Daily Analysis

27 September 2019                           Afternoon Session Analysis

Pound slump as political uncertainties surged.

Pound Sterling slump as the soft Brexit hopes seen earlier in the week were unravelled amid a fresh rise in UK political uncertainties. Efforts are reportedly beginning to force Prime Minister Boris Johnson to ask for a Brexit delay sooner rather than later in order to prevent a no-deal Brexit. However, this has led to a rise in fears that the uncertainty of Brexit would persist for months or even year. On the other hand, NZDUSD slump in recent weeks amid to the rumours that the Reserve Bank of New Zealand (RBNZ) was discussing to implement easing monetary policy, spurring the pressure of huge sell-off in New Zealand dollar. Further, New Zealand dollar slump after the ANZ Consumer Confidence for September dropped to a four-year low, falling by 3.6% to 113.9, which providing a weak prospect for the economic outlook. In fact, a sharp fall in Chinese industrial profits also tend to reduce the value of Chinese proxy, the NZD. However, the latest statement from RBNZ was relieving to bearish sentiment of the NZD from investors. According to RBNZ Governor Adrian Orr statement, he claimed that the Reserve Bank of New Zealand (RBNZ) was unlikely to implement expansionary monetary policy amid to stable inflation rate and GDP. In fact, positive development on the US-China trade talk might also provide a bullish support toward NZD. As of writing, GBP/USD rose 0.09% to 1.2332 and NZD/USD appreciated by 0.05% to 0.6296.

In the commodity market, crude oil prices slump amid to weak global economic growth and its effect on oil demand. On the other hand, gold price steadies amid to investors continually to scrutinize the latest news from trade-war and Brexit issues. As of writing, the crude oil price depreciated by 0.72% to $ 56.12 per barrel and gold price rose 0.07% to $1505.37 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 98.80. MACD which illustrate diminishing bullish momentum suggest the dollar to extend its losses toward the support level at 98.40.

Resistance level: 98.80, 99.20

Support level: 98.40, 98.00

GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.2325. MACD which display bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2325.

Resistance level: 1.2515, 1.2665

Support level: 1.2325, 1.2165

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0965. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.0855.

Resistance level: 1.0965, 1.1150

Support level: 1.0855, 1.0740

USDJPY, H4: USDJPY was traded lower while currently testing the 20 (red) and 50 (Blue) moving average line. MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it successfully breakout below the both moving average lines.

Resistance level: 107.85, 108.45

Support level: 107.10, 106.65

AUDUSD, Daily: AUDUSD was traded lower while currently testing near the support level 0.6750. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6750.

Resistance level: 0.6795, 0.6835

Support level: 0.6750, 0.6695

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6295. MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 0.6255.

Resistance level: 0.6295, 0.6360

Support level: 0.6255, 0.6200

USDCAD, Daily: USDCAD was traded in a sideway channel following recent rebound from the 50 moving average line (Blue). Due to lack of signal and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1.3335, 1.3530

Support level: 1.3145, 1.3020

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

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

CrudeOIL, H1: Crude oil was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the commodity to extend its losses toward the support level at 55.65.

Resistance level: 56.80, 58.55

Support level: 55.65, 54.65

GOLD_Daily: Gold price was traded lower while currently testing the support level at 1506.10. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after successfully breakout below the support level at 1506.10.

Resistance level: 1551.85, 1595.00

Support level: 1506.10, 1485.65

27 September 2019                           Morning Session Analysis

Whistle-blower halts greenback’s advance.

Greenback extended its recent uptrend despite a slower economic growth and rising political uncertainty. According to Bureau of Economic Analysis, US economy expanded at a rate of 2.0% for the second quarter, well within economists’ forecast. However, the data portrays a significant depreciation when compared to first quarter which expanded at the rate of 3.1%. Nonetheless, investors remained optimistic over US economic growth due to diminishing US-China trade war which may lead to a possible truce sooner than later. Yet, greenback’s bullish momentum was remained capped after a nine-page whistle-blower document which details concern over US President Donald Trump’s misuse of power were released to the public. The document not only details Trump’s call to Ukraine’s President on 25^th July, it also alleges his administration’s effort to suppress records related to their conversation. On the other hand, euro extended its losses and hit a fresh new low for the year 2019 due to bleak economic outlook towards the single economy. Rising uncertainty over European Central Bank’s policy and bearish economic data from the region has encourage investors to flock towards other assets in the financial market. As of writing, the dollar index was quoted up 0.17% to 98.78 while EUR/USD was down 0.01% to 1.0920.

