Daily Analysis

18 October 2019                                Afternoon Session Analysis

Antipodeans pair hold strong gains despite weak data from China.

Australian dollar which traded against the dollar manage to hold its gains despite recent release of weak GDP data from China. According to the National Bureau of Statistics of China, GDP in annual basis have slumped to 6.0%, lower than expected reading of 6.1%. Despite that, downbeat data from U.S coupled with recent positive developments in trade talk allow the Aussie and Kiwi bulls to remain dominant in the market. According to reports, Chinese Commerce Ministry Spokesman have stated that they hope to reach the phased trade deal with U.S as soon as possible. Following China is one of the largest trade partner to the antipodeans, both Aussie and Kiwi also benefitted from the development. As of writing, AUD/USD rose 0.18% to 0.6833 while NZD/USD also climbs 0.11% to 0.6369.

On the commodities market, crude oil price remain stable and edge up 0.03% to $53.85 per barrel as market continue to awaits for further clear signal to gauge its direction. On the other hand, gold price edge higher 0.05% to $1492.05 a troy ounce as of writing following weakness in dollar continue to provide demand for the safe-haven asset.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                              CrudeOIL                               OPEC Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 97.70. MACD which illustrated increasing bearish momentum suggest the pair to extend it losses toward the support level at 97.05.

Resistance level: 97.70, 98.15

Support level: 97.05, 96.45

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2735. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward the resistance level at 1.2990.

Resistance level: 1.2990, 1.3155

Support level: 1.2735, 1.2530

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1085. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 1.1165.

Resistance level: 1.1165, 1.1210

Support level: 1.1085, 1.0995

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 108.90. MACD which illustrated the bearish signal suggested the pair to be traded lower toward support level at 108.20.

Resistance level: 108.90, 109.30

Support level: 108.20, 107.80

AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6800. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6875.

Resistance level: 0.6875, 0.6925

Support level: 0.6800, 0.6745

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6310. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher toward resistance level at 0.6425.

Resistance level: 0.6425, 0.6495

Support level: 0.6310, 0.6245

USDCAD, Daily: USDCAD was traded lower while currently testing at the support level 1.3125. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3205, 1.3305

Support level: 1.3125, 1.3070

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9900. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 0.9820.

Resistance level: 0.9900, 0.9980

Support level: 0.9820, 0.9745

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 54.05. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 53.55.

Resistance level: 54.05, 54.85

Support level: 53.55, 52.90

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1496.55. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1488.10.

Resistance level: 1496.55, 1510.05

Support level: 1488.10, 1479.50

18 October 2019                Morning Session Analysis

Sterling rose as Brexit deal reached.

Greenback remains under pressure on Thursday while pound sterling extended gains due to positive report with regards to Brexit. On yesterday, European Union Commission President Jean-Claude Juncker and UK Prime Minister Boris Johnson announced their agreement via Twitter. The Withdrawal Agreement was also approved by EU leaders during their summit on Thursday, while the UK would need to pass it through its Parliament in the weekends. However, Northern Ireland’s Democratic Unionist Party expressed their opposition on the agreement, making it uncertain if the deal could be passed when voting is being initiated on this Saturday. The deal would require Northern Ireland to apply limited set of EU rules upon certain goods, with the UK charging EU tariffs upon goods passing into the EU markets. In addition, Northern Ireland will have their rights to vote every four years if the agreement would stay. As of writing, pair of GBP/USD depreciates by 0.13% to 1.2871. On the other hand, greenback extended its losses after Philadelphia Fed Manufacturing Index slumped to 5.6 for the month of October, missing economists’ forecast of 7.3. The depreciation in its activity were mainly contributed by lower shipments activity and average workweek. The dollar index fell 0.45% to 97.27.

As for commodities, crude oil price tumbled 0.13% to $54.02 per barrel. Oil prices remains traded within a tight range as traders wait for further market signals. Otherwise, gold price rose 0.09% to $1,493.24 a troy ounce due to weaker greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                CrudeOIL                OPEC Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior closure below 97.60. MACD which illustrate bearish signal suggests the index to be traded lower in mid-term.

Resistance level: 97.60, 98.10

Support level: 97.15 96.70

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

Resistance level: 1.2950, 1.3035

Support level: 1.2815, 1.2665

EURUSD, H4: EURUSD was traded higher following prior breakout at 1.1105. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1150, 1.1210

Support level: 1.1105, 1.1070

USDJPY, H4: USDJPY was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 108.75, 109.30

Support level: 108.45, 108.10

AUDUSD, H1: AUDUSD was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6830, 0.6865

Support level: 0.6800, 0.6770

NZDUSD, H4: NZDUSD was traded higher following prior closure above 0.6340. MACD which illustrate bullish signal suggests the pair to extend its gains in mid-term, towards the direction of 0.6365.

Resistance level: 0.6365, 0.6410

Support level: 0.6340, 0.6310

USDCAD, H4: USDCAD was traded lower following prior closure below 1.3145. MACD which illustrate bearish signal suggests the pair to extend its losses in mid-term, towards the direction of 1.3090.

Resistance level: 1.3145, 1.3190

Support level: 1.3090, 1.3025

USDCHF, H4: USDCHF was traded lower while currently testing at 0.9865. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 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 lower level. MACD which illustrate bullish signal suggests its price to be traded higher, towards the direction of 54.45.

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 bullish signal suggests its price to extend its gains, towards the direction of 1496.00.

Resistance level: 1496.00, 1511.00

Support level: 1484.05, 1477.00

17 October 2019                Afternoon Session Analysis

Aussie cheers on employment data.

