Daily Analysis

23 December 2019                            Afternoon Session Analysis

Dollar remains firm as positive sentiment remain dominant.

Dollar index which measured against a basket of six major currency pairs continue to climbs at the start of holiday week as market are currently optimistic towards the U.S economy. On trade war, U.S President Donald Trump have stated on Friday that he had a “very good talk” with Chinese Premier Xi Jinping about the phase one trade deal. Likewise, China’s Ministry of Finance also stated that the country would lower or remove import tariffs on 850 products starting from Jan 1 which include pork, frozen avocado and certain technology products. On the side note, China have also started to make large purchases of U.S. agricultural products. Thus, the ongoing progress between U.S and China have increase the hopes of the market that the two country may have the potential to resolve its trade conflict, thus continue to fuel the strength for the greenback. At the time of writing, dollar index rose 0.04% to 97.21.

In the commodities market, crude oil price remain steady and rose 0.13% to $60.38 per barrel at the time of writing amid positive progress between U.S and China. Following the latest development where President Donald Trump have provide some positive remarks on China and signaled that an agreement would be signed “very shortly”, market remain optimistic about the demand outlook and continue to hold their ground. On the other hand, gold price also held firm and edge higher 0.11% to $1479.49 a troy ounce as investors remain cautious and enter the safe-haven market following market close for the holiday week.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 96.95. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a short-term technical correction towards back the current support level 96.95.

Resistance level: 97.55, 98.20

Support level: 96.95, 96.50

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2965. However, MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to experience a technical correction towards the resistance level 1.3095.

Resistance level: 1.3095, 1.3225

Support level: 1.2965, 1.2830

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1105. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction towards the current resistance level 1.1105.

Resistance level: 1.1105, 1.1175

Support level: 1.1045, 1.0990

USDJPY, H4: USDJPY was traded in a sideway channel while currently testing near the support level 109.25. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 109.70, 110.20

Support level: 109.25, 108.90

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.6885. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.6925.

Resistance level: 0.6925, 0.6990

Support level: 0.6885, 0.6850

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the MA line 20 (red). However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower towards the support level 0.6565.

Resistance level: 0.6630, 0.6710

Support level: 0.6565, 0.6500

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3185. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.3125.

Resistance level: 1.3185, 1.3260

Support level: 1.3125, 1.3065

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9780. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9845.

Resistance level: 0.9845, 0.9915

Support level: 0.9780, 0.9725

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 60.85. MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement towards the support level 59.70.

Resistance level: 60.85, 62.05

Support level: 59.70, 58.60

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1478.50. However, due to lack of momentum and direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1478.50, 1497.00

Support level: 1463.70, 1450.75

23 December 2019                            Morning Session Analysis

Greenback in demand ahead of holiday season.

US dollar extended its gains as other major currencies such as pound sterling and euro received selloff since last Friday. Greenback received higher demand in the market while shrugging off the impeachment of US President Donald Trump as market participants pricing in recently released positive data from the region. For the third quarter, US Gross Domestic Product expended within expectation by 2.1%. The data has confounded any speculation upon US economic slowdown despite ongoing trade war for the past few periods. On the other hand, pound sterling and euro depreciates further as both countries gears up for an extensive negotiation with regards to future trade relations after Brexit. Investors were rather pessimistic with regards to UK-EU negotiation after UK Prime Minister Boris Johnson considers to propose a law that will reject any extension towards the Brexit transition period beyond December 2020. This reduces the amount of time for both countries to negotiate in case a common ground has not been reached by then. As such, this may lead to UK losing access into the EU market which could provoke economic crisis ahead. As of writing, dollar index was up 0.34% to 97.22; GBP/USD was down 0.05% to 1.2997; EUR/USD ticked down 0.01% to 1.1077.

As for commodities market, crude oil price depreciates by 0.01% to $60.44 per barrel. Oil futures received some selloff after US Baker Hughes Oil Rig Count increases by 18 to 685, its largest increase since January 2019. On the other hand, gold price ticked up 0.02% to $1,478.21 a troy ounce as market participants liquidate their equity holdings and purchase safe-haven asset before market closes for Christmas and New Year’s.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing at the resistance of 97.20. MACD which illustrate diminished downward momentum suggests the index to extend its gains after closing above the resistance level.

Resistance level: 97.20, 97.65

Support level: 96.80, 96.20

GBPUSD, Daily: GBPUSD was traded lower following prior retrace from its higher levels. MACD which has formed bearish signal suggests the pair to be traded lower in short-term.

Resistance level: 1.3160, 1.3325

Support level: 1.2940, 1.2765

EURUSD, H4: EURUSD was traded lower following prior closure below 1.1085. MACD which illustrate bearish signal suggests the pair to extend its losses towards the direction of 1.1050.

Resistance level: 1.1085, 1.1110

Support level: 1.1050, 1.1005

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

Resistance level: 109.70, 110.10

Support level: 109.35, 109.00

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

Resistance level: 0.6930, 0.6955

Support level: 0.6885, 0.6865

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

Resistance level: 0.6620, 0.6660

Support level: 0.6570, 0.6540

USDCAD, H4: USDCAD was traded lower following prior retrace from upper level of descending channel. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term.

