Daily Analysis

31 October 2019                Morning Session Analysis

Fed holds off from cutting interest rates for foreseeable future.

Greenback extended its losses after Federal Reserve cut its interest rate in a bid to circumvent any recession risks that arises due to ongoing global trade war. In a highly expected decision, Fed cut its interest rate by 25 basis points with 8 policymakers voted in favor while two opposed of the action. The divided opinion among policymakers came due to mixed economic signals from recently released data. While economic growth has slowed significantly, it has held better than expected, diminishing slightly from 2% rate as seen in the last quarter. However, manufacturing and business investments continues to fall due to rising uncertainty from US-China trade war and other trade disputes. In the press conference, Fed Chair Jerome Powell suggested that the central bank would hold off from cutting its interest rates further for a foreseeable future. Powell commented that the current interest rate level is “appropriate” and “in-line” with Fed’s economic outlook of moderate economic growth, coupled with resilient labor market and inflation hovering at 2%. For the time being, investors would continue to scrutinize upcoming economic data releases from the United States in order to gauge the stance of Federal Reserve when they meet for policy meeting at the end of the year. As of writing, the dollar index was quoted down 0.25% to 97.20 while pair of USD/CHF slumped 0.51% to 0.9890.

As for commodities, crude oil price rebounds by 0.15% to $54.86 per barrel. Oil futures continues to hover within a tight range although recent report from Energy Information Administration shows ongoing upward trend of US crude oil stockpiles. On the other hand, gold price remains flat at $1,495.57 a troy ounce while market participants continue to monitor the global market for developments in trade war and Brexit.

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, H1: Dollar index was traded lower after closing below the support of 97.35. MACD which illustrate bearish signal suggests the index to extend its losses, towards the direction of 97.15.

Resistance level: 97.35, 97.60

Support level: 97.15, 96.95

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which has formed a bullish signal suggests the pair to extend its gains, towards the direction of 1.2950.

Resistance level: 1.2950, 1.3035

Support level: 1.2820, 1.2665

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggest the pair to extend its gains, towards the direction of 1.1180.

Resistance level: 1.1180, 1.1205

Support level: 1.1145, 1.1085

USDJPY, H4: USDJPY was traded lower while currently testing the support of 108.75. MACD which illustrate bearish signal suggest the pair to extend its losses after closing below the support level.

Resistance level: 109.30, 109.70

Support level: 108.75, 108.45

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

Resistance level: 0.6910, 0.6980

Support level: 0.6815, 0.6780

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the lower level. MACD which illustrate increasing bullish momentum suggests the pair to extend its gains, towards the direction of 0.6425.

Resistance level: 0.6425, 0.6495

Support level: 0.6340, 0.6270

USDCAD, Daily: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains, towards the direction of 1.3200.

Resistance level: 1.3200, 1.3285

Support level: 1.3050, 1.2970

USDCHF, H4: USDCHF was traded lower following prior closure below 0.9925. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 0.9865.

Resistance level: 0.9925, 0.9970

Support level: 0.9865, 0.9820

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support of 54.45. MACD which illustrate diminished downward momentum suggests its price to be traded higher, towards the direction of 55.55.

Resistance level: 55.55, 56.70

Support level: 54.45, 53.00

GOLD_, H4: Gold price was traded higher while currently testing at the resistance of 1496.00. MACD which illustrate bullish signal suggests its price to be traded higher after a breakout occur at 1496.00.

Resistance level: 1496.00, 1511.00

Support level: 1484.05, 1477.00

30 October 2019                Afternoon Session Analysis

Aussie recovers on inflation data.

The Aussie dollar rebounds against the greenback following the release of CPI data. According to the Australian Bureau of Statistics, Australia CPI have improved to 0.5% in the third quarter, well within market expectation. The upbeat inflation figure has helped to reinforce market sentiment while at the same time decreasing the prospect for further rate cut from Reserve Bank of Australia (RBA). Based on the official data, the probability of a 25 basis point cut for the cash rate in November now stands at only 14%. For the first time, the market no longer expect for a 25 basis point cut in the first half of year 2020. At the time of writing, AUD/USD have rose 0.04% to 0.6864 while dollar index edge lower 0.01% to 97.42.

In the commodities market, crude oil price extended its losses by 0.47% to $55.12 per barrel at the time of writing as sentiment remain pressured by fears of sluggish demand. On the other hand, gold price was traded flat near $1487.75 a troy ounce while investors remain in fixated upon further developments with regards to trade negotiation and Federal Reserve policy meeting.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     CAD                                        BoC Monetary Policy Report

23:15                     CAD                                        BOC Press Conference

02:00                     USD                                        FOMC Statement

(31^st)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 97.60. However, MACD which illustrated diminishing bearish momentum suggest the dollar to be traded higher in short-term as technical correction.

Resistance level: 97.60, 98.15

Support level: 97.05, 96.40

GBPUSD, H1: GBPUSD was traded within a range while currently testing near the support level at 1.2850. MACD which illustrated bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level.

Resistance level: 1.2895, 1.2940

Support level: 1.2850, 1.2815

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1070. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1120, 1.1180

Support level: 1.1070, 1.1010

USDJPY, Daily: USDJPY was traded lower following prior retracement from 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, 109.55

Support level: 108.40, 107.70

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6840. MACD which illustrated bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6880.

Resistance level: 0.6880, 0.6920

Support level: 0.6840, 0.6800

NZDUSD, Daily: NZDUSD was traded within a range while currently testing the support level at 0.6330. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower after it successfully breakout below the support level.