In the commodities market, crude oil price slumped 0.28% to $56.41 per barrel. Oil prices ended lower on yesterday after Saudi Arabia’s daily supply return to its full potential following prior attacks from Houthi group. On the other hand, gold price rose 0.06% to $1,505.47 a troy ounce due to lingering risks 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, H4: Dollar index was traded higher while currently testing near the resistance level 98.85. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a technical correction in short term towards the support level 98.40.

Resistance level: 98.85, 99.25

Support level: 98.40, 98.00

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.2385. However, MACD which display diminishing bearish momentum suggest the pair to be traded higher as a short term technical correction towards the current resistance level 1.2385.

Resistance level: 1.2385, 1.2495

Support level: 1.2260, 1.2165

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.0915. However, MACD which illustrate diminishing bearish bias suggest the pair to undergo a technical correction in short term towards the resistance level 1.0965

Resistance level: 1.0965, 1.1020

Support level: 1.0915, 1.0850

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 107.55. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction towards back the current support level 107.55.

Resistance level: 108.35, 109.20

Support level: 107.55, 107.00

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6745. However, due to lack of clear signal and direction from MACD, it is suggested to wait until further signal suggest as breakout below the support level before entering the market.

Resistance level: 0.6805, 0.6850

Support level: 0.6745, 0.6690

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6325. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 0.6270.

Resistance level: 0.6325, 0.6355

Support level: 0.6270, 0.6235

USDCAD, H4: USDCAD was traded in a sideway channel following recent rebound from the support level 1.3235. Due to lack of signal and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1.3305, 1.3365

Support level: 1.3235, 1.3185

USDCHF, H4: USDCHF was remain traded in a sideway channel while currently testing near the resistance level 0.9940. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards support level 0.9855.

Resistance level: 0.9940, 0.9980

Support level: 0.9855, 0.9800

CrudeOIL, H4: Crude oil was traded flat near the support level 55.30. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the commodity to be traded higher towards the resistance level 58.35.

Resistance level: 58.35, 62.00

Support level: 55.30, 53.00

GOLD_H4: Gold price was traded flat near the resistance level 1512.75. However, MACD which illustrate bullish bias signal suggest the commodity to be traded higher after it breaks above the resistance level.

Resistance level: 1512.75, 1535.00

Support level: 1487.35, 1452.15

26 September 2019                           Afternoon Session Analysis

Yen fall due to low local yield.

Japanese Yen looks as the worst-performing Group-of-10 currency in September, according to Bloomberg. Bearish pressure continues to surround the Japanese Yen due to large redemption of Japanese Government bonds from the investors. With low local yields in Japan, investors reinvested huge amount of money in asset overseas, spurring the pressure of huge sell-off in Japanese Yen. In addition, Japanese Yen fall amid to positive sign of progress in U.S.- China trade relations talk, which stoked a shift in sentiment toward riskier asset, damping demand for safe-havens. However, the currency remains particularly sensitive to news on trade and geopolitics. In fact, investors would scrutinize future economic data in order to gauge the likelihood of an interest rate cut during their Bank of Japan policy meeting. Investors would also take clues from Brexit developments ahead of the U.K.’s Oct. 31 deadline for leaving the European Union. Furthermore, some analysts still expect Japanese Yen would be fall further amid to large Japanese purchase of U.S. bonds in the second half of the fiscal year begins. On the other hand, Pound Sterling slump after UK Supreme Court ruling against PM Johnson’s suspension amid to the rise of the geopolitical risk. For now, Boris Johnson has an almighty task in trying to get a Brexit deal approved before the 19 October deadline set by lawmakers after failing to suspend Parliament. Meanwhile, investors will continually seek clue from the Brexit latest update. As of writing, USD/JPY slump 0.10% to 107.64 while GBP/USD rose 0.20% to 1.2372.

In commodities market, crude oil price rose after U.S. President Donald Trump claimed that the resolution for the China-US trade tensions would be faster than expected, helping to stave off pressure from rising oil supplies and worries about global growth. On the other hand, gold price dropped as risk sentiment improved after Trump provided the positive statement and also due to stronger greenback. As of writing, crude oil price rose 1.69% to $56.40 per barrels while gold price rose 0.35% to $1508.61 per troy ounces.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

21:30                     EUR                                        ECB President Draghi Speaks

21:45                     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 98.65. MACD which illustrate diminished upward momentum suggests the index to extend its losses toward the support level at 98.40.