Resistance level: 1.3145, 1.3170

Support level: 1.3085, 1.3025

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

Resistance level: 0.9840, 0.9885

Support level: 0.9800, 0.9780

CrudeOIL, Daily: Crude oil price was traded lower following prior retrace from its higher levels. MACD which illustrate diminishing upward momentum suggests its price to be traded lower as technical correction.

Resistance level: 60.45, 61.65

Support level: 58.55, 56.65

GOLD_, H4: Gold price was traded lower while currently testing at the support level near 1477.00. MACD which illustrate bearish signal suggests its price to be traded lower after closing below the support level.

Resistance level: 1483.60, 1494.00

Support level: 1477.00, 1464.50

20 December 2019                            Afternoon Session Analysis

AUD ascends as jobs data delivers.

Australian dollar extended its gains since yesterday over the backdrop of optimistic jobs data from the region. According to Australian Bureau of Statistics, Australia’s Employment Change for the month of November came in at 39.9K, significantly higher than forecast of 14.0K. In addition, unemployment rate for last month ticked down by 0.1% to 5.2%. Overall, significant improvement in employment market could lead to a recovery in consumer spending which would ultimately contributes to higher inflationary pressure in the long-run. However, gains on the Australian dollar remains limited as recently released meeting minutes from Reserve Bank of Australia (RBA) suggests imminent rate cut next year if wage growth remains tepid. As of writing, pair of AUD/USD rose 0.17% to 0.6896. On the other hand, the dollar index rebounds by 0.03% to 96.96. On yesterday, US dollar received some bearish pressure after House of Representatives votes in favor to impeach US President Donald Trump over alleged misuse of power. Trump will now face trial in the Senate which would begin next year.

As for commodities market, crude oil price rose 0.05% to $61.16 per barrel. Oil price continues to hover near three-months high as easing trade war risk in between US and China refreshes market outlook towards global economic growth in the long-run. On the other hand, gold price slipped 0.02% to $1,478.68 a troy ounce due to a rebound in US dollar.

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 96.85. MACD which illustrated diminishing bearish 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, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3035. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short term technical correction toward the resistance level at 1.3035.

Resistance level: 1.3035, 1.3085

Support level: 1.2970, 1.2820

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

Resistance level: 1.1170, 1.1240

Support level: 1.1075, 1.1005

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 109.25. MACD which illustrated diminishing bearish momentum suggest the pair to be traded lower after it successfully breakout below the 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 0.6880. MACD which illustrated bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6925.

Resistance level: 0.6925, 0.6965

Support level: 0.6880, 0.6850

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6600. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6625.

Resistance level: 0.6625, 0.6665

Support level: 0.6600, 0.6570

USDCAD, H4: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrated bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.3145.

Resistance level: 1.3145, 1.3210

Support level: 1.3085, 1.3020

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9810. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.9760.

Resistance level: 0.9810, 0.9845

Support level: 0.9760, 0.9690

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 60.80. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 60.80, 61.95

Support level: 59.70, 58.60

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1477.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1484.70.

Resistance level: 1484.70, 1495.50

Support level: 1477.60, 1471.65

20 December 2019                            Morning Session Analysis

Sterling slumped amid to fears on no-deal Brexit

Pound Sterling plunged into two-week lows on Thursday after giving up all its post-election gains on renewed no-deal Brexit fears. Market optimism following the Conservative Party’s decisive win in last week’s general election has reduced after UK Prime Minister Boris Johnson set a hard deadline of December 2020 to agree a trade deal with the European Union. Indeed, according to Reuters, the European leaders reiterated that it would be challenging to agree on a post-Brexit trade deal by the end of 2020, spurring a further uncertainty on the Brexit issue. In addition, Pound Sterling received a further bearish momentum following the bleak data from the UK region was released. According to Office for National Statistics, U.K. Retail sales for the last month notched down from -0.1% to -0.6%, missing the economist forecast at the reading of 0.3%. In addition, the Bank of England kept its interest rates on hold. In fact, they will be eyeing on global growth risk, more stimulus can be anticipated if the course of events urges their economy growth goes again their expectation. On the other hand, dollar index was traded flat on Thursday as investors are still waiting for the release of U.S. gross domestic product data in order to retain further trading signal. As of writing, Pound Sterling surged 0.04% to 1.3010 while dollar index was traded flat at 97.41.

In the commodities market, the crude oil price edged higher yesterday, buoyed by the positive prospect for the trade deal. On the other hand, gold price rose on Thursday as investors sought the safe-haven metal as a hedge against U.S. political uncertainty after President Donald Trump became only the third U.S. President impeached. As of writing, crude oil price depreciated by 0.02% to $61.02 per barrel while gold price slumped by 0.03% to $1478.40 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

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

Resistance level: 97.00, 97.55

Support level: 96.50, 95.90

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2985. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3115, 1.3225

Support level: 1.2985, 1.2880

EURUSD, H4: EURUSD was traded within a range while currently near the support level at 1.1105. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1160, 1.1220

Support level: 1.1105, 1.1045

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.30. However, 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, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6875. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6935.

Resistance level: 0.6935, 0.6985

Support level: 0.6875, 0.6815

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6620. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6620, 0.6680

Support level: 0.6550, 0.6495

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3100. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3145.

Resistance level: 1.3145, 1.3185

Support level: 1.3100, 1.3055

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9805. However, MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses toward support level at 0.9730.

Resistance level: 0.9805, 0.9870

Support level: 0.9730, 0.9670

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 60.25. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 61.60.