Resistance level: 0.6425, 0.6495

Support level: 0.6330, 0.6260

USDCAD, Daily: USDCAD was higher following prior breakout above the previous resistance level at 1.3080. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain toward the resistance level at 1.3140.

Resistance level: 1.3140, 1.3200

Support level: 1.3080, 1.3020

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9925. However, MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9955, 0.9975

Support level: 0.9925, 0.9905

CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 56.75. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 54.65.

Resistance level: 56.75, 58.05

Support level: 54.65, 52.75

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1482.90. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1495.50.

Resistance level: 1495.50, 1503.95

Support level: 1482.90, 1473.90

30 October 2019                                Morning Session Analysis

Greenback swoops amid pessimism of trade deal.

Dollar index which gauge its value against a basket of six major currencies slumped after recent news showed that Trump administration unwilling and maybe unable to achieve the phase 1 trade deal in upcoming meeting between both premiers in Chile. Despite, US government revealed that the progress on solving the issue of trade deal is still good, if the deal may not be signed on November meeting, it does not mean the deal will be broken. On the other side, mixed economic data from US region also drove the greenback’s direction unclear. According to the economic data, US CB Consumer Confidence data came in at 125.9, missing the forecast of economist at 128.0 while hinting consumers are pessimistic toward the economy growth outlook. However, upbeat result of Pending Home Sales data lifted up the appeal of dollar as it been reported at 1.5%, unexpectedly higher than economist forecast at 0.9%. Dollar index inched down 0.08% to 97.40 during Asian early trading session. On the other hand, the pair of GBP/USD quoted up 0.01% to 1.2865 while remained as the hottest trading pair in forex market. Under the support from Labour party, UK Prime Minister Boris Johnson managed to win in a vote on requesting a general election during the season of winter, December 12. In the voting, the house of common has approved the legislation paving the way for the first general election since year 1923 by the margin of 438 votes to 20, with an intention to solve the Brexit deadlock as early as possible.

In the commodities market, crude oil price ticks down 0.02% to $55.37 per barrel amid US inventories data shows a stockpile of 0.6M. Nevertheless, market sentiment are still blurred with the conflicting report which showed OPEC might willing to have further oil production cut but Russia not interested in doing more. Otherwise, gold price was traded flat near $1,487.80 a troy ounce amid investors are continue to eyes on further news from trade negotiation.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     CAD                                        BoC Monetary Policy Report

23:15                     CAD                                        BOC Press Conference

02:00                     USD                                        FOMC Statement

(31^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the higher level. MACD which illustrate downward momentum suggests the index to extend its losses toward the support level at 97.30.

Resistance level: 97.75, 98.35

Support level: 97.30, 96.85

GBPUSD, Daily: GBPUSD was traded higher following prior rebound from the support level at 1.2820. However, MACD which illustrate bearish signal suggests 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, H4: EURUSD was traded higher following prior breakout above the 50 moving average line (Blue). MACD which illustrate upward momentum suggests the pair to extend its gains toward the resistance level at 1.1125.

Resistance level: 1.1125, 1.1200

Support level: 1.1030, 1.0930

USDJPY, H4: USDJPY was traded lower while currently testing near the upward trend line. MACD which illustrate bearish signal suggests the pair to extend its losses after it successfully breakout below the upward trend line.

Resistance level: 108.90, 109.25

Support level: 108.40, 107.80

AUDUSD, H4: AUDUSD was traded lower following prior retracement near the resistance level at 0.6880. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.

Resistance level: 0.6880, 0.6965

Support level: 0.6795, 0.6700

NZDUSD, H1: NZDUSD was traded lower following prior retracement from the 50 moving average line (Blue). MACD which illustrate diminished upward momentum suggests the pair to be traded lower toward the support level at 0.6325.

Resistance level: 0.6365, 0.6410

Support level: 0.6325, 0.6285

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

Resistance level: 1.3085, 1.3145

Support level: 1.3020, 1.2905

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9945. MACD which illustrate persistent upward momentum suggests the pair to be trade higher after it successfully breakout above the resistance level at 0.9945.

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the 50 moving average line (Blue). MACD which illustrate diminishing bearish momentum suggests its price to extend its gains toward the resistance level at 55.90

Resistance level: 55.90, 56.80

Support level: 54.65, 53.55

GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level at 1488.30. However, MACD which illustrate diminishing bullish momentum suggests its price to extend losses toward the support level at 1484.70.

Resistance level: 1488.30, 1495.50

Support level: 1484.70, 1476.85

29 October 2019                                Afternoon Session Analysis

Dollar remains buoyant over trade optimism.

Dollar index rose against its basket of six major currency pairs amid hopes for an easing in Sino-U.S. trade tensions. According to recent reports, U.S President Donald Trump have stated that a trade agreement looked to be ahead of schedule on Monday. Last week, officials from both U.S and China have stated that they were “close to finalizing” a deal. U.S also said that it is considering whether they will extend tariff suspensions which is due to expire on December. Thus, market sentiment remain cautiously held while market shifting their attention towards the Fed meeting which will be held this week for any indications of further cuts. On the other hand, Loonie continue to strengthen against the dollar following market pricing in on divergent decisions from Canadian and U.S central bank. At the moment, traders are expecting on almost no probability of rate cut from Bank Canada while also predicting a quarter point cut from the U.S Federal Reserve. At the time of writing, dollar index rose 0.03% to 97.47 while USD/CAD fell 0.02 to 1.3054.

In the commodities market, crude oil price fell 0.07% to $55.59 per barrel as of writing amid oil market remains pressured on slower economic growth concerns. Despite recent signs of easing trade war between U.S and China, trader are still giving more weight to weakening demand growth over tightening supplies. Next, gold price slip 0.03% to $1492.01 a troy ounce at the time of writing amid stronger greenback on trade optimism.