Australian dollar which traded against the dollar have soared following the upbeat reading in employment data. According to Australian Bureau of Statistics, the unemployment rate in Australia have fell to 5.2% in September, better than expected reading of 5.3%. At the same time, Employment in Australia also rose by 14.7K in September which was mainly boosted by the rise of part-time employment. The positive data could help ease the pressure of rate cut by RBA before the end of the year. Based on recent data, the odds of rate cut by RBA have fell to 25% from 45%, thus, pushing the sentiment higher for the pair. At the time of writing, AUD/USD rose 0.46% to 0.6785.

On the commodities market, crude oil price fell 0.11% to $52.96 per barrel as of writing as market remain concern about crude supply and further signals of global economic slowdown. The rise of U.S crude supply and the weakness in U.S economy which is proved by the Retail Sales data may affect the demand for the commodity, thus causing investors to dump the commodity. On the other hand, gold price remain pressured and slip 0.09% to $1488.62 at the time of writing amid ongoing global risk and uncertainty.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 97.90. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level 97.05.

Resistance level: 97.90, 98.35

Support level: 97.05, 96.40

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2765. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2915.

Resistance level: 1.2915, 1.3060

Support level: 1.2765, 1.2585

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1085. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain after it successfully breakout above the resistance level.

Resistance level: 1.1085, 1.1140

Support level: 1.1020, 1.0960

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 108.80. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 108.80, 109.30

Support level: 108.10, 107.05

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6765. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6795.

Resistance level: 0.6795, 0.6820

Support level: 0.6765, 0.6740

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6285. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6310.

Resistance level: 0.6310, 0.6330

Support level: 0.6285 0.6265

USDCAD, Daily: USDCAD was traded lower following prior retracement from the 20 MA line (Red). MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 1.3140.

Resistance level: 1.3210, 1.3285

Support level: 1.3140, 1.3075

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9940. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9915.

Resistance level: 0.9940, 0.9965

Support level: 0.9915, 0.9890

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 52.75. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 53.55, 54.20

Support level: 52.75, 52.05

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1492.75. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1492.75, 1502.50

Support level: 1480.55, 1470.60

17 October 2019                Morning Session Analysis

Greenback tumbles as rate cut imminent.

US dollar extended its losses on yesterday as rate cut chances from the Federal Reserve rises due to bleak economic data. As of writing, the dollar index was quoted down 0.28% to 97.68 against a basket of six major peers. According to Census Bureau, US Core Retail Sales slumped by -0.1% for the month of September, missing economists’ forecast for a rise of 0.2%. The data fell for the first time in seven months which is mainly due to a reduction in spending on building materials and online purchases. Following the data, Fed Rate Monitor Tool shows that the chances for a rate cut during month-end policy meeting rose from 74.8% to 89.8%. At the same time, greenback received additional bearish pressure after Chicago Fed President Charles Evans called for a more “aggressive” approach in order to sustain inflationary pressure and its momentum. On the other hand, pound sterling rose sharply on yesterday following positive outlook upon Brexit progress. According to reports, French President Emmanuel Macron said that the Brexit agreement is being finalized, which reinforces market sentiment for a soft Brexit by its deadline of 31^st October. Pair of GBP/USD depreciates by 0.09% to 1.2822 this morning.

For the commodities market, crude oil price tumbled by 0.15% to $52.90 per barrel. Oil futures were dumped after American Petroleum Institute reported that US crude inventories rose by 10.5 million barrels last week. Otherwise, gold price ticks up 0.04% to $1,490.48 a troy ounce due to weaker greenback and higher chances for rate cut from the Federal Reserve.

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 as technical correction.

Resistance level: 97.75, 97.95

Support level: 97.60, 97.40

GBPUSD, H4: GBPUSD was traded lower following prior retrace from the higher levels. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after closing below 1.2820.

Resistance level: 1.2955, 1.3035

Support level: 1.2820, 1.2665

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the pair to extend its gains in mid-term, towards the direction of 1.1105.

Resistance level: 1.1105, 1.1150

Support level: 1.1070, 1.1010

USDJPY, H4: USDJPY was traded lower following prior retrace from its higher levels. MACD which illustrate negative divergence signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 108.75, 109.30

Support level: 108.45, 108.10

AUDUSD, H1: AUDUSD was traded lower following prior retracement. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower, towards the direction of 0.6745.

Resistance level: 0.6770, 0.6800

Support level: 0.6745, 0.6705

NZDUSD, H1: NZDUSD was traded lower following prior retracement from the downward trendline. MACD which illustrate diminishing upward momentum suggest the pair to extend its losses after closing below 0.6285.

Resistance level: 0.6310, 0.6340

Support level: 0.6285, 0.6250

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

Resistance level: 1.3220, 1.3255

Support level: 1.3190, 1.3145

USDCHF, H4: USDCHF was traded lower following prior breakout from the upward trendline. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 0.9925.

Resistance level: 0.9970, 1.0010

Support level: 0.9925, 0.9865

CrudeOIL, H4: Crude oil price was traded lower following prior closure below 53.00. MACD which illustrate bearish signal suggests its price to extend its losses, towards the direction of 51.60.

Resistance level: 54.45, 55.55

Support level: 53.00, 51.60

GOLD_, H4: Gold price was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests its price to extend its gains in short-term as technical correction.

Resistance level: 1511.00, 1532.40

Support level: 1484.05, 1460.00

16 October 2019                                Afternoon Session Analysis

Dollar jitters following trade optimism fade.

Dollar index have slipped against a basket of six major rival pairs as optimism over trade negotiations between the two largest economic powerhouse starting to vanish. Despite markets initially cheered the “Phase 1” trade deal between U.S and China, the positive reaction was starting to fade as lack of clear details have caused investors to remain cautious. According to reports, China wants another high-level meeting at the end of October to finalize the details before Chinese Premier Xi Jinping agrees to sign it. As the trade deal remains uncertain for now, investors are playing it safe and also diversify their portfolio into safe-have markets while awaiting further signal from the development. At the time of writing, dollar index fell 0.03% to 97.96 while USD/JPY slips 0.15% to 108.68.

