Daily Analysis

11 November 2019                            Afternoon Session Analysis

Dollar held gains as market await more clarity.

The dollar index which measured against a basket of six major currency pairs continue to hold its ground during late Asian session while investors are awaiting for further confirmation from U.S President Donald Trump and Fed Chairman Jerome Powell. Following recent fresh doubt from U.S over the progress of trade talk between U.S and China, investors are now awaiting for more clarification from Trump regarding the trade deal as U.S President Donald Trump is planned to give a speech at the Economic Club of New York on Tuesday. At the same time, investors will also be focusing on Powell speech later this week for further confirmation of its monetary plans. At the time of writing, dollar index rose 0.03% to 98.15. On the other hand, GBP/USD slips 0.05% to 1.2788 as of writing amid Brexit and uncertainty. Economy in U.K has lost its momentum this year and hurt by a global downturn due to the U.S.-China trade war as well as increased uncertainty over its exit from the European Union. Market will now awaiting for GDP data that is due to be release on Monday for further direction.

In the commodities market, crude oil price have fell 1.03% to $56.77 at the time of writing as uncertainty in trade deal have renewed investor’s caution in the market. Following the two biggest crude oil consumer as well as the biggest economies in the world, the ongoing trade war prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020. On the other hand, gold price recovers 0.34% to $1463.36 a troy ounce at the time of writing amid uncertainty in trade progress between U.S and China are currently fueling the demand for the safe-haven gold.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 98.25. However, MACD which display diminishing bullish momentum signal suggest the dollar to experience a short term technical correction 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 while currently testing the support level 1.2795. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short term as a technical correction towards the resistance level 1.2970.

Resistance level: 1.2970, 1.3095

Support level: 1.2795, 1.2690

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1060. However, MACD which illustrate diminishing bearish bias signal suggest the pair to undergo a technical correction in short term towards the current resistance level 1.1060.

Resistance level: 1.1060, 1.1170

Support level: 1.0990, 1.0925

 

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 108.85. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 109.40, 109.90

Support level: 108.85, 108.25

AUDUSD, H4: AUDUSD was traded flat after breakout below the previous support level 0.6875. However, MACD which illustrate diminishing bearish momentum suggest the pair may experience a technical correction in short term towards the current resistance level 0.6875.

Resistance level: 0.6875, 0.6925

Support level: 0.6810, 0.6725

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6350. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6350, 0.6425

Support level: 0.6285, 0.6210

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3235. MACD which illustrate ongoing bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.3235, 1.3300

Support level: 1.3185, 1.3135

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9980. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 0.9915.

Resistance level: 0.9980, 1.0025

Support level: 0.9915, 0.9845

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 bias 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 have traded lower while currently testing the support level 1460.00. However, MACD which display diminishing bearish momentum signal suggest the commodity to be traded higher as a technical correction towards the resistance level 1480.50

Resistance level: 1480.50, 1497.00

Support level: 1460.00, 1437.20

11 November 2019                           Morning Session Analysis

Trump spurs higher uncertainty in the market.

US dollar extended its gains last Friday, touching three-week high against other major currencies following higher risk appetite for higher yielding assets in the market. As of writing, the dollar index notched up 0.26% to 98.16. Last Friday, US President Donald Trump spurred higher uncertainty upon US-China trade resolution after he said that he has not agreed to roll back tariffs. His comment came a day after US and China reportedly agreed to roll back tariffs on each other in order to achieve phase one of trade deal. However, a separate report also contradicts with the news whereby the rollback aces fierce internal opposition within the White House and other advisors. Overall, market sentiment remains supportive for risky assets as efforts has been made by both countries in order to achieve a trade agreement which will substantially diminishes recessive risk upon the global economy. On the other hand, pair of USD/CAD ticked up 0.01% to 1.3229. Canadian dollar undergoes further selloff after Canada’s job market data stagnated in October, losing 1,800 net positions, missing economists’ forecast of generating 15,900 net positions.

In the commodities market, crude oil price slumped 0.47% to $57.09 per barrel. Oil futures experienced some selloff pressure as investors began to liquidate their holdings and take profit from the recent rally in oil prices. On the other hand, gold price rose 0.13% to $1,460.37 a troy ounce following rising uncertainty with regards to US-China trade negotiation.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior close above 98.10. MACD which illustrate bullish signal suggests the index to extend its gains, towards the direction of 98.55.

Resistance level: 98.55, 99.00

Support level: 98.10, 97.80

GBPUSD, Daily: GBPUSD was traded lower following prior close below 1.2820. MACD which illustrate bearish signal suggests the pair to be traded lower, towards the direction of 1.2665.

Resistance level: 1.2820, 1.2970

Support level: 1.2665, 1.2510

EURUSD, Daily: EURUSD was traded lower while currently testing the support at 1.1010. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 1.1085, 1.1145

Support level: 1.1010, 1.0965

USDJPY, H4: USDJPY was traded higher following prior rebound from its lower level. MACD which has formed a bullish signal suggest the pair to extend its gains after closing above 109.30.

Resistance level: 109.30, 109.70

Support level: 108.75, 108.45

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

Resistance level: 0.6875, 0.6910

Support level: 0.6815, 0.6780

NZDUSD, Daily: NZDUSD was traded lower following prior closure below 0.6340. MACD which illustrate bearish signal suggest the pair to extend its losses, towards the direction of 0.6270.

Resistance level: 0.6340, 0.6425

Support level: 0.6270, 0.6200

USDCAD, H4: USDCAD was traded higher while currently testing the resistance of 1.3240. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the resistance level.