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 while currently testing the resistance level at 97.60. MACD which illustrated diminishing bearish momentum suggest the index to extend its gain after it successfully breakout above the resistance level.

Resistance level: 97.60, 98.15

Support level: 97.05, 96.40

GBPUSD, H4: GBPUSD was traded within a range while currently testing at the resistance level 1.2855. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward support level at 1.2770.

Resistance level: 1.2855, 1.2940

Support level: 1.2770, 1.2700

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1075. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1125, 1.1185

Support level: 1.1075, 1.1010

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 109.00. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 109.00, 109.75

Support level: 108.40, 107.65

AUDUSD, H4: AUDUSD traded higher following prior breakout above the previous resistance level at 0.6840. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward the resistance level at 0.6875.

Resistance level: 0.6875, 0.6920

Support level: 0.6840, 0.6805

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6330. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6425, 0.6495

Support level: 0.6330, 0.6280

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3085. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3085, 1.3145

Support level: 1.3020, 1.2950

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9955. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9925.

Resistance level: 0.9955, 0.9975

Support level: 0.9925, 0.9895

CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 56.75. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 54.65.

Resistance level: 56.75, 58.05

Support level: 54.65, 52.95

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1489.25. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1496.20, 1502.60

Support level: 1489.25, 1482.30

29 October 2019                Morning Session Analysis

All eyes on Fed’s policy meeting.

Greenback retraced slightly on Monday while market participants await the highly anticipated Federal Reserve monetary policy meeting due later this week. As of writing, the dollar index fell 0.09% to 97.45. The Fed is highly expected to cut its interest rate for the third time this year when they meet this Wednesday and Thursday. However, investors are currently anticipating for their comments during its press conference to find out whether policymakers would continue to ease their policy further in the future. Recently, economic data from the region shows substantial slowdown in terms of economic momentum, spurring higher possibility for a rate cut in order to limit any potential recession risks. On the other hand, pair of GBP/USD slipped by 0.04% to 1.2857 during Asian trading session. Pound sterling received some bearish pressure after UK PM Boris Johnson failed to win support for an early general election on December 12^th. The vote came just a few hours after EU offered to delay Brexit until January 31^st and also gave an option to leave early if the Withdrawal Agreement was being passed in the UK Parliament.

In the commodities market, crude oil price ticks up 0.05% to $55.66 per barrel. On yesterday, oil futures experienced a selloff after recent economic data from China came in lower than expected, spurring concern over diminishing economic momentum from one of the world’s largest economy. Otherwise, gold price was traded flat near $1,492.28 a troy ounce as market participants wait for further signals 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

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term.

Resistance level: 97.60, 97.80

Support level: 97.35, 97.15

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

Resistance level: 1.2950, 1.3035

Support level: 1.2820, 1.2665

EURUSD, H4: EURUSD was traded lower following prior retrace from the 20-MA line (Red). MACD which illustrate diminished upward momentum suggests the pair to be traded lower, towards the direction of 1.1080.

Resistance level: 1.1145, 1.1180

Support level: 1.1080, 1.1010

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance of 109.00. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the resistance level.

Resistance level: 109.00, 109.40

Support level: 108.50, 108.20

AUDUSD, H1: AUDUSD was traded lower following prior retrace from its higher levels. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.

Resistance level: 0.6850, 0.6885

Support level: 0.6820, 0.6780

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support of 0.6330. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.6355, 0.6390

Support level: 0.6330, 0.6300

USDCAD, Weekly: USDCAD was traded lower while currently testing at the support of 1.3050. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 1.3285, 1.3430

Support level: 1.3050, 1.2860

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance at 0.9970. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9970, 1.0010

Support level: 0.9925, 0.9865

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support of 55.55. MACD which illustrate bearish signal suggests its price to extend its losses after closing below the support level.

Resistance level: 56.70, 57.30

Support level: 55.55, 54.45

GOLD_, H4: Gold price was traded lower following prior retrace from its higher level. MACD which illustrate bearish signal suggests its price to be traded lower in short-term.

Resistance level: 1496.00, 1511.00

Support level: 1484.05, 1477.00

25 October 2019                                Afternoon Session Analysis

Pound slump amid uncertainty in Brexit.

Pound Sterling was traded lower on yesterday following UK Prime Minister Boris Johnson’s call for a general election, which increase overall uncertainty of Brexit. In a letter to Labor Party’s leader Jeremy Corbyn, Boris Johnson claimed that he would give lawmakers one last chance to scrutinize his withdrawal legislation and “get Brexit done” by November 6^th, or else he would request the UK Parliament to support for general election to be held at December 12^th. In fact, Jacob Rees-Mogg, the leader of the House of Common said that the government may introduce a motion on Monday to seek for a debate and vote on an early general election. Likewise, market sentiment towards pound sterling remains fragile ahead of a meeting later today whereby European Union Officials decides on how long they will extend the Brexit deadline. On the other hand, safe-haven assets such as Japanese Yen was traded flat due to mixed market sentiment towards Brexit and US-China trade war issue. Japanese Yen received some selloff pressure after China decided to strengthen the protection of intellectual property for the foreign company, which might further lessen the trade tension in between US and China. However, ongoing uncertainties with regards to Brexit has successfully limit the losses experienced by Japanese yen. As of writing, GBP/USD slumped 0.06% to 1.2840 while USD/JPY appreciates by 0.05% to 108.65.