At the commodities market, crude oil price edge higher by 0.04% to $52.95 per barrel following signals from OPEC and its allies to further decrease the supply. According to reports, OPEC Secretary-General Mohammad Barkindo stated that OPEC and allied producers “will do whatever (is) in its power” to sustain oil market stability beyond 2020, which help boosted the price for the commodity. On the other hand, gold price remain pressured and fell 0.08% to $1482.69 a troy ounce following higher-risk appetite prevailed on Wall Street.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

21:00                     GBP                       BoE Gov Carney Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 98.35. However, due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 98.35, 98.85

Support level: 97.70, 97.15

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.2785. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards the support level 1.2685.

Resistance level: 1.2785, 1.2860

Support level: 1.2685, 1.2515

EURUSD, H4: EURUSD was traded flat near the support level 1.1020. However, MACD which display bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 1.1020.

Resistance level: 1.1075, 1.1155

Support level: 1.1020, 1.0965

USDJPY, H4: USDJPY was traded lower following prior retracement from its high levels. 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 108.45.

Resistance level: 109.20, 110.65

Support level: 108.45, 107.55

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.6745. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.6690.

Resistance level: 0.6745, 0.6805

Support level: 0.6690, 0.6635

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6270. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6325, 0.6355

Support level: 0.6270, 0.6235

USDCAD, H4: USDCAD was traded higher following prior rebound from support level 1.3185. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 1.3235.

Resistance level: 1.3235, 1.3300

Support level: 1.3185, 1.3135

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9980. MACD which display bearish bias signal with the starting formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.0025, 1.0095

Support level: 0.9975, 0.9915

CrudeOIL, H4: Crude oil price remain traded in a sideway channel following recent retracement from the resistance level 54.80. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower in short term towards the support level 51.45.

Resistance level: 54.80, 58.35

Support level: 51.45, 48.15

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1487.35. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1487.35, 1514.60

Support level: 1455.85, 1413.85

16 October 2019                Morning Session Analysis

Pound Sterling rose as positive prospect on Brexit.

GBP/USD surge yesterday amid to hope arise for the possibility to reach a Brexit deal within this week.  Boris Johnson will be very soon to reach a Brexit deal after making major concessions to EU demands over the Irish border, cited Reuters. In fact, according to senior EU and British sources, a draft text of the agreement could now be published on Wednesday if Downing Street gives the final green light. Such positive sentiment was also supported by Jacob Rees-Mogg, Leader of the House of Common of UK, after he said that if Boris Johnson does emerge with a deal, he would pass it through parliament very quickly on a Saturday sitting. Besides that, Pound Sterling receive a bullish support after positive result of U.K. claimant count change was released. U.K Claimant Count Change came in at 21.1k, lower than the economist forecast, such positive result would also spark an increase in demand for the Pound Sterling. However, some of the bleak data which released on yesterday limited the gain on the pair. According to Office for National Statistics, U.K Average Earning Index + Bonus came in at 3.8%, lower than the economic forecast 4.0% and U.K unemployment rate has notched up from 3.8% to 3.9% for the month of August, spurring a sell-off for Pound Sterling. As of writing, GBP/USD slump 0.20% to 1.2758 and EUR/USD rose 0.02% to 1.1032 as latest news suggested that EU and U.K. were closing in on a deal and going to end the economically damaging Brexit issues on 31^st October.

In the commodities market, crude oil price slump yesterday amid to investors focus on gloomy economic outlook and abundant crude supplies in the world’s largest economy, cited Bloomberg. Gold price tumbled on Tuesday as positive expectation for Brexit issue. As of writing, crude oil price rose 0.04% to $52.92 per barrel and Gold price slump 0.02% to $1480.70 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

21:00                     GBP                                        BoE Gov Carney Speaks 

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 97.95 MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 98.15,98.35

Support level: 97.95, 97.75

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2585. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2735.

Resistance level: 1.2735, 1.2870

Support level: 1.2585, 1.2425

EURUSD, H4: EURUSD ws traded higher after it successfully breakout above the previous resistance level at 1.1020. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain toward resistance level at 1.1050.

Resistance level: 1.1050, 1.1070

Support level: 1.1020, 1.1000

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 108.50. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 108.50, 109.10

Support level: 107.65, 106.70

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6765. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6765, 0.6795

Support level: 0.6745, 0.6710

NZDUSD, H1: NZDUSD was traded lower following prior retracement from the resistance level at 0.6310. MACD which illustrated bearish signal suggest the pair to be traded lower in short-term.

Resistance level: 0.6310, 0.6320

Support level: 0.6295, 0.6285

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3200. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3335, 1.3415

Support level: 1.3200, 1.3140

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9985. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9985, 1.0000

Support level: 0.9965, 0.9940

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 52.65. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 53.55, 54.20

Support level: 52.65, 52.05

GOLD_, H4: Gold price was higher following prior rebound from the support level at 1478.65. However, MACD which illustrated increasing bearish momentum suggest its price to be traded lower in short-term as technical correction.

Resistance level: 1493.20, 1502.90

Support level: 1478.65, 1469.35

15 October 2019                                Afternoon Session Analysis

Dollar hovered amid geopolitical risk heightened.