Resistance level: 61.60, 63.10

Support level: 60.25, 58.45

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1480.25. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1480.25, 1488.25

Support level: 1473.35, 1465.11

19 December 2019                            Afternoon Session Analysis

Aussie dollar and Kiwi rose amid upbeat data.

The Aussie edged higher following the robust jobs data suggested the country’s labour market might still have enough life in it to lessen the need for more interest rate cuts. According to Australian Bureau of Statistics, Australian Employment Change notched up from the previous reading of -19.0K to 39.9K, exceeding the market forecast at 14.0K. Meanwhile, Australia Unemployment rate came in at 5.2%, lower than the economist forecast at 5.3%. The data were both fared better than expectation, spurring the market optimism towards economic progression in the Australia. On the other hand, The New Zealand dollar rebound from the lower level following the optimistic data from the New Zealand region was released. According to Statistics New Zealand, New Zealand Gross Domestic Product (GDP) for the last quarter notched up from the previous reading of 0.1% to 0.7%, exceeding the economist forecast at 0.6%. However, investors would continue to scrutinize the latest updates with regards of trade war to gauge the likelihood movement for these pairs amid to fear with the escalation of trade tensions still remained as the spectre of a U.S-led tariff war has not completely solved with investors awaiting more details on the “phase one” agreement deal between U.S. and China. As of writing, AUD/USD appreciated by 0.36% to 0.6875 while NZD/USD surged 0.11% to 0.6590.

In the commodities market, crude oil price surged following the U.S. Crude Oil inventories data was released. According to Energy Information Administration, U.S. Crude Oil Inventories notched down from 0.822M to -1.085M. Meanwhile, gold price edged higher amid to trade uncertainty and the renewed fears of hard-Brexit. As of writing, crude oil price appreciated by 0.01% to $60.88 per barrel while gold price surged 0.18% to $1477.70 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

14.30                     JPY                                          BoJ Press Conference

20.00                     GBP                                        BoE MPC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 96.85. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level at 96.85.

Resistance level: 97.25, 97.70

Support level: 96.85, 96.25

GBPUSD, H4: GBPUSD was traded flat near 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, 1.2970

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

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 bearish bias momentum suggest the pair to be traded lower in short term toward the support level at 109.25

Resistance level: 109.70, 110.25

Support level: 109.25, 108.95

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6880. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6880.

Resistance level: 0.6880, 0.6925

Support level: 0.6850, 0.6815

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level at 0.6600. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6600, 0.6625

Support level: 0.6570, 0.6535

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3145. MACD which illustrated bearish bias momentum signal 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 confirmation before entering into the market.

Resistance level: 0.9810, 0.9845

Support level: 0.9760, 0.9690

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 60.80. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 60.80, 61.95

Support level: 59.70, 58.60

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1477.40. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher after it successfully breakout above the resistance level at 1477.40.

Resistance level: 1477.40, 1484.70

Support level: 1471.65, 1464.05

19 December 2019                            Morning Session Analysis

Dollar halts as market awaits impeachment vote.

Dollar index which traded against a basket of six major rival pairs have fell slightly lower during early Asian session as market are waiting for more clarity on Trump impeachment vote. Following the lack of data from the U.S, market are currently influenced by geopolitical headlines and developments pause. In the U.S politics, US House of Representatives is due to vote on articles of impeachment of President Trump which include a two-stage procedure. If the vote succeed, it would lead to the removal of a sitting president. On the same time, the increasing uncertainty of trade war also adding further concern as Donald Trump are preparing to ratchet up its trade war threat against the third target for the year 2020 which is Europe. As of writing, dollar index fell 0.04% to 96.85 at the time of writing. On the other hand, GBP/USD fell 0.06% to 1.3085 at the time of writing despite positive CPI data. According to National Statistics, U.K Core CPI have improved to 1.5%, higher than market expectation of 1.4%. Still, market was unable to regain its confidence as hard Brexit fears continue to dominate the market sentiment following latest surprise move from U.K Prime Minster Boris Johnson that could lead the country to the path of no-deal Brexit.

In the commodities market, crude oil price edge higher by 0.02% to $60.88 per barrel at the time of writing amid crude inventories draw. According to EIA, crude oil inventories have fell by 1.085 million barrels for the week ended Dec. 13. Despite the reading was slightly lower than market expectation with a decrease of about 1.3M, market remains positive on the commodity outlook. On the other hand, gold price remain steady and rose 0.16% to $1477.64 a troy ounce as of writing following safe-haven appeal continue to be supported by the trade uncertainty and renewed Brexit fears.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

14.30                     JPY                                          BoJ Press Conference

20.00                     GBP                                        BoE MPC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 96.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level at 96.85.

Resistance level: 96.85, 97.25

Support level: 96.25, 95.45

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3170. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 1.3035.

Resistance level: 1.3170, 1.3315

Support level: 1.3035, 1.2970

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

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 109.65. MACD which illustrated bearish 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 lower following prior breakout below the previous support level at 0.6850. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the next support level at 0.6815.

Resistance level: 0.6850, 0.6880

Support level: 0.6815, 0.6770

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6570. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 0.6535.

Resistance level: 0.6570, 0.6600

Support level: 0.6535, 0.6490

USDCAD, Daily: USDCAD was traded lower while currently testing near the support level at 1.3145. MACD which illustrated diminishing bearish momentum signal suggest the pair to undergo short term technical correction toward the resistance level at 1.3210.