Resistance level: 1.3240, 1.3285

Support level: 1.3200, 1.3125

USDCHF, H4: USDCHF was traded higher following prior closure above 0.9965. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.0000, 1.0025

Support level: 0.9965, 0.9940

CrudeOIL, H1: Crude oil price was traded lower following prior retrace from 57.40. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term.

Resistance level: 57.40, 58.15

Support level: 56.95, 55.75

GOLD_, Daily: Gold price remains traded within a downward channel while currently testing at the bottom level. MACD which illustrate bearish signal suggests its price to extend its losses after breaking the bottom level.

Resistance level: 1483.60, 1515.00

Support level: 1442.90, 1410.00

08 November 2019                           Afternoon Session Analysis

Probability of further rate cut declined.  

Dollar index which gauge its value against a basket of six major currencies eked out its previous losses, rose back to three weeks high level. Recent good news showed that US and China are closer to the truce of trade agreement, lifted up the possibility of achieving phase 1 trade deal within a short period. In consequence, easing of trade war has further assure that Federal Reserve (Fed) will cease their rate cut plan while remain its interest rate at 1.75%. According to the Fed Rate Monitor Tool, it shows that the probability of further rate cut has further dropped to 5.9% from previous 8.9% following the optimism news of trade deal from China and US. Moreover, market worries over the risk of slowing down in global growth has reduced as if trade deal can be resolved, performance of both global top economy bodies will turn resilient, and eventually driving the other countries economy upward. As of now, greenback rose 0.01% to 97.95. On the other side, the pair of AUD/USD plunged 0.27% to 0.6875 during Asian trading session amid Reserve Bank of Australia (RBA) withhold dovish tone toward the future growth prospect of Australia. Based on the RBA Monetary Policy Statement, RBA has slashed their GDP forecast from 2.75% to 2.5% for the year through June 2020 despite there is sign showing that Australian economy is gradually exiting out from economic downturn.

In the commodities market, crude oil price fall 0.33% to $56.80 per barrel despite recent news showed that China and US may reaching a deal soon. Crude oil market is still remain gloomy as rising of stockpile in US crude oil inventories continue to weigh on this black commodity. Besides, gold inched up 0.06% to $1468.70 a troy ounce after traders chose to take profit at the psychological price level near $1460.00.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 97.95. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 97.95, 98.20

Support level: 97.60, 97.35

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.2980. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower toward the support level at 1.2780.

Resistance level: 1.2980, 1.3180

Support level: 1.2780, 1.2580

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support at 1.1075. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1010.

Resistance level: 1.1075, 1.1165

Support level: 1.1010, 1.0955

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 109.30. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.30, 110.00

Support level: 108.55, 107.90

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6880. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6900, 0.6920

Support level: 0.6880, 0.6855

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6360. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6385, 0.6410

Support level: 0.6360, 0.6340

USDCAD, Daily: USDCAD was traded higher following prior rebound from the previous support level at 1.3145. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3195.

Resistance level: 1.3195, 1.3245

Support level: 1.3145, 1.3085

USDCHF, Daily: USDCHF was higher while currently testing the resistance level at 0.9945. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9945, 1.0035

Support level: 0.9890, 0.9845

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 57.00. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 57.00, 58.15

Support level: 55.85, 54.70

GOLD_, Daily: Gold price was traded lower following prior breakout below the previous support level at 1474.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward the support level at 1442.00.

Resistance level: 1474.75, 1508.80

Support level: 1442.00, 1411.70

8 November 2019                           Morning Session Analysis

Dollar inches up on trade deal progress.

U.S dollar which traded against a basket of six major currency rivals have edge higher on early Asian session as market continue to cheer on progress of trade talk. According to the latest report, Chinese Commerce Minister Gao Feng stated that Beijing and Washington have agreed to phase out tariffs imposed during their 16-month-long trade war. Canceling tariffs is vital to the phase one trade agreement, which both sides have agreed to do as negotiation progress is made, he added. He also stated that the trade war started with tariffs and should end with the cancellation of tariffs. The ongoing positive progress of trade talk between both countries have increase hope that the two sides may sign a trade deal in the coming months, thus continue to help fuel to demand for the greenback. On the other hand, the pound sterling have suffered a huge sell-off after BoE interest rate decision. The Bank of England left its key rate unchanged at 0.75% on Thursday, but cut its growth forecasts which expecting the U.K. to grow at half of the rate of 2018 due to slowing growth across the globe and the prolonged uncertainty over Brexit. The bank also hinted that it may cut interest rates soon if that uncertainty continues to depress output. At the time of writing, dollar index soars 0.18% to 97.91 while GBP/USD fell 0.04% to 1.2815.

In the commodities market, crude oil price rose 0.09% to $57.05 per barrel at the time of writing following positive progress between U.S and China. As Chinese Commerce Minister Gao Feng said earlier on Thursday that Beijing and Washington have agreed to phase out their more than a yearlong of tariffs, the better headline have created an underlying support for the commodity. On the other hand, gold price plummeted 0.15% to $1467.53 a troy ounce as of writing amid increasing risk-appetite in the market due to Chinese Commerce Minister Gao Feng’s remarks.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 97.70. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a technical correction in short term towards the support level 97.70.

Resistance level: 98.35, 98.85

Support level: 97.70, 96.85

GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing near the support level 1.2805. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short term as a technical correction towards the resistance level 1.2970.