Dollar index which measure its value against a basket of six major currencies lingered around below 98.20 amid rising of geopolitical tension between United States and Turkey. Earlier today, US President Donald Trump called for an immediate ceasefire by imposing sanctions against Turkey, where stop bargaining with Turkey on $100 billion trade deal and raising steel tariff back up to 50%. Besides, Donald Trump also commented that they are ready to sweep off the Turkey economy and their military forces are in position for any emergency if Turkish leader continue threaten the peacefulness and setting up a condition for war crime. In the statement from Trump, he reiterated will ramp up the sanctions against Turkey unless Turkish leader willing to bring the issue up onto the table and negotiate with an intention to end the violence. As of now, dollar index inched down 0.05% to 98.05. On the other hand, the pair of AUD/USD dropped 0.05% to 0.6770 amid dovish tone from members of Reserve bank of Australia (RBA) in the monthly meeting minutes. Based on the statement, majority of the members remained pessimistic toward economic future outlook while agreed to maintain their rate at low level for an extended period of time, further ease their monetary policy would take into consideration if necessary.

In the commodities market, crude oil price quoted down 0.47% to $53.20 per barrel amid downbeat China economic data on September lifted up the investor worries over the crude oil demand in the future. Besides, gold price rose 0.06% to $1494.00 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 following prior retracement from the resistance level at 98.35. However, MACD which illustrate bullish bias with the formation of golden cross suggest the dollar to be traded higher in short term towards the resistance level 98.35.

Resistance level: 98.35, 98.85

Support level: 97.70, 97.15

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2515. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower in short term towards the support level 1.2515.

Resistance level: 1.2685, 1.2775

Support level: 1.2515, 1.2385

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1020. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.1075.

Resistance level: 1.1075, 1.1155

Support level: 1.1020, 1.0965

USDJPY, H4: USDJPY was traded flat near the resistance level 108.45. However, MACD which display bearish bias signal with the formation of death cross suggest the pair to be traded lower towards the support level 107.55.

Resistance level: 108.45, 109.20

Support level: 107.55, 107.00

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.6745. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.6805.

Resistance level: 0.6805, 0.6850

Support level: 0.6745, 0.6690

NZDUSD, H4: NZDUSD was traded within a range following recent rebound from the support level 0.6270. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short term toward the resistance level at 0.6325

Resistance level: 0.6325, 0.6355

Support level: 0.6270, 0.6235

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3235. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 1.3235.

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 bearish bias 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, 0.9855

CrudeOIL, H4: Crude oil price remain traded in a sideway channel following recent retracement from the resistance level 54.80. However, MACD which display bearish momentum signal suggest the commodity to extend its retracement in short term towards the support level 51.45.

Resistance level: 54.80, 58.35

Support level: 51.45, 48.15

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1487.35. MACD which illustrated bullish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 1514.60.

Resistance level: 1514.60, 1535.10

Support level: 1487.35, 1455.85

15 October 2019                Morning Session Analysis

Greenback slump amid pessimistic trade talk.

Dollar index slump after China want more talks before signing “phase one”. Last Friday, U.S. and China trade talk ended well and they have agreed on the outlines of a partial trade, cited Reuters. In fact, President Donald Trump also claimed that he and China’s Xi Jinping could sign a finalize agreement in phase one between US and China as soon as next month at the Asia-Pacific Economic Cooperation summit. However, according to the news on Monday, China claimed that they want to hold more talk this month to hammer out the details of the “phase one” trade deal touted by Donald Trump before Xi Jinping agrees to sign it. In addition, China wants Donald Trump to scrap a planned tariff hike, something the administration has not yet endorsed. Such negative sentiment has been significantly rising the investors’ doubt toward the resolution of trade war, spurring sell-off for Dollar index. For the time being, investors would continue to scrutinize the latest news of trade war to gauge the movement of the pair. On the other hand, Pound Sterling came in under pressure as geopolitics risk rose in UK amid to Brexit issue. The hopes for the soft-Brexit before 31st October dimmed after the EU leaders have told Boris Johnson there is no way to strike a Brexit agreement before this week’s summit, destroying his hopes of presenting a deal to parliament at a special sitting on Saturday. As of writing, Dollar index rose 0.14% to 98.16 and GBP/USD surged 0.06% to 1.2613.

In the commodities market, crude oil price tumbles as U.S and China trade talks turn into pessimism. On the other hand, gold price rose amid to weaker Greenback on yesterday. As of writing, crude oil price rose 0.21% to $53.55 per barrel and gold price slump 0.09% to $1491.71 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level of 97.95. MACD which illustrate bullish signal suggests the index to be traded higher in short-term as technical correction.

Resistance level: 98.20, 98.30

Support level: 97.95, 97.75

GBPUSD, H4: GBPUSD was traded flat while currently testing near the support of 1.2600. MACD which begins to form bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 1.2670, 1.2750

Support level: 1.2600, 1.2515

EURUSD, H4: EURUSD was traded lower following prior retrace from its higher level. MACD which begins to form bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1070, 1.1105

Support level: 1.1010, 1.0960

USDJPY, H4: USDJPY was traded lower following prior retrace from 108.45. MACD which begins to form bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 108.45, 108.75

Support level: 108.10, 107.60

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level of 0.6745. MACD which illustrate diminishing bearish momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.6800, 0.6830

Support level: 0.6745, 0.6705

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support of 0.6285. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.6310, 0.6340

Support level: 0.6285, 0.6250

USDCAD, H1: USDCAD was traded lower following prior retrace near the 60-MA line (green). MACD which illustrate diminishing bullish momentum suggests the pair to be traded lower in short-term after breaking 1.3220.

Resistance level: 1.3255, 1.3275

Support level: 1.3220, 1.3190

USDCHF, H4: USDCHF was traded flat near the support level of 0.9970. MACD which illustrate diminished upward momentum suggest the pair to extend its losses after closing below the support level.

Resistance level: 1.0010, 1.0065

Support level: 0.9970, 0.9925

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support of 53.00. MACD which illustrate bearish signal suggests its price to extend its losses after closing below 53.00.

Resistance level: 54.45, 55.55

Support level: 53.00, 51.60

GOLD_, H4: Gold price was traded lower following prior retrace from the 20-MA line (red). MACD which illustrate diminishing upward momentum suggests its price to be traded lower in short-term.

