% to $1521.80 a troy ounce amid January effect, urging the investors shift their portfolio to gold market.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level 96.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 95.95.

Resistance level: 96.50, 96.95

Support level: 95.95, 95.30

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3115. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3225,1.3320

Support level: 1.3115, 1.3005

EURUSD, H4: EURUSD was traded higher while currently near the resistance level at 1.1220. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1220, 1.1270

Support level: 1.1160, 1.1120

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 108.90. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.50.

Resistance level: 108.90, 109.35

Support level: 108.50, 108.00

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6965. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7020, 0.7060

Support level: 0.6965, 0.6915

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6660. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6760.

Resistance level: 0.6760, 0.6825

Support level: 0.6660, 0.6600

USDCAD, Daily: 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, 1.2955

USDCHF, H4: USDCHF was traded lower while currently testing the 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: 0.9730, 0.9790

Support level: 0.9670, 0.9585

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 61.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 61.70, 63.10

Support level: 60.25, 58.45

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1512.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1531.60.

Resistance level: 1531.60, 1556.85

Support level: 1512.45, 1488.25

31 December 2019                            Morning Session Analysis

Dollar index slumped amid to risk-on sentiment.

Dollar index which measures the currency against a basket of rivals suffered its losses for its third straight session amid to risk-on sentiment of investors in FX market. Easing of trade tensions between U.S.-China trade deal has stoked a shift in sentiment toward riskier asset, which sapping the safe-haven currencies such as the Greenback. According to Reuters, The White House’s trade adviser, Peter Navarro said on yesterday that the U.S.-China Phase 1 trade deal would likely be signed in the next week, however he reiterated that the confirmation would still need to come from President Donald Trump or the U.S. Trade Representative. In addition, South China Morning Post reported on Monday that Washington has sent an invitation to Beijing for the signing ceremony while Beijing has accepted it. However, losses experienced by the greenback was limited following the positive data from the U.S. region was released. According to National Association of Realtors, U.S. Pending Home Sales for last month notched up to 1.2% from the previous reading of -1.3%, matching with the economist forecast at 1.2%. Nonetheless, investors continue to fixate upon the ongoing headlines with regards of trade deal issue until the problem has resolved completely in order to gauge the further movement for the Greenback. As of writing, dollar index depreciated by 0.18% to 96.38.

In the commodities market, crude oil price edged higher in the early 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 in future. However, at this time investors would have to keep a close watch on the news with regards of the Middle East following U.S. airstrikes in Iraq and Syria in order to obtain further trading signal for the black commodity. As of writing, crude oil price depreciated by 0.02% to $61.61 per barrels. On the other hand, gold price rose 0.1% to $1515.05 per troy ounces amid weaker greenback.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level 96.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 95.95.

Resistance level: 96.50, 96.95

Support level: 95.75, 95.30

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3115. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3115, 1.3225

Support level: 1.3005, 1.2905

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1220. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1220, 1.1270

Support level: 1.1160, 1.1120

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 108.90. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.50.

Resistance level: 108.90, 109.35

Support level: 108.50, 108.00

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6965. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7020, 0.7060

Support level: 0.6965, 0.6915

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6660. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6760.

Resistance level: 0.6760, 0.6825

Support level: 0.6660, 0.6600

USDCAD, Daily: 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, 1.2955

USDCHF, H4: USDCHF was traded lower while currently testing the 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: 0.9730, 0.9790

Support level: 0.9670, 0.9585

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 61.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 61.70, 63.10

Support level: 60.25, 58.45

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1517.00. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1517.00, 1531.60

Support level: 1488.25, 1462.60

30 December 2019                            Afternoon Session Analysis

Riskier currencies soar as easing of trade tensions.

