Daily Analysis

21 November 2019                           Morning Session Analysis

Dollar rose as relation worsen between U.S and China.

The dollar index which traded against a basket six major rival pairs have rose on early Asian session following trade-negative statement from U.S President Donald Trump along with passing of Hong Kong bill. According to the latest development, U.S. President Donald Trump have threatened to raise new tariffs on Chinese imports if ongoing trade negotiations fail. Besides that, U.S. Senate passing legislation that backed Hong Kong protesters and would ban the export of items like tear gas and rubber bullets to the city’s police force which strained further in relationship between U.S China. Beijing condemned the U.S. legislation aimed at protecting human rights in Hong Kong, saying that the U.S. should stop interfering. The worsening outlook have also added further jitters to trade-exposed currencies such as the antipodeans. At the time of writing, dollar index rose 0.04% to 97.78 while AUD/USD fell 0.04% to 0.6798.

In the commodities market, crude oil price climbs 0.48% to $56.94 per barrel at the time of writing as market rejoice over smaller crude oil build. According to the reports from Energy Information Administration, U.S crude stockpiles have rose by 1.379 million barrels last week, lower than market expectation of 1.543 million barrels. Besides that, Russian President Vladmir Putin also indicated that Russia will do its best to support OPEC in whatever way necessary on production cut, adding further bullish fervor in the black commodity. On the other hand, gold price steadied and rose 0.19% to $1473.87 a troy ounce as of writing amid political uncertainty in Hong Kong and straining relationship between U.S and China continue to fuel the demand for the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event     

Tentative                GBP                       BoE MPC Treasury Committee Hearings

20.30                     EUR                       ECB Publishes Account of Monetary Policy Meeting

21.40                     CAD                       BoC Gov Poloz Speaks 

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 97.60. MACD which illustrate diminishing bullish momentum suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 98.25, 98.90

Support level: 97.60, 96.85

GBPUSD, H4: GBPUSD remain traded in a sideway channel. However, MACD which display diminishing bearish momentum suggest the pair to be traded higher in short term towards the resistance level 1.2970.

Resistance level: 1.2970, 1.3095

Support level: 1.2795, 1.2690

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

Resistance level: 1.1080, 1.1170

Support level: 1.0990, 1.0925

USDJPY, H4: USDJPY was traded lower following prior retracement from the MA lines. MACD which illustrate bearish bias signal suggest the pair to extend its losses in short term towards the support level 108.25.

Resistance level: 108.85, 109.40

Support level: 108.25, 107.55

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.6810. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6725.

Resistance level: 0.6810, 0.6875

Support level: 0.6725, 0.6670

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6425. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.6340.

Resistance level: 0.6425, 0.6500

Support level: 0.6340, 0.6275

USDCAD, H4: USDCAD was traded lower following prior breakout above the previous resistance level 1.3260. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 1.3260.

Resistance level: 1.3340, 1.3385

Support level: 1.3260, 1.3185

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9915. MACD which illustrate bearish bias signal 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 breakout above the previous resistance level 56.30. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 57.95.

Resistance level: 57.95, 59.40

Support level: 56.30, 54.85

GOLD_ H4: Gold price was traded higher while currently testing near the resistance level 1477.90. However, MACD which illustrate bearish bias signal with the starting formation of death cross suggest the commodity to experience a technical correction in short term towards the support level 1458.50.

Resistance level: 1477.90, 1497.00

Support level: 1458.50, 1445.70

20 November 2019                            Afternoon Session Analysis

Dollar remains volatile due to trade deadlock.

Dollar index which gauges its value against six major currencies rebounded after hitting two weeks low level amid heightening of trade tensions between US and China lifted up the market worries with regards the future global growth. On yesterday, US President Donald Trump threatened the global market sentiment after he reiterated that he would impose higher tariff on China imported goods if China failed to strike a deal with US. Besides, the ‘temperature’ between both parties further exacerbating after members of US Senate unanimously approved the Hong Kong Bill which aims to support the Hong Kong’s protestant. This unexpected move put Donald Trump in dilemma as he make a choice between backing his Senate’s decision or against it while wrapping up the last stage of trade negotiation with China. Following the US decision been known by Beijing, China expressed strong condemnation by warning them to rule out the latest bill on Hong Kong and stop interfering the affairs of China and Hong Kong. However, US Commerce Secretary Wilbur Ross commented again that he is still optimistic toward the trade talk between two countries, phase 1 trade deal is still achievable. As of writing, dollar index inched up 0.03% to 97.70.

In the commodities market, crude oil price quoted up 0.22% to $55.30 per barrel after diving for more than $20 yesterday as data showed a stockpile in US crude oil inventories level while hinting supply glut issue becoming even worst. On the other hand, gold price rose 0.10% to $1473.60 a story ounce amid uncertainty over trade war heightened.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

03:00 (21^st)           USD                                        FOMC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 97.60. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the dollar to extend its rebound towards the resistance level 98.25.

Resistance level: 98.25, 98.90

Support level: 97.60, 96.85

GBPUSD, H4: GBPUSD remain traded in a sideway channel following recent retracement from the resistance level 1.2970. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement in short term towards the support level 1.2795.

Resistance level: 1.2970, 1.3095

Support level: 1.2795, 1.2690

EURUSD, H4: EURUSD was traded flat while currently testing the support level 1.1070. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.1170, 1.1250

Support level: 1.1070, 1.0990

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 108.25. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 108.85, 109.40

Support level: 108.25, 107.55

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6810. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6875, 0.6925

Support level: 0.6810, 0.6725

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6425. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6340.