Resistance level: 98.65, 99.20

Support level: 98.40, 98.00

GBPUSD, Daily: GBPUSD was traded lower while currently testing the 50 moving average line (Blue). MACD which illustrate bearish momentum suggests the pair to extend its losses toward the support level after successfully breakout below the 50 moving average line (Blue).

Resistance level: 1.2515, 1.2665

Support level: 1.2325, 1.2165

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0965. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.0855.

Resistance level: 1.0965, 1.1150

Support level: 1.0855, 1.0745

USDJPY, H1: USDJPY was traded lower while currently testing the 20 moving average line (Red). MACD which illustrate bearish momentum suggests the pair to extend its losses toward the support level after successfully breakout below the 20 moving average line (Red).

Resistance level: 107.75, 108.25

Support level: 107.15, 106.65

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.6750. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after successfully breakout below the support level at 0.6750.

Resistance level: 0.6795, 0.6835

Support level: 0.6750, 0.6695

NZDUSD, H1: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6295. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 0.6360.

Resistance level: 0.6360, 0.6425

Support level: 0.6295, 0.6255

USDCAD, Daily: USDCAD was traded flat within a sideway channel. Due to MACD lack of signal, it is suggested to wait for further confirmation before entering the market.

Resistance level: 1.3335, 1.3530

Support level: 1.3145, 1.3020

USDCHF, H4: 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 gains toward the resistance level at 0.9945.

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

CrudeOIL, Daily: Crude oil price was traded lower following prior breakout below the previous support level at 56.80. MACD which illustrate bearish momentum and the formation of death cross suggest the commodity to extend its losses toward the support level at 55.90.

Resistance level: 56.80, 58.55

Support level: 55.90, 54.65

GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1506.10. MACD which illustrate diminished bullish momentum suggest the commodity to extend its losses after successfully breakout below the support level at 1506.10.

Resistance level: 1551.85, 1595.00

Support level: 1506.10, 1485.65

26 September 2019                           Morning Session Analysis

US-Ukraine transcript thwart impeachment ambitions. 

US dollar extended its gains to one-and-a-half-week high on yesterday following the release of transcript between US President Donald trump and Ukrainian President Volodymyr Zelensky. Prior, House of Representatives opened a formal impeachment inquiry upon Trump with regards to seeking help from Ukraine to investigate former Vice President Joe Biden in exchange for foreign aid. While the transcript revealed that Trump did ask Zelensky for such favour, no direct mention of foreign aid was being made. The transcript failed to intensify the inquiry as no direct pressure was being asserted by the US towards Ukraine. As such, it has diminished the chances for an impeachment for the time being. In addition, greenback received additional bullish support after New Home Sales for the month of August came in at 713K units, significantly higher than forecast of only 660K units. For the time being, investors will scrutinize US Gross Domestic Product data which is bound to be released later tonight. On the other hand, pair of GBP/USD slumped 0.03% to 1.2355. Pound sterling fell sharply on yesterday due to Brexit uncertainties as the 31^st October deadline approaches. Following the resumption of UK Parliament, PM Boris Johnson addressed to opposition party to call for a no-confidence vote or to stand aside and vote for any deals that Johnson receives.

In the commodities section, crude oil price rebounds by 0.02% to $56.66 per barrel. Although crude oil inventories came in at a slightly higher value, US Weekly Distillates Stocks slumped more than expected which has sparked some bullish bets following the release of both data. On the other hand, gold price managed to recover its losses by 0.08% to $1,504.81 a troy ounce following overnight’s losses due to a stronger greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

21:30                     EUR                         ECB President Draghi Speaks

21:45                     GBP                          BoE Gov Carney Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retrace from 98.65. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.

Resistance level: 98.65, 99.00

Support level: 98.40, 98.30

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

Resistance level: 1.2400, 1.2515

Support level: 1.2320, 1.2260

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 as technical correction.

Resistance level: 1.1010, 1.1070

Support level: 1.0930, 1.0870

USDJPY, H4: USDJPY was traded lower following prior retrace from the higher level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower after closing below 107.60.

Resistance level: 108.05, 108.45

Support level: 107.60, 107.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support of 0.6750. MACD which illustrate positive divergence signal suggests the pair to be traded higher in short-term.

Resistance level: 0.6800, 0.6830

Support level: 0.6750, 0.6705

NZDUSD, H4: NZDUSD was traded lower following prior closure below 0.6290. MACD which illustrate bearish signal suggests the pair to extend its losses in the mid-term.