In the commodities market, crude oil price ended its three-day bullish streak earlier today due to gloomy economic outlook. On the other hand, gold price rose yesterday following bleak economic data from the U.S region. As of writing, crude oil price depreciates by 0.34% to $55.87 per barrel while gold price slumped 0.11% to $1501.83 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 higher following prior breakout above the previous resistance level at 97.30. MACD which display diminishing bearish momentum suggest the dollar to extend its gains toward the 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 resistance level at 1.3035. MACD which illustrate diminishing bullish momentum signal 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, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1125. MACD which illustrate diminishing bullish momentum suggest the pair to extend it losses toward the support level at 1.1030.

Resistance level: 1.1125, 1.1200

Support level: 1.1030, 1.0930

USDJPY, H4: USDJPY was traded higher following prior rebound near the support level at 108.40. Due to lack of signal from MACD, it is suggested to wait for further signal before entering the market.

Resistance level: 108.85, 109.25

Support level: 108.40, 107.80

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6880. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6795.

Resistance level: 0.6880, 0.6965

Support level: 0.6795, 0.6700

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6365. MACD which display persistent bearish bias signal suggest the pair to extend its losses after it breaks below the support level at 0.6365.

Resistance level: 0.6410, 0.6440

Support level: 0.6365, 0.6325

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

Resistance level: 1.3085, 1.3145

Support level: 1.3020, 1.2905

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level 0.9885. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9945.

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 55.90. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 55.90.

Resistance level: 56.80, 58.55

Support level: 55.90, 54.65

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1503.30. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after successfully breakout above the resistance level at 1503.30.

Resistance level: 1503.30, 1512.15

Support level: 1496.35, 1488.80

25 October 2019                                Morning Session Analysis

Dollar climbs despite mixed data, euro struggled.

U.S dollar have rose against its basket of six major currency pairs following mixed data. According to recent data, new orders for key capital goods have fell more than expected with the core durable goods orders data have provide the reading at -0.3, weaker than market expectation of -0.2. At the same time, new home sales in the U.S have also slumped to 701K which is also lesser than market expectation at the reading of 710K. Still, sentiment in dollar remains unfazed and positive Markit purchasing managers’ index came in higher than expected, at 51.5 compared to 51.1 in the prior month. Besides that, U.S jobs market also help boosted market confidence towards the greenback following initial jobless claims have improved to 212K, better than market forecasted of 216KElsewhere, EUR/USD slips as ECB president Mario Draghi remains dovish on his outlook. In his last meeting as the President of the ECB, Mario Draghi reiterated the region’s outlook keeps facing prominent downside risks against the backdrop of muted inflation and suggest central bank always remain ready to intervene and adjust if needed. Draghi’s dovish note have cause the pair to depress further, therefore sending the Euro further down. . At the time of writing, dollar index rose 0.18% to 97.37 while EUR/USD fell 0.03% to 1.1104.

In the commodities market, crude oil price remain steady and rose 0.04% to $55.95 per barrel at the time of writing following further confirmation of deeper supply cut. According to Reuters, attendees at the OPEC meeting set for December are likely to considering deeper cuts more than the 1.2-million-barrels-per-day cut agreed by the cartel and its key ally Russia almost a year back. On the other hand, gold price skyrocketed 0.13% to $1502.97 a troy ounce as of writing following the expectation of global rate cut continue to support the demand for the safe-haven asset despite strong dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 97.15. However, MACD which display diminishing bullish momentum suggest the dollar to experience a technical correction in short term towards back the support level 97.15.

Resistance level: 97.70, 98.35

Support level: 97.15, 96.50

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2785. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2955, 1.3010

Support level: 1.2785, 1.2685

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

Resistance level: 1.1155, 1.1225

Support level: 1.1075, 1.1020

USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower in short term towards the support level 108.25.

Resistance level: 108.85, 109.30

Support level: 108.25, 107.55.

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6805. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.6805.

Resistance level: 0.6850, 0.6890

Support level: 0.6805, 0.6745

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

Resistance level: 0.6425, 0.6485

Support level: 0.6350, 0.6285

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.3065. However, MACD which illustrate bullish bias signal suggest the pair to experience a technical correction in short term towards the resistance level 1.3135.

Resistance level: 1.3135, 1.3185

Support level: 1.3065, 1.3015

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 be traded lower as 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 was traded higher following prior breakout above the previous resistance level 54.80. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a technical correction in short term towards the support level 54.80.

Resistance level: 58.35, 62.00

Support level: 54.80, 51.45

GOLD_, H4: Gold price was traded higher following prior rebound from the MA line. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a short term technical correction towards the support level 1481.30.

Resistance level: 1514.60, 1535.10

Support level: 1481.30, 1455.85

24 October 2019                                Afternoon Session Analysis

Euro climbed as low expectation of new stimulus.

The single currency of European Union, euro managed to hold its ground from earlier retracement amid majority of the investors are expecting no further significant changes on monetary policy will be made in upcoming ECB meeting. Prior to this, ECB has lowered down the deposit facility rate to -0.50% from previously 0.40% while restarting the bond purchasing plan in ECB’s September meeting. Therefore, market participants forecast and believe that ECB will not generate any new insight on the monetary policy outlook from ECB meeting and press conference, while seeing ECB will continue eyes on more economic data and development of geopolitical within European Union before changing their ‘direction’. In the meantime, all the investors will start to put their attention on former International Monetary Fund President Christine Lagarde as she will succeed the position of ECB Chairman after 31^th October 2019. On the other hand, greenback rebound from its lower level yesterday following US President Donald Trump announced he will remove the sanctions against Turkey as Recep Tayyip Erdogan has agreed to ceasefire in Syria earlier last week. However, Trump emphasized that he will re-implement another round of tariff against Turkey if something happen that make Trump unhappy. As of now, dollar index quoted down 0.07% to 97.15 while EUR/USD surged 0.07% to 1.1135.