Resistance level: 1511.00, 1532.40

Support level: 1484.05, 1460.00

14 October 2019                Afternoon Session Analysis

EUR/USD slump, doubt on Brexit.

EUR/USD slump amid market doubt against the Brexit deal. According to Guardian, a breakthrough in the Brexit talks has failed to materialize after a weekend of intensive negotiations, with European Union capitals concluding that it may now be impossible for the UK to leave the EU by 31 October with a deal, raising the uncertainty on Brexit issue and spurring sell-off for EUR/USD. In addition, Prime Minister Boris Johnson had told his colleagues that “there is still a significant amount of work to get there and we must remain prepared to leave on 31 October”. The lack of progress over the weekend has left scant hope on soft-Brexit, raising the doubt for the Brexit delay on 31^st October. On the other hand, Japanese Yen slump as trade tensions between US and China was eased. According to Donald Trump’s Twitter account, he had written that “I agreed not to increase tariffs from 25% to 30% on October 15^th.  Indeed, the relationship with China is very good since China start buying very large quantities of U.S. Agricultural product.” Japanese Yen came under pressure as positive expectation for resolution of trade war has stoked a shift in sentiment toward riskier assets. As of writing, EUR/USD depreciated by 0.10% to 1.1025 and USD/JPY slump 0.08% to 108.29.

In the commodities market, crude oil price rose amid to the rise of geopolitical tensions in the Middle East and the positive expectation for the resolution of trade war. On the other hand, gold price slump amid to risk-on sentiment, spurring higher demand for risky assets. As of writing, crude oil price slump 0.86% to $54.42 per barrel and gold price slump 0.18% to $1486.64 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CAD                                        Canada – Thanksgiving Day

All Day                   JPY                                          Japan – Health-Sports Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 97.95. MACD which illustrate diminishing downward momentum suggests the index to be traded higher in short-term as technical correction.

Resistance level: 98.15, 98.35

Support level: 97.95, 97.75

GBPUSD, Daily: GBPUSD was traded higher while currently testing at the resistance level at 1.2585. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.

Resistance level: 1.2585, 1.2760

Support level: 1.2425, 1.2305

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

Resistance level: 1.1050, 1.1070

Support level: 1.1020, 1.0995

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 107.85. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 108.45.

Resistance level: 108.45, 108.85

Support level: 107.85, 107.40

AUDUSD, H4: AUDUSD was traded lower following prior retracement from 0.6795. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6795, 0.6825

Support level: 0.6765, 0.6740

NZDUSD, H1: NZDUSD was traded lower following prior retrace from 0.6310. MACD which illustrate increasing bearish momentum suggests the pair to be traded lower toward the support level at 0.6290.

Resistance level: 0.6310, 0.6320

Support level: 0.6290, 0.6285

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3335. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3205

Resistance level: 1.3335, 1.3380

Support level: 1.3205, 1.3140

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9965. MACD which illustrate increasing bullish momentum suggests the pair to extend its gains towards resistance level at 0.9985.

Resistance level: 0.9985,1.0005

Support level: 0.9965, 0.9940

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the lower level. However, MACD which illustrated diminishing bullish momentum suggest its price to be traded lower in short-term as technical correction.

Resistance level: 54.90, 55.60

Support level: 53.75, 52.95

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1480.40. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gain toward the resistance level at 1492.60.

Resistance level: 1492.60, 1503.05

Support level: 1480.40, 1473.25

14 October 2019                Morning Session Analysis

Higher chances of soft Brexit by 31^st Oct?

US dollar extended its losses last Friday as market participants digests the news which revolves financial market such as US trade war and Brexit. Last week, US President Donald Trump announced that they have reached a “substantial phase one deal with China” which boosted the demand for risky assets on the expense of greenback. However, it is still unclear whether US will push ahead with another round of tariffs as Trump did not make a decision on the issue. Yet, US dollar managed to limit its losses after Michigan Consumer Sentiment rose from 93.2 to 96.0 for the month of October, its highest level in 3 months. Americans shows higher optimism upon their economy which is mainly due to easing concerns with regards to trade war and lower chances of impeachment of President Trump. On the other hand, pound sterling skyrocketed last Friday after UK Prime Minister Boris Johnson announced that there will be a way forward for Brexit deal with the European Union. Likewise, sterling received further bullish support after EU27 approved to reopen the negotiation channel with UK ahead of this week’s EU summit in order to prevent hard-Brexit scenario during its deadline on 31^st October. As of writing, the dollar index fell 0.02% to 97.99 while GBP/USD slipped slightly by 0.05% to 1.2639.

In the commodities market, crude oil price rose by 0.10% to $54.73 per barrel. Oil futures received higher demand after nearly 300 tankers was placed off limits as companies feared violating US sanction against Iran and Venezuela, which sent freight rates to a new high. Higher cost of freight may deter delivery and substantially pushes the demand for limited supply of oil. On the other hand, gold price slumped 0.34% to $1,483.72 a troy ounce due to higher demand for risky assets.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CAD                       Canada – Thanksgiving Day

All Day                   JPY                        Japan – Health-Sports Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

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

Resistance level: 98.20, 98.30

Support level: 97.95, 97.75

GBPUSD, H1: GBPUSD was traded lower following prior retracement from its higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2670, 1.2750

Support level: 1.2600, 1.2515

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

Resistance level: 1.1070, 1.1105

Support level: 1.1010, 1.0960

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance of 108.45. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 108.45.

Resistance level: 108.45, 108.75

Support level: 108.10, 107.60

AUDUSD, H4: AUDUSD was traded lower following prior retrace from 0.6800. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6800, 0.6830

Support level: 0.6745, 0.6705

NZDUSD, H4: NZDUSD was traded lower following prior retrace from 0.6340. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6340, 0.6365

Support level: 0.6310, 0.6285

USDCAD, H4: USDCAD was traded lower while currently testing at the strong support of 1.3190. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 1.3220, 1.3255

Support level: 1.3190, 1.3145

USDCHF, H4: USDCHF was traded higher following prior closure above 0.9970. MACD which illustrate increasing bullish momentum suggests the pair to extend its gains towards the direction of 1.0010.