Resistance level: 0.6290, 0.6320

Support level: 0.6250, 0.6220

USDCAD, H4: USDCAD was traded lower while currently testing at the support of 1.3255. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 1.3280, 1.3315

Support level: 1.3255, 1.3220

USDCHF, H4: USDCHF 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: 0.9925, 0.9970

Support level: 0.9865, 0.9820

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support of 55.55. MACD which shows diminishing downward momentum suggests its price to be traded higher in short-term.

Resistance level: 57.30, 58.70

Support level: 55.55, 54.45

GOLD_, H1: Gold price was traded higher following prior rebound from the lower levels. MACD which illustrate diminished downward momentum suggests its price to be traded higher in short-term.

Resistance level: 1509.00, 1523.00

Support level: 1494.50, 1483.50

25 September 2019                           Afternoon Session Analysis

Greenback rose, eyes on trade war.

Greenback rose against other major currencies amid positive expectation for the U.S. and China to end an economy conflict that has led to tariffs on hundreds of billions in goods. According to United Nations General Assembly in New York, Donald Trump struck an optimistic tone about reaching agreements with Beijing and other trading partners. “Hopefully we can reach an agreement that will be beneficial for both countries. But as I have made very clear I will not accept a bad deal for the American people,” said Trump. However, investors were still afraid that his speech may trigger China government as those speech was full of sensitive words. In fact, it is also not hard to imagine the speech may irritate China and lead to an escalation of trade war which might cause greenback to be depreciated. On the other hand, Japanese Yen rose as risk sentiment fall, driven by trade war headlines. Speculation surrounds the US President Trump words within the UN Summit, prompting concerns about rising in trade tension. In fact, Safe-haven assets such as Japanese Yen surged, following a fall in US Treasury yields to fresh weekly lows. In fact, the lower than expected reading of US Consumer Confidence Data in September would lead to a pessimistic economic outlook, which may further stimulate the demand for safe-haven assets. As of writing, dollar index rose 0.15% to 98.06 and USD/JPY appreciated by 0.21% to 107.32.

In the commodities market, crude oil rose as Saudis are exporting less crude to the world market, researchers who track shipping said. On the other hand, gold price rallied as Trump struck a combative tone against China which stoked a shift in sentiment toward safe-haven assets. As of writing, crude oil rose 0.18% to $56.92 per barrel and gold price fall 0.19% to $1526.35 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 while currently testing the 20 (Red) and 50 (Blue) moving average line. MACD which illustrate diminished downward momentum suggests the index to extend its gains after successfully breakout above the both moving average line.

Resistance level: 98.40, 98.65

Support level: 98.00, 97.50

GBPUSD, Daily: GBPUSD was traded higher while currently testing near the resistance level at 1.2515. MACD which begins to form a death cross signal suggests the pair to be traded lower in short term toward the support level at 1.2325.

Resistance level: 1.2515, 1.2665

Support level: 1.2325, 1.2165

EURUSD, Daily: EURUSD was traded lower following prior retracement from the downward trend line. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses toward the support level at 1.0965.

Resistance level: 1.1150, 1.1300

Support level: 1.0965, 1.0855

USDJPY, H1: USDJPY was traded higher following prior breakout above the previous resistance level at 107.25. MACD which illustrate bullish signal suggest the pair to extend its gains toward the resistance level at 107.75.

Resistance level: 107.75, 108.25

Support level: 107.25, 106.65

AUDUSD, H4: AUDUSD was traded lower following prior retracement from 0.6795. MACD which illustrate diminished upward momentum suggests the pair to extend its losses toward the support level at 0.6750.

Resistance level: 0.6795, 0.6835

Support level: 0.6750, 0.6695

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6295. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 0.6360.

Resistance level: 0.6360, 0.6425

Support level: 0.6295, 0.6255

USDCAD, Daily: USDCAD was traded flat within a sideway channel. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term toward the channel’s bottom level.

Resistance level: 1.3335, 1.3530

Support level: 1.3145, 1.3020

USDCHF, Daily: USDCHF was traded lower following prior breakout below the upward trend line. MACD which illustrate downward momentum suggests the pair to extend its losses toward the support level at 0.9810.

Resistance level: 0.9885, 0.9945

Support level: 0.9810, 0.9690

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 56.90. MACD which illustrate bearish signal suggests its price to extend its losses after successfully breakout below the support level at 56.90.

Resistance level: 58.55, 60.35

Support level: 56.90, 55.90

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1508.20. MACD which illustrate bullish signal suggests its price to extend its gains toward the resistance level at 1551.90.