In the commodities market, crude oil price retraced 0.75% to $55.45 per barrel after hitting near one month highs level amid yesterday data showed lower than expected inventories level in US. According to EIA crude oil inventories data, US oil inventories level came in at -1.699M as compare to economist forecast 2.232M while providing hints of lower crude oil supply and higher demand during last week. On the other hand, gold price rose 0.06% to $1,492.65 a troy ounce amid weakening of market risk sentiment.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 97.05. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 97.45.

Resistance level: 97.45, 97.95

Support level: 97.05, 96.45

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.2965. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2795.

Resistance level: 1.2965, 1.3160

Support level: 1.2795, 1.2620

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1120. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1185, 1.1245

Support level: 1.1120, 1.1075

USDJPY, H4: USDJPY traded lower following prior retracement from the resistance level at 108.65. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.50.

Resistance level: 108.65, 108.90

Support level: 108.50, 107.30

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.6845. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6880, 0.6915

Support level: 0.6845, 0.6805

NZDUSD, Daily: NZDUSD was traded lower following prior retrace from the resistance level at 0.6430. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6360

Resistance level: 0.6430, 0.6495

Support level: 0.6360, 0.6290

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3070. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3140, 1.3200

Support level: 1.3070, 1.3015

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9910. However, MACD which illustrated diminishing bullish momentum suggest the pair to be trade slower in short-term as technical correction.

Resistance level: 0.9910, 0.9940

Support level: 0.9880, 0.9855

CrudeOIL, H4: Crude oil price was traded lower following prior retrace from its higher levels. MACD which illustrate diminished upward momentum suggest 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 lower following prior retracement from the resistance level at 1495.90. MACD which illustrated diminishing bullish momentum suggest its price to extend its losses toward support level at 1485.20

Resistance level: 1495.90, 1503.95

Support level: 1485.20, 1473.85

24 October 2019                Morning Session Analysis

Sterling hovers as Brexit drags on.

Forex market were rather quiet during early Asian trading session while Brexit uncertainty continues to linger. Yesterday, UK lawmakers vote in principal for a Brexit deal but rejected against UK PM Boris Johnson’s timetable to pass a Brexit deal within three days. The rejection forces Johnson to threaten for a general election before Christmas if an extension is being approved by EU27. Last week, UK has formally requested for an extension of 31^st October Brexit deadline but EU27 has yet to offer any answers as of now. Citing three senior EU diplomats, Reuters reported that EU may deliver their final decision this Friday and it will most likely be a three-months delay until end of January 2020. As of writing, pair of GBP/USD was traded flat near 1.2915. In the US region, greenback continues to remain under pressure as recent release of earning reports spur higher concerns of diminishing economic momentum and further rate cuts from the Federal Reserve. According to Fed Rate Monitor Tool, the probability for a 25-basis point cut during month end policy meeting has jumped from 93.0% to 94.1% as of writing. During Asian trading session, the dollar index was quoted down 0.06% to 97.17.

In the commodities market, crude oil price slumped 0.31% to $55.58 per barrel. Oil futures remained under pressure as recent earning reports from the US shows lower-than-expected results which spur higher concern for an economic recession. Recession may in return led to lower economic activity that would translate to lower demand for the commodity in the future. On the other hand, gold price rose 0.04% to $1,492.53 a troy ounce due to weaker greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:30                     EUR                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term.

Resistance level: 97.35, 97.60

Support level: 97.15, 96.95

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: 1.2950, 1.3035

Support level: 1.2820, 1.2665

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

Resistance level: 1.1145, 1.1180

Support level: 1.1085, 1.1005

USDJPY, H4: USDJPY was traded lower following prior retrace from 108.75. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 108.75, 109.30

Support level: 108.45, 108.20

AUDUSD, H1: AUDUSD was traded flat near the support level of 0.6850. However, MACD which illustrate diminished upward momentum suggests the pair to extend its losses after closing below 0.6850.

Resistance level: 0.6885, 0.6910

Support level: 0.6850, 0.6815

NZDUSD, H1: NZDUSD was traded lower following prior retrace from 0.6435. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6425, 0.6440

Support level: 0.6410, 0.6365

USDCAD, Weekly: USDCAD was traded lower while currently testing near the support level of 1.3050. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 1.3050.

Resistance level: 1.3285, 1.3430

Support level: 1.3050, 1.2860

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

Resistance level: 0.9925, 0.9970

Support level: 0.9865, 0.9820

CrudeOIL, H1: Crude oil price was traded lower following prior retrace from its higher levels. MACD which illustrate diminished upward momentum suggest 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 remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

Resistance level: 1496.00, 1511.00

Support level: 1484.05, 1477.00

23 October 2019                                Afternoon Session Analysis

Euro struggled following Brexit dilemma and signs of recession.

The pair of EUR/USD slumped to fresh daily lows as market remain pessimistic with regards to Brexit developments. Recently, U.K parliament have voted in favor of U.K Prime Minister Boris Johnson’s Brexit deal. However, they have also rejected his timetable to take U.K out of the E.U, spurring further uncertainty in the market. Likewise, the ongoing worries of no-deal Brexit also continue to affect the market, thus placing further pressure on the Euro market. At the same time, market sentiment is also pressured by signs of recession as the ECB stated that the economy of Germany may have fallen into recession. The pair is expected to fall further while market awaits upcoming news or data to gauge further direction. At the time of writing, EUR/USD fell 0.02% to 1.1120 while dollar index rose 0.03% to 97.25.