Resistance level: 0.6425, 0.6500

Support level: 0.6340, 0.6275

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3255. MACD which illustrate bullish momentum signal with the golden cross formation suggest the pair to extend its gains towards the resistance level 1.3300.

Resistance level: 1.3300, 1.3335

Support level: 1.3255, 1.3185

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9915. MACD which illustrate diminishing bullish momentum signal 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 lower following prior breakout below the previous support level 56.30. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 54.85.

Resistance level: 56.30, 57.55

Support level: 54.85, 52.60

GOLD_ H4: Gold price was traded higher while currently testing the resistance level 1473.50. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a short term technical correction towards the support level 1458.50.

Resistance level: 1473.50, 1497.00

Support level: 1458.50, 1445.70

20 November 2019                           Morning Session Analysis

Sterling traded flat, eyed on Britain’s election.

Pound Sterling notched down slightly on Tuesday; however, the pair is still remained near a three-month high versus the US dollar as the new poll enhancing the investors’ positive expectations that ruling the Conservative Party will win a parliamentary majority in Britain’s election on 12th December 2019. Such sentiment spurred hopes that the House of Commons would approve the soft-Brexit deal which agreed with Brussels last month and Britain would leave the European Union on 31st January 2019, ending the three-and-a-half years of uncertainty. In fact, according to Reuters, Brexit party leader Nigel Farage reiterated on Tuesday that the Conservatives would probably win the election with ease. However, despite the positive outlook for Brexit, investors still traded the pair cautiously amid to the uncertainty outcome of the Britain’s election. At this time, investors would continue to scrutinize the latest updates with regards of Brexit to gauge the future outlook for the Pound Sterling. On the other hand, Dollar Index slumped amid to trade deal uncertainty between US and China. According to CNBC, China is pessimistic about reaching a trade deal with US amid to U.S President Donald Trump’s reluctance to roll back the tariffs. As of writing, GBP/USD appreciated by 0.04% to 1.2925 while Dollar index surged 0.03% to 97.66.

In the commodities market, crude oil price plunged yesterday as the prospects for the trade deal between the United States and China dimmed, weighing on the outlook for the global economy. On the other hand, gold price surged amid exacerbating of trade tensions. As of writing, crude oil price appreciated by 0.13% to $55.28 per barrels while gold price surged 0.17% to $1474.52 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

03:00 (21^st)           USD                                        FOMC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 97.55. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 97.85.

Resistance level: 97.85, 98.00

Support level: 97.55, 97.35

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.2990. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2990, 1.3180

Support level: 1.2765, 1.2600

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1080. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

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 108.70. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.30.

Resistance level: 108.70, 109.00

Support level: 108.30, 107.85

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6815. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6840.

Resistance level: 0.6840, 0.6855

Support level: 0.6815, 0.6795

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6435. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6435, 0.6500

Support level: 0.6330, 0.6265

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3275. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3275, 1.3335

Support level: 1.3200, 1.3150

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9905. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9905, 0.9950

Support level: 0.9870, 0.9835

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 55.15. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 55.75, 56.40

Support level: 55.15, 54.60

GOLD_, Daily: Gold price was traded higher following prior rebound from the support level at 1447.00. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1473.00.

Resistance level: 1473.00, 1515.70

Support level: 1447.00, 1413.10

19 November 2019                            Afternoon Session Analysis

Yen plunged amid mixed signal by BoJ Governor.

The pair of USD/JPY rebounded near the one-week low level amid Bank of Japan’s (BoJ) Governor mixed comment which dragged down the appeal of Japanese Yen. According to Reuters, Governor of BoJ Haruhiko Kuroda revealed that although Japan’s economy is currently expanding in a sustainable level and believingly that their policy’ targets are achievable at the moment. However, they will still remain their footsteps at monetary easing while eyeing on global growth risk and further development of trade war, more stimulus can be anticipated if the course of events urges their economy growth to goes against their expectation. Nonetheless, losses on the Japanese yen were limited by the exacerbating of trade tension between China and US, as recent development shows both parties are hard and unable to ‘unlock’ the trade war at the moment. On the other hand, the pair of AUD/USD plummeted following the Minutes of RBA’s meeting showed that board of RBA prepared to further ease their monetary policy if economy growth further deteriorating. As of writing, USD/JPY inched up 0.02% to 108.65 while AUD/USD quoted down 0.26% to 0.6790.

In the commodities market, crude oil price rebound 0.05% to $56.90 per barrel after falling for more than $14 yesterday amid recent trade pessimism outweigh the positive sentiment of this black commodity. Otherwise, gold price ticks up 0.01% to $1,470.75 a troy ounce amid heightening of 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, H4: Dollar index was traded higher following prior rebound from the support level at 97.55. MACD which illustrated diminishing bearish momentum suggest the index to be extend its gains toward the resistance level at 97.80.

Resistance level: 97.80, 97.95

Support level: 97.55, 97.35

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.2965. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2965, 1.3180

Support level: 1.2765, 1.2600

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1080. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1080, 1.1165

Support level: 1.1010, 1.0955

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 108.70. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 108.35.

Resistance level: 108.70, 108.95

Support level: 108.35, 108.15

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6815. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6775.

Resistance level: 0.6815, 0.6840

Support level: 0.6775, 0.6750

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6385. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6405, 0.6425

Support level: 0.6385, 0.6365

USDCAD, Daily: USDCAD was traded lower while currently testing at the support of 1.3200. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3260, 1.3310

Support level: 1.3200, 1.3145

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

Resistance level: 0.9905, 0.9950

Support level: 0.9870, 0.9835

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the lower levels. MACD which illustrate diminished downward momentum suggests its price to extend its gains toward resistance level at 57.25.