Resistance level: 1551.90, 1595.00

Support level: 1508.20, 1485.65

25 September 2019                           Morning Session Analysis

Dollar slipped over soft consumer confidence.

Greenback slipped against other major currencies on yesterday after recently released consumer confidence data came in lower than expected. As of writing, the dollar index was down 0.28% to 97.87 during early Asian session. According to Conference Board, its Consumer Confidence Index fell the most in 9 months in September to 125.1. It is significantly lower than previous reading of 134.2 while missing economists’ forecast of 134.1. Overall consumer outlook towards the US economy has dampened following escalation in trade and tariff tensions between US and China. Likewise, rising political jitters in Washington has led to further downward pressure on the greenback after House of Representatives open a formal impeachment inquiry against US President Donald Trump over a phone call with Ukraine’s President in July. Trump and his allies were accused of pressuring a foreign leader to investigate a domestic political opponent. On the other hand, pair of GBP/USD rose 0.04% to 1.2493 this morning. Pound sterling extended its gains after UK Supreme Court ruled that the suspension of Parliament by UK Prime Minister Boris Johnson is unlawful. Furthermore, the vote was unanimous and states that Johnson’s decision to suspend the Parliament from carrying out its constitutional functions without any reasonable justification.

As for commodities, crude oil price slipped 0.04% to $56.84 per barrel. Oil futures received some bearish pressure after American Petroleum Institute reported an increase in last week’s crude oil stocks by 1.4 million barrels. On the other hand, gold price slipped 0.06% to $1,531.36 a troy ounce following yesterday’s rise due to profit taking.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

10:00                     NZD                         RBNZ Rate Statement

11:00                     NZD                         RBNZ 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: 97.95, 98.20

Support level: 97.75, 97.40

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance near 1.2515. MACD which begins to form a death cross signal suggests the pair to be traded lower in short-term.

Resistance level: 1.2515, 1.2600

Support level: 1.2400, 1.2325

EURUSD, H4: EURUSD was traded lower while currently testing at the support of 1.1015. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses after closing below 1.1015.

Resistance level: 1.1070, 1.1150

Support level: 1.1015, 1.0930

USDJPY, Daily: USDJPY was traded lower while currently testing near the support of 107.05. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 107.05.

Resistance level: 107.60, 108.05

Support level: 107.05, 106.55

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.

Resistance level: 0.6800, 0.6830

Support level: 0.6750, 0.6705

NZDUSD, H1: NZDUSD was traded lower following prior retrace from its higher levels. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the 20-MA line (Red).

Resistance level: 0.612, 0.6300

Support level: 0.6290, 0.6250

USDCAD, H4: USDCAD was traded lower following prior breakout from the support of 1.3255. MACD which illustrate persistent bearish signal suggests the pair to extend its losses in mid-term.

Resistance level: 1.3255, 1.3280

Support level: 1.3220, 1.3190

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower levels. MACD which illustrate diminishing 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 breakout at 57.30. MACD which illustrate bearish signal suggests its price to extend its losses, towards the direction of 55.55.

Resistance level: 57.30, 58.70

Support level: 55.55, 54.45

GOLD_, H4: Gold price was traded higher while currently testing at 1533.00. MACD which illustrate bullish signal suggests its price to extend its gains after breaking the resistance of 1533.00.

Resistance level: 1533.00, 1550.00

Support level: 1523.00, 1509.00

24 September 2019                           Afternoon Session Analysis

Sterling end flats, eyes on court’s decisions.

GBPUSD end flats as investors awaits the UK Supreme Court’s decision on proroguing the parliament. According to Bloomberg, a ruling on the legality of Boris Johnson’s decision to suspend Parliament will be announced by the Supreme Court on Tuesday at 6PM Malaysian time. If the court declare that Johnson’s advice to the Queen on the suspension of Parliament was unlawful and parliament returns from its five-week suspension early, the Pound Sterling is likely to edge lower due to increasing political uncertainty. In fact, Bank of England policymakers set the bank rate unchanged at 0.75% last week. However, according to the Bank of England, they claimed that it is possible that such political events could increase a period of entrenched uncertainty of the future trading with the EU. Such sentiment would also mean that the economy would suffer recession from another Brexit delay and which may trigger to implement easing monetary policy to cure the recession. On the other hand, Japanese Yen surge as markets risk appetite dwindles after the bleak Europe data was released. Yesterday, none of the Manufacturing index in Eurozone has reached the market expectations and cause the risk appetite ebbed. In fact, such pessimism prospective toward the world economy would stoke a shift in sentiment toward safe-have assets such as Japanese Yen. As of writing, GBP/USD appreciated by 0.07 to 1.2436 while USD/JPY rose 0.02% to 107.545.

