Daily Analysis

12 December 2019                            Morning Session Analysis

Cash rate unchanged while uncertainty remained.

Dollar index which gauge its value against a basket of six major currencies dived to the one month low level after Federal Reserve (Fed) decided to maintain its interest rate unchanged while emphasizing that US economy is still remain weak. Due to persistently low inflation, Fed board members agreed that no adjustment should be made as of now, while saying current monetary policy is sufficient enough to support the economy from slowing down. Moreover, the chairman of Fed Jerome Powell also reiterated that US inflation is getting worst while comparing to last year, it’s been a tough challenge for US to catch up their 2% inflation target thus a rate hike is impossible for them at this moment unless they see a persistent and significant rise in inflation. Besides, Jerome Powell was also saying in the press conference that if USMCA deal is enacted, some of uncertainty over the US economy growth could be removed. However, trade gridlock between US and China is still remains as the major ‘poison’ that haunting the US economy outlook. Therefore, Federal Reserve will now continue to eye on the development of trade talk and accessing more economic data in order to determine the most appropriate monetary policy stance for US economy growth. During Asian early trading session, dollar index dipped 0.29% to $97.05.

In the commodities market, crude oil price rose 0.12% to $58.90 per barrel after recording a fall of more than $10 yesterday amid data from EIA showed a stockpile in crude oil inventory level. According to EIA, US crude oil inventories data came in at 0.822M, higher than economist forecast of drawing 2.763M. Otherwise, gold price quoted up 0.02% to $1474.65 due to dovish stance from Federal Reserve with regards to the US economy growth outlook.

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, Daily: Dollar index was traded lower following prior breakout below the previous support level at 97.25. MACD which illustrated bearish momentum suggest the index to extend its losses toward the support level at 96.85.

Resistance level: 97.25, 97.70

Support level: 96.85, 96.50

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.3170. MACD which illustrated bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3170.

Resistance level: 1.3170, 1.3315

Support level: 1.3035, 1.2970

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1075. MACD which illustrated bullish bias 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 higher following prior rebound from the support level at 108.45. However, MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to undergo short term technical correction toward the resistance level at 108.45.

Resistance level: 109.00, 109.40

Support level: 108.45, 107.95

AUDUSD, H4: AUDUSD was traded lower following prior retracement near the resistance level at 0.6880. MACD which illustrated diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 0.6855.

Resistance level: 0.6880, 0.6920

Support level: 0.6855, 0.6815

NZDUSD, H1: NZDUSD was traded lower following prior retracement near the resistance level at 0.6600. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6570.

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 1.3210. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 1.3145.

Resistance level: 1.3210, 1.3265

Support level: 1.3145, 1.3085

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9845. MACD which illustrated bearish bias momentum suggest the pair to extend its losses 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 breakout above the previous resistance level at 58.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 59.70.

Resistance level: 59.70, 60.80

Support level: 58.60, 57.60

GOLD_, H4: Gold price was traded lower following prior retracement from the higher level. However, MACD which illustrate bullish bias momentum suggest the commodity to extend undergo technical correction toward the resistance level at 1480.95.

Resistance level: 1480.95, 1484.70

Support level: 1471.65, 1464.05

11 December 2019                            Afternoon Session Analysis

Greenback edge lower on diminishing hopes of tariff delay.

Dollar index which measured against a basket of six major currency pairs continue to slip during late Asian session as market remain uncertain over whether the U.S would delay its tariff on China imports. Previously, reports from Wall Street Journal suggest that the U.S was mulling a delay for tariff to China. However, White House economic advisor Larry Kudlow have offset the positive news by stated that he could not confirm the delay on the tariff. Without a deal of delay before Dec 15, U.S is firmed to impose tariffs on another $156 billion on Chinese goods which include cellphones, laptops, tablets and more. Thus, the ongoing uncertainty in the progress continue to pressure the dollar sentiment while market awaits further confirmation from U.S. At the time of writing, dollar index fell 0.02% to 97.40 as of writing.

In the commodities market, crude oil price fell 0.34% to $58.88 per barrel as of writing following ongoing pressure from inventory build and tension between U.S and China. Following the recent release from API which showed an increase in inventory build, investors now awaiting for further confirmation from EIA which they are expecting the same for the commodity. Besides that, U.S.-China trade tensions continue to cloud the outlook for the commodity’s demand. On the other hand, gold price edge higher 0.03% to $1463.70 a troy ounce at the time of writing following cautious market ahead of FOMC.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

03.00                     USD                                        FOMC Statement

(12^th Dec)

03.00                     USD                                        FOMC Press Conference

(12^th Dec)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the 20 MA line (red) MACD which illustrated diminishing bearish momentum and the formation of golden cross suggest the index to extend its gains after it successfully breakout above the moving average line.

Resistance level: 97.70, 98.20

Support level: 97.25, 96.85

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.3170. MACD which illustrated diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.3035.

Resistance level: 1.3170, 1.3315

Support level: 1.3035, 1.2970

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1075. MACD which illustrated bullish bias 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 higher while currently testing the 50 moving average line (Blue). MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the moving average line.

Resistance level: 109.00, 109.40

Support level: 108.40, 107.95

AUDUSD, H4: AUDUSD was traded flat neat the resistance level at 0.6815. However, MACD which illustrated bearish bias momentum suggest the pair to be traded lower in short term toward the support level at 0.6770.

Resistance level: 0.6815, 0.6855

Support level: 0.6770, 0.6750

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6535. MACD which illustrated bearish momentum suggest the pair to extend its losses toward support level at 0.6490.

Resistance level: 0.6535, 0.6570

Support level: 0.6490, 0.6460

USDCAD, Daily: USDCAD was traded lower following prior retracement near the resistance level at 1.3265. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3265, 1.3335

Support level: 1.3210, 1.3145

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9845. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9845.