In the commodities market, crude oil price slumped 0.52% to $53.91 per barrel as of writing as the Sino-U.S. trade war dragged on while at the same time global supplies glut continues to linger. According to Reuters, he Organization of Petroleum Exporting Countries and its partners are concerned about the demand outlook next year. Next, gold price rose 0.19% to $1490.38 a troy ounce as of writing while market hold gains and waiting for further signal.

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 while currently testing the resistance level at 97.30. MACD which illustrate bullish bias momentum suggest the index to extend its gains after it successfully breakout above the resistance level at 97.30.

Resistance level: 97.30, 97.75

Support level: 96.85, 96.50

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.2820.

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 1.1125. MACD which illustrated diminishing bullish momentum suggest the pair to extend it losses after it successfully breakout below the support level at 1.1125.

Resistance level: 1.1200, 1.1300

Support level: 1.1125, 1.1030

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 108.40. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 107.80.

Resistance level: 108.40, 108.85

Support level: 107.75, 107.20

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6880. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6795.

Resistance level: 0.6880, 0.6965

Support level: 0.6795, 0.6700

NZDUSD, H4: NZDUSD was traded lower while currently testing the 20 moving average line (Red). MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the 20 moving average line (Red).

Resistance level: 0.6410, 0.6440

Support level: 0.6365, 0.6325

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3085. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.3145.

Resistance level: 1.3145, 1.3210

Support level: 1.3085, 1.3020

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9885. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gain toward the resistance level at 0.9945.

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the top level of symmetry triangle. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its retracement toward the support level at 53.55.

Resistance level: 54.65, 55.90

Support level: 53.55, 51.85

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1488.80. MACD which illustrated bullish momentum signal suggest its price to extend its gains after successfully breakout above the resistance level at 1488.80.

Resistance level: 1488.80, 1496.35

Support level: 1484.70, 1475.60

23 October 2019                Morning Session Analysis

Pound sterling slump amid uncertainties in Brexit.

Pound Sterling slump on Tuesday after UK lawmakers rejected the government’s proposed Brexit timetable. According to CNN news, lawmakers voted 322 to 308 against a motion which set out a three-day schedule to rush the legislation through the House of Commons, which mean that Brexit on 31st October now seems seriously unlikely. In fact, the extended timeline in Brexit issues marginally increase uncertainty in British geopolitical problem, spurring a sell-off in Pound Sterling. However, its losses were limited as chances of a no-deal Brexit were seen as miniscule, after the lawmakers voted 329 to 299 in favor of his Brexit deal at an important second reading. On the other hand, Dollar index surge amid hope upon the resolution of trade war increases. According to Reuters, Chinese vice foreign minister claimed that China and the United States have achieved some progress in their trade talks. However, such gain was limited following bleak economic data from the region. According to National Association of Realtors, U.S. Existing Home sales came in at 5.38M, lower than the market expectation. As of writing, GBP/USD rose 0.16% to 1.2890 and US Dollar Index surged 0.19% to 97.21.

In the commodities market, crude oil price was traded lower earlier this morning due to bearish inventory data. U.S. API Weekly Crude Oil stock came in at 4.450M, which implies lower demand and higher output for of crude oil in the United States. On the other hand, gold price surged amid lingering uncertainties in the market such as Brexit. As of writing, crude oil price slump 0.26% to $54.18 per barrel while gold price rose 0.08% to $1488.47 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 higher prior following rebound from the support level at 97.05. However, MACD which illustrated diminishing bearish momentum suggest its price to be trade higher in short-term as technical correction.

Resistance level: 97.45, 97.90

Support level: 97.05, 96.45

GBPUSD, H1: GBPUSD was traded lower after it successfully breakout below the previous support level 1.2920. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2920, 1.3005

Support level: 1.2830, 1.2755

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1140. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1075.

Resistance level: 1.1140, 1.1195

Support level: 1.1075, 1.1015

USDJPY, H4: USDJPY was traded lower while currently near the support level at 108.30. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 108.60, 108.95

Support level: 108.30, 108.00

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.6845. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level.

Resistance level: 0.6880, 0.6925

Support level: 0.6845, 0.6805

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6435. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward the resistance level at 0.6435.

Resistance level: 0.6435, 0.6495

Support level: 0.6380, 0.6340

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3085. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain toward resistance level at 1.3145

Resistance level: 1.3145, 1.3210

Support level: 1.3085, 1.3020

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9865. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain toward resistance level at 0.9905.

Resistance level: 0.9905, 0.9940

Support level: 0.9865, 0.9805

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 54.40. MACD which illustrated diminishing bullish momentum suggest its price to be traded lower toward support level at 53.55.

Resistance level: 54.40, 55.60

Support level: 53.55, 52.90

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1490.65. MACD which illustrated increasing bullish momentum suggest its price to be traded higher after it successfully breakout above the resistance level.

Resistance level: 1490.65, 1498.25

Support level: 1481.80, 1474.70
 

22 October 2019                Afternoon Session Analysis

Will China and US able to reach a deal?

Dollar index which gauge its value against a basket of six major currencies was traded flat despite US President Donald Trump praises that trade talk with China were going well. Recently, Trump revealed that he hopes the first phase of trade deal can be achieved as soon as possible as US and China were putting a lot of effort on ending the trade war issue, which has trapped both economies for more than 1 year. After deputy level talk with China, US Trade Representative Robert Lighthizer added that they aim to finalize the first phrase deal shortly and expect to achieve a deal during Asia Pacific Economic Cooperation meetings in Chile on 16^th and 17^th November. Besides, it is also noteworthy that US may withdraw the plan of imposing 15% tariff on China technology imported goods which including cellphone and laptop if the negotiation continues to go well, said by White House economic adviser Larry Kudlow. On the other hand, the pair of EUR/USD lingered around 1.1150 level while investor are waiting for the ECB meeting on this Thursday. After ECB unleashing a wave of stimulus measures on September including restarting the bond purchasing program and interest rate cut, markets are now eye on the next step of ECB monetary policy, whether if ECB will continue loosening their monetary policy in order to further support their economy. As of now, dollar index inched down 0.04% to 96.95 while EUR/USD rose 0.03% to 1.1150.