In the commodities market, crude oil price slumped by 0.14% to $58.390 per barrel as weak manufacturing data from Europe and Japan focused market attention on a gloomy outlook for demand, overshadowing Saudi supply-shock doubts. On the other hand, gold price fell 0.05% to $1521.10 per troy ounces due to stronger US dollar as trade tensions eases.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the index to extend its gains after breaking the resistance of 98.20.

Resistance level: 98.20, 98.30

Support level: 97.95, 97.75

GBPUSD, H4: GBPUSD was traded lower following prior breakout from the upward channel. However, MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2515, 1.2600

Support level: 1.2400, 1.2325

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. However, MACD which continues to illustrate bearish signal suggests its price to extend its losses in mid-term.

Resistance level: 1.1010, 1.1070

Support level: 1.0930, 1.0870

USDJPY, H4: USDJPY was traded higher while currently testing at 107.60. MACD which illustrate bullish signal suggests the pair to extend its gains after breaking the resistance at 107.60.

Resistance level: 107.60, 108.05

Support level: 107.05, 106.55

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

Resistance level: 0.6800, 0.6830

Support level: 0.6750, 0.6705

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

Resistance level: 0.6360, 0.6410

Support level: 0.6290, 0.6250

USDCAD, H4: USDCAD was traded lower while currently testing at the support of 1.3255. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 1.3255.

Resistance level: 1.3280, 1.3315

Support level: 1.3255, 1.3220

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.

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 diminished downward momentum suggests its price to be traded higher after breaking 58.70.

Resistance level: 58.70, 60.85

Support level: 57.30, 55.55

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance of 1523.00. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term as technical correction.

Resistance level: 1523.00, 1533.00

Support level: 1509.00, 1494.50

24 September 2019                           Morning Session Analysis

Greenback rebounds, eyes on future data.

US dollar extended gains on yesterday following positive regional data and a selloff in other major currencies. As of writing, the dollar index was quoted up 0.10% to 98.20 during Asian session. According to Markit, US Manufacturing PMI expanded to 51.0 for the month of September, fared better than economists’ forecast to remains stable at 50.3. Overall, the data shows a resilient manufacturing market in the US despite ongoing trade war in between US and China. However, gains on the greenback were limited after Services PMI for the month of September expanded to 50.9, slightly lower than forecast of 51.3. Overall sentiment towards the greenback remains optimistic while investors continue to scrutinize future economic data from the US such as Core PCE Price Index and GDP which would be used to determine Federal Reserve’s future monetary policy stance. On the other hand, pair of EUR/USD ticked down 0.01% to 1.0990. Euro received a selloff on yesterday after German Manufacturing PMI slumped to 41.4, missing economist forecast of 44.0 for the month of September. The data has reinforced market’s perception that EU’s economy remains fragile and it may open up for more monetary policy easing in the future if the current condition persists or deteriorates.

On the other hand, crude oil price slumped 0.19% to $58.41 per barrel. Oil futures were dumped after Reuters reported that Saudi Arabia oil production may be restored fully by next week. Otherwise, gold price depreciates by 0.12% to $1,520.34 a troy ounce after rising up on yesterday 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

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the index to extend its gains after breaking the resistance of 98.20.

Resistance level: 98.20, 98.30

Support level: 97.95, 97.75

GBPUSD, H4: GBPUSD was traded lower following prior breakout from the upward channel. However, MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2515, 1.2600

Support level: 1.2400, 1.2325

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

Resistance level: 1.1010, 1.1070

Support level: 1.0930, 1.0870

USDJPY, H4: USDJPY was traded higher while currently testing at 107.60. MACD which illustrate bullish signal suggests the pair to extend its gains after breaking the resistance at 107.60.

Resistance level: 107.60, 108.05

Support level: 107.05, 106.55

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

Resistance level: 0.6800, 0.6830

Support level: 0.6750, 0.6705

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

Resistance level: 0.6360, 0.6410

Support level: 0.6290, 0.6250

USDCAD, H4: USDCAD was traded lower while currently testing at the support of 1.3255. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 1.3255.

Resistance level: 1.3280, 1.3315

Support level: 1.3255, 1.3220

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.