Resistance level: 1.3210, 1.3265

Support level: 1.3145, 1.3085

USDCHF, H4: USDCHF was traded flat below the resistance level at 0.9810. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 0.9810.

Resistance level: 0.9810, 0.9845

Support level: 0.9760, 0.9690

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 60.80. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses toward the support level at 59.70.

Resistance level: 60.80, 61.95

Support level: 59.70, 58.60

GOLD_, H4: Gold price was traded lower following prior retracement near the resistance level at 1477.40. MACD which illustrated bearish momentum and the formation of death cross suggest the commodity to be traded lower toward the support level at 1471.65.

Resistance level: 1477.40, 1484.70

Support level: 1471.65, 1464.05

18 December 2019                            Afternoon Session Analysis

Dollar index surged amid to positive data from U.S region.

Dollar index edged higher following the optimistic data from the United States regions were released. According to Census Bureau, U.S. Building Permits for last month notched up from 1.461M to 1.482M, exceeding the economist forecast at 1.410M. In addition, U.S. JOLTs Job Openings came in at 7.267M, fared better than the market forecast at 7.018M, reported by Bureau of Labor Statistics. Meanwhile according to Federal Reserve, U.S. Industrial Production for the last month increased from -0.9%, to 1.1%, exceeding the economist forecast at 0.8%. The overall data from the U.S. region which published yesterday were almost fared better than market expectation, dialling up the market optimism towards economic progression in the United States, spurring demand for the dollar index. In addition, dollar index received further bullish momentum amid to trade optimism between U.S. and China. According to Reuters, the “phase one” trade deal between Washington and Beijing is still running smooth. However, the renewed escalation of trade tensions remains a significant risk, with the issue of technology posing an obstacle to full resolution. Indeed, investors have to continue to scrutinize the latest updates with regards of trade news between U.S. and China and the economic data from the U.S. region in order to gauge the likelihood movement for the dollar index. On the other hand, the New Zealand Dollar slumped amid to negative current account data from the New Zealand region. According to Statistics New Zealand, New Zealand Current Account for the last quarter came in at -6.35B, missing the economist forecast at -6.34B. As of writing, the dollar index appreciated by 0.09% to 96.82 while the NZD/USD depreciated by 0.27% to 0.6554.

In the commodities market, crude oil price slumped 0.08% to $60.41 per barrel due to surprising build in crude oil inventories. U.S. API Weekly Crude Oil stock notched up to 4.700M from the previous reading at 1.410M. On the other hand, gold price slumped 0.02% to $1476.00 per troy ounces amid to stronger greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16.30                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 96.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level at 96.85.

Resistance level: 96.85, 97.25

Support level: 96.25, 95.45

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3170. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 1.3035.

Resistance level: 1.3170, 1.3315

Support level: 1.3035, 1.2970

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1170. MACD which illustrated bearish momentum suggest the pair to extend its retracement toward the support level at 1.1075.

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 bearish momentum and the formation of death cross 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 lower following prior breakout below the previous support level at 0.6850. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the next support level at 0.6815.

Resistance level: 0.6850, 0.6880

Support level: 0.6815, 0.6770

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6570. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 0.6535.

Resistance level: 0.6570, 0.6600

Support level: 0.6535, 0.6490

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

Resistance level: 1.3210, 1.3265

Support level: 1.3145, 1.3085

USDCHF, H4: USDCHF was traded flat below the resistance level at 0.9810. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 0.9810.

Resistance level: 0.9810, 0.9845

Support level: 0.9760, 0.9690

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 60.80. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses toward the support level at 59.70.

Resistance level: 60.80, 61.95

Support level: 59.70, 58.60

GOLD_, H4: Gold price was traded higher following prior rebound from the 20 moving average line (Red). However, MACD which illustrated bearish momentum and the formation of death cross suggest the commodity to be traded lower toward the support level at 1471.65.

Resistance level: 1477.40, 1484.70

Support level: 1471.65, 1464.05

18 December 2019                            Morning Session Analysis

Sterling plummeted following renewed Brexit fears.

The pound sterling which traded against the dollar have fell sharply after Boris Johnson announced his latest move on Brexit. On Tuesday, Prime Minister UK Boris Johnson have moved to change the law on Brexit, making it illegal for Britain to continue negotiations with the EU after 2020 despite warning from EU’s chief Brexit negotiator Michel Barnier which stated that making a “comprehensive” free-trade deal would be near impossible by the end of 2020. The move have renewed back fresh risk of a no deal Brexit where if the legislation is implement, UK and EU have only 11 months to struck a trade deal which most people think that is not enough time. And could steer the U.K back towards a hard Brexit. At the same time, disappointing jobs data also added further pressure for the pound as the Average Earning and Claimant Count Change data have shown a weaker reading of 3.2% and 28.8K against 3.4% and 21.2K respectively. At the time of writing, GBP/USD fell 0.25% to 1.3093.

In the commodities market, crude oil price pared its earlier gains and fell 0.09% to $60.46 per barrel at the time of writing following surprise inventory build. According to API, crude oil inventories rose by 4.7 million barrels in its stockpiles for the week ended Dec. 13. On the other hand, gold price remained steady and edge higher 0.02% to $1476.00 as of writing amid global uncertainty such as trade war and renewed fears of Brexit continue to support the price of gold.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16.30                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 96.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level at 96.85.