Resistance level: 0.9885, 0.9915

Support level: 0.9845, 0.9810

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the higher level. MACD which illustrated bearish momentum suggest the commodity to extend its losses toward the support level at 58.60.

Resistance level: 59.70, 60.80

Support level: 58.60, 57.60

GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level at 1464.05. MACD which illustrated bearish momentum suggest the commodity to extend its losses toward the next support level at 1458.55.

Resistance level: 1464.05, 1471.65

Support level: 1458.55, 1448.95

11 December 2019                            Morning Session Analysis

Sterling slumped, eyed on Britain election

Pound Sterling slumped despite positive data from the United Kingdom region was released. According to Office for National Statistics, U.K Gross Domestic Product (GDP) for last month came in at 0.0%, exceeding the economist forecast at -0.2%. In addition, U.K. Manufacturing Production for last month notched up from -0.4% to 0.2%, better than the market expectation at 0.1%. However, the overall bearish momentum was mostly due to uncertainty of the Britain’s general election. In fact, despite the polls mostly predict a Conservative Party would win a majority, but some investors would still afraid that such election would lift up some political uncertainty, which might hamper the Pound Sterling. At this time, investors would continue to scrutinize any updates with regards of Brexit to gauge the likelihood movement for Pound Sterling. On the other hand, EUR/USD surged following the optimistic data from the Europe region was released. According to ZEW, Germany ZEW Economic Sentiment notched up from -2.1 to 10.7, better than the economist forecast at 1.1. However, the euro market moves on Tuesday were fairly muted as investors awaited developments from central bank meetings in Europe on Thursday. As of writing, GBP/USD depreciated by 0.25% to 1.3121 while EUR/USD surged 0.02% to 1.1093.

In the commodities market, crude oil price slumped 0.01% to $59.02 per barrel. Crude oil price edged lower following U.S. API Weekly Crude Oil Stock was released. According to American Petroleum Institute, U.S. crude stockpiles rose by 1.14 million for the week ended 6th December 2019. On the other hand, gold price appreciated by 0.04% to $1464.18 per troy ounces amid to trade uncertainty between U.S and China.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 97.35. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 97.55, 97.85

Support level: 97.35, 97.15

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.3175. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3175, 1.3320

Support level: 1.2965, 1.2765

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1080. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1165.

Resistance level: 1.1165, 1.1220

Support level: 1.1080, 1.1010

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 108.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 108.85.

Resistance level: 108.85, 109.10

Support level: 108.65, 108.40

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6795. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6820.

Resistance level: 0.6820, 0.6850

Support level: 0.6795, 0.6775

NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6575. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6515.

Resistance level: 0.6575, 0.6625

Support level: 0.6515, 0.6460

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3265. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3265, 1.3305

Support level: 1.3210, 1.3165

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9855. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 0.9810.

Resistance level: 0.9855, 0.9900

Support level: 0.9810, 0.9770

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 58.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 60.40.

Resistance level: 60.40, 62.75

Support level: 58.55, 56.65

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1466.30. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1459.60.

Resistance level: 1466.30, 1472.75

Support level: 1459.60, 1452.75

10 December 2019                            Afternoon Session Analysis

Sterling surged, eyed on Britain general election.

Pound Sterling remained strong on yesterday, buoyed by opinion polls that point to the ruling Conservative Party winning Britain’s general election. Indeed, such positive sentiment had provided some bullish momentum for the Pound Sterling as investors expected that the three-and-a-half years of political uncertainties would be ended if the Conservative Party winning the Britain’s general election. However, some analysts predicted that the gains experienced by the Pound Sterling could be limited in the future amid a new negotiation of trade deal with European Union would be needed following formally Brexit on 31st January 2020, spurring uncertainties over the UK future economic outlook. At this time, investors would continue to scrutinize the latest economic data and the updates with regards of the Britain’s general election in order to obtain further trading signal and gauge the likelihood movement of the pair. On the other hand, AUD/USD surged following the positive housing data from the Australia region was released. According to Australian Bureau of Statistics, Australia House Price Index (HPI) came in at 2.4%, exceeding the economist forecast at 0.5%. As of writing, GBP/USD appreciated by 0.08% to 1.3152 while AUD/USD surged 0.17% to 0.6832.

In the commodities market, crude oil price slumped yesterday amid to the economic data from China had shown that the Chinese exports declined for a fourth-straight month, weighing on the outlook for the global economy. On the other hand, gold price was traded flat yesterday as investors awaited a fresh development with regards of for trade wars in order to receive further trading signals and gauge the likelihood movement of the safe-haven asset. As of writing, crude oil price surged 0.07% to $58.91 per barrels and gold price depreciated by 0.09% to $1460.21 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 97.55. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 98.20, 98.90

Support level: 97.55, 96.95

GBPUSD, H4: GBPUSD was traded in sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 1.3090.

Resistance level: 1.3190, 1.3295

Support level: 1.3090, 1.2970

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1080. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.1080.

Resistance level: 1.1080, 1.1170

Support level: 1.0990, 1.0925

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 108.65. 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 108.65.

Resistance level: 108.65, 109.05

Support level: 108.25, 107.90

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.6825. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses after it breaks below the support level 0.6825.

Resistance level: 0.6880, 0.6925

Support level: 0.6825, 0.6770

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6585. However, MACD which illustrate bearish momentum signal suggest the pair to experience a technical correction in short term towards the support level 0.6500.

Resistance level: 0.6585, 0.6650

Support level: 0.6500, 0.6435

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3260. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.3185.

Resistance level: 1.3260, 1.3320

Support level: 1.3185, 1.3125

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9915. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 0.9845.