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 diminished downward momentum suggests its price to be traded higher after breaking 58.70.

Resistance level: 58.70, 60.85

Support level: 57.30, 55.55

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance of 1523.00. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term as technical correction.

Resistance level: 1523.00, 1533.00

Support level: 1509.00, 1494.50

23 September 2019                           Afternoon Session Analysis

Euro slump over poor Germany data.

The Canadian Dollar ended flat on Friday as trade tensions arises after China unexpectedly cancelled off a farm visit as part of the restart of negotiations. Such news has spurred higher volume of safe-haven purchases as trade uncertainty increases. However, according to Statistics Canada, Canada Core Retail Sales MoM came in at -0.1%, fared weaker than economic forecast of 0.2%. The bleak reading would pressure the Bank of Canada (BoC) to reduce its interest rates sooner than later.  However, the expectation for cutting rates do not reduce the value for loonie as risk aversion shifted the Canadian currency from rallying upward. On the other hand, since Germany has a strong economic impact for the European Union (EU), a poor Germany data which published on last Friday had triggered the EUR/USD to extend its losses. According to Destatis, Germany Producer Price Index came in at -0.5%, well below expectation of -0.2% for the month of July. Lower than expected reading should lead the pairs to suffer a drop amid the positive prospect for the European Central bank to implement expansionary monetary policy to boost up the economy growth in Europe.  As of writing, USD/CAD appreciate by 0.11% to 1.3273 while EUR/USD rose 0.07% to 1.1024.

In the commodities market, crude oil price rose 0.45% to $58.640 per barrel as Pompeo claimed that Trump would take necessary action if Tehran failed to change its behaviour. On the other hand, Gold price rose 0.04% to $1517.47 per troy ounces as pessimistic expectation toward the trade talk between U.S. and China.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 98.20. MACD which illustrated diminishing bullish momentum suggests its price to be traded lower toward direction of the support level at 97.75.

Resistance level: 98.20, 98.55

Support level: 97.75, 97.50

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from its resistance level at 1.2565. MACD which illustrated diminishing bullish momentum suggests its price to be traded lower toward the support level at 1.2335.

Resistance level: 1.2565, 1.2725

Support level: 1.2335, 1.2150

EURUSD, H4: EURUSD was traded higher following prior rebound from its support level at 1.1005. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.1065.

Resistance level: 1.1065, 1.1100

Support level 1.1005, 1.0940

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 108.35. MACD which illustrated diminishing bullish momentum suggests its price to be traded lower toward its support level at 107.35.

Resistance level: 108.35, 109.10

Support level: 107.35, 106.45

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6760. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gain toward the resistance level at 0.6790.

Resistance level: 0.6790, 0.6820

Support level: 0.6760, 0.6735

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6255. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.6290.

Resistance level: 0.6290, 0.6325

Support level: 0.6255, 0.6230

USDCAD, H4: USDCAD was traded higher following prior rebound from its support level at 1.3240. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gain toward the resistance level at 1.3295.

Resistance level: 1.3295, 1.3370.

Support level: 1.3240, 1.3195

USDCHF, Daily: USDCHF remains traded within a upward channel while currently testing at the resistance level at 0.9930. MACD which illustrated increasing bearish momentum suggests the pair to trade lower toward the support level at 0.9815.

Resistance level: 0.9930, 1.0010

Support level: 0.9815, 0.9735

CrudeOIL, H4: Crude oil price was traded within a range while currently testing at the resistance level at 59.00. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher after it successfully breakout above resistance level.

Resistance level: 59.00, 61.45

Support level: 57.00, 55.25

GOLD_, H4: Gold was traded higher following prior rebound from the support level at 1500.25. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher toward the resistance level at 1526.35.

Resistance level: 1526.35, 1548.65

Support level: 1500.25, 1485.45

23 September 2019                           Morning Session Analysis

Dollar pressured as trade hopes receded again.

Dollar index have fell against its basket of six major rival pairs in early Asian session as sentiment have been soured by news of trade risk upped between China and U.S. According to the recent report, China’s trade delegation has cancelled their visit to Montana for an agriculture talks, leaving the U.S earlier than planned. President Donald Trump also hinted at a problem in a press conference last week, citing that he is looking for a complete deal, not a partial which emphasize that the effort of China to buy more agricultural product from U.S will not be enough. The news has once again dimmed market hope of a trade deal between the two nations, thus triggered some selling pressure for the greenback. Still, investors remain focused on the development between the two countries to gauge further direction. On the other hand, pound starling has fizzled and gave up some of its gains after Ireland Foreign Minister’s comment. According to reports from Bloomberg, Irish Foreign Minister Simon Coverney have warned that the path of a Brexit deal is not even close, stated that there is still “quite a wide gap” between the U.K and EU. The statement have dampened Brexit hopes from previous optimism by European Commission President Jean-Claude Juncker. At the time of writing, dollar index fell 0.02% to 98.03 while GBP/USD slips 0.05% to 1.2468.