Other major currencies rose against the dollar recently as the development of trade talk between US and China goes in the favor of market expectation, lifted up the risk-on sentiment of investor in FX market. Recently, China ambassador (Cu Tian Kai) to the United States revealed that Beijing will live up their trade deal commitments which was promised in the earlier trade talk. Prior to now, China has agreed to buy more agriculture products from US local farmers in return with no tariff hiking will be imposed on their goods exported to US, in the hopes of interim deal able to end the trade war issue which has rattled the global economy for more than a year. However, Cu Tian Kai commented that China administration did not confirm that China premier Xi Jin Ping and US leader Donald Trump would meet up, but just saying that both countries trade and economic team are in close contract, in order to finish up the last stage of trade agreement including legal review and translation. Besides, it is noteworthy that the next step of trade development will be phase 2 trade talks, however both sides did not reveal any timetable or comment as of now. During Asian trading session, dollar index plummeted 0.17% to 96.35.

In the commodities market, crude oil price rose 0.10% to $61.70 per barrel as trade optimism and a huge draw in US crude oil inventories level lifted up the positive sentiment of this black commodity market. However, market are still awaiting for more updates from US-China trade talk as it will determine the path of future demand. Besides, gold price appreciated by 0.34% to $1515.70 as phenomenon of tax loss harvesting lifted up the appeal of gold market.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 96.85. MACD which illustrated bearish momentum suggest the index to extend its losses toward the support level at 96.25.

Resistance level: 96.85, 97.25

Support level: 96.25, 95.45

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3085. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3165, 1.3225

Support level: 1.3085, 1.3035

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1170. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1240.

Resistance level: 1.1240, 1.1300

Support level: 1.1170, 1.1075

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.25. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 108.95.

Resistance level: 109.25, 109.70

Support level: 108.95, 108.45

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6965. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 0.6965.

Resistance level: 0.7005, 0.7065

Support level: 0.6965, 0.6925

NZDUSD, H1: NZDUSD was traded lower following prior retracement from the higher level. Due to lack of signal from MACD, it is suggested to wait for further signal to appear before entering the market.

Resistance level: 0.6725, 0.6775

Support level: 0.6695, 0.6865

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3085.However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo short term technical correction toward the resistance level at 1.3085.

Resistance level: 1.3085, 1.3145

Support level: 1.3020, 1.2940

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

Resistance level: 0.9770, 0.9810

Support level: 0.9725, 0.9690

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the upward trend line. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 61.90.

Resistance level: 61.90, 62.35

Support level: 61.10, 60.10

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1513.55. However, MACD which illustrated diminishing bullish momentum and the formation of death cross suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1513.55, 1520.25

Support level: 1507.75, 1501.95

30 December 2019                            Morning Session Analysis

Dollar index fell amid to trade optimism.

Dollar index slumped on last Friday amid to the optimism around prospect for a “phase 1” U.S.-China trade deal, which spurred the investors’ risk appetite in the market while sapping the demand for the safe-haven currencies such as the greenback. According to Reuters, China claimed on Wednesday that it is close to sign a trade-deal with the U.S. soon. On the other hand, the Euro has recovered most of last week’s losses on last Friday amid to market participants started to adjusting their positions in the Euro market before the end of the year amid speculation that the Eurozone economy could be strengthen in the next year. Despite for much of 2019, investors sold the Euro as bleak economy performance in the Eurozone’s, however the recent data from the European region has begun to indicate some signs of the recovery, boosting the hopes that the bloc’s economy will tend to be stronger while insinuating the demand for the Euro. As of writing, the dollar index appreciated by 0.04% to 96.57 while the EUR/USD surged 0.05% to 1.1179.

In the commodities market, the crude oil price appreciated by 0.03% to $61.68 per barrel. The oil market edged higher price following the crude oil inventories data was released. According to Energy Information Administration, the U.S. crude oil inventories notched down from the previous reading of -1.085M to -5.474M, lower than the economist forecast of -1.724M. Such reading indicated that there is a greater demand for the crude oil in the market, which providing further bullish support for the crude oil price. On the other hand, the gold price surged 0.16% to $1512.56 per troy ounces amid investors continued to seek out the safe-haven metal as an insurance for the potential drop in the equity market in the early next year.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level at 96.50. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 96.75.

Resistance level: 96.75, 96.95

Support level: 96.50, 96.30

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3115. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3115, 1.3225

Support level: 1.3005, 1.2905

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1160. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1220.