Resistance level: 0.9915, 0.9980

Support level: 0.9845, 0.9800

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 58.55. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to be traded lower in short term towards the support level 58.55.

Resistance level: 59.70, 60.85

Support level: 58.55, 57.50

GOLD_, H4: Gold price was traded flat near the resistance level 1463.70. However, MACD which display diminishing bearish momentum signal suggest the commodity to be traded higher after it breaks above the resistance level 1463.70.

Resistance level: 1463.70, 1497.00

Support level: 1450.75, 1432.40

10 December 2019                            Morning Session Analysis

Will US and China able to achieve consensus?

Greenback edged lower on Monday amid uncertainty over the ability of US and China in finalizing a partial trade deal before the deadline at the end of the week. As of writing, the dollar index fell 0.05% to 97.56 against six major currencies. Earlier, China commented that they would like to achieve a trade deal as soon as possible prior to the December 15^th deadline whereby US is slated to impose tariffs upon $156 billion Chinese imports. The phase one trade deal was held back after US and China both unwilling to give into each other’s demand. Beijing requested Washington to roll back prior imposed tariffs upon China. On the other hand, Washington demanded China to purchase a specific amount of US agricultural products. For the time being, investors will continue to monitor trade negotiation in between US and China to attain more market signals. On the other hand, pair of EUR/USD rose 0.02% to 1.1064 following bullish data from yesterday. For the month of October, Germany’s Trade Balance came in at 20.6 billion, slightly higher than forecast of 19.0 billion.

As for commodities, crude oil price dipped 0.01% to $58.87 per barrel. Oil prices edged lower as market participants concerned over the ability of US and China in achieving a partial trade deal which may affect global economic growth and its demand towards the commodity. On the other hand, gold price was traded flat at $1,461.80 a troy ounce while traders wait for more signals from the US and China trade negotiation.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the index to extend its gains after closing above 97.60.

Resistance level: 97.60, 97.80

Support level: 97.35, 97.15

GBPUSD, Weekly: GBPUSD was traded higher while currently testing at the resistance of 1.3165. MACD which illustrate bullish signal suggests the index to extend its gains after breaking the resistance level.

Resistance level: 1.3165, 1.3450

Support level: 1.2880, 1.2530

EURUSD, H4: EURUSD 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: 1.1085, 1.1115

Support level: 1.1050, 1.1010

USDJPY, H4: USDJPY was traded lower following prior retracement from the 20-MA line (red). MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 108.90, 109.35

Support level: 108.50, 107.90

AUDUSD, H1: AUDUSD was traded lower following prior closure below the support of 0.6820. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 0.6810.

Resistance level: 0.6820, 0.6840

Support level: 0.6810, 0.6800

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

Resistance level: 0.6570, 0.6615

Support level: 0.6540, 0.6510

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level. MACD which illustrate increasing bullish momentum suggests the pair to be traded higher in short-term.

Resistance level: 1.3280, 1.3310

Support level: 1.3220, 1.3170

USDCHF, H4: USDCHF was traded lower following prior closure below 0.9890. MACD which begins to form bearish signal suggests the pair to extend its losses, towards the direction of 0.9850.

Resistance level: 0.9890, 0.9920

Support level: 0.9850, 0.9810

CrudeOIL, H4: Crude oil price was traded lower following prior retrace from its higher levels. MACD which begins to form bearish signal suggests its price to be traded lower in short-term.

Resistance level: 59.60, 60.20

Support level: 58.55, 58.00

GOLD_, H4: Gold price was traded higher following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggests its price to be traded higher in short-term.

Resistance level: 1472.00, 1483.60

Support level: 1453.00, 1442.90

9 December 2019                              Afternoon Session Analysis

Dollar on pullback amid lingering concern of trade war.

The greenback which traded against a basket of six major currency pairs have fell as market remains concern about escalation in trade war despite strong U.S jobs market. Last week, dollar index soars after data surprise global market with its upbeat reading from Non-Farm Payroll and unemployment rate. However, the potential upside for the currency remains limited by worries about an escalation in the U.S.-China trade war. Investors are currently making assumption that the new tariff which take effect from Dec 15 whether it will be dropped or at least postponed, given that Washington and Beijing agreed in October to work on a trade deal. But, White House economic advisor Larry Kudlow have recently stated that the Dec. 15 deadline to impose the new tariffs remains in place, but added that President Donald Trump likes where trade talks with China are going. Due to the ongoing uncertainty, investors are now awaiting for further news and confirmation in order to determine further direction for the dollar. At the time of writing, dollar index fell 0.02% to 97.62.

In the commodities market, crude oil price tumbled 0.34% to $58.91 per barrel at the time of writing as weak export data from China adding further concern about the demand for the commodity. According to the customs data, exports from China in November fell 1.1% from a year earlier, a sharp reversal from expectations for a 1% increase in a Reuter’s poll of analysts. On the other hand, gold price rose 0.02% to $1459.55 a troy ounce as of writing following amid gains from dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 97.55. MACD which illustrate ongoing bullish momentum suggest the dollar to extend its gains towards the resistance level 98.20.

Resistance level: 98.20, 98.90

Support level: 97.55, 96.95

GBPUSD, H4: GBPUSD was traded higher following recent rebound from the support level 1.3090. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower in short term towards the support level 1.3090.

Resistance level: 1.3190, 1.3295

Support level: 1.3090, 1.2970

EURUSD, H4: EURUSD was traded lower following recent breakout below the previous support level 1.1080. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.0990.

Resistance level: 1.1080, 1.1170

Support level: 1.0990, 1.0925

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 108.65. However, due to lack of clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 108.65, 109.05

Support level: 108.25, 107.90

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.6825. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.6825.

Resistance level: 0.6880, 0.6925

Support level: 0.6825, 0.6770

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6585. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6500.