Resistance level: 1.2970, 1.3095

Support level: 1.2805, 1.2690

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1060. However, MACD which illustrate diminishing bearish bias signal suggest the pair to undergo a technical correction in short term towards the current resistance level 1.1060.

Resistance level: 1.1060, 1.1170

Support level: 1.0990, 1.0925

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 109.35. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term as a technical correction towards the support level 108.85.

Resistance level: 109.35, 109.90

Support level: 108.85, 108.25

AUDUSD, H4: AUDUSD remain traded a sideway channel following recent rebound from the support level 0.6875. However, MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 0.6925.

Resistance level: 0.6925, 0.6995

Support level: 0.6875, 0.6810

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6350. MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6425.

Resistance level: 0.6425, 0.6500

Support level: 0.6350, 0.6285

USDCAD, H4: USDCAD remain traded in a sideway channel following recent retracement from the resistance level 1.3185. However, MACD which display bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3135.

Resistance level: 1.3185, 1.3235

Support level: 1.3135, 1.3065

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9915. However, MACD which display diminishing bullish momentum signal suggest the pair to experience a short term technical correction towards the support level 0.9915.

Resistance level: 0.9980, 1.0025

Support level: 0.9915, 0.9845

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 bias 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 have traded lower following prior breakout below the previous support level 1480.50. MACD which illustrate ongoing bearish momentum suggest the commodity to extend its losses towards the support level 1460.00.

Resistance level: 1480.50, 1497.00

Support level: 1460.00, 1437.20

7 November 2019                              Afternoon Session Analysis

Brexit deadlock remain while market eyes on BoE policy.

Pound sterling retraced from its two weeks high level as market lingering with doubts about the Bank of England (BoE) respond toward the uncertainties exerted by Brexit issue. As of now, majority of the market participants expect BoE will have no changes in their monetary policy on today’s meeting, where to leave the interest rate at current rate 0.75%. This is because uncertainty over around Brexit issue has left a strong mark on UK economic data, affecting the economy growth negatively. In overall, market sentiment toward this single currency is still remain tepid as market are still awaiting for the results of general election on 12^th December. The election will determine whether Boris Johnson party able to capture a majority in parliament and sign a final deal with European Union. As of writing, the pair of GBP/USD surged 0.04% to 1.2845. On the other hand, greenback which act as major currency rose 0.02% to 97.80 as recent news shows that Trump and Xi has delayed to December as both countries premiers are still deciding the terms and venue of the trade deal. According to US official, the possible location of next meeting is London where two leaders could meet after NATO summit.

In the commodities market, crude oil price inched down 0.14% to $56.25 per barrel after the phase 1 trade deal between US and China has delayed to December. Thus, markets are still remain pessimistic toward the outlook of crude oil demand as trade war remain unsolved. Besides, gold price rose 0.04% to $1490.90 a troy ounce amid dampening of market risk sentiment.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:00                     GBP                                        BoE Inflation Report

20:00                     GBP                                        BoE MPC Meeting Minutes

20:30                     GBP                                        BoE Gov Carney Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 97.55. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 97.95.

Resistance level: 97.95, 98.40

Support level: 97.55, 96.90

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.2980. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2780.

Resistance level: 1.2980, 1.3180

Support level: 1.2780, 1.2560

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1075. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1010.

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

Resistance level: 109.05, 109.90

Support level: 107.95, 107.00

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level at 0.6875. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6810.

Resistance level: 0.6875, 0.6930

Support level: 0.6810, 0.6755

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6345. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6390, 0.6430

Support level: 0.6345, 0.6310

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3145. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3210.

Resistance level: 1.3210,1.3260

Support level: 1.3145, 1.3085

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9905. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9950.

Resistance level: 0.9950, 1.0025

Support level: 0.9905, 0.9870

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 56.85. MACD which illustrated increasing bearish momentum suggest its price to extend its losses toward support level at 56.05.

Resistance level: 56.85, 57.45

Support level: 56.05, 55.45

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1491.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1491.65, 1497.05

Support level: 1486.40, 1481.30

7 November 2019                              Morning Session Analysis

Canadian dollar slumps as data disappoints.

Canadian dollar extended its losses following the release of bearish economic data from yesterday. According to Ivey, its PMI reading which gauge activity level of purchasing managers slumped to 48.2 for the month of October, missing economists’ forecast for a rise to 49.3. Recently, Bank of Canada expresses further dovishness during their policy meeting as they perceive increasing risks and uncertainty due to ongoing trade conflict in the market. As such, the bearish data from yesterday has further affirmed such signals which may eventually lead to further rate cuts if future economic data from Canada remains bleak. On the other hand, dollar index continues to be traded within a tight range due to the lack of major economic data from the United States. Investors remains fixated upon US-China trade negotiation developments as well as future economic data releases from the region in order to gauge US dollar’s near-term trend direction. As of writing, pair of USD/CAD rose 0.04% to 1.3185 while the dollar index fell 0.06% to 97.73.

In the commodities market, crude oil price was traded flat at around $56.31 per barrel. Overnight, oil prices slumped sharply after Energy Information Administration reported that US crude oil stocks increased by 7.929 million barrels last week, exceeding forecasted reading of 1.515 million barrels. On the other hand, gold price was flat at around $1,490.37 a troy ounce while market participants wait for more signals in the FX market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:00                     GBP                         BoE Inflation Report

20:00                     GBP                         BoE MPC Meeting Minutes

20:30                     GBP                         BoE Gov Carney Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near 97.80. MACD which illustrate bullish signal suggest the index to extend its gains after closing above the resistance level.