Resistance level: 96.85, 97.25

Support level: 96.25, 95.45

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3170. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 1.3035.

Resistance level: 1.3170, 1.3315

Support level: 1.3035, 1.2970

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

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 109.65. MACD which illustrated bearish 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 lower following prior breakout below the previous support level at 0.6850. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the next support level at 0.6815.

Resistance level: 0.6850, 0.6880

Support level: 0.6815, 0.6770

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6570. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 0.6535.

Resistance level: 0.6570, 0.6600

Support level: 0.6535, 0.6490

USDCAD, Daily: USDCAD was traded lower while currently testing near the support level at 1.3145. MACD which illustrated diminishing bearish momentum signal suggest the pair to undergo short term technical correction toward the resistance level at 1.3210.

Resistance level: 1.3210, 1.3265

Support level: 1.3145, 1.3085

USDCHF, H4: USDCHF was traded flat below the resistance level at 0.9810. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 0.9810.

Resistance level: 0.9810, 0.9845

Support level: 0.9760, 0.9690

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 60.80. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses toward the support level at 59.70.

Resistance level: 60.80, 61.95

Support level: 59.70, 58.60

GOLD_, H4: Gold price was traded lower following prior retracement near the resistance level at 1477.40. MACD which illustrated bearish momentum and the formation of death cross suggest the commodity to be traded lower toward the support level at 1471.65.

Resistance level: 1477.40, 1484.70

Support level: 1471.65, 1464.05

17 December 2019                            Afternoon Session Analysis

AUD slumped after RBA meeting minutes.

Australian dollar extended its losses following the release of central bank meeting minutes and bearish economic data from the region. As of writing, pair of AUD/USD slumped 0.24% to 0.6868. Australian dollar received bearish pressure after Reserve Bank of Australia’s (RBA) December meeting minutes showed that the board agreed to reassess economic conditions during February meeting. Policymakers said that the current wage growth is not fast enough to attain inflation target which may set lower spending among consumers. The central bank also signals that they would deliver additional stimulus if required. Such signal from RBA sparked pessimism among investors as they may deliver further rate cuts after the reassessment next year. In addition, Australian dollar received additional bearish pressure after Home Loans for the month of October came in at 0.6%, lower than forecasted reading of 1.1%.

As for commodities market, crude oil price depreciates by 0.08% to $60.17 per barrel. However, oil prices continue to hover near three-months high as imminent supply cut from OPEC and diminishing US-China trade tension could help global economy to recover its pace in the near-term. On the other hand, gold price rose 0.03% to $1,476.41 a troy ounce due to weaker greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

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

Resistance level: 96.85, 97.25

Support level: 96.25, 95.45

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3315. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 1.3170.

Resistance level: 1.3315, 1.3425

Support level: 1.3170, 1.3035

EURUSD, H4: EURUSD was traded higher following prior rebound from the 20 moving average line (Red). MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the 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 109.65. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 109.35.

Resistance level: 109.65, 110.25

Support level: 109.25, 108.95

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6880. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6850.

Resistance level: 0.6880, 0.6925

Support level: 0.6850, 0.6815

NZDUSD, H1: NZDUSD was traded flat within the symmetry triangle. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short term.

Resistance level: 0.6600, 0.6625

Support level: 0.6570, 0.6535

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3145. MACD which illustrated bearish momentum signal suggest the pair to extend its gains toward resistance level at 1.3210.

Resistance level: 1.3210, 1.3265

Support level: 1.3145, 1.3085

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9845. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 0.9810.

Resistance level: 0.9845, 0.9885

Support level: 0.9810, 0.9760

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 59.70. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering the market.

Resistance level: 60.80, 63.05

Support level: 59.70, 58.60

GOLD_, H4: Gold price was flat near the resistance level at 1477.65. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short term toward the support level at 1471.65.

Resistance level: 1477.65, 1484.70

Support level: 1471.65, 1464.05

17 December 2019                            Morning Session Analysis

Sterling slumped amid to bleak data from the UK region

The Pound Sterling surged on the early Monday, boosted by last week’s general election victory for the pro-Brexit Conservative party, however, such pair received some bearish momentum following the bleak data from the UK region was released. The win for the Conservative Party enhanced the strength for the pair as the investors perceived that his party had the highest ability to end the Brexit uncertainty, which hurting the economic growth in the UK. However, the gains experienced by the Pound Sterling was limited following the data from the UK regions was published. According to Markit Economics, U.K. Composite Purchasing Managers’ Index (PMI) notched down from 49.3 to 48.5, missing the economist forecast at 49.6. Meanwhile, U.K. Manufacturing Purchasing Managers Index (PMI) came in at 47.4, lower than the market forecast at 49.3 and U.K. Services Purchasing Managers Index (PMI) came in at 49.0, which also fared worse than expectation. However, according to Reuters, market participants still relatively optimistic over the outlook for the pound sterling following the resounding electoral win for the Conservative Party. On the other hand, dollar index was held steady on yesterday, as market participants are still waiting for further details with regards of the U.S.-China trade agreement. As of writing, GBP/USD slumped 0.54% to 1.3255 while dollar index depreciated by 0.03% to 96.55.