Resistance level: 0.6585, 0.6650

Support level: 0.6500, 0.6435

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3260. 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: 1.3260, 1.3320

Support level: 1.3185, 1.3125

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9915. MACD which illustrate ongoing bullish momentum suggest the pair to extend its gains after it breaks above the resistance level 0.9915.

Resistance level: 0.9915, 0.9980

Support level: 0.9845, 0.9800

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 59.40. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its retracement toward the support level at 58.55.

Resistance level: 59.40, 60.85

Support level: 58.55, 57.50

GOLD_, H4: Gold price was traded lower following recent breakout below the previous support level 1463.70. MACD which illustrate ongoing bearish momentum suggest the commodity to extend its losses towards the support level 1450.75.

Resistance level: 1463.70, 1497.00

Support level: 1450.75, 1432.40

9 December 2019                              Morning Session Analysis

Greenback rebound amid positive jobs data

Dollar index rebounded on last Friday following five straight days of losses amid to data from the United Stated region which showing that the U.S economy created many more jobs than expected for last month. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls came in at 266k, exceeding the economist forecast at 186k. Meanwhile, U.S. Unemployment rate notched down to 3.5%, lower than the economist forecast at 3.6%. Both data fared better than the economist expectation, spurring the market optimism towards the economic progression in the United Stated and supporting the Federal Reserve’s stance of keeping interest rates on hold after cutting them three times this year. On the other hand, Canadian dollar slump following the bleak data was released from the Canada region on last Friday. According to Statistics Canada, Canada employment change came in at -71.2k, worse than the market expectation at 10.0k. As of writing, dollar index depreciated by 0.01% to 97.59 while USD/CAD surged 0.01% to 1.3256.

In the commodities market, crude oil price skyrocketed on last Friday following OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020. Indeed, Saudi Energy Minister Prince Abdulaziz bin Salman reiterated that the kingdom, the world’s largest oil exporter and OPEC’s defacto leader, would continue a voluntary cut of 400,000 barrels per day. Indeed, crude oil price received further bullish momentum as the initial public offering of Saudi Arabia’s state-owned oil company, Saudi Aramco, which priced its shares on Thursday at the top of an indicated range. On the other hand, gold price slumped amid to positive U.S. jobs reports. As of writing, crude oil price slumped 0.17% to $59.01 per barrels while gold price depreciated by 0.03% to $1458.95 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 97.75. However, MACD which illustrated increasing bullish momentum suggests the index to be traded higher in short-term as technical correction.

Resistance level: 97.75, 97.95

Support level: 97.55, 97.30

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

Resistance level: 1.3160, 1.3320

Support level: 1.2965, 1.2765

EURUSD, Daily: EURUSD was traded lower following prior breakout below the support level at 1.1080. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1010.

Resistance level: 1.1080, 1.1165

Support level: 1.1010, 1.0955

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 108.65. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 108.45.

Resistance level: 108.65, 108.85

Support level: 108.45, 108.25

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6825. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6850, 0.6875

Support level: 0.6825, 0.6795

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6505. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6595, 0.6680

Support level: 0.6505, 0.6425

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3265. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3265, 1.3325

Support level: 1.3210, 1.3160

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9900. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9900, 0.9945

Support level: 0.9850, 0.9805

CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 59.50. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 59.50, 60.80

Support level: 58.20, 56.70

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1459.05. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1464.75.

Resistance level: 1464.75, 1471.35

Support level: 1459.05, 1451.70

6 December 2019                              Afternoon Session Analysis

Greenback remains in decline amid weak data expectation.

The dollar index which measured against a basket of six major currency pairs have slipped during late Asian session as market remains cautious against mixed signal on U.S economy. As Non-Farm Payroll data to be released later today, investors are fretted that the U.S job numbers could fail to deliver an expected rebound. At the same time, the sentiment are also limited by the progress of trade talk where U.S. President Donald Trump stated that a deal only could be made after 2020 election. The latest round of U.S tariff are about to take effect on Dec 15 and investors are currently expecting the possibility of both countries achieve trade deal are highly unlikely due to the increasing tension. Market are now currently awaiting for the data to further determine the direction for the market. At the time of writing, dollar index fell 0.03% to 97.28.

In the commodities market, crude oil price fell 0.14% to $58.40 per barrel as of writing amid latest sources stated that Saudi Arabia denies pushing OPEC allies to commit to a deeper round of production cuts. On the other hand, gold price edge higher by 0.02% to $1475.25 a troy ounce at the time of writing as trade bleak, political pessimism and weak USD favor the commodity buyer.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 97.25. MACD which illustrate bearish momentum and the formation of death cross suggest the dollar to extend its losses after it successfully breakout below the support level at 97.25.

Resistance level: 97.70, 98.20

Support level: 97.25, 96.85

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.3170. MACD which display bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3170.

Resistance level: 1.3170, 1.3315

Support level: 1.3035, 1.2970

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1075. MACD which illustrate bullish momentum signal suggest the pair to be traded higher 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 20 moving average line (Red). MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 108.40.

Resistance level: 109.00, 109.40

Support level: 108.40, 107.95

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower level. MACD which display diminishing bearish momentum signal suggest the pair to extend its rebound toward the resistance level at 0.6855.

Resistance level: 0.6855, 0.6880

Support level: 0.6810, 0.6770

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6535.  MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6570.

Resistance level: 0.6570, 0.6600

Support level: 0.6535, 0.6490

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3210. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its losses toward the next support level at 1.3145.

Resistance level: 1.3210, 1.3265

Support level: 1.3145, 1.3085

USDCHF, H1: USDCHF was traded lower following prior retracement from the 50 moving average line (Blue). However, MACD which illustrate diminishing bearish momentum with the starting formation of gold cross suggest the pair to undergo technical correction toward the resistance level at 0.9885.