Resistance level: 57.25, 57.65

Support level: 56.70, 56.25

GOLD_, Daily: Gold price was traded higher following prior rebound from the support level at 1461.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1485.60.

Resistance level: 1485.60, 1511.11

Support level: 1461.75, 1440.20

19 November 2019                           Morning Session Analysis

18 November 2019                            Afternoon Session Analysis

Greenback swoops amid ongoing trade deadlock.

Dollar index which gauge its value against a basket of six major currencies fall amid market worries over ongoing trade dispute may further deteriorate the economy growth of US. Since trade war occurred, both countries have levied duties against each other country’s imported goods in order to retaliate for unfair trade treaty, eventually dragged down the global economy growth significantly. Besides, majority of market participants had lost their confidences with regards to US and China to achieve phase 1 trade deal at the meantime as it has been dragged for so long, against most analyst expectation on the time taken for a trade deal. On the other hand, the pair of USD/CAD retraced from one month highs level following the speech by Governor of Bank of Canada (BoC). Last Friday, Stephen Poloz commented that their labor market is still remain resilient where shown by their above 4% wage inflation. However, he also reiterated that they are focusing on the consequences of rising geopolitical risk and global trade war before they make any changes on monetary policy. During Asian trading session, dollar index inched down 0.07% to 97.75 while USD/CAD fall 0.03% to 1.3215.

In commodities market, crude oil price quoted down 0.09% to $57.90 per barrel amid ongoing trade dispute continues to haunt the oil market, tampering the market expectation on oil future demand. Besides, gold price fall 0.08% to $1465.70 a troy ounce amid heightening of market risk appetite toward other major markets.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior close below 97.75. MACD which illustrate bearish signal suggests the index to extend its losses toward the next support level at 97.30.

Resistance level: 97.75, 98.35

Support level: 97.30, 96.85

GBPUSD, H4: GBPUSD was traded higher while currently testing the top level of downward channel. MACD which illustrate bullish signal suggests the pair to extend its gains after it successfully breakout above the top level of downward channel.

Resistance level: 1.3035, 1.3170

Support level: 1.2820, 1.2665

EURUSD, Daily: EURUSD was traded higher while currently testing the 20 (Red) and 50 (Blue) moving average line. MACD which illustrate diminished downward momentum suggests the pair to extend its gains after it successfully breakout above both moving average line.

Resistance level: 1.1075, 1.1170

Support level: 1.1005, 1.0930

USDJPY, H4: USDJPY was traded higher while currently testing the 50 moving average line (Blue). MACD which has formed a bullish signal suggests the pair to extend its gains after it successfully breakout above the 50 moving average line.

Resistance level: 108.85, 109.25

Support level: 108.40, 107.90

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6810. However, MACD which forms a bullish bias signal suggests the pair to undergo short term technical correction toward the 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 rebound from the support level at 0.6365. MACD which illustrate upward bias momentum suggests the pair to extend its gains toward the resistance level at 0.6425.

Resistance level: 0.6425, 0.6465

Support level: 0.6365, 0.6325

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3210. MACD which illustrate bearish signal suggests the pair to extend its losses after it successfully breakout below the support level at 1.3210.

Resistance level: 1.3275, 1.3335

Support level: 1.3210, 1.3145

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9885. MACD which has formed a bullish signal suggests the pair to extend its gains toward the next resistance level at 0.9915.

Resistance level: 0.9915, 0.9945

Support level: 0.9885, 0.9850

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the sideway channel. However, MACD which illustrate diminished upward momentum suggests its price to experience technical correction in short-term.

Resistance level: 58.55, 59.20

Support level: 57.50, 56.80

GOLD_, H4: Gold price was traded lower while currently testing the 20 moving average line (Red).  MACD which illustrate diminished upward momentum suggests its price to extend its losses after it successfully breakout below the 20 moving average line.

Resistance level: 1471.65, 1480.95

Support level: 1458.70, 1448.95

18 November 2019                           Morning Session Analysis

Greenback fell over contracting manufacturing sector.

US dollar fell last Friday after recent economic data shows that manufacturing sector in the United States continues its contraction for last month. According to recent report from Federal Reserve, manufacturing output in the month of October fell to 0.6%, its largest contraction since May 2018. On the other hand, NY Empire State Manufacturing Index tumbled from 5.0 to 2.9 as expected. Diminishing activity in manufacturing sector sparks concerns over US economic momentum as trade war effect begins to manifest as of recent. However, losses on the greenback were limited after Retail Sales for the month of October rose by 0.3%, slightly higher than forecast of 0.2%. The data shows that overall consumer spending is still intact although some sectors in the United States undergo diminished activity due to trade war. On the other hand, pound sterling extended its gains following positive developments with regards to upcoming general election on 12^th December. Head of Brexit party Nigel Farage announced that he decided to step down from 43 additional constituencies where Labor party has won, facilitating the way for Conservative Party to win the next general election and execute the Brexit agreement. As of writing, the dollar index fell 0.17% to 97.80 while pair of GBP/USD rose 0.13% to 1.2916.

As for commodities market, crude oil price ticked up 0.01% to $57.86 per barrel. Oil futures received additional bullish support following recent positive developments with regards to US-China trade negotiation which may substantially reduces global recession risk in the future. On the other hand, gold price ticked down 0.02% to $1,467.37 a troy ounce due to diminishing risk in the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior close below 97.80. MACD which illustrate bearish signal suggests the index to extend its losses in the mid-term.