Resistance level: 1.0010, 1.0065

Support level: 0.9970, 0.9925

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests its price to extend its gains in mid-term.

Resistance level: 55.55, 56.70

Support level: 54.45, 53.00

GOLD_, H4: Gold price was traded lower while currently testing at the support of 1484.05. MACD which illustrate bearish signals suggests its price to extend its losses after closing below the support level.

Resistance level: 1511.00, 1532.40

Support level: 1484.05, 1460.00

11 October 2019                Afternoon Session Analysis

Japanese yen slip on trade optimism.

Japanese yen which traded against the greenback have fell on early session following hopes of progress from U.S and China and Brexit optimism. According to reports. U.S and China negotiators have ended a first day of talks in more than two months and business groups also expressed optimism that both sides could be able to ease trade tension and delay U.S tariff hike which scheduled for next week. U.S President Donald Trump also told reporters that his team had a “very, very good negotiation with China,” and reiterated his plans to meet with China’s Vice Premier Liu He at the White House on Friday. Following these positive news, investors have boosted their confidence and shifting their investments from safe-haven market such as Japanese yen to riskier assets. At the same time, optimism in Brexit have further diminished the appeal of safe-haven markets. At the time of writing, USD/JPY rose 0.08% to 107.93 meanwhile the dollar index fell 0.05% to 98.30.

As for commodities market, crude oil price rose 0.09% to $53.76 per barrel at the time of following talks of OPEC supply cut. According to reports, OPEC have upheld its forecast for global oil demand next year. Secretary General of OPEC stated that OPEC will “will take appropriate, strong, positive decisions that will set us on the path of heightened and sustained stability for 2020”. Next, gold price fell 0.15% to $1495.50 at the time of writing following strong dollar boosted by trade optimism.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                              CrudeOIL                               OPEC Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 98.40. MACD which illustrate bearish signal suggests the index to extend its losses toward the support level at 98.15.

Resistance level: 98.40, 98.60

Support level: 98.15, 97.95

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2385. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2520.

Resistance level:1.2520, 1.2575

Support level: 1.2385, 1.2285

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level at 1.1020. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1020, 1.1050

Support level: 1.0990, 1.0965

USDJPY, H4: USDJPY was traded higher following prior rebound from the previous resistance level. MACD which illustrated bullish signal suggest the pair to extend its gains toward the resistance level at 108.05.

Resistance level: 108.05, 108.30

Support level: 107.85, 107.65

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the from its previous resistance level at 0.6765. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6795.

Resistance level: 0.6795, 0.6820

Support level: 0.6765, 0.6740

NZDUSD, H4: NZDUSD was traded within a range while currently testing at the resistance level 0.6330. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 0.6295.

Resistance level: 0.6330, 0.6355

Support level: 0.6295, 0.6280

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3265. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain toward the resistance level at 1.3295.

Resistance level: 1.3295, 1.3335

Support level: 1.3265, 1.3245

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9955. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 0.9980.

Resistance level: 0.9980, 1.0005

Support level: 0.9955, 0.9935

CrudeOIL, H4: Crude oil price was traded higher after it breakout from previous resistance level at 53.45. MACD which illustrate upward momentum suggests its price to be traded higher toward the direction of 54.40.

Resistance level: 54.40, 55.75

Support level: 53.45, 52.05

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1489.95. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain toward resistance level at 1508.35.

Resistance level: 1508.35, 1519.95

Support level: 1489.95, 1479.85

11 October 2019                Morning Session Analysis

Inflation diminishes, more rate cut ahead?

Greenback depreciates further on yesterday after bearish consumer prices data from the region sparks higher possibility for interest rate cut from the Federal Reserve. As of writing, the dollar index was quoted down 0.43% to 98.36. According to Labor Department, Core Consumer Price Index for the month of September came in at 0.1%, missing economist forecast of 0.2%. The depreciation is mainly due to a large reduction in the sales of used cars. A downward trend in inflation rate may spark higher chances for an interest rate cut from the Federal Reserve as early as Oct 29 – 30 policy meeting. Nonetheless, greenback managed to limit its losses after Initial Jobless Claims for last week came in at 210,000 individuals, fared better than forecast of 215,000. On the other hand, pound sterling skyrocketed after Prime Ministers of UK and Ireland released a joint statement, touting for a possibility to achieve a Brexit deal with EU. Although few details were released, the news helped to spark higher speculation for UK to avoid a no-deal Brexit which could jeopardize the economic momentum of both UK and EU. Pair of GBP/USD ticks up 0.02% to 1.2434.

As for commodities, crude oil price rose 0.13% to $53.98 per barrel. Oil prices received some bullish momentum after a series of US sanction upon Chinese transportation companies lead to a disruption of global oil shipments. On the other hand, gold price ticked down 0.01% to $1,493.41 a troy ounce due to diminishing Brexit risk in the UK.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                 CrudeOIL              OPEC Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing at the support of 98.30. MACD which illustrate bearish signal suggests the index to extend its losses after closing below 98.30.

Resistance level: 98.40, 98.65

Support level: 98.30, 98.20

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

Resistance level: 1.2515, 1.2600

Support level: 1.2400, 1.2325

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

Resistance level: 1.1010, 1.1070

Support level: 1.0960, 1.0930

USDJPY, H4: USDJPY was traded higher following prior close above 107.60. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 108.10.

Resistance level: 108.10, 108.45

Support level: 107.60, 107.05

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.