In the commodities market, crude price rose yesterday as market participants expected the resolution of trade war may improve the global economic growth, which might prop up future demand for the commodity. On the other hand, gold price received some bearish momentum amid to positive prospect for the US-China trade deal, which spurring some sell-off for the safe-haven metal. As of writing, crude oil price depreciated by 0.13% to $60.03 per barrel while gold price slumped 0.044%% to $1475.15 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 lower following prior breakout below the previous support level at 96.90. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 96.30.

Resistance level: 96.90, 97.35

Support level: 96.30, 95.90

GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.3235. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3490, 1.3685

Support level: 1.3235, 1.2985

EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1160. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1080.

Resistance level: 1.1160, 1.1220

Support level: 1.1080, 1.0995

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 109.35.

Resistance level: 109.65, 109.95

Support level: 109.35, 109.00

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.6860. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6925, 0.6985

Support level: 0.6860, 0.6800

NZDUSD, Daily: NZDUSD was traded higher while currently testing the 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: 0.6600, 0.6660

Support level: 0.6530, 0.6475

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3130. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3185.

Resistance level: 1.3185, 1.3225

Support level: 1.3130, 1.3080

USDCHF, H4: USDCHF was traded within a range while currently near the support level at 0.9810. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9860, 0.9895

Support level: 0.9810, 0.9765

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 58.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 60.70.

Resistance level: 60.70, 62.00

Support level: 58.35, 57.35

GOLD_, H1: Gold price was higher following prior rebound from the support level at 1473.80. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1478.10.

Resistance level: 1478.10, 1482.70

Support level: 1473.80, 1469.55

16 December 2019                            Afternoon Session Analysis

Aussie dollar rose as trade tension diminishes.

Australian dollar hovered near four-months high against the US dollar following optimistic sentiment within the market after US and China agreed upon phase one trade deal. Trade tension between Washington and Beijing cooled off after both parties reached consensus by cancelling some US tariffs upon China while the latter promises to purchase higher quantities of US agricultural products. The last-minute agreement which averted additional US tariffs upon Chinese goods totalling $160 billion refreshes the appeal of Australian dollar and other emerging market currencies while pushing US dollar and safe-haven Japanese yen downwards. As of writing, pair of
AUD/USD rose 0.08% to 0.6881. In the other region, pair of GBP/USD skyrocketed 0.40% to 1.3378 during Asian trading session. Pound sterling continues to receive bullish support after British Prime Minister Boris Johnson won the general election last week with majority of seats that enables him to end the Brexit deadlock which has linger for more than 3 years.

As for commodities, crude oil price rose 0.10% to $59.84 per barrel following diminishing trade tension between US and China which could help to prop up future demand for the commodity. On the other hand, gold price ticked down 0.05% to $1,474.82 a troy ounce due to higher demand for risky assets.

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 after closing below 96.80. MACD which illustrate bearish signal suggests the index to extend its losses, towards the direction of 96.15.

Resistance level: 96.80, 97.20

Support level: 96.15, 95.80

GBPUSD, Weekly: GBPUSD was traded higher while currently testing at the resistance of 1.3390. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the resistance level.

Resistance level: 1.3390, 1.3765

Support level: 1.3130, 1.2865

EURUSD, H1: EURUSD was traded higher following a rebound near the support of 1.1115. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 1.1145, 1.1180

Support level: 1.1115, 1.1085

USDJPY, H1: USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher after closing above the 20-MA line (red).

Resistance level: 109.70, 110.10

Support level: 109.35, 109.00

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the pair to extend its gains after breaking the resistance of 0.6885.

Resistance level: 0.6885, 0.6930

Support level: 0.6865, 0.6845

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the 20-MA line (red). MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.6620, 0.6660

Support level: 0.6570, 0.6540

USDCAD, H4: USDCAD was traded lower following prior retrace from the upper level of descending wedge. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after closing below the support of 1.3170.

Resistance level: 1.3220, 1.3245

Support level: 1.3170, 1.3145

USDCHF, H1: USDCHF remains traded within a sideways channel formation. MACD which illustrate bullish signal suggests the pair to extend its gains in short-term.

Resistance level: 0.9865, 0.9885

Support level: 0.9835, 0.9810

CrudeOIL, Daily: Crude oil price was traded flat near the top level of ascending channel. MACD which illustrate diminished upward momentum suggests the commodity to be traded lower in short-term as technical correction.

Resistance level: 60.45, 61.65

Support level: 58.55, 56.65

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level near 1477.00. MACD which illustrate diminishing bullish momentum suggests its price to be traded lower in short-term.

Resistance level: 1477.00, 1483.60

Support level: 1464.50, 1453.00

16 December 2019                            Morning Session Analysis

Dollar index slumped amid to risk-on sentiment

Dollar index which gauge its value against a basket of six major currencies edged lower on Friday amid to positive prospect for the trade deal between U.S. and China and an election victory for Britain’s Brexit-backing Conservative Party appeared, which stoked a shift in sentiment toward riskier asset and spurred some selloff for the safe-haven asset such as the greenback. According to US officials, the United States had suspended tariffs on Chinese goods due to take effect on yesterday, spurring some hopes upon the resolution of trade war. In addition, a trade deal is expected to be signed the first week of January in Washington. In fact, dollar index received a further bearish momentum following the bleak data from the U.S. region was released on last Friday. According to Census Bureau, U.S. Retail sales for the last month notched down from 0.4% to 0.2%, weaker than the economist forecast at 0.5%. Meanwhile, the U.S. Core retail sales came in at 0.1%, lower than the economist forecast at 0.4%. The data both fared worse than expectation, dialling down the market optimism towards economic progression in the United States, spurring further sell-off for the greenback. As of writing, the Dollar Index depreciated by 0.04% to 97.12 while GBP/USD surged 0.18% to 1.3348 following a resounding election victory for the UK Prime Minister Boris Johnson’s Conservative Party.