Resistance level: 97.80, 98.10

Support level: 97.60, 97.35

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 1.2970.

Resistance level: 1.2970, 1.3035

Support level: 1.2880, 1.2820

EURUSD, Daily: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the pair to extend its gains, towards the direction of 1.1085.

Resistance level: 1.1085, 1.1145

Support level: 1.1010, 1.0965

USDJPY, Daily: USDJPY remains traded within an ascending wedge formation. However, MACD which has formed a bearish signal suggests the pair to be traded lower in short-term.

Resistance level: 109.30, 110.55

Support level: 108.50, 107.60

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower level. MACD which forms a bullish signal suggests the pair to extend its gains after breaking the resistance at 0.6820.

Resistance level: 0.6820, 0.6875

Support level: 0.6780, 0.6725

NZDUSD, H4: NZDUSD was traded higher while currently testing at the resistance of 0.6405. However, MACD which illustrate diminished upward momentum suggests the pair to undergo technical correction in short-term.

Resistance level: 0.6405, 0.6430

Support level: 0.6370, 0.6340

USDCAD, H4: USDCAD was traded lower after breaking the upward trendline. MACD which illustrate bearish signal suggests the pair to extend its losses in mid-term.

Resistance level: 1.3240, 1.3285

Support level: 1.3200, 1.3125

USDCHF, H1: USDCHF was traded flat near the support level of 0.9885. MACD which has formed a bearish signal suggests the pair to extend its losses in short-term after closing below 0.9885.

Resistance level: 0.9915, 0.9940

Support level: 0.9885, 0.9870

CrudeOIL, H1: Crude oil price was traded lower following prior retrace from its higher level. MACD which illustrate diminished upward momentum suggests its price to experience technical correction in short-term.

Resistance level: 58.65, 59.00

Support level: 57.40, 56.95

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

Resistance level: 1483.60, 1515.00

Support level: 1442.90, 1410.00

15 November 2019                            Afternoon Session Analysis

Safe-haven Yen fell on market risk recovery.

The Japanese Yen which traded against the greenback have fell during late Asian session on Friday as the risk-recovery on renewed optimism surrounding the US-China trade deal. According to the latest development, White House Economic Adviser Larry Kudlow have stated that the U.S are “getting close” to trade deal with China. The remarks have since act as the main catalyst which help propelled the risk sentiment in the market. Recently, China have display a goodwill gestures which it have announced lifting the restrictions on the US poultry imports, improving the optimism of trade deal. Furthermore, despite recent skepticism from Financial Times report, the news of the restart of the US-China trade talks later on Friday also improve risk appetite. Thus, the positive news also diminished the appeal of safe-haven asset such as Yen. The focus will likely remain on the primary level phone call between the US and Chinese trade teams for fresh cues on the risk trends that will eventually impact anti-risk Yen in the day ahead. At the time of writing, USD/JPY gains 0.16% to 108.56 while dollar index have edge lower 0.03% to 98.14.

In the commodities market, crude oil price rose 0.30% to $57.03 per barrel at the time of writing as hopes of supply curb and new optimism on U.S.-China trade deal have helped bolstered the market confidence towards the commodity. On Thursday, OPEC have stated that it expected demand for its oil to fall in 2020 and expect to maintain limits on production that were introduced to cope with a supply glut. On the other hand, gold price fell 0.21% to $1468.06 as of writing amid increasing risk sentiment which have caused investors to shift their portfolio from safe-have market into more risky assets.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event     

10.45                     CAD                                        BoC Goz Poloz Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 98.25. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the support level 97.60.

Resistance level: 98.25, 98.90

Support level: 97.60, 96.85

GBPUSD, H4: GBPUSD remain traded in a sideway channel. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher in short term towards the resistance level 1.2970.

Resistance level: 1.2970, 1.3095

Support level: 1.2795, 1.2690

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.0990. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.1060.

Resistance level: 1.1060, 1.1170

Support level: 1.0990, 1.0925

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 108.25. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 108.85.

Resistance level: 108.85, 109.40

Support level: 108.25, 107.55

AUDUSD, H4: AUDUSD was traded higher following prior rebound from its low levels. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.6810.

Resistance level: 0.6810, 0.6875

Support level: 0.6725, 0.6670

NZDUSD, H4: NZDUSD was traded higher following recent rebound from MA line. However, due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 0.6425, 0.6500

Support level: 0.6340, 0.6275

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3255. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 1.3185.

Resistance level: 1.3255, 1.3335

Support level: 1.3185, 1.3135

USDCHF, H4: USDCHF was traded higher following recent rebound from its low levels. MACD which illustrate diminishing bearish momentum signal 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 remain traded in a sideway channel following recent retracement from the resistance level 57.55. However, MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement in short term towards the support level 56.30.

Resistance level: 57.55, 59.40

Support level: 56.30, 54.85

GOLD_ H4: Gold price was traded lower following prior retracement from the MA line 50 (blue). MACD which display diminishing bullish momentum signal suggest the commodity to extend its retracement towards the support level 1460.00.

Resistance level: 1480.50, 1497.00

Support level: 1460.00, 1445.70.

15 November 2019                           Morning Session Analysis

Greenback slumped, eyed on trade war.