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 diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 1.2970, 1.3035

Support level: 1.2820, 1.2665

EURUSD, Daily: EURUSD was traded lower after closing below 1.1085. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.1010.

Resistance level: 1.1085, 1.1145

Support level: 1.1010, 1.0965

USDJPY, H4: USDJPY was traded lower following prior retrace from its higher levels. MACD which formed a bearish signal suggests the pair to extend its losses in short-term as technical correction.

Resistance level: 109.30, 109.70

Support level: 108.75, 108.45

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

Resistance level: 0.6910, 0.6930

Support level: 0.6875, 0.6815

NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the higher levels. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 0.6340.

Resistance level: 0.6425, 0.6495

Support level: 0.6340, 0.6270

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance of 1.3200. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the resistance level.

Resistance level: 1.3200,1.3240

Support level: 1.3125, 1.3000

USDCHF, H4: USDCHF was traded lower following prior retrace from the resistance of 0.9940. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.

Resistance level: 0.9940, 0.9965

Support level: 0.9885, 0.9840

CrudeOIL, H4: Crude oil price was traded lower following prior closure below 56.70. MACD which illustrate bearish signal suggests its price to be traded lower in short-term as technical correction.

Resistance level: 56.70, 57.30

Support level: 55.55, 54.45

GOLD_, H4: 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.

Resistance level: 1496.00, 1511.00

Support level: 1484.05, 1477.00

06 November 2019                            Afternoon Session Analysis

Dollar slips after skyrocketed to new high.

Dollar index which measured its value against a basket of six major currencies fall after hitting the highest level in three weeks amid economic data from US region unexpectedly rise sharply. According to the Institute for Supply Management, US ISM Non-Manufacturing PMI came in at 54.7, stronger than previous month reading of 52.6 while far ahead of economist’s consensus at 53.6. This data showed that US economic activity is growing robustly and even faster than expected expansion pace, damped the market expectation on further rate cut in next Fed meeting. However, greenback sentiments has turned tepid now as market participants are cautious toward the progress of trade talk, geopolitical risk and the risk of slowing down in global growth. During Asian trading session, dollar index plummeted 0.09% to 97.65. On the other hand, the pair of NZD/USD inched down 0.03% to 0.6370 following downbeat economic data shows New Zealand labor market has weakened. The employment change in New Zealand has declined from 0.8 to 0.2%, job creation has fall significantly while lifted up the expectation of rate cut in upcoming RBNZ meeting.

In the commodities market, crude oil price rose 0.54% to $56.90 per barrel amid recent data showed a stockpile in US crude oil inventories. According to API data, inventories level jumped to 4.260M from previous month -0.708M. On the other hand, gold price quoted up 0.18% to $1486.00 a troy ounce amid weakening of greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                              GBP                                        Autumn Budget

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 97.55. MACD which illustrated increasing bullish momentum suggest the index to extend its gain toward the resistance level at 97.95.

Resistance level: 97.95, 98.40

Support level: 97.55, 96.90

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.2980. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2780.

Resistance level: 1.2980, 1.3180

Support level: 1.2780, 1.2625

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1075. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1125, 1.1175

Support level: 1.1075, 1.1010

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 109.05. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain after it successfully breakout above the resistance level.

Resistance level: 109.05, 109.90

Support level: 107.95, 107.00

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6875. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6935, 0.7020

Support level: 0.6875, 0.6810

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6390. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6390, 0.6430

Support level: 0.6345, 0.6315

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3145. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3210.

Resistance level: 1.3210, 1.3260

Support level: 1.3145, 1.3085

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9885. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain toward resistance level at 0.9940.

Resistance level: 0.9940, 1.0000

Support level: 0.9885, 0.9840

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 57.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 57.00, 58.25

Support level: 54.90, 53.25

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1483.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1493.70.

Resistance level: 1493.70, 1501.60

Support level: 1483.55, 1476.20

06 November 2019                           Morning Session Analysis

Dollar gains on positive trade headlines.

The U.S dollar have rose against a basket of six major currency pairs during early Asian session following upbeat trade news have helped lifted the greenback. According to recent reports, China Premier Xi Jinping have stressed on its country commitments to the global trade and stated that China would “open its doors only wider” to the world. At the same time, China is pushing U.S President Donald Trump to remove more tariffs which is imposed in September in order to sign the “phase one” deal later this month. Markets are expecting that the U.S may postpone the remaining tariff, thus providing a boost for the sentiment in greenback. On the other hand, pound sterling have rebound from its low following upbeat data. According to Markit Economics, activity in U.K service sector have improved to 50, higher than market expectation of 49.7 which helped the pound to attract some bid in the market. Besides that, the pair was also supported by incoming opinion polls which indicating a majority for the UK Prime Minister Boris Johnson’s Conservative Party at the upcoming election in December. As of writing, the dollar index climbs 0.42% to 97.80 while GBP/USD also rose 0.07% to 1.2883.

In the commodities market, crude oil price rose 0.10% to $57.05 per barrel as of writing as investors remain optimistic on U.S. and China trade progress. China is reviewing locations in the U.S. where President Xi Jinping would be willing to meet his counterpart Donald Trump to sign the first phase of a trade deal, according to people familiar with the plans. As both countries are the largest oil consumer in the world, the positive development have help ease investor’s concern and also boosted the appeal of crude oil. On the other hand, gold price plummets 0.16% to $1484.70 at the time of writing amid strong dollar which supported by trade optimism.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                  GBP                     Autumn Budget

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 97.70. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 97.70, 98.35

Support level: 96.85, 96.05

GBPUSD, H4: GBPUSD remain traded in a sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term towards the resistance level 1.3005.