In the commodities market, the crude oil price surged 0.05% to $59.72 per barrel. Oil price edged higher as market participants expected the resolution of trade war may improve the global economic growth, which would be spurring the demand for the commodity in the future. On the other hand, gold price slumped 0.09% to $1473.99 per troy ounces amid to trade optimism between U.S. and China, which spurring some sell-off for the safe-haven metal.

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: The dollar index was traded higher following prior breakout above the previous resistance level at 96.95. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 97.35.

Resistance level: 97.35, 97.70

Support level: 96.95, 96.70

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.3490. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3220.

Resistance level: 1.3490, 1.3685

Support level: 1.3220, 1.2985

EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1165. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1080.

Resistance level: 1.1165, 1.1220

Support level: 1.1080, 1.0995

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.40. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 109.40, 109.70

Support level: 109.00, 108.60

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.6860. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6925, 0.6985

Support level: 0.6860, 0.6800

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6600. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6530.

Resistance level:0.6600, 0.6660

Support level: 0.6530, 0.6475

USDCAD, DAILY: USDCAD was traded lower while currently testing the support level at 1.3140. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout the support level.

Resistance level: 1.3200, 1.3265

Support level: 1.3140, 1.3065

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9810. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9860.

Resistance level: 0.9860, 0.9895

Support level: 0.9810, 0.9765

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 58.85. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 60.70, 62.00

Support level: 58.85, 57.35

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1475.60. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1459.25

Resistance level: 1475.60, 1488.25

Support level: 1459.25, 1445.80

13 December 2019                            Afternoon Session Analysis

Sterling skyrocketed following bullish exit polls.

Pound sterling rose to a year high against the US dollar after official exit polls suggested a majority win for the Conservatives. According to the exit polls, Conservatives is expected to win 368 seats while opposition Labor will be taking 191 seats. In addition, 55 seats will be with Scottish National Party while Liberal Democrats is expected to win 13 seats. The early results with a majority win for Conservative will relive almost four years of political uncertainty while facilitating a smooth UK exit from the European Union. On the other hand, Reuters reported that the European Commission Head will be requesting for a mandate from the EU leaders today for next steps in Brexit process. They will monitor whether the UK Parliament will accept the withdrawal agreement in the near future in order to determine the next step. For the time being, investors will continue to wait for the final election results to attain further confirmation. As of writing, pair of GBP/USD skyrocketed 2.50% to 1.3491. In other region, Japanese yen slumped sharply following diminishing risks in terms of trade war and Brexit. On yesterday, US President Donald Trump has signed off phase one trade deal with China, averting 15^th December introduction of US tariffs against $160 billion of consumer goods from China. In the deal presented to Trump, a few highlights include a promise from Beijing to purchase more US agricultural products while Washington agree to remove some tariffs against China. Due to diminished risks, pair of USD/JPY rose 0.22% to 109.54 as of writing.

As for commodities market, crude oil price rose 0.47% to $59.47 per barrel. Oil futures received higher demand following diminishing trade war risk in between US and China which could prop up higher demand for the commodity in the future. On the other hand, gold price slipped 0.05% to $1,468.71 a troy ounce due to higher demand for risky assets.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 96.90. MACD which illustrate ongoing bearish momentum suggest the dollar to extend its losses towards the support level 96.50.

Resistance level: 96.95, 97.55

Support level: 96.50, 96.05

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3485. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 1.3485.

Resistance level: 1.3485, 1.3600

Support level: 1.3385, 1.3295

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1175. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.1175, 1.1250

Support level: 1.1080, 1.0990

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 109.40. MACD which display ongoing bullish bias signal suggest the pair to extend its gains towards the resistance level 109.90

Resistance level: 109.90, 110.65

Support level: 109.40, 109.90

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.6925. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6925, 0.6990

Support level: 0.6885, 0.6850

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6585. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its gains towards the resistance level 0.6650.

Resistance level: 0.6650, 0.6710

Support level: 0.6585, 0.6500

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3185. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.3125.

Resistance level: 1.3185, 1.3260

Support level: 1.3125, 1.3065

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9845. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher towards the resistance level 0.9915.

Resistance level: 0.9915, 0.9980

Support level: 0.9845, 0.9795

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 59.70. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 56.70, 60.85

Support level: 58.55, 57.50

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1463.70. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 1477.90, 1497.00

Support level: 1463.70, 1450.75

13 December 2019                            Morning Session Analysis

Dollar index surged amid trade optimism

Dollar index which gauge its value against a basket of six major currencies jumped to a near two-week high yesterday amid to positive trade deal prospect between U.S. and China. President U.S Donald Trump yesterday wrote in his official Twitter account that: “Getting Very close to a BIG DEAL with China. They want it, and so we do!”. Such positive statement has spurred a very high demand for the dollar index. In addition, according to Reuters, the United States has reached a “phase-one” trade deal in principle with China, a source briefed on talks between the two nations said on Thursday. However, the gains experienced by the dollar index was limited following the bleak data from the U.S. region was released. According to U.S Bureau of Labor Statistics, U.S. Producer Price Index (PPI) for the last month notched down from 0.4% to 0.0%, weaker than the economist forecast at 0.2%. Meanwhile, the U.S. Core Producer Price Index (PPI) for last month came in at -0.2%, worse than the market forecast at 0.2%. Such negative data had dialled down the market optimisms toward economic progression in the United States, spurring some sell-off for the greenback. However, at this time investors would continue to scrutinize the latest updates with regards of trade wars and U.S. economic data in order to gauge the likelihood movement for the dollar index. As of writing, dollar index depreciated by 0.35% to 97.20 while GBP/USD surged 2.37% to 1.3473 following the polls suggested a win for Conservatives Party, which enhancing the positive prospect for the soft-Brexit.