The dollar index which gauge its value against a basket of six major currencies plunged amid hope upon the resolution of trade war faded. According to Financial Times, China and United States were struggling to reach a “phase one” deal and may not settle ahead of 15th December 2019, when U.S. tariffs on Chinese goods are set to go into effect. In addition, US dollar received a further pressure following the bleak Initial Jobless Claims data was published. According to Department of Labor, U.S. Initial Jobless Claims notched up to 225k, prior to 211k, lower than the economist forecast of 215k. However, the losses experienced by the US dollar was limited as US Producer Price index came in better than expectation, bolstering the Federal Reserve’s stance that it will probably not decrease its interest rates again in short-term. On the other hand, Pound Sterling surged despite bleak data from the UK region was released, mostly due to positive prospect for the Brexit issue. According to Bloomberg, expectations that Britain’s ruling Conservative Party might win a majority in 12th December 2019 election, further enhanced the investors’ optimism that the Brexit impasse will finally end and sparkled the demand for the Pound Sterling. However, according to the Office for National Statistics, U.K Retail Sales for last month came in at -0.1%, weaker than the economist forecast at 0.2%, limited the gains experienced by the Pound Sterling. As of writing, the Dollar Index depreciated by 0.23% to 97.97 while GBP/USD surged 0.01% to 1.2880.

In the commodities market, crude oil price slumped yesterday amid to an increase in crock piles in the U.S. According to Energy Information Administration, US Crude Oil inventories came in at 2.219M, exceeding the economist forecast at 1.649M. On the other hand, gold price rose amid to weaker greenback and the escalation of trade tension. As of writing, crude oil price traded flat at $56.85 per barrel, while gold price appreciated by 0.01% to $1470.82 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event     

10:45                  CAD                      BoC Gov Poloz Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 97.90. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 98.20, 98.45

Support level: 97.90, 97.70

GBPUSD, Daily: GBPUSD was traded higher following prior rebound from the support level at 1.2760. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2980.

Resistance level: 1.2980, 1.3180

Support level: 1.2760, 1.2560

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1010. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1075, 1.1165

Support level: 1.1010, 1.0955

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 108.90. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.35.

Resistance level: 108.90, 109.50

Support level: 108.35,107.75

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level at 0.6810. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6760.

Resistance level: 0.6810, 0.6880

Support level: 0.6760, 0.6705

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6360. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6390, 0.6425

Support level: 0.6360, 0.6325

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3260. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3260, 1.3310

Support level: 1.3210, 1.3145

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9905. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9870.

Resistance level: 0.9905, 0.9950

Support level: 0.9870, 0.9835

CrudeOIL, Daily: Crude oil price was lower following prior retracement from the resistance level at 57.35. MACD which illustrated diminishing bullish momentum suggest its prices to extend its losses toward support level at 55.85.

Resistance level: 57.35, 58.85

Support level: 55.85, 53.95

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1473.60. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1462.75.

Resistance level: 1473.60, 1482.95

Support level: 1462.75, 1451.70

14 November 2019                           Afternoon Session Analysis

Yen surged as trade tension escalated.

Japanese Yen surged as ongoing uncertainty which surround the current trade negotiation have sparkled the demand for the safe-haven asset such as Japanese Yen. According to Reuters, US-China trade negotiations have “hit a snag” over farm purchases, with Beijing not wanting a deal that looks one-sided in favour of the United States. In fact, such negative sentiment came after U.S President Donald Trump warned that he would raise tariffs “substantially” on Chinese goods if there was no deal, spurring a further uncertainty upon the trade talk and insinuating the demand on the Japanese Yen. However, the gains experienced by Japanese Yen was limited following the release of bleak data of Gross Domestic Product (GDP) from the region. According to the Cabinet Office, Japan Gross Domestic Product (GDP) for last quarter notched down to 0.1%, weaker than the market expectation of 0.2%. On the other hand, Australian dollar received huge sell-off pressure in the early morning following the bleak data from the Australia region was released. According to Australian Bureau of Statistic, Australian Employment change came in at -19.0k, worse than the economist forecast of 15.0k, spurring sell-off upon the Australian dollar. As of writing, USD/JPY depreciated by 0.02% to 108.80 while AUD/USD plunged 0.50% to 0.6800.

In the commodities market, crude oil price surged after U.S API Weekly Crude Oil Stock was released. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock notched down to -0.500M from the reading of 4.260M. On the other hand, gold price rose yesterday amid negative prospect for the trade deal. As of writing, crude oil price rose 0.02 % to $57.36 per barrel and gold price appreciated by 0.01% to $1462.85 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:00                     USD                                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 98.25. However, MACD which illustrate bearish momentum signal suggest the dollar to experience a technical correction in short term towards the support level 97.60.

Resistance level: 98.25, 98.90

Support level: 97.60, 96.85

GBPUSD, H4: GBPUSD remain traded flat in a sideway channel. Due to lack of clear signal and direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1.2970, 1.3095

Support level: 1.2795, 1.2690

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.0990. However, MACD which illustrate bullish bias signal suggest the pair to experience a technical correction towards the resistance level 1.1060.

Resistance level: 1.1060, 1.1170

Support level: 1.0990, 1.0925

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 108.85. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 108.25.

Resistance level: 108.85, 109.40

Support level: 108.25, 107.55

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.6810. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its losses towards the support level 0.6725.

Resistance level: 0.6810, 0.6875

Support level: 0.6725, 0.6670

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6425. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6340.

Resistance level: 0.6425, 0.6500

Support level: 0.6340, 0.6275

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3255. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term as a technical correction towards the support level 1.3185.