In the commodities market, crude oil price dropped 0.30% to $53.30 per barrel amid recent weak China data continue to weigh on this commodity while investors focus on the development of trade talk between China and US. On the other hand, gold price quoted down 0.02% to $1484.00 a troy ounce amid market risk sentiment remain blurred.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                                          Japan – Holiday

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 97.05. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 97.05, 97.45

Support level: 96.45, 96.05

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2915. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level 1.3160, 1.3305

Support level: 1.2915, 1.2745

EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1185. MACD which illustrated diminishing bullish momentum suggest the pair to extend it losses toward support level at 1.1125.

Resistance level: 1.1185, 1.1245

Support level: 1.1125, 1.1075

USDJPY, Daily: USDJPY was traded higher while currently near the resistance level at 108.90. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 108.90, 109.75

Support level: 107.75, 106.95

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6880. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain after it successfully breakout above the resistance level.

Resistance level: 0.6880, 0.6925

Support level: 0.6845, 0.6805

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6385. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6445, 0.6495

Support level: 0.6385, 0.6340

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3075. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3145, 1.3205

Support level: 1.3075, 1.3020

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9850. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward the resistance level at 0.9905.

Resistance level: 0.9905, 0.9940

Support level: 0.9850, 0.9805

CrudeOIL, H1: Crude oil price was traded within a range while currently testing the resistance level at 53.55. MACD which illustrated diminishing bullish momentum suggest its price to be traded lower in short-term.

Resistance level: 53.55, 54.25

Support level: 52.90, 52.05

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1481.80. However, MACD which illustrated diminishing bearish momentum suggest its price to be traded higher as technical correction in short-term.

Resistance level: 1490.65, 1498.25

Support level: 1481.80, 1474.40

22 October 2019                Morning Session Analysis

Market remains flat while waiting for more signals.

Pound sterling continues to hover near 5 months high as investors adopt wait-and-see approach while waiting for further developments with regards to Brexit. On yesterday, sterling received some bearish pressure after Speaker of the House of Commons John Bercow said that there will be no vote upon the revised Brexit agreement as he deemed it would be “repetitive and disorderly to do so”. However, market sentiment was invigorated after House of Commons leader Rees-Mogg announced that a second reading of the agreement will take place on Tuesday, which may lead to a vote within the Parliament. In the other region, dollar index continues to be traded flat as market participants ponder upon the developments in trade war. White House economic adviser Larry Kudlow said that tariffs scheduled for December can be withdrawn if trade negotiations in between US and China goes well. His comments came after Chinese Vice Premier Liu He said last weekend that “substantial progress” was being made and argued that ending the trade war would benefit both US and China. As of writing, pair of GBP/USD was up 0.06% to 1.2965 while the dollar index rose 0.04% to 96.99.

In the commodities market, crude oil price slumped 0.17% to $53.38 per barrel. Oil prices continues to oscillate within a tight range as traders waits for more signals with regards to trade war and US inventories data. On the other hand, gold price was traded flat near $1,484.36 a troy ounce as traders monitor further developments with regards to Brexit and US-China trade negotiation.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                         Japan – Holiday

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior closure below 97.15. MACD which illustrate bearish signal suggests the index to extend its losses, towards the direction of 96.70.

Resistance level: 97.15, 97.60

Support level: 96.70, 96.10

GBPUSD, H4: GBPUSD was traded lower following prior retrace from 1.3035. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 1.2950.

Resistance level: 1.3035, 1.3180

Support level: 1.2950, 1.2820

EURUSD, H4: EURUSD was traded lower while currently testing at the support of 1.1145. MACD which has formed a bearish signal suggests the pair to extend its losses after closing below the support level.

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.

Resistance level: 108.75, 109.30

Support level: 108.45, 108.10

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 0.6910.

Resistance level: 0.6910, 0.6980

Support level: 0.6815, 0.6750

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the 20-MA line (red). MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.6410, 0.6425

Support level: 0.6370, 0.6340

USDCAD, Weekly: USDCAD was traded lower following prior retrace from 1.3285. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.3050.

Resistance level: 1.3285, 1.3430

Support level: 1.3050, 1.2860

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower level. MACD which has formed bullish signal suggests the pair to extend its gains after closing above 0.9865.

Resistance level: 0.9865, 0.9925

Support level: 0.9820, 0.9775

CrudeOIL, H4: Crude oil price remains traded within a sideways channel formation. MACD which illustrates bearish signal suggests its price to be traded lower in short-term.

Resistance level: 54.45, 55.55

Support level: 53.00, 51.60

GOLD_, H4: Gold price remains traded within a sideways channel formation. MACD which illustrate bearish signal suggests its price to extend losses after closing below 1484.05.

Resistance level: 1496.00, 1511.00

Support level: 1484.05, 1477.00

21 October 2019                                Afternoon Session Analysis

Dollar lingered amid obscure economic outlook.