Resistance level: 0.9885, 0.9915

Support level: 0.9850, 0.9810

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level near at 58.60. MACD which illustrate bearish momentum suggest the commodity to extend its losses toward the support level at 57.60.

Resistance level: 58.60, 59.70

Support level: 57.60, 56.75

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1471.65. However, MACD which illustrate bearish signal with the formation of death cross suggest the commodity to undergo technical correction toward the support level at 1471.65.

Resistance level: 1480.95, 1484.70

Support level: 1471.65, 1464.05

6 December 2019                              Morning Session Analysis

Greenback extended losses prior to NFP.

US dollar extended its losses on Thursday following recent bleak data from the region as well as higher demand for other major currencies. The dollar index was quoted down 0.27% to 97.30. As of recent, several major economic data such as ISM Manufacturing and Non-Manufacturing PMI exudes possible recessive risks if its downward trend persists into the future. Current market sentiment turned sour as they anticipate a lower reading of Nonfarm Payrolls for last month after ADP portrays significantly low job creations in the private sector. However, losses on the US dollar were limited after Initial Jobless Claims for last week came in at 203,000 individuals, slightly lower than forecasted reading of 215,000 individuals. On the other hand, pair of GBP/USD rose 0.03% to 1.3159 during Asian trading session. Investor’s continue to place higher bets upon the sterling as they anticipate Conservative Party to win the upcoming general election with majority in the parliament. Such victory would significantly reduce Brexit risk which has linger for more than 3 years and help to facilitate a smooth Brexit proses after the election.

As for commodities market, crude oil price was traded flat around $58.28 per barrel. Oil prices continues to be traded within a tight range as market participants anticipates for the final outcome of OPEC meeting that is expected to be announced later today. On the other hand, gold price rose 0.04% to $1,474.06 a troy ounce due to weaker US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout at 97.35. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 97.15.

Resistance level: 97.35, 97.60

Support level: 97.15, 96.95

GBPUSD, Weekly: GBPUSD was traded higher while currently testing at 1.3130. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the level of 1.3130.

Resistance level: 1.3130, 1.3390

Support level: 1.2870, 1.2540

EURUSD, H4: EURUSD was traded higher following prior closure above 1.1075. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 1.1115.

Resistance level: 1.1115, 1.1145

Support level: 1.1085, 1.1050

USDJPY, H4: USDJPY was traded lower following prior closure below 108.90. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term.

Resistance level: 108.90, 109.35

Support level: 108.50, 107.90

AUDUSD, H1: AUDUSD remains traded within a narrowing triangle. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

Resistance level: 0.6840, 0.6860

Support level: 0.6820, 0.6800

NZDUSD, H1: NZDUSD was traded lower following prior retracement from 0.6550. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.

Resistance level: 0.6550, 0.6570

Support level: 0.6510, 0.6445

USDCAD, H4: USDCAD was traded higher following prior rebound from the support of 1.3170. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 1.3220, 1.3280

Support level: 1.3170, 1.3145

USDCHF, H4: USDCHF was traded lower following prior closure below 0.9885. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.

Resistance level: 0.9885, 0.9920

Support level: 0.9850, 0.9810

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

Resistance level: 58.55, 59.60

Support level: 58.00, 57.50

GOLD_, H4: Gold price was traded flat near the support of 1472.00. MACD which begins to form a bearish signal suggests its price to be traded lower in short-term after closing below 1472.00.

Resistance level: 1483.60, 1494.00

Support level: 1472.00, 1453.00

5 December 2019                              Afternoon Session Analysis

Canadian dollar skyrocketed, cash rate unchanged.

The single currency of Canada surged, forcing the pair of USD/CAD plunged to one month low level after Bank of Canada (BoC) remains its interest rate at 1.75% unchanged, similar to majority market participants forecast. The bullish momentum take into effect on Canadian dollar after BoC released a hawkish tilt monetary statement. According to Bank of Canada’s Statement, board of BoC members maintain its interest rate at 1.75% as the projection of global economic outlook is still remain positive, expecting that the economy will able to catch up its potential inflation rate which is 2% over next few years. Besides, financial sector also being supported well by the central bank at the moment while ongoing trade tensions and global uncertainties continue to haunt the development of economy. During Asian trading session, the pair of USD/CAD quoted down 0.08% to 1.3190. On the other hand, the pair of AUD/USD dipped after Retail Sales data disappoints the Aussie market. According to Australian Bureau of Statistic, the data came in at 0.0%, missing the economist forecast of 0.3% while indicating consumer spending has been weakened and economic activity is still being affected by the global uncertainty risk. As of writing, AUD/USD inched down 0.07% to 0.6845.

In the commodities market, crude oil price plummeted 0.31% to $58.15 per barrel after rising for more than $23 yesterday amid a sharp decline in crude oil inventories level and recent news shows that OPEC+ may further cut their oil production by additional 0.40 million barrel per day. As of now, investors are eye on the two days meeting in Vienna which hosted by OPEC in order to gauge the further direction of this black commodity. Besides, gold price rose 0.08% to $1475.00 a troy ounce amid weakening of risk appetite.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 97.70. However, MACD which illustrate diminishing bearish momentum suggest the dollar to experience a technical correction towards the resistance level 97.70

Resistance level: 97.70, 98.20

Support level: 97.25, 96.85

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3035. MACAD which display bullish momentum suggest the pair to extend its gains toward the next resistance level at 1.3170.

Resistance level: 1.3170, 1.3315

Support level: 1.3035, 1.2970

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1075. MACD which illustrate bullish momentum signal suggest the pair to be traded higher toward 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 rebound from the support level at 108.40. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its gains towards the resistance level 109.00.