Resistance level: 1.3255, 1.3300

Support level: 1.3185, 1.3135

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9915. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo a technical correction in short term towards the current support level 0.9915.

Resistance level: 0.9915, 0.9980

Support level: 0.9845, 0.9800

CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing near the resistance level 57.55. However, 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: 57.55, 59.40

Support level: 56.30, 54.85

GOLD_ H4: Gold price was traded higher following prior breakout above the previous resistance level 1460.00. However, MACD which illustrate diminishing bullish momentum suggest the commodity to experience a short term technical correction towards back the support level 1460.00.

Resistance level: 1480.50, 1497.00

Support level: 1460.00, 1445.70

14 November 2019                            Morning Session Analysis

Monetary policy unchanged while eyeing on more data.

Dollar index which gauge its value against a basket of six major currencies depreciate slightly amid Jerome Powell downbeat comment regarding the US economy outlook. In the early morning testifies, Federal Reserve (Fed) Chairman Jerome Powell stuck to his view that interest rate should be keep at current rate for the time being while signaling that further cut is still possible if US economy growth outlook remain faded. Moreover, Powell also revealed that the previous rate cut on cash rate was due to the occurring of extremely low inflation pressure in US economy, risk of global growth slowing down and tension of trade war outweigh the possibility of economy overheating. However, Core CPI data which was announced on yesterday has limit the losses of greenback. According to US Bureau of Labor Statistics, US Core CPI data came in at 0.2%, hitting the economist expectation while hinting the sign that underlying inflation start picking up.   During Asian trading session, dollar index drop 0.02% to 98.00. On the other hand, the pair of USD/JPY inched up 0.01% to 108.80 following Japan GDP data showed a growth of 0.1% compared to economist forecast of 0.2%, seemingly global uncertainty risk tampered the pace the inflation growth in Japan.

In the commodities market, crude oil price inched down 0.09% to $57.30 per barrel after hitting skyrocketed for more than 2% yesterday amid surprise drop in US crude oil inventories level lit up the crude oil market sentiment. According to the API inventory data, crude oil inventory level has declined 0.5 million barrel while comparing to economist forecast of 1.649 million barrel build. Next, gold price rose 0.09% to $1464.10 a troy ounce as of writing amid uncertainty over Brexit issue and trade war dragged down the market risk appetite.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:00                     USD                                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 97.75. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 98.35.

Resistance level: 98.35, 98.80

Support level: 97.75, 97.30

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2820. MACD which illustrated bullish signal suggest the pair to extend its gains toward the top level of downward channel.

Resistance level: 1.3035, 1.3170

Support level: 1.2820, 1.2665

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1005. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.1005.

Resistance level: 1.1075, 1.1170

Support level: 1.1005, 1.0930

USDJPY, H4: USDJPY was traded higher following prior rebound from the lower level. However, MACD which illustrated bearish bias momentum suggest the pair to be traded lower in short term toward the support level at 108.40.

Resistance level: 108.85, 109.25

Support level: 108.40, 107.80

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6835. MACD which illustrated bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout above the resistance level at 0.6835.

Resistance level: 0.6835, 0.6880

Support level: 0.6795, 0.6745

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6365. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6425.

Resistance level: 0.6425, 0.6460

Support level: 0.6365, 0.6325

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3210. MACD which illustrated bullish momentum suggest the pair to extend its gains toward resistance level at 1.3275.

Resistance level: 1.3275, 1.3335

Support level: 1.3210, 1.3145

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9885. MACD which illustrated diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 0.9915.

Resistance level: 0.9915, 0.9945

Support level: 0.9885, 0.9850

CrudeOIL, H4: Crude oil price was traded higher while currently testing the sideway channel top level at 57.50. MACD which illustrated bullish momentum and the formation of golden cross suggest the commodity to extend its gains after it successfully breakout above the resistance level at 57.50.

Resistance level: 57.50, 58.55

Support level: 56.80, 56.25

GOLD_ H1: Gold price was traded higher following prior rebound from the 20 moving average line (Red). Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering the gold market.

Resistance level: 1471.65, 1480.95

Support level: 1458.70, 1448.95

13 November 2019                            Afternoon Session Analysis

Kiwi surged amid interest rate decision

The New Zealand dollar skyrocketed 1% on early Wednesday following the Reserve Bank of New Zealand bank maintained its Official Cash Rate (OCR) at 1.0%. Almost all analysts had forecasted a rate cut in the 1% benchmark rate to a record-low 0.75%, amid the poor global economic development. However, New Zealand Monetary Committee claimed that the employment rate in New Zealand was remained around its maximum sustainable level, while the inflation rate was still within their target range. In fact, they reiterate that New Zealand’s export commodity prices have been robust, underpinning a positive term of trade. Such monetary decision had beat the market expectation, sparkled the huge demand for the New Zealand Dollar. However, the committee claimed that they would continue to scrutinize the future economic data to gauge the likelihood of future monetary politics. On the other hand, dollar index slumped yesterday following U.S President Donald Trump in speech on Tuesday did not offer any new details on the state of the administration’s trade war with China, disappointing the investors. Meanwhile, investors remained cautious as they are still waiting for the future updates with regards to US-China trade talk to retain further trading signal. As of writing, NZD/USD surged 1.12% to 0.6395 while the dollar index appreciated by 0.02% to 98.13.