In the commodities market, crude oil price surged 0.37% to $59.42 per barrel. Oil price edged higher as market participants expected the resolution of trade war may improve the global economic growth and the demand towards the commodity. On the other hand, gold price slumped 0.31% to $1464.50 per troy ounces amid to trade optimism news.

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 97.35. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 97.35, 97.55

Support level: 97.15, 96.95

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3320. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3615.

Resistance level: 1.3615, 1.3880

Support level: 1.3320, 1.3010

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1165. 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: 1.1165, 1.1080

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.45. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.45, 109.95

Support level: 108.95, 108.45

AUDUSD, Daily: AUDUSD was traded higher while currently testing 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, 0.6985

Support level: 0.6870, 0.6810

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6600. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6660.

Resistance level: 0.6660, 0.6720

Support level: 0.6600, 0.6540

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3200. MACD which illustrated bearish momentum suggest the pair to extend its losses toward support level at 1.3140.

Resistance level: 1.3200, 1.3265

Support level: 1.3140, 1.3065

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9870. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9870, 0.9900

Support level: 0.9840, 0.9810

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 58.85. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 60.70, 62.00

Support level: 58.85, 57.35

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1473.80. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1461.50.

Resistance level: 1473.80, 1484.25

Support level: 1461.50, 1451.35

12 December 2019                            Afternoon Session Analysis

Pound sterling surged while election looms.

Pound Sterling edged higher on Wednesday despite an opinion poll for Britain’s election that showed that the ruling Conservative Party might fail to win a majority. According Reuters, a closely watched model from pollsters YouGov put Prime Minister Boris Johnson on course to win a majority of 28 in parliament on Thursday, however the result is lower than the forecast of 68 last month. Indeed, a narrowing of the Conservatives leads just a day before the vote has cast some doubt over the expectations of a definitive outcome. In fact, many analyses believed that a win for the main opposition Labor Party could lead to more geopolitical uncertainty in UK, which might be spurring a huge sell-off for the Pound Sterling. However, the Pound Sterling still remained strong yesterday amid to positive expectation of the market participants for the Conservatives to win Britain election. If the Conservatives win, they would pass a withdrawal deal with European Union as soon as possible, ending the 3 and ½ years political uncertainty in UK. At this time, investors would continue to scrutinize the latest outcome for the Britain election today in order to gauge the likelihood movement for the Pound Sterling. As of writing, GBP/USD appreciated by 0.25% to 1.3225 while dollar index slumped 0.38% to 96.98 following the dovish statement provided by the chairman of Fed Jerome Powell with regards of the US economy growth outlook.

In the commodities market, crude oil price surged 0.04% to $58.84 per barrel amid to OPEC forecast a supply deficit for the oil commodity. The Organization of the Petroleum Exporting Countries (OPEC) on yesterday claimed that it is now expected a small deficit in the oil market in the next year, suggesting the market is tighter than previously thought. On the other hand, gold price surged 0.04% to $1475.08 per troy ounces amid to stronger greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:30                     CHF                                         SNB Monetary Policy Assessment

17:00                     CHF                                         SNB Press Conference

Tentative              GBP                                        U.K. General Election

20:45                     EUR                                        ECB Monetary Policy Statement

21:30                     EUR                                        ECB Press Conference

01:30                     CAD                                        BoC Gov Poloz Speaks

(13^th Dec)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 96.95. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 97.55, 98.20

Support level: 96.95, 96.50

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the resistance level 1.3190. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3295.

Resistance level: 1.3295, 1.3405

Support level: 1.3190, 1.3090

EURUSD, H4: EURUSD was traded higher following recent rebound from the support level 1.1080. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1170.

Resistance level: 1.1170, 1.1250

Support level: 1.1080, 1.0990

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 108.45. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to extend it losses after it breaks below the support level.

Resistance level: 109.00, 109.40

Support level: 108.45, 107.90

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.6885. 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: 0.6885, 0.6925

Support level: 0.6850, 0.6805

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6585. 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: 0.6585, 0.6650

Support level: 0.6500, 0.6435

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.3185. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3125.

Resistance level: 1.3185, 1.3260

Support level: 1.3125, 1.3065

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9845. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.9795.

Resistance level: 0.9845, 0.9915

Support level: 0.9795, 0.9725

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 58.55. MACD which illustrate diminishing bearish momentum suggest the commodity to be extend its rebound towards the resistance level 59.70.

Resistance level: 59.70, 60.85

Support level: 58.55, 57.50

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1477.90. MACD which illustrate ongoing bullish momentum suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1477.90, 1497.00

Support level: 1463.70, 1450.75