Resistance level: 109.00, 109.40

Support level: 108.40, 107.95

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6855. MACD which display diminishing bullish momentum signal suggest the pair to be traded lower in toward the support level at 0.6810.

Resistance level: 0.6855, 0.6880

Support level: 0.6810, 0.6770

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the higher level. However, MACD which illustrate ongoing bullish momentum signal suggest the pair to undergo technical correction toward the resistance level at 0.6570.

Resistance level: 0.6570, 0.6600

Support level: 0.6535, 0.6490

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3210. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its losses toward the next support level at 1.3145.

Resistance level: 1.3210, 1.3265

Support level: 1.3145, 1.3085

USDCHF, H1: USDCHF was traded lower following prior breakout below the previous support level at 0.9885. MACD which illustrate diminishing bearish momentum with the starting formation of death cross suggest the pair to extend its losses toward the support level at 0.9850.

Resistance level: 0.9885, 0.9915

Support level: 0.9850, 0.9810

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 58.60. MACD which illustrate bearish momentum suggest the commodity to extend its losses toward the support level at 57.60.

Resistance level: 58.60, 59.70

Support level: 57.60, 56.75

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1471.65. However, MACD which illustrate bearish signal with the starting formation of death cross suggest the commodity to undergo technical correct in short term.

Resistance level: 1480.95, 1484.70

Support level: 1471.65, 1464.05

5 December 2019                              Morning Session Analysis

Dollar remains low amid weak data, pound soars.

The dollar index which measured against a basket of six major currency pairs have dipped slightly during early Asian session on Thursday following disappointing figure from private payrolls and ongoing trade developments. According to Automatic Data Processing (ADP), private payrolls in the U.S have fell to a six month low in November with the reading of only 67K, missing economist forecast of 140K. Besides that, ISM Non-Manufacturing PMI also shown a weaker than expected reading of 53.9 against market forecast of 54.5. Therefore, market continue losing confidence towards the economic outlook in the U.S, causing the greenback to remain pressured. Moreover, ongoing development in trade war also caused deterioration in investor’s confidence as Wilbur Ross recent stated that if there is no deal or substantial progress in talks before Dec. 15, tariffs on remaining Chinese imports, including cell phones, laptop computers and toys, will take effect. Dollar index fell 0.14% to 97.52 as of writing. On the other hand, GBP/USD rose 0.09% to 1.3108 at the time of writing following the increasing expectation of election victory. According to various opinion polls, the results have consistently put Boris Johnson’s Tories ahead of the left-wing Labour Party by a margin of between 9 and 12 points which increased the expectation that the general election on Dec. 12th will return the Conservative Party to power with a healthy majority. Thus, the news triggered a huge demand for pound sterling.

In the commodities market, crude oil price settled up 0.17% to $58.42 per barrel as of writing amid a decline in oil stockpiles. According to the latest data by EIA, U.S. crude inventories fell by 4.86 million barrels for the week ended Nov. 29, compared with expectations for a drop of 1.73 million barrels. The data since have provided further confirmation on supply drop after recent release from API, thus, boosting further the demand for the black commodity. Next, gold price fell 0.05% to $1475.43 a troy ounce at the time of writing amid returned risk-on sentiment after U.S tout China to talk again despite President Donald Trump said a trade deal was unlikely until after 2020 a day earlier.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 97.55. However, MACD which illustrate diminishing bearish momentum suggest the dollar to experience a technical correction towards the resistance level 98.20.

Resistance level: 98.20, 98.90

Support level: 97.55, 96.95

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3110. However, MACD which display diminishing bullish momentum suggest the pair to experience a technical correction towards the support level 1.2970.

Resistance level: 1.3110, 1.3195

Support level: 1.2970, 1.2820

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1080. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to be traded lower as a technical correction towards the support level 1.0990.

Resistance level: 1.1080, 1.1170

Support level: 1.0990, 1.0925

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 108.65. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its gains towards the resistance level 109.05

Resistance level: 109.05, 109.40

Support level: 108.65, 108.25

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.6825. However, MACD which display diminishing bullish momentum signal suggest the pair to be traded lower in short term towards back the support level 0.6825.

Resistance level: 0.6880, 0.6925

Support level: 0.6825, 0.6770

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6500. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.6585.

Resistance level: 0.6585, 0.6650

Support level: 0.6500, 0.6435

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3185. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3260, 1.3320

Support level: 1.3185, 1.3125

USDCHF, H4: USDCHF was traded higher following recent rebound from the support level 0.9845. MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.9915.

Resistance level: 0.9915, 0.9980

Support level: 0.9845, 0.9800

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 58.55. However, MACD which illustrate diminishing bullish momentum suggest the commodity to experience a short term technical correction towards the support level 57.50

Resistance level: 58.55, 59.40

Support level: 57.50, 56.30

GOLD_, H4: Gold price was traded lower following prior retracement back below the resistance level 1477.90. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the commodity to extend its retracement towards the support level 1463.70

Resistance level: 1477.90, 1497.00

Support level: 1463.70, 1450.75

4 December 2019                              Afternoon Session Analysis

Pound remain buoyed ahead of election.

Pound sterling was traded higher, reaching a six month high level amid rising of possibility that Conservative party may win majority of the seats in the upcoming general election, which will be held on 12^th December. According to the latest UK election poll, Conservative party which lead by the Prime Minister Boris Johnson rose by 1 point to 44% while the opposition party held steady at 32%. It is noteworthy that if the general election result turns out to be same as the election poll, eventually Boris Johnson may get sufficient amount of vote to support his Brexit deal and leave the European Union by the end of year 2019. However, the gains of pound got restricted by the announcement of UK construction PMI. Despite the data came in at 45.3, slightly higher than economist forecast of 44.5, however a reading lower than 50 indicating that UK construction sector is still remain in contraction territory. It is also hinting that uncertainty over upcoming general election and Brexit deadlock continue haunting the development of UK economy. As of writing, the pair of GBP/USD rose 0.06% to 1.3000. On the other hand, the pair of AUD/USD down 0.20% to 0.6830 amid Australia GDP data misses the economist forecast, 0.4% versus 0.5%. This downbeat data lifted up the market expectation on further rate cut might be taken by Reserve Bank of Australia (RBA) in order to support the economy from recessionary pressures.