Resistance level: 1.1220, 1.1285

Support level: 1.1160, 1.1095

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.35. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 109.60, 109.95

Support level: 109.35, 108.90

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6965. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7010.

Resistance level: 0.7010, 0.7050

Support level: 0.6965, 0.6920

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

Resistance level: 0.6720, 0.6775

Support level: 0.6655, 0.6595

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3065. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3135, 1.3220

Support level: 1.3065, 1.3020

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9730. MACD which illustrated increasing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9790, 0.9860

Support level: 0.9730, 0.9670

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 60.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 62.35, 63.70

Support level: 60.70, 58.85

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1517.00. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1517.00, 1535.80

Support level: 1488.45, 1452.15

27 December 2019                            Afternoon Session Analysis

Pound dived amid heightening of Brexit’s uncertainty.

Sterling pound slumped among major currencies amid the future path of Brexit remain unclear, possibility of hard Brexit has been lifted up recently. After Christmas holiday break, market participants has returned back into FX market, worries over a no deal Brexit continue to weigh on the single currency pound. At the moment, pound market sentiment turned sour as UK Prime Minister Boris Johnson was set to use his majority to take a hardline stance in talks with the European Union. After winning the general election with majority seat, Boris Johnson immediately mark his promise by writing into the law that UK will leave the EU in year 2020 and no any extension of transition period in the future. However, markets are seemingly lack of confidence with the decision of Boris Johnson as they doubt that UK might unable to reach a deal with EU in term of trade deal, security and law enforcement within the limited time. As of writing, the pair of GBP/USD inched down 0.04% to 1.2985. On the other hand, the pair of USD/JPY slumped 0.12% to 109.50 amid upbeat economic data from Japan triggered huge buy in pressure on Japanese Yen. According to the announcement of data, Japan Tokyo Core CPI and Industrial Production data came in at 0.8% and -0.9%, stronger than economist forecast of 0.6% and -1.4%, while showing a little bit of improvement in Japan economy condition after loosening their monetary policy for an extended period.

In the commodities market, crude oil price spiked by 0.13% to $61.80 per barrel amid easing of trade tension between two largest economy countries and huge crude oil’s draw which shown in API inventories data continue to weigh on this black commodity. Besides, gold price inched up 0.17% to $1513.80 a troy ounce amid tax loss harvesting practice pushed up the demand of gold.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 97.25. MACD which illustrated diminishing bullish momentum suggest the index to be traded lower toward the support level at 96.85.

Resistance level: 97.25, 97.70

Support level: 96.85, 96.25

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2965. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3035.

Resistance level: 1.3035, 1.3085

Support level: 1.2965, 1.2895

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1075. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1170.

Resistance level: 1.1170, 1.1240

Support level: 1.1075, 1.1005

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.70. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 109.25.

Resistance level: 109.70, 110.25

Support level: 109.25, 108.95

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6925. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6965.

Resistance level: 0.6965, 0.7005

Support level: 0.6925, 0.6880

NZDUSD, H1: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6665. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 0.6665.

Resistance level: 0.6695, 0.6725

Support level: 0.6665, 0.6640

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3145. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 1.3085.

Resistance level: 1.3145, 1.3210

Support level: 1.3085, 1.3020

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9810. Due to lack of signal from MACD, it is suggested to wait for further signal appear before entering into the market.

Resistance level: 0.9810, 0.9845

Support level: 0.9770, 0.9725

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 60.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward the resistance level at 62.35.

Resistance level: 62.35, 63.05

Support level: 60.80, 59.70

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1513.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo short term technical correction toward the support level at 1501.95.