Resistance level: 1.3005, 1.3180

Support level: 1.2785, 1.2685

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1075. MACD which display ongoing bearish momentum suggest the pair to extend its losses after it breaks below the support level 1.1075.

Resistance level: 1.1170, 1.1225

Support level: 1.1075, 1.1020

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 109.30. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the resistance level 108.85.

Resistance level: 109.30, 109.90

Support level: 108.85, 108.25

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6880. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.6880.

Resistance level: 0.6950, 0.7040

Support level: 0.6880, 0.6805

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6350. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.6350.

Resistance level: 0.6425, 0.6500

Support level: 0.6350, 0.6285

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.3135. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.3185.

Resistance level: 1.3185, 1.3235

Support level: 1.3135, 1.3065

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9915. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards the support level 0.9915.

Resistance level: 0.9980, 1.0025

Support level: 0.9915, 0.9845

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 56.95. However, MACD which illustrate diminishing bullish bias signal suggest the commodity to be traded lower as a technical correction towards the support level 54.80.

Resistance level: 57.35, 59.35

Support level: 54.80, 52.10

GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the support level 1481.30. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower after it breaks below the support level.

Resistance level: 1514.60, 1533.35

Support level: 1481.30, 1455.85

05 November 2019                            Afternoon Session Analysis

Aussie soars after RBA rate decision.

The Aussie dollar which is traded against the dollar have surged in late Asian session as Royal Bank of Australia (RBA) have maintain its status quo on its rate decision while citing risks to the macro economy and a gentle turning point at the domestic front. According to its statement, the central scenario is for inflation to pick up gradually and growth is likely to pick up to around 3% in 2021. However, wage growth is likely to remain around the current rate for some time. Besides that, RBA also added that a gentle turning point appears to have been reached, signaling scope for a pause in the easing cycle. The positive statement have help Aussie to pick a bid in the market while market will now concentrate on Statement of Monetary Policy (SOMP) on Friday for fresh direction regarding about the central bank’s near-term growth/inflation forecasts. As of writing, AUD/USD have rose 0.30% to 0.6905 while the dollar index also edge higher by 0.08% to 97.58.

In the commodities market, crude oil price slip 0.16% to $56.39 at the time of writing as global growth concerns back in play despite trade optimism. Global economic slowdown concerns have overshadowed the latest upbeat trade headlines in turn weighing negatively on the higher-yielding oil currently. On the other hand, gold price fell 0.24% to $1505.89 as of writing following positive development in trade war reduce the appeal of risk-off assets such as gold.

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 level at 97.30. MACD which illustrated bullish momentum suggest the index to extend its gains toward resistance level at 97.75.

Resistance level: 97.75, 98.35

Support level: 97.30, 96.85

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 1.2820.

Resistance level: 1.3035, 1.3170

Support level: 1.2820, 1.2665

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

Resistance level: 1.1170, 1.1240

Support level: 1.1075, 1.1010

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 108.40. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 108.85.

Resistance level: 108.85, 109.25

Support level: 108.40, 107.80

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6880. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6965.

Resistance level: 0.6965, 0.7065

Support level: 0.6880, 0.6795

NZDUSD, H1: NZDUSD was traded higher while currently testing the resistance level at 0.6410. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6410.

Resistance level: 0.6410, 0.6440

Support level: 0.6365, 0.6325

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

Resistance level: 1.3210, 1.3275

Support level: 1.3145, 1.3085

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9885. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9885.

Resistance level: 0.9885, 0.9945

Support level: 0.9810, 0.9760

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the higher level.  MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 55.40.

Resistance level: 56.80, 58.55

Support level: 55.40, 54.65

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1511.95. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 1495.50.

Resistance level: 1511.95, 1525.50

Support level: 1495.50, 1486.00

5 November 2019                              Morning Session Analysis

Greenback surged on hopes for trade talks.

US dollar surged amid hope upon the resolution of trade war which further increased the risk appetite, which pushed U.S. stocks and Treasury yields higher. According to Reuters, U.S Commerce Secretary’s Wilbur Ross claimed that licenses for U.S. companies to sell components to China’s Huawei Technologies Co “will be forthcoming very shortly”. Such positive sentiment has reduced the trade tension between U.S. and China, insinuating higher demand for the US dollar. On the other hand, the pair of EUR/USD slump despite positive data from the Europe region was released. According to Markit, Germany Manufacturing Purchasing Managers Index (PMI) notched up from 41.7 to 42.1 for the month of October. In addition, Italy Manufacturing Purchasing Managers Index (PMI) and French Manufacturing PMI for the month of October was both fared better than expectation. Although the pair of EUR/USD surge in the early trading hours of European session following the upbeat macroeconomic data from the European area was released, Euro received bearish pressure later on a surge in the U.S Dollar. As of writing, Dollar index appreciated by 0.33% to 97.30 while EUR/USD was traded flat at 1.1125.

In the commodities market, crude oil price surged yesterday amid to positive prospect for trade talk. Diminishing trade war risks has placed higher optimism among investors in which it may possibly reduce the scenario for global economic slowdown. As of writing, crude oil price depreciated by 0.19% to $56.43 per barrel. On the other hand, gold price slumped 0.01% to $1509.21 per troy ounces amid stronger U.S Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12:30                     AUD                                       RBA Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 96.90. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 97.55.