Resistance level: 0.6800, 0.6830

Support level: 0.6745, 0.6705

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support at 0.6310. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 0.6360.

Resistance level: 0.6360, 0.6435

Support level: 0.6310, 0.6250

USDCAD, H4: USDCAD was traded lower following prior closure below 1.3315. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.3280.

Resistance level: 1.3315, 1.3340

Support level: 1.3280, 1.3255

USDCHF, H4: USDCHF was traded higher while currently testing at 0.9970. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.9970.

Resistance level: 0.9970, 1.0010

Support level: 0.9925, 0.9865

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests its price to be traded higher, towards the direction of 54.45.

Resistance level: 54.45, 55.55

Support level: 53.00, 51.60

GOLD_, H4: Gold price was traded lower following prior retrace from the higher levels. MACD which illustrate bearish signal suggests its price to be traded lower in short-term, towards the direction of 1484.05.

Resistance level: 1511.00, 1532.40

Support level: 1484.05, 1460.00

10 October 2019                Afternoon Session Analysis

Greenback hovered while investor eyes on trade talk.

Dollar index which gauge its value against a basket of six major currencies lingered around 98.65 level amid recent news showed that Trump administration plan to approve some of the domestic companies in US to continue supply non-sensitive goods to the telecom giant in China, Huawei. Earlier this year, Trump blacklisted Huawei companies and restricted US companies to deal with Huawei, acting as a retaliation to China and lifted up the tension between two countries. Trump’s green light to issue licenses for business trading with China has cool down the recent escalation of trade dispute. However, the gains of greenback limited after Donald Trump revealed that US delegation will bring up the China currencies depreciation issue onto the table to discuss and expect it can be involved in partial deal with China. Therefore, investors will continue eye on the representative level trade talk which starting from 11^th October which last for two days. As of writing, dollar index inched down 0.10% to 98.70. On the other hand, the pair of USD/CAD plunged 0.12% to 1.3315 amid escalation of geopolitical tension in Middle East region. Early morning today, Turkey launched an offensive attack against Kurdish fighters in Syria and believingly that oil supplies will be disrupted, eventually benefited Canadian dollar as Canada is one of the largest crude oil exporter in global.

In the commodities market, crude oil price quoted down 0.38% to $52.45 per barrel as EIA data showed a stockpile in US inventories level. According to EIA data, US inventories has increased 2.927M, surprisingly higher than economist forecast of 1.413M. However, recent military operation launched by Turkey limited the losses of crude oil prices. Besides, gold price rose 0.23% to $1509.00 a troy ounce amid heightening of geopolitical tension.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

17:20                     GBP                                        BoE Gov Carney Speaks

19:00                     CrudeOIL                               OPEC Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 98.75. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 98.60.

Resistance level: 98.75, 98.90

Support level: 98.60, 98.35

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from its previous support level at 1.2270. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2210.

Resistance level: 1.2270, 1.2390

Support level: 1.2210, 1.2010

EURUSD, H4: EURUSD was traded higher while currently testing at the resistance level at 1.0995. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.

Resistance level: 1.0995, 1.1020

Support level: 1.0965, 1.0940

USDJPY, H4: USDJPY was traded higher following prior rebound from the previous resistance level at 107.35. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.55, 107.70

Support level: 107.35, 107.20

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6740. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6765.

Resistance level: 0.6765, 0.6795

Support level: 0.6740, 0.6715

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6285. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6320.

Resistance level: 0.6320, 0.6340

Support level: 0.6285, 0.6275

USDCAD, H4: USDCAD was traded lower following retracement from the resistance level at 1.3335. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3335, 1.3360

Support level: 1.3290, 1.3255

USDCHF, H4: USDCHF was traded higher following prior rebound from its support level at 0.9935. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward the resistance level at 0.9965.

Resistance level: 0.9965, 0.9985

Support level: 0.9935, 0.9915

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the previous resistance level at 52.30. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gain toward resistance level at 52.80.

Resistance level: 52.80, 53.25

Support level: 52.30, 51.85

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1518.85. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower toward support level at 1502.80.

Resistance level: 1518.85, 1532.85

Support level: 1502.80, 1489.20

10 October 2019                Morning Session Analysis

Pessimism surrounds US-China trade talk.

US dollar depreciates slightly against other major currencies on yesterday while investors scrutinize the upcoming high-level trade talk and the release of Federal Reserve meeting minutes. According to South China Morning Post, both US and China make no progress with regards to key trade issue over the past two days of deputy-level talks. Chinese delegation refused to discuss about forced technology transfer, one of the key trade talk agenda from the United States. Likewise, China expressed their disappointment over US announcement to blacklist a list of Chinese companies last Monday, while expressing their pessimism to achieve any trade deal breakthrough for the week. On the other hand, the release of Federal Reserve meeting minutes shows similar bearish tone among its policymakers. The Fed sees risks to continue surrounds the US economy although it is still far from plunging into a recession. However, several policymakers favor to keep their interest rate unchanged for the time being as they believe baseline economic projection did not stray off too much for the time being. On the other hand, pound sterling continues to be subjected by bearish pressure after UK and EU Brexit talks falters just a few weeks before 31^st October deadline. Both sides struggled to achieve a consensus over Ireland backstop issue with EU insisting for border controls without additional checks while Northern Ireland remains in a custom union until an alternative has been found. As of writing, the dollar index fell 0.02% to 98.78 while EUR/USD rose 0.14% to 1.0984.

In the commodities market, crude oil price plunged 1.37% to $51.95 per barrel. Oil price fell sharply after China expressed their pessimism over achieving a trade deal this week. The inability to achieve a deal may push the global economic momentum further down, and thus reduces oil demand in the long-term. On the other hand, gold price rose 0.55% to $1,513.75 a troy ounce due to higher risk aversion in the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

17:20                     GBP                         BoE Gov Carney Speaks

19:00                     CrudeOIL                 OPEC Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retrace from the upper levels. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.