Dollar index which measure its value against a basket of six major currencies hovered in a tight range while investors anticipate US Central Bank to initiate another rate cut of 0.25% before the end of year 2019. So far, recent US data such as Retail Sales and Philadelphia Manufacturing Index showed unexpectedly drop in reading as compare to economist forecast, which provides signals toward Fed member to have third rate cut in this year in order to support the economy growth. According to Fed Rate Monitor Tool, the probability of 0.25% rate cut rose to 90.9% compared to last week at 67.3%, hiking in investor’s expectations on rate cut sentiment. However, it is still unclear whether overall Federal Reserve members are tilt dovish or hawkish as recent trade war dispute between US and China eased. US has delayed their new round of tariff against China, while China in return will purchase even more agriculture products from US local farmers. Therefore, Fed will continue eye on more economic data and news from trade war in order to scrutinize their future step on monetary policy. Dollar index inched up 0.07% to 97.00 during Asian trading session.

As for commodities, crude oil price quoted down by 0.06% to $53.75 per barrel as last Friday OPEC Meeting did not provide any hints to slash even more oil production in order to resolve a glut created by faltering oil demand. On the other hand, gold price dropped 0.03% to $1,489.90 a troy ounce as heightening of market risk sentiment.

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 rebound from the support level at 96.85. MACD which illustrate diminishing bearish momentum suggests the index to extend its rebound toward the next resistance level at 97.30.

Resistance level: 97.30, 97.75

Support level: 96.85, 96.50

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the higher level. MACD which begins to form bearish signal suggests 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, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1125. MACD which illustrate persistent upward momentum suggest the pair to extend its gains toward the resistance level at 1.1200.

Resistance level: 1.1200, 1.1300

Support level: 1.1125, 1.0965

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 108.40. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 108.90.

Resistance level: 108.90, 109.25

Support level: 108.40, 107.80

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6835. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6880.

Resistance level: 0.6880, 0.6920

Support level: 0.6835, 0.6795

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6365. MACD which illustrate persistent upward momentum suggests the pair to be traded higher toward the resistance level at 0.6420.

Resistance level: 0.6420, 0.6490

Support level: 0.6365, 0.6325

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3145. MACD which illustrate persistent downward momentum suggests the pair to extend its losses toward the support level at 1.3095.

Resistance level: 1.3145, 1.3210

Support level: 1.3095, 1.3020

USDCHF, Daily: USDCHF was traded higher following prior rebound from the lower levels. MACD which illustrate diminished downward momentum suggests the pair to extend its rebound 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 while currently testing the support level at 53.55. MACD which illustrate diminished upward momentum and the formation of death cross suggests its price to be traded lower after successfully breakout below the support level at 53.55.

Resistance level: 54.65, 55.90

Support level: 53.55, 51.85

GOLD_, H4: Gold price was traded lower following prior retracement from the 50 moving average line (Blue). MACD which illustrate diminishing upward momentum suggest its price to extend its losses toward the support level at 1485.60.

Resistance level: 1498.15, 1513.40

Support level: 1485.60, 1474.40

21 October 2019                Morning Session Analysis

Sterling tumbles as Brexit deal vote falters.

Pound sterling opened lower during Asian trading session following waning optimism towards Brexit. The pair of GBP/USD tumbled down 0.53% to 1.2902 as of writing. Sterling received higher selling pressure after UK Parliament’s voting session upon the revised Brexit deal falters due to Letwin Amendment. The amendment was passed with 322 against 306, whereby the parliament withhold the approval of Brexit deal and at the same time forces UK PM Boris Johnson to request for a Brexit extension with the European Union if it fails to be approved. However, analysts suggest that EU is less likely to approve for a longer extension and they are most likely to extend the Brexit deadline of 31^st October by another three months. For the time being, investors will place their focus upon Parliamentary questioning upon the Brexit deal, specifically with regards to Irish backstop during this week. On the other hand, greenback rebounds from its lower levels following a slump in pound sterling and euro. However, the currency failed to make further substantial gains as recent economic data from the region suggests for more rate cuts from the Federal Reserve in order to sustain current economic momentum. As of writing, the dollar index rose 0.07% to 97.12.

As for commodities, crude oil price depreciates by 0.22% to $53.61 per barrel. Oil prices remains under pressure as slowing global economy places a bearish outlook upon future demand for the commodity. On the other hand, gold price rose 0.03% to $1,490.98 a troy ounce due to rising Brexit risks in the UK and EU.

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 close below 97.15. MACD which illustrate bearish signal suggests the index to extend its losses in mid-term, towards the direction of 96.70.

Resistance level: 97.15, 97.60

Support level: 96.70, 96.10

GBPUSD, H1: GBPUSD was traded lower while currently testing at the upward trendline. MACD which begins to form bearish signal suggests the pair to extend its losses after breaking the trendline.

Resistance level: 1.2950, 1.3035

Support level: 1.2820, 1.2665

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

Resistance level: 1.1180, 1.1205

Support level: 1.1145, 1.1085

USDJPY, H4: USDJPY was traded lower following prior retracement from 108.75. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 108.10.

Resistance level: 108.45, 108.75

Support level: 108.10, 107.60

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

Resistance level: 0.6865, 0.6885

Support level: 0.6830, 0.6800

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

Resistance level: 0.6410, 0.6425

Support level: 0.6365, 0.6340

USDCAD, H4: USDCAD 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: 1.3145, 1.3190

Support level: 1.3090, 1.3025

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: 0.9865, 0.9925

Support level: 0.9820, 0.9775

CrudeOIL, H4: Crude oil price was traded lower following prior retrace from 54.45. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term as technical correction.

Resistance level: 54.45, 55.55

Support level: 53.00, 51.60

GOLD_, H4: Gold price remains traded within a sideways channel formation. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term as technical correction.

Resistance level: 1496.00, 1511.00

Support level: 1484.05, 1477.00