In the commodities market, crude oil price slumped 0.11% to $56.70 per barrels as the prospects for the trade deal between the United States and China dimmed, weighing on the outlook for the global economy. On the other hand, gold price surged 0.06% to $1457.11 per troy ounces as ongoing uncertainty which surrounds the current trade negations has spurred higher demand for the safe-haven.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

00:00 (14^th)          USD                                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 98.25. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 98.25, 98.90

Support level: 97.60, 96.85

GBPUSD, H4: GBPUSD remain traded in a sideway channel while traded flat near the support level 1.2795. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term towards the support level 1.2795.

Resistance level: 1.2970, 1.3095

Support level: 1.2795, 1.2690

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.0990. However, MACD which illustrate bullish bias signal suggest the pair to experience a technical correction towards the resistance level 1.1060.

Resistance level: 1.1060, 1.1170

Support level: 1.0990, 1.0925

USDJPY, H4: USDJPY remain traded in a sideway channel following recent rebound from the support level 108.85. However, MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound in short term towards the resistance level 109.40.

Resistance level: 109.40, 109.90

Support level: 108.85, 108.25

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.6875. However, MACD which illustrate diminishing bearish bias signal with the starting formation of golden cross suggest the pair to experience a technical correction in short term towards the resistance level 0.6875.

Resistance level: 0.6875, 0.6925

Support level: 0.6810, 0.6725

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6340. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 0.6425.

Resistance level: 0.6425, 0.6500

Support level: 0.6340, 0.6275

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3255. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term as a technical correction towards the support level 1.3185.

Resistance level: 1.3255, 1.3335

Support level: 1.3185, 1.3135

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9915. MACD which illustrate ongoing 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 remain traded in a sideway channel while currently testing near the support level 56.30. However, MACD which illustrate ongoing bearish bias signal suggest the commodity to be traded lower after it breaks below the support level.

Resistance level: 57.55, 59.40

Support level: 56.30, 54.85

GOLD_ H4: Gold price was traded higher while currently testing the resistance level 1460.00. 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: 1460.00, 1480.50

Support level: 1437.20, 1403.50

13 November 2019                           Morning Session Analysis

Sterling slumped after job’s data disappoints.

Pound sterling extended its losses on yesterday over the backdrop of bleak economic data from the United Kingdom. According to Office for National Statistics, UK’s Average Earnings Index +Bonus came in at 3.6% for the month of September, missing economists’ forecast of 3.8%. Similarly, Claimant Count Change for the month of October increases to 33,000 individuals, significantly higher as compared to forecast of 24,200 individuals. Both data has dialed down some positive sentiment upon the sterling which initiated a brief selloff. However, losses on the sterling remains limited after Brexit Party head Nigel Farage declared that his party will not contest for any seats currently held by the Conservative Party during UK’s general election on 12^th December. The refusal to do so has increased the chances of UK Prime Minister Boris Johnson to secure and execute Brexit withdrawal agreement if Conservative Party wins the upcoming election. On the other hand, US dollar was traded higher on yesterday following a slump in other major currencies. However, traders remained cautious as they await further updates with regards to US-China trade negotiation. As of writing, the dollar index was up 0.15% to 98.15 while pair of GBP/USD ticked up 0.01% to 1.2850.

As for commodities market, crude oil price was traded flat near $56.75 per barrel. Oil prices continues to trade within a tight range as investors wait for further signals in the market with regards to US-China trade negotiation as well as weekly crude inventory reports from the US Energy Information Administration. Otherwise, gold price ticked down 0.03% to $1,456.56 a troy ounce due to stronger greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

00:00 (14^th)          USD                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the lower level. However, MACD which illustrate diminished upward momentum suggests the index to experience technical correction for short-term.

Resistance level: 98.20, 98.55

Support level: 98.10, 97.80

GBPUSD, H4: GBPUSD was traded flat near the support level of 1.2820. However, MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2970, 1.3035

Support level: 1.2820, 1.2665

EURUSD, Daily: EURUSD was traded lower while currently testing near the support of 1.1010. MACD which illustrate diminished bearish momentum suggests the pair to experience technical correction in short-term.

Resistance level: 1.1085, 1.1145

Support level: 1.1010, 1.0965

USDJPY, H4: USDJPY was traded lower following prior retrace from 109.30. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 108.75.

Resistance level: 109.30, 109.70

Support level: 108.75, 108.45

AUDUSD, H4: AUDUSD was traded lower following prior retrace from the higher levels. However, MACD which illustrate diminished downward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6875, 0.6910

Support level: 0.6815, 0.6780

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support of 0.6325. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6340, 0.6370

Support level: 0.6325, 0.6310

USDCAD, H4: USDCAD was traded lower following prior retrace from the higher levels. MACD which illustrate bearish signal suggests the pair to undergo technical correction in short-term.

Resistance level: 1.3240, 1.3285

Support level: 1.3200, 1.3125

USDCHF, H4: USDCHF was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term, towards the direction of 0.9915.

Resistance level: 0.9940, 0.9965

Support level: 0.9915, 0.9885

CrudeOIL, H1: Crude oil price was traded lower following prior retrace from the resistance near 57.40. MACD which illustrate bearish signal suggests its price to extend losses in short-term, towards the direction of 56.55.

Resistance level: 56.95, 57.40

Support level: 56.55, 55.75

GOLD_, Daily: Gold price was traded lower following prior close below 1483.60. However, MACD which illustrate diminished downward momentum suggests its price to experience technical correction for short-term.

Resistance level: 1483.60, 1515.00

Support level: 1442.90, 1410.00

12 November 2019                            Afternoon Session Analysis

USD/JPY remains in bid despite trade concern.