Resistance level: 1513.55, 1530.05

Support level: 1501.95, 1490.35

27 December 2019                            Morning Session Analysis

Yen slumped amid to risk-on sentiment

The U.S dollar rose against the Japanese Yen on Thursday as optimism of easing trade tensions had spurred the risk-on sentiment in the market, which insinuating a sell-off for the safe-haven currencies such as Japanese Yen. According to Reuters, Beijing said on Wednesday that it is in close touch with Washington on a trade deal signing ceremony. Besides that, Japanese Yen received some further sell-off amid to the dovish statement provided by the Bank of Japan. According to Reuters, Bank of Japan Governor Haruhiko Kuroda said on Thursday that the they would be continually eyeing on the economic progression in Japan; However, the central bank would ease the monetary policy further without hesitation if the momentum toward its 2% inflation goal came under threat. On the other hand, the Australian dollar surged yesterday amid to the positive prospect for the resolution of trade war, spurring some demand for the risk sensitive currencies. As of writing, USD/JPY depreciated by 0.05% to 109.54 while AUD/USD surged 0.01% to 0.6945.

In the commodities market, the oil market edged higher on Thursday as market participants expected the resolution of trade war would enhance the global economic growth while spurring the demand for the commodity in the future. In fact, according to American Petroleum Institute (API), the U.S. crude oil inventories declined 7.9 million barrels for the week ending December 20 versus the previous rise of 4.7 million barrels, which also providing some bullish support for the commodity. On the other hand, gold price surged on yesterday as investors continued to seek out the safe-haven metal as an insurance to a potential slide in equity market during the early 2020. As of writing, crude oil price slumped 0.08% to $61.66 per barrels while gold price was traded flat at $1510.88 per troy ounces.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 97.05. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 97.55, 98.15

Support level: 97.05, 96.50

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2950. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3115.

Resistance level: 1.3115, 1.3225

Support level: 1.2950, 1.2835

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1075. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1125.

Resistance level: 1.1125, 1.1160

Support level: 1.1075, 1.1025

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.65. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 109.25.

Resistance level: 109.65, 109.95

Support level: 109.25, 108.90

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6910. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6965.

Resistance level: 0.6965, 0.7020

Support level: 0.6910, 0.6850

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6680. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6680, 0.6725

Support level: 0.6620, 0.6560

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3105. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3165, 1.3220

Support level: 1.3105, 1.3050

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9800. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9870.

Resistance level: 0.9870, 0.9940

Support level: 0.9800, 0.9730

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 60.70. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward the resistance level at 62.60.

Resistance level: 62.60, 63.70

Support level: 60.70, 58.85

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1513.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1513.30, 1531.60

Support level: 1488.25, 1462.60

26 December 2019                            Afternoon Session Analysis

Forex market remain silent following Christmas holiday break.

Dollar index which gauge its value against a basket of six major currencies hovered near the level of 97.25 amid Christmas holiday leaving the market with thinner liquidity. Prior to now, US Trade Representative Robert Lighthizer revealed to the news reporters that both countries high possibly will sign off the first phase trade deal in the first week of January. On China side, Chinese Foreign Ministry spokesman Geng Shuang also commented that both sides economic and trade teams are in the last stage of follow up work, a formal deal agreement will be completed shortly. However, China administration has not confirmed the trade components yet while market are also awaiting for trade deal signing details. At the moment, it is seemingly that market will remain quiet for a certain period of time due to no economic data on tap while waiting for further information in geopolitical development. During Asian trading session, dollar index inched down 0.03% to 97.65.

In the commodities market, crude oil price rose 0.43% to $61.35 per barrel amid trade optimism and news regarding to cooperation between Russia and OPEC on oil production cuts. Nevertheless, market participants are still as usual paying their attention on crude oil inventories data in order to gauge the direction of this black commodity. Besides, gold price soared 0.35% to $1503.60 a troy ounce as market are awaits for more catalyst in post-Christmas.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 97.00. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 97.55.

Resistance level: 97.55, 98,10

Support level: 97.00, 96.50

GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.2940. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3160, 1.3340

Support level: 1.2940, 1.2755

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1075. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1105.

Resistance level: 1.1105, 1.1140

Support level: 1.1075, 1.1050

USDJPY, H4: USDJPY was traded within a range while currently testing the support level at 109.30. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 109.65, 109.95

Support level: 109.30, 108.90

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6925. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6925, 0.6970

Support level: 0.6880, 0.6845

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6785. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6665, 0.6725

Support level: 0.6585, 0.6505

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3120. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3220.