Resistance level: 97.55, 98.15

Support level: 96.90, 96.40

GBPUSD, H4: GBPUSD was traded within a range while currently near support level at 1.2855. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level.

Resistance level: 1.2980, 1.3065

Support level: 1.2855, 1.2780

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1165. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1075.

Resistance level: 1.1165, 1.1215

Support level: 1.1075, 1.1025

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 108.40. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 109.00

Resistance level: 109.00, 109.60

Support level: 108.40, 107.85

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6905. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6860.

Resistance level: 0.6905, 0.6960

Support level: 0.6860, 0.6810

NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6435. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6355.

Resistance level: 0.6435, 0.6495

Support level: 0.6355, 0.6285

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3145. MACD. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3210, 1.3260

Support level: 1.3145, 1.3085

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9850. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9895.

Resistance level: 0.9895, 0.9945

Support level: 0.9850, 0.9805

CrudeOIL, Daily: Crude oil price was traded higher following prior rebound from the support level at 54.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 57.15.

Resistance level: 57.15, 59.35

Support level: 54.05, 52.25

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1509.60. MACD which illustrated increasing bearish momentum suggest its price to extend its losses toward support level at 1502.60.

Resistance level: 1509.60, 1516.95

Support level: 1502.60, 1495.70

4 November 2019                              Afternoon Session Analysis

Pound weakened amid heightening of Brexit uncertainty.

Pound sterling swooped against major currencies such as greenback following Brexit party leader Nigel Farage decided to stand out from participating in UK general election but vowed to campaign on behalf of his party aggressively. Nigel Farage has been tried and failed to win a parliamentary seat since three years ago and now he wanted to lead his populist party to win a majority seat in upcoming general election in order to achieve a better Brexit deal for UK. On the other side, this decision has threaten and weaken the Conservatives party which belongs to Boris Johnson by splitting the pro-Brexit vote and tipping some close seats to the opposition party. Besides, Nigel Farage also reiterated that if Boris Johnson continues to stick with the latest deal, he will continue to fight against him in the general election as that is not a Brexit, said in the BBC interview. As of writing, GBP/USD inched down 0.02% to 1.2930. On the other hand, the pair of AUD/USD quoted up 0.14% to 0.6920 despite Retail Sales data hinted sign of weakening in economy activity. According to Australian Bureau of Statistic, Retail Sales data was came in at weaker pace of 0.2% when comparing to economist forecast of 0.5%, showing the willingness of consumer on spending has declined significantly. However, recent progress in trade talk between China and US has lifted up the market sentiment toward risky asset, eventually formed a support for AUD/USD from falling further.

In the commodities market, crude oil price ticked down 0.34% to $55.95 per barrel after hitting one week highs level. Based on recent economic data from China, manufacturing data showed an upbeat result and thus dragged up the market expectation on the future demand of this black commodity. On the other hand, gold price quoted down 0.12% to $1,512.20 a troy ounce due to heightening of market risk sentiment.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 97.30. However, MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term as technical correction.

Resistance level: 97.30, 97.75

Support level: 96.85, 96.50

GBPUSD, Daily: GBPUSD was traded higher following prior rebound from the support level at 1.2820. However, MACD which illustrate bearish bias momentum suggest the pair to be traded lower in short term toward the support level at 1.2820.

Resistance level: 1.3035, 1.3170

Support level: 1.2820, 1.2665

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1125. MACD which illustrate upward bias momentum suggests the pair to be traded higher toward the resistance level at 1.1200.

Resistance level: 1.1200, 1.1240

Support level: 1.1125, 1.1030

USDJPY, H4: USDJPY was traded higher following prior rebound from the lower levels. MACD which begins to form bullish signal suggests the pair to extend its gains toward the resistance level at 108.40.

Resistance level: 108.40, 108.85

Support level: 107.80, 107.20

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6880. MACD which illustrate bullish signal suggest the pair to extend its gains toward the resistance level at 0.6965.

Resistance level: 0.6965, 0.7065

Support level: 0.6880, 0.6795

NZDUSD, H4: NZDUSD was traded higher following prior closure above 0.6440. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 0.6490.

Resistance level: 0.6490, 0.6555

Support level: 0.6440, 0.6410

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

Resistance level: 1.3145, 1.3210

Support level: 1.3085, 1.3020

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower levels. MACD which illustrate diminished downward momentum suggests the pair to extend its gains toward the resistance level at 0.9885.

Resistance level: 0.9885, 0.9945

Support level: 0.9810, 0.9760

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the higher level. MACD which illustrate bearish signal suggests its price to be traded lower toward the support level at 55.40.

Resistance level: 56.80, 58.55

Support level: 55.40, 54.65

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1511.95. MACD which illustrate diminished upward momentum suggests its price to extend its losses after closing below the support level.

Resistance level: 1525.50, 1550.85

Support level: 1511.95, 1495.50

4 November 2019                              Morning Session Analysis

Greenback slump over bearish ISM data.