Resistance level: 99.00, 99.20

Support level: 98.60, 98.40

GBPUSD, H4: GBPUSD was traded flat near the support of 1.2170. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2275, 1.2325

Support level: 1.2170, 1.2085

EURUSD, H4: EURUSD was traded higher while currently testing at the downward trendline. MACD which begins to form bullish signal suggests the pair to extend its gains after breaking the trendline.

Resistance level: 1.1010, 1.1070

Support level: 1.0960, 1.0930

USDJPY, H4: USDJPY was traded lower while currently testing at the support of 107.05. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after breaking the support level.

Resistance level: 107.60, 108.10

Support level: 107.05, 106.55

AUDUSD, H4: AUDUSD was traded lower while currently testing at the support of 0.6705. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 0.6745, 0.6800

Support level: 0.6705, 0.6670

NZDUSD, H4: NZDUSD was traded lower following prior retrace from 0.6310. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 0.6250.

Resistance level: 0.6310, 0.6360

Support level: 0.6250, 0.6215

USDCAD, H4: USDCAD was traded higher following prior closure above 1.3340. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 1.3375.

Resistance level: 1.3375, 1.3420

Support level: 1.3340, 1.3315

USDCHF, H4: USDCHF was traded lower while currently testing at the support of 0.9925. MACD which illustrate bearish signal suggest the pair to extend its losses after closing below 0.9925.

Resistance level: 0.9970, 1.0010

Support level: 0.9925, 0.9865

CrudeOIL, H1: Crude oil price was traded lower following prior retrace from the upper levels. MACD which illustrate bearish signal suggests its price to be traded lower in short-term.

Resistance level: 53.00, 54.45

Support level: 51.60, 50.55

GOLD_, H4: Gold price was traded higher following prior close above 1511.00. MACD which illustrate bullish signal suggests its price to be traded higher in short-term as technical correction.

Resistance level: 1532.40, 1550.70

Support level: 1511.00, 1484.05

9 October 2019                  Afternoon Session Analysis

Yen surge amid to risk arise.

Japanese Yen surge amid to the tension for the issue of the Brexit and trade war arise which stoked a shift in sentiment toward safe-haven asset. German Chancellor Angela Merkel claimed that making an agreement with British is effectively impossible, said Downing Street. In addition, according to British official, Merkel told Prime Minister Boris Johnson that Northern Ireland must remain part of the European Union’s customs union if he wants to secure a divorce agreement. Such negative sentiment would provide pessimism prospect for the hope of soft-Brexit and increase the geopolitics risk. In fact, risk appetite ebbed on the caution on an escalating trade war between the United States and China, spurring the demand for safe-haven assets such as Japanese Yen. According to Bloomberg, the United States has broadened its visa restriction on Chinese officials and added more Chinese companies to its trade blacklist, trigger a rise in trade tensions. However, investors would continue to scrutinize for the meeting of top negotiator between Chinese Vice Premier Liu He, US Trade Representative Robert Lightizer and US Treasury Secretary Steven Mnuchin on Thursday. If both sides fail to reach an agreement over the next few days, the Trump administration will likely to impose more tariff on $250 billion worth of Chinese goods. On the other hand, EUR/USD slump yesterday as the geopolitical risk arise amid to the Brexit issues. However, investors would continue to observe the latest update of Brexit to gauge the movement of future government policy and movement of the pair. As of writing, USD/JPY rose 0.09% to 107.15 and EUR/USD rose 0.10% to 1.0963.

In the commodities market, crude oil price slump 0.30% to $52.42 per barrel amid to the prospect of the United States and China striking a trade deal in talks this week dimmed, raising uncertainties for global economic growth and oil demand. On the other hand, gold price rose 0.02% to $1505.63 per troy ounces amid to weaker greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

2.00                        USD                                        FOMC Meeting Minutes

(10th Oct)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 98.85. However, MACD which illustrate bullish signal suggests the index to undergo short term technical correction toward the resistance level at 98.85.

Resistance level: 98.85, 99.20

Support level: 98.60, 98.20

GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.2325. MACD which illustrate bearish signal suggests the pair to extend its losses toward the support level at 1.2170.

Resistance level: 1.2325, 1.2395

Support level: 1.2165, 1.2020

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0965. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the support level at 1.0960.

Resistance level: 1.1125, 1.1300

Support level: 1.0960, 1.0855

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 107.00. MACD which illustrate bullish signal suggests the pair to advance further up toward the direction of 107.80.

Resistance level: 107.80, 108.45

Support level: 107.00, 106.65

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6745. MACD which illustrate diminishing bearish momentum signal suggests the pair to extend its gains after successfully breakout above the resistance level at 0.6745.

Resistance level: 0.6745, 0.6795

Support level: 0.6695, 0.6635

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the channel’s bottom level. MACD which illustrate diminished downward momentum suggests the pair to extend its rebound toward the resistance level at 0.6325.

Resistance level: 0.6325, 0.6365

Support level: 0.6285, 0.6255

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3335. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3275.

Resistance level: 1.3335, 1.3395

Support level: 1.3275, 1.3210

USDCHF, Daily: USDCHF was traded lower while currently testing the 20 moving average line (Red). MACD which illustrate bearish momentum signal suggest the pair to extend its losses after successfully breakout below the 20 moving average line (Red).

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 51.85. MACD which illustrate upward momentum suggests its price to be traded higher toward the direction of 53.55.

Resistance level: 53.55, 54.65

Support level: 51.85, 51.15

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1504.00. MACD which illustrate bullish momentum and the formation of golden cross suggest the commodity to extend its gains toward the resistance level at 1520.25.

Resistance level: 1520.25, 1535.25

Support level: 1485.65, 1460.00