Resistance level: 1.3220, 1.3310

Support level: 1.3120, 1.3045

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9795. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9835, 0.9875

Support level: 0.9795, 0.9750

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 60.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 62.30, 63.70

Support level: 60.70, 58.85

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1488.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction

Resistance level: 1511.00, 1529.25

Support level: 1488.25, 1475.25

26 December 2019                            Morning Session Analysis

Yen slumped amid to positive prospect of trade war

Japanese Yen slumped on Tuesday amid easing trade tension between U.S and China, which stocked a shift in sentiment toward riskier asset while dragged down the appeal of Japanese Yen. According to Reuters, U.S. President Donald Trump claimed on Tuesday that he and Chinese President Xi Jinping will have a signing ceremony to sign the first phase of the U.S.-China trade deal within this month. In fact, Chinese Foreign Ministry spokesman Geng Shuang also reiterated on yesterday that both countries were having a very good negotiation between each other. However, Beijing has not yet confirmed any specific components with regards of the trade deal that were released by U.S. officials. At this time, investors would still continue to scrutinize any updates with regards of the “phase one” trade deal in order to gauge the likelihood movement for the safe-haven until the trade deal is completely signed. As of writing, USD/JPY appreciated by 0.02% to 109.36. On the other hand, the dollar index was traded flat at 97.62 with markets subdued by the holiday break.

In the commodities market, the crude oil price was traded flat at $61.20 per barrel. The oil market edged higher on Tuesday following Russia claimed that they would continue to cooperation with OPEC on supply cuts and amid optimism that the United States and China could finalize a trade agreement soon. On the other hand, gold price skyrocketed on Christmas Eve as investors continued to seek out the yellow metal as an insurance to a potential slide in equity market during the early 2020. As of writing, gold price appreciated by 0.08% to $1499.40 per troy ounces.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 97.00. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 97.55.

Resistance level: 97.55, 98,10

Support level: 97.00, 96.50

GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.2940. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3160, 1.3340

Support level: 1.2940, 1.2755

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1075. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1105.

Resistance level: 1.1105, 1.1140

Support level: 1.1075, 1.1050

USDJPY, H4: USDJPY was traded within a range while currently testing the support level at 109.30. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 109.65, 109.95

Support level: 109.30, 108.90

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6925. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6925, 0.6970

Support level: 0.6880, 0.6845

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6785. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6665, 0.6725

Support level: 0.6585, 0.6505

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3120. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3220.

Resistance level: 1.3220, 1.3310

Support level: 1.3120, 1.3045

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9795. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9835, 0.9875

Support level: 0.9795, 0.9750

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 60.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 62.30, 63.70

Support level: 60.70, 58.85

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1488.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction

Resistance level: 1497.85, 1511.00

Support level: 1488.25, 1475.25

24 December 2019                            Afternoon Session Analysis

Market embraced the holiday spirit following Christmas Eve.

Dollar index which measured against a basket of six major currency pairs have held steady during late Asian session ahead of Christmas. As the market celebrating the Christmas, trading volume have been subdued by the holiday break. However, the greenback remain buoyed as market continue to positively react towards the trade development and signs of solid U.S economy despite thin market. In regards of relationship between U.S and China, the sentiment was mixed as U.S President Donald Trump stated that he have a very “nice talk” with the China and also hinted the possibility of signing trade deal in January. However, on the other hand China criticized U.S. on interfering in its internal affairs on Hong Kong, Taiwan and other matters. The news could regain the tension between the both powerhouses and could reduce the possibility of signing the phase one trade deal. Still, recent economy data that published on Friday showed the U.S. economy, already in its longest expansion in history which continue to supporting the demand for the greenback while market awaits further progress on trade talk next month. At the time of writing, dollar index ticked higher 0.03% to 97.23.

In the commodities market, crude oil price rose 0.06% to $60.56 per barrel as of writing amid lower inventory forecast. According to a preliminary Reuters poll, market expects crude stocks to have fallen by about 1.8 million barrels for last week in the upcoming data, a second week of declines. On the other hand, gold price soars 0.23% to $1488.63 a troy ounce amid geopolitical turmoil and low interest rates.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 97.25. MACD which illustrated starting bullish momentum and the formation of golden cross suggest the index to extend its gains after it successfully breakout above the resistance level at 97.25.