US dollar extended its losses last Friday following mixed signals from the recently released economic data on the region. As of writing, the dollar index was quoted down 0.24% to 96.96 against a basket of six major currencies. Last Friday, greenback found some support after Nonfarm Payrolls for the month of October came in at 128,000, significantly higher than forecast of 89,000. On the other hand, unemployment rate ticked up by 0.1% to 3.6% last month, wage growth has slowed down to 0.2% as compared to prior month of 0.4%. Overall, the jobs market remains resilient despite ongoing threats from US-China trade war which may bring significant impact upon economic momentum. However, greenback gave up its initial gains after ISM reported that its manufacturing PMI contracts further to 48.3, missing economists’ forecast of 48.9. The data has notched in its third consecutive month of contraction which some analysts expects it may have “spilled-over” effect towards US services sector. Greenback has been plagued with concerns over slowing economic momentum which may prompt further rate cuts from the Federal Reserve if overall situation turns bleak. Against other major currencies, pair of GBP/USD ticked down 0.03% to 1.2930 while USD/JPY rose 0.05% to 108.23.

In the commodities market, crude oil price ticked up 0.01% to $56.05 per barrel. Oil futures received higher demand since last Friday after China announced that they have reached a consensus with US with regards to trade agreement last week. Diminishing trade war risks has placed higher optimism among investors in which it may possibly reduces the scenario for global economic slowdown. On the other hand, gold price ticked up 0.01% to $1,514.26 a troy ounce due to weaker greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from 96.95. MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term as technical correction.

Resistance level: 97.15, 97.35

Support level: 96.95, 96.70

GBPUSD, H4: GBPUSD was traded lower following prior retrace from 1.2970. MACD which has formed a bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2970, 1.3035

Support level: 1.2820, 1.2665

EURUSD, H4: EURUSD was traded flat near the support of 1.1145. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1180, 1.1205

Support level: 1.1145, 1.1085

USDJPY, H4: USDJPY was traded higher following prior rebound from the lower levels. MACD which begins to form bullish signal suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 108.45, 108.75

Support level: 108.20, 107.65

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the lower levels. MACD which has shown diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6980, 0.7055

Support level: 0.6910, 0.6815

NZDUSD, Daily: NZDUSD was traded higher following prior closure above 0.6425. MACD which illustrate bullish signal suggests the pair to extend its gains in mid-term.

Resistance level: 0.6495, 0.6560

Support level: 0.6425, 0.6340

USDCAD, Daily: USDCAD was traded lower following prior retrace from 1.3200. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term after closing below the 20-MA line (red).

Resistance level: 1.3200, 1.3285

Support level: 1.3050, 1.2970

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

Resistance level: 0.9885, 0.9940

Support level: 0.9840, 0.9800

CrudeOIL, H4: Crude oil price extended its gains after a rebound from the lower level. MACD which illustrate bullish signal suggests its price to move further up, towards the direction of 56.70.

Resistance level: 56.70, 57.30

Support level: 55.55, 54.45

GOLD_, H4: Gold price was traded flat near the support of 1511.00. MACD which illustrate diminished upward momentum suggests its price to extend its losses after closing below the support level.

Resistance level: 1523.00, 1532.40

Support level: 1511.00, 1496.00

01 November 2019                           Afternoon Session Analysis

Antipodean remain ‘scented’ amid upbeat data.

Antipodean, which referring to New Zealand Dollar and Australian Dollar skyrocketed following an optimistic data been announced from China. According to an economic data regarding to China manufacturing sector activity, it showed that China factory activity in the month of October has expanded in a quickest pace since year 2017. The Caixin Manufacturing PMI data was came in at 51.7, stronger than economist forecast of 51.0 while indicating export order of China has increased and its manufacturing economy is still lingering in expansionary territory. Moreover, bullish economic data from China was seemingly boosted up due to recent easing of trade war with US, where US has exempted 400 over products China imported goods from new round of tariff while China has to buy more agriculture products from US as promised. As of writing, NZD/USD rose 0.33% to 0.6430 while AUD/USD quoted up 0.18% to 0.6905. On the other hand, the pair of USD/CAD inched up 0.01% to 1.3155 following Canada GDP showed a gain of 0.1%, lower than predicted value of 0.2%. This pessimistic data shows Canada inflation pressure has been weakened where economy dragged down by the uncertainty over international trade conflict and risk of slowing down in global growth, synchronize with the dovish tone of Bank of Canada on Wednesday.

In the commodities market, crude oil price rose 0.57% to $54.40 per barrel amid strong China Manufacturing PMI data lifted up the market optimism sentiment over this black commodity. However, recent crude oil inventory build and worries of market on reaching a deal between China and US continue weighed on crude oil. Besides, gold price fall 0.16% to $1510.00 a troy ounce amid weakening of greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 96.85. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 97.70, 98.35

Support level: 96.85, 96.05

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3005. However, MACD which display diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 1.2785.

Resistance level: 1.3005, 1.3180

Support level: 1.2785, 1.2685

EURUSD, H4: EURUSD was traded higher while testing the resistance level 1.1170. However, MACD which illustrate diminishing bullish bias signal suggest the pair to be traded lower in short term as a technical correction towards the support level 1.1075.

Resistance level: 1.1170, 1.1225

Support level: 1.1075, 1.1020

USDJPY, H4: USDJPY was traded lower following prior breakout below the support level 108.25. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo a short term technical correction towards the current resistance level at 108.25.

Resistance level: 108.25, 108.85

Support level: 107.55, 106.70

AUDUSD, H4: AUDUSD was traded higher following recent rebound from the support level 0.6870. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term towards the support level 0.6870.

Resistance level: 0.6950, 0.7040

Support level: 0.6880, 0.6805

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6425. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction In short term towards the support level 0.6350.

Resistance level: 0.6425, 0.6500

Support level: 0.6350, 0.6285

USDCAD, H4: USDCAD was trade lower following recent retracement from the resistance level 1.3185. MACD which illustrate bearish bias signal suggest the pair to extend its losses in short term towards the support level 1.3135.