In the commodities market, crude oil price inched up 0.25% to $56.40 per barrel amid investors continue to weigh on the prospect of deepening oil production by OPEC+. However, escalation of trade dispute between China and US tamper the positive sentiment of crude oil market. Besides, gold price quoted up 0.07% to $1478.00 a troy ounce amid rising of market risk aversion.

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 97.70. MACD which illustrate bearish momentum suggest the dollar to extend its losses toward the support level at 97.25.

Resistance level: 97.70, 98.20

Support level: 97.25, 96.85

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.2970. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3005.

Resistance level: 1.3005, 1.3035

Support level: 1.2970, 1.2945

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level 1.1075. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level 1.1075.

Resistance level: 1.1075, 1.1170

Support level: 1.1005, 1.0930

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 109.00. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 108.40.

Resistance level: 109.00, 109.40

Support level: 108.40, 107.95

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6840. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after its candle successfully close below the support level.

Resistance level: 0.6880, 0.6920

Support level: 0.6840, 0.6810

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower toward the support level at 0.6490.

Resistance level: 0.6535, 0.6570

Support level: 0.6490, 0.6460

USDCAD, H4: USDCAD was traded lower while currently testing the 50 moving average line (Blue).  MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it successfully breakout below the moving average line.

Resistance level: 1.3335, 1.3395

Support level: 1.3265, 1.3210

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound toward the resistance level at 0.9885.

Resistance level: 0.9885, 0.9915

Support level: 0.9850, 0.9810

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 56.25. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains toward the resistance level at 56.80.

Resistance level: 56.80, 57.50

Support level: 56.25, 55.30

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level at 1480.95. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after successfully breakout above the resistance level at 1480.95.

Resistance level: 1480.95, 1484.70

Support level: 1471.65, 1464.05

4 December 2019                              Morning Session Analysis

Greenback remains hammered amid trade delay hint.

Dollar index have fall against a basket of six major currency pairs at early Asian session following a potential hint from U.S President Donald Trump on trade delay. According to the latest development, U.S President Donald Trump have stated to the reporters that a trade deal may need to wait until after the 2020 election, which is a contradicting to reports over the last two weeks. At the same time, he also mention at a press conference with Canadian Prime Minister Justin Trudeau that Beijing wants to make a deal. With the latest tariff is going to kick in near Dec 15 and no signs of positive progress in trade talk, the news splitting the confidence of investors, thus causing another major sell-off. Dollar index have slip 0.13% to 97.62 as of writing.

In the commodities market, crude oil price recovers and gains 0.21% to $56.36 per barrel as of writing following a decline in crude inventories. According to the reports from API, U.S crude stockpiles have dropped by 3.72M for the week ended at Nov 29. Besides that, recent sources revealed that the OPEC planned to replace its 1.2 million bpd cut plan to 1.6 million bpd cut for next year which help support the recovery for the commodity. On the other hand, gold price soars 0.16% to $1476.86 a troy ounce at the time of writing amid U.S President Donald Trump turn tables on China caused market to further sway away from riskier market and into safe-haven 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 while currently testing the support level 97.60. However, MACD which illustrate diminishing bearish momentum suggest the dollar to experience a technical correction towards the resistance level 98.20.

Resistance level: 98.20, 98.90

Support level: 97.60, 96.95

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.2970. However, MACD which illustrate diminishing bullish momentum signal suggest the pair may experience a short term technical correction towards the current support level 1.2970.

Resistance level: 1.3095, 1.3195

Support level: 1.2970, 1.2785

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1080. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 1.0990.

Resistance level: 1.1080, 1.1170

Support level: 1.0990, 1.0925

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 108.65. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound after it breaks above the resistance level.

Resistance level: 108.65, 109.05

Support level: 108.25, 107.90

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.6825. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo a technical correction in short term towards the current support level 0.6825.

Resistance level: 0.6880, 0.6925

Support level: 0.6825, 0.6770

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6500. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction towards the current support level 0.6500.

Resistance level: 0.6585, 0.6650

Support level: 0.6500, 0.6435

USDCAD, H4: USDCAD remain traded in a sideway channel. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to be traded lower in short term towards the support level 1.3260.

Resistance level: 1.3320, 1.3385

Support level: 1.3260, 1.3185

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9845. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.9915.

Resistance level: 0.9915, 0.9980

Support level: 0.9845, 0.9800

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 56.30. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to be traded higher after it breaks above the resistance level.

Resistance level: 56.30, 57.50

Support level: 54.85, 53.85

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1477.90. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 1463.70.

Resistance level: 1477.90, 1497.00

Support level: 1463.70, 1450.75

3 December 2019                              Afternoon Session Analysis

Greenback plunged amid escalation of trade tensions.

Dollar index which gauge its value against a basket of six major currencies rebounded after falling to one week low level amid heightening of trade tensions between US and China. After returning from Thanksgiving holiday, Donald Trump administration is prepared to levy more duties which amounted to $156 billion on Chinese imported goods in the absence of a trade deal, said by Commerce Secretary Wilbur Ross. Moreover, Donald Trump also accused that Federal Reserve (Fed) should act in the way that other countries unable to exploit strong US dollar even they further devalue their currency value. Back then, US Central bank has cut their interest rate for 3 times while majority of the market participants are expecting there will be another round of 0.25% rate cut in the coming Fed meeting, according to Fed Rate Monitor Tool. As of writing, dollar index quoted up 0.07% to 97.80. On the other hand, the pair of EUR/USD down 0.04% to 1.1070 after a dovish bias speech conducted by ECB Chairman Christine Lagarde. In her speech, Christine Lagarde reiterated that EU current economic growth is still remain weak while the outlook expectedly will  be remained sluggish and uncertain due to the ongoing risk of global growth slowing down and trade war issue remain deadlocked.