The Japanese Yen which traded against the dollar have fell during late Asian session as trade progress between U.S and China and political unrest in Hong Kong continue to challenge the risk tone for traders in the market. Currently, markets continue to favor the greenback although U.S President Donald Trump have recently denied that he agreed to remove tariff on Chinese goods as part of a deal. Besides that, remarks from Japanese Prime Minster Shinzo Abe also further increase the weakness upon Japanese Yen as his comments support the need for a budget to assist economic recovery, which have decreased the appeal of Japanese Yen against the dollar as safe-haven status. On top of that, the risk safety appeal of the greenback was also boosted by a surge of unrest in Hong Kong following its police used live ammunition on protesters who had tried to block roads and delay trains during the morning commute. At the time of writing, USD/JPY rose 0.08% to 109.11 while dollar index also climbs 0.03% to 98.02.

In the commodities market, crude oil price fell 0.14% to $56.78 per barrel at the time of writing as the ongoing uncertainty over U.S.-China trade talks continue to weigh down the market. Besides that, Saudi Arabia have also reinforced concerns about oversupply, diminishing further appeal for the commodity. Next, gold price slips 0.05% to $1456.43 a troy ounce as of writing following dollar strength backed by geopolitical uncertainty.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 97.75. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 98.35.

Resistance level: 98.35, 98.80

Support level: 97.75, 97.30

GBPUSD, Daily: GBPUSD was traded higher following prior rebound from the bottom level of downward channel. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the top level of downward channel.

Resistance level: 1.3035, 1.3170

Support level: 1.2820, 1.2665

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1010. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1075.

Resistance level: 1.1075, 1.1170

Support level: 1.1010, 1.0930

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 108.85. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 109.25.

Resistance level: 109.25, 109.80

Support level: 108.85, 108.40

AUDUSD, Daily: AUDUSD was traded lower while currently near the support level at 0.6835. MACD which illustrated bearish momentum suggest the pair to extend its losses after successfully breakout below the support level at 0.6835.

Resistance level: 0.6880, 0.6920

Support level: 0.6835, 0.6795

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6325. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6365, 0.6425

Support level: 0.6325, 0.6285

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3210. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3275.

Resistance level: 1.3275, 1.3335

Support level: 1.3210, 1.3145

USDCHF, Daily: USDCHF was traded higher following prior rebound from the lower level. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo short term technical correction toward the lower level.

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 56.80. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 56.80.

Resistance level: 56.80, 57.80

Support level: 56.25, 55.40

GOLD_ H4: Gold price was traded higher following prior breakout above the previous resistance level at 1452.70. MACD which illustrate bullish momentum and the formation of golden cross suggest the commodity to extend its gains toward the resistance level at 1461.00.

Resistance level: 1461.00, 1467.35

Support level: 1452.70, 1443.75

12 November 2019                           Morning Session Analysis

Pound sterling rebounds over positive developments.

Pound Sterling extended gains after Brexit Party claimed that they would not contest previously Conservative held seats in the UK’s upcoming election. The move increases the chances for the Conservative Party to gain a majority at the polls ahead of the 12^th December 2019 election, and consequently able to implement the EU withdrawal agreement which secured last month by Prime Minister Boris Johnson. In addition, by increasing the likelihood of a clear victory for the Conservatives, the political uncertainty could be reduced, which further sparkled the demand for the Pound Sterling. However, gains experienced by sterling was limited following the release of bleak economic data from the UK region. According to Office for National Statistics, U.K Gross Domestic Product (GDP) came in at 0.3%, weaker than the economist forecast at 0.4%. Meanwhile the U.K Manufacturing Production for last month came in at -0.4%, lower than the market forecast at -0.3%. Both data spurred concerns over slowing economic momentum, which may prompt a further rate cut in future. As of writing, GBP/USD appreciated by 0.03% to 1.2855. On the other hand, Dollar index slumped 0.14% to 98.00 amid trade uncertainty after US President Donald Trump said on last Friday that he had not agreed to end tariffs on Chinese goods as part of a trade deal.

In the commodities market, crude oil price experienced some selloff amid trade uncertainty. Trade war risks spurred higher pessimism among investors as it may possibly increase the risk for global economic slowdown, weighing the demand for crude oil in the future. On the other hand, gold price surged yesterday due to weaker greenback and trade pessimism outlook. As of writing, crude oil price depreciated by 0.23% to $56.77 per barrel while gold price fell 0.02% to $1455.20 per troy ounces.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 98.20. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 98.20, 98.50

Support level: 97.85, 97.55

GBPUSD, Daily: GBPUSD was traded higher following prior rebound from the support level at 1.2760. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2980.

Resistance level: 1.2980, 1.3180

Support level: 1.2760, 1.2560

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1010. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1075.

Resistance level: 1.1075, 1.1165

Support level: 1.1010, 1.0955

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 109.25. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 109.25, 109.90

Support level: 107.95, 107.05

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.6835. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6875, 0.6905

Support level: 0.6835, 0.6805

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6345. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6385.

Resistance level: 0.6385, 0.6425

Support level: 0.6345, 0.6315

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3210. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3260.

Resistance level: 1.3260, 1.3310

Support level: 1.3210, 1.3145

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9950. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9905.

Resistance level: 0.9950, 1.0025

Support level: 0.9905, 0.9870

CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 58.05. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 56.05.

Resistance level: 58.05, 59.45

Support level: 56.05, 53.90

GOLD_ Daily: Gold price was traded lower following prior breakout below the previous support level at 1481.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1442.40.

Resistance level: 1481.35, 1508.21

Support level: 1442.40, 1412.20