Resistance level: 1.3185, 1.3235

Support level: 1.3135, 1.3065

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9845. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as 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 lower following prior breakout below the previous support level 54.80. However, MACD which illustrate diminishing bearish momentum suggest the commodity to experience a short term technical correction towards the resistance level 54.80.

Resistance level: 54.80, 56.95

Support level: 52.10, 50.15

GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the resistance level 1514.60. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower in short term towards the support level 1481.30.

Resistance level: 1514.60, 1535.10

Support level: 1481.30, 1455.85

01 November 2019                           Morning Session Analysis

Dollar index slump as trade tension escalated.

Greenback was traded lower following further escalation in trade tensions. According to Bloomberg, Chinese officials were casting doubts about reaching a comprehensive long-term trade deal with the U.S, even as the two sides were getting close to sign the “phase one” agreement. In addition, Chinese officials reiterated that they remain concerned about President Donald Trump’s impulsive nature and the risk that he may back out the trade deal even the both sides claimed that they want to sign it in the coming weeks. However, trade tension was slightly diminished after President U.S Donald Trump said that a new location for signing the “Phase One” U.S.-China trade deal will be announced soon after the initial meeting in Chile was canceled due to protests. Such positive sentiment has limited the further losses experienced by the Dollar index. Nonetheless, investors would continue to scrutinize the major economic data which would be released by the United Stated today in order to gauge the likelihood of the movement of the index. On the other hand, the uncertainties with regards to trade war had sparked demand for the safe-haven asset such as Japanese Yen. As of writing, Dollar index was quoted down 0.32% to 97.05 while pair of USD/JPY was traded flat at 108.00.

In the commodities market, crude oil price fell yesterday following the Federal Reserve was forced into monetary easing after the global economy showed signs of slowing down. On the other hand, Gold price rose yesterday following the trade tensions was escalated and weaker greenback. As of writing, Crude oil price depreciates by 0.02% to $54.08 per barrel and the gold price notched down 0.01% to $1512.17 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 96.85. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 97.55, 98.15

Support level: 96.85, 96.40

GBPUSD, H4: GBPUSD was traded within a range while currently near the resistance level at 1.2980. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.2845.

Resistance level: 1.2980, 1.3095

Support level: 1.2845, 1.2650

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1165, 1.1240

Support level: 1.1070, 1.0995

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 108.40. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.70.

Resistance level: 108.40, 109.00

Support level: 107.70, 107.15

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6910. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6910, 0.6960

Support level: 0.6860, 0.6810

NZDUSD, Daily: NZDUSD was traded higher while currently near 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, 0.6495

Support level: 0.6355, 0.6285

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

Resistance level: 1.3210, 1.3260

Support level: 1.3145, 1.3085

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9895. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9840.

Resistance level: 0.9895, 0.9945

Support level: 0.9840, 0.9795

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 53.85. MACD which illustrated bearish signal bias suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 54.65, 55.50

Support level: 53.85, 52.95

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1512.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1512.80, 1518.70

Support level: 1505.70, 1498.05

31 October 2019                                Afternoon Session Analysis

Loonie plunged following BoC statement.

Canadian dollar slumped against the US dollar after the Bank of Canada (BoC) announced its interest rate decision. Earlier today, BoC announced to keep its interest rate unchanged at 1.75%. However, the central bank expressed a more cautious tone which sends Loonie into a sell-off frenzy. In the press conference, BoC Governor Stephen Poloz stated that the increasing uncertainty with regards to future trade policies had bring a significant negative impact upon business investment. Nonetheless, he reiterates that further loosening of monetary policy is not needed for the time being to address such issues. In addition, a slump in crude oil price has also provided additional bearish pressure upon the commodity-backed currency. As of writing, USD/CAD ticks up 0.07% to 1.3163 while the dollar index fell 0.32% to 97.10.

In the commodities market, crude oil price extended its losses by 0.08% to $55.03 per barrel as the commodity remain pressured by a surprise inventory build from Energy Information Administration (EIA). On the other hand, gold price rose 0.16% to $1498.17 a troy ounce due to current weakness of US dollar following recent rate cut decision from the Federal Reserve.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                JPY                     BoJ Monetary Policy Statement

Tentative                JPY                     BoJ Outlook Report

14:30                     JPY                       BoJ Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 97.55. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 97.55, 98.15

Support level: 96.90, 96.40

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2845. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2980.

Resistance level: 1.2980, 1.3095

Support level: 1.2845, 1.2750

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1125. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward resistance level at 1.1185.

Resistance level: 1.1185, 1.1240

Support level: 1.1125, 1.1075

USDJPY, Daily: USDJPY was traded lower following prior retracement form the resistance level at 109.00. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 108.40.

Resistance level: 109.00, 109.75

Support level: 108.40, 107.65

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6905. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6965.

Resistance level: 0.6965, 0.7020

Support level: 0.6905, 0.6860

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 be traded higher after it successfully breakout above the resistance level.

Resistance level: 0.6435, 0.6495

Support level: 0.6355, 0.6285

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3145. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3210, 1.3260

Support level: 1.3145, 1.3085

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9895. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9895, 0.9945

Support level: 0.9840, 0.9805

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 54.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 55.50.

Resistance level: 55.50, 56.50

Support level: 54.65, 53.80

GOLD_, H4: Gold price was traded higher following prior rebound from the MA line. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1502.60.

Resistance level: 1502.60, 1508.65

Support level: 1494.80, 1487.30