In the commodities market, crude oil price rose 0.38% to $56.15 per barrel amid hints of OPEC and its allies will deepen their oil cut production by additional 0.4 million barrels per day in the upcoming meeting in Vienna. However, the gains was limited after recent news showed that Trump administration may slap additional tariff on China goods if no deal. Besides, gold price inched up 0.01% to $1462.15 a troy ounce due to heightening of trade dispute.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                              GBP                                        BoE MPC Treasury Committee Hearings

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 97.70. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains toward the resistance level at 98.20.

Resistance level: 98.20, 98.80

Support level: 97.70, 97.25

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.2945. However, MACD which illustrate bullish momentum suggest the pair to be traded higher in short term toward the resistance level at 1.2945.

Resistance level: 1.2945, 1.2970

Support level: 1.2890, 1.2855

EURUSD, Daily: EURUSD was traded higher while currently testing near the resistance level 1.1075. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level 1.1075.

Resistance level: 1.1075, 1.1170

Support level: 1.1005, 1.0930

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.00. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains towards the resistance level at 109.40.

Resistance level: 109.40, 109.80

Support level: 109.00, 108.40

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6810. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the next resistance level at 0.6840.

Resistance level: 0.6840, 0.6880

Support level: 0.6810, 0.6770

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6490. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the next resistance level at 0.6535.

Resistance level: 0.6535, 0.6570

Support level: 0.6490, 0.6460

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3270. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound toward the resistance level at 1.3335.

Resistance level: 1.3335, 1.3395

Support level: 1.3270, 1.3210

USDCHF, Daily: USDCHF was traded lower while currently testing the support level 0.9915. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9945, 0.9985

Support level: 0.9915, 0.9885

CrudeOIL, H4: Crude oil price was traded higher following prior rebound near the support level near 55.30. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 56.25.

Resistance level: 56.25, 56.80

Support level: 55.30, 54.65

GOLD_, H4: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 1458.55.

Resistance level: 1471.65, 1480.95

Support level: 1458.55, 1448.95

3 December 2019                              Morning Session Analysis

Greenback plummets further amid weak manufacturing.

Dollar index which traded against a basket of six major currency pairs have extend its losses further on Tuesday’s early Asian session amid release of manufacturing data. According to ISM, manufacturing activity in the U.S have slumped with the reading of 48.1 against market expectation of 49.2. The data have fell for the fourth consecutive month which signaling weak demand and weaker economy outlook. Besides that, U.S President Donald Trump have announced a tariff plan for steel and aluminum from Argentina and Brazil which increased the uncertainty global economic growth. In terms of US trade deal with China, a statement from Secretary from Commerce Wilbur Ross shows that U.S President Donald Trump is willing to increase tariffs if there is no deal. Dollar index have plunged 0.39% to 97.74 as of writing. Elsewhere, EUR/USD rose 0.06% to 1.1076 at the time of writing following strong manufacturing activity in the Euro. According to Markit Economics, manufacturing in the Eurozone have improved with the reading of 46.9, higher than market expectation of 46.6. Besides that, manufacturing sector also improved in Germany with the reading 44.1 against market forecast of 43.8. At the same time, decline in dollar also help solidify the bullish support for the Euro.

In the commodities market, crude oil price remains on recovery and climbs 0.14% to $55.99 per barrel at the time of writing following new Saudi cuts plan and China data. The price jumped after Iraqi oil minister Thamir al-Ghadhban leaked to the media OPEC’s plans to deepen by more than a third its current output cuts. At the same time, strong Chinese manufacturing data also help further support the early rally for the commodity as the world’s second-largest economy was doing better than thought, despite its 16-month-long trade war with the U.S. Next, gold price rose 0.09% to $1462.60 as of writing following market risk aversion after the U.S. reaffirm its tariffs ultimatum to China.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

11.30                       AUD                      AUD – RBA Rate Statement

Tentative                 GBP                      BoE MPC Treasury Committee Hearings

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 98.20. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the support level 97.60

Resistance level: 98.20, 98.90

Support level: 97.60, 96.95

GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing near the resistance level 1.2970. However, MACD which illustrate bullish momentum suggest the pair to be traded higher after it breaks above the resistance level 1.2970.

Resistance level: 1.2970, 1.3095

Support level: 1.2785, 1.2690

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1080. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level 1.1080.

Resistance level: 1.1080, 1.1170

Support level: 1.0990, 1.0925

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 109.05. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 108.65.

Resistance level: 109.05, 109.40

Support level: 108.60, 108.25

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.6825. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6825, 0.6880

Support level: 0.6770, 0.6715

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6500. However, MACD which illustrate diminishing bullish momentum suggest the pair may experience a short term technical correction towards the support level 0.6435.

Resistance level: 0.6500, 0.6585

Support level: 0.6435, 0.6340

USDCAD, H4: USDCAD remain traded in a sideway channel following recent rebound from its low level. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 1.3320.

Resistance level: 1.3320, 1.3385

Support level: 1.3260, 1.3185

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9915. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9980, 1.0025

Support level: 0.9915, 0.9845

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 56.30. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 56.30, 57.50

Support level: 54.85, 53.85

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1463.70. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1463.70, 1477.90

Support level: 1450.75, 1432.40