Resistance level: 97.25, 97.70

Support level: 96.85, 96.25

GBPUSD, H1: GBPUSD was traded flat near the 20 moving average line (Red). MACD which illustrate bullish momentum suggest the pair to be traded higher after it successfully breakout above the 20 moving average line (Red).

Resistance level: 1.2965, 1.3035

Support level: 1.2895, 1.2820

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1075. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.1075.

Resistance level: 1.1170, 1.1240

Support level: 1.1075, 1.1005

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 109.70. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 109.25.

Resistance level: 109.70, 110.25

Support level: 109.25, 108.95

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6925. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6880.

Resistance level: 0.6925, 0.6965

Support level: 0.6880, 0.6850

NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.6620. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6620.

Resistance level: 0.6640, 0.6665

Support level: 0.6620, 0.6600

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3145. MACD which illustrated diminishing bearish 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 higher while currently testing the 50 moving average line (Blue). MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the 50 moving average line (Blue).

Resistance level: 0.9845, 0.9885

Support level: 0.9810, 0.9770

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the 50 moving average line (Blue). MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 60.80.

Resistance level: 60.80, 62.35

Support level: 59.70, 58.60

GOLD_, H1: Gold price was traded higher while currently testing near the resistance level at 1490.15. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1490.15.

Resistance level: 1490.15, 1495.50

Support level: 1484.70, 1477.60

24 December 2019                            Morning Session Analysis

Greenback slumped amid to weak data from U.S

Dollar index edged lower following the bleak data from the U.S. region were released. According to Census Bureau, U.S. Core Durable Goods Order for last month unexpectedly notched down from 0.3% to 0.0%, missing the economist forecast at 0.1%. Meanwhile, U.S. New Home Sales came in at 719K, which also lower than the market forecast at 734K. The data were both fared worse than expectation, dialing down market optimism towards economic progression in the United States while insinuating some selloff for the greenback. On the other hand, the Canadian dollar received some bearish momentum yesterday as the disappointed growth data from Canada, weighed on the Canadian dollar. According to Statistics Canada, Canada Gross Domestic Product (GDP) for last month contracted by 0.1%, which came in worse than the market expectation. In fact, these downbeat data indicated the economy growth in Canada as well as United States are still remained weak, which further strengthen the belief that the Central Bank of both countries will cut rates in the near future in order to boost up the economic growth, spurring some sell-off for both of the pairs. As of writing, dollar index depreciated by 0.02% to 97.20 while USD/CAD surged 0.03% 1.3145.

In the commodities market, the crude oil price slumped 0.10% to $60.56 per barrel. The oil market edged lower after Russian Energy Minister Alexander Novak claimed that OPEC+ alliance may consider easing output restrictions at its March meeting. On the other hand, gold price appreciated by 0.04% to $1485.55 per troy ounces amid to weaker greenback.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the resistance level at 97.00. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 97.55.

Resistance level: 97.55, 98.10

Support level: 97.00, 96.50

GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.2985. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2795.

Resistance level: 1.2985, 1.3150

Support level: 1.2795, 1.2610

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1060. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1115.

Resistance level: 1.1115, 1.1160

Support level: 1.1060, 1.1005

USDJPY, H4: USDJPY was traded within a range while currently near the support level at 109.25. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 109.65, 109.95

Support level: 109.25, 108.90

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6930. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6930, 0.6970

Support level: 0.6895, 0.6845

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6600. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6665, 0.6720

Support level: 0.6600, 0.6545

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3155. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3155, 1.3195

Support level: 1.3120, 1.3055

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9785. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9855.

Resistance level: 0.9855, 0.9905

Support level: 0.9785, 0.9720

CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 61.05. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward support level at 58.15.

Resistance level: 61.05, 62.50

Support level: 58.15, 56.35

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1483.80. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1493.05, 1502.10

Support level: 1483.80, 1474.55