On the commodities market, crude oil price rebounds 0.68% to $58.76 per barrel at the time of writing, however remain pressured in a tight range as market uncertainty and downside risk continue to mount for the commodity. Recently, OECD stated that the economic outlook both industrialized nations and emerging markets were “weakening.” At the same time, trade tension between U.S and China also taking a toll on market confidence and investment. Last, gold price gains 0.15% to $1513.41 a troy ounce as of writing following repeating trade risk and uncertainty have regain its safe-haven appeal towards global 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 remains traded within a sideways channel. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term.

Resistance level: 98.20, 98.30

Support level: 97.95, 97.75

GBPUSD, H4: GBPUSD remains traded within an ascending channel. MACD which illustrate bearish signal suggests the pair to extend its losses if a breakout occur at the bottom level of the channel.

Resistance level: 1.2515, 1.2600

Support level: 1.2400, 1.2325

EURUSD, H4: EURUSD was traded higher following prior rebound from the support at 1.1010. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1070, 1.1150

Support level: 1.1010, 1.0930

USDJPY, H4: USDJPY was traded lower while currently testing at 107.60. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 107.60.

Resistance level: 108.05, 108.45

Support level: 107.60, 107.05

AUDUSD, Daily: AUDUSD was traded lower following prior retrace from its higher level. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 0.6750.

Resistance level: 0.6800, 0.6830

Support level: 0.6750, 0.6705

NZDUSD, Weekly: NZDUSD was traded lower following prior closure below 0.6290. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 0.6030.

Resistance level: 0.6290, 0.6445

Support level: 0.6030, 0.5800

USDCAD, H1: USDCAD remains traded within an ascending channel formation. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3280, 1.3315

Support level: 1.3255, 1.3220

USDCHF, H4: USDCHF was traded lower within the ascending channel formation. However, MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.9925, 0.9970

Support level: 0.9865, 0.9820

CrudeOIL, H4: Crude oil price was traded flat near 58.70. 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: 58.70, 60.85

Support level: 57.30, 55.55

GOLD_, H4: Gold price was traded higher following prior closure above 1509.00. MACD which illustrate bullish signal suggests its price to advance further up, towards the direction of 1523.00.

Resistance level: 1523.00, 1533.00

Support level: 1509.00, 1494.50

20 September 2019                           Afternoon Session Analysis

Swiss Franc soars despite dovish statement.

The USD/CHF pair retreated sharply from three-month tops and dropped to fresh session low as the pair suffered aggressive long-unwinding trade after the SNB announced its latest monetary policy decision and set the deposits rate unchanged at -0.75. In the accompanying statement, the central bank claimed that implementation of expansionary monetary policy is necessary if the economy performance weaker than expected. In fact, the SNB also reiterated the willingness to intervene the Forex Market if necessary and lowered its inflation and GDP forecast for 2019. On the other hand, USD/JPY quoted down after hitting almost one month highest level to its highest level since early August after the Federal Reserve refrained from providing any hints regarding the next policy movement despite announcing a 25 basis point interest rate cut. Earlier yesterday, the Bank of Japan (BoJ) kept its interest rate unchanged at -0.10% as expected. However, BoJ Governor Kuroda also claimed that they would not hesitate to implement a further rate cut if there is a risk that for the economy to suffer recessions and unable to achieve its price goal. Besides, according to Statistics Bureau, the Japan National Core Consumer Price Index (CPI) came in at 0.5%, weaker than the previous month reading of 0.6%. Hence, a decrease in CPI could put the Japanese Yen under bearish pressure as it would cause investors to start pricing a dovish shift in the BoJ’s monetary policy. As of writing, USD/CHF slump 0.16% to 0.9909 and USD/JPY depreciated by 0.07% to 107.910.

In the commodities market, crude oil price rose 0.27% to $58.770 per barrel after Saudi-led coalition launched a military operation in the north of Yemen’s port city of Hodeidah, and United States worked with Middle East and European nations to build a coalition to deter Iranian threats after the Saudi attack. On the other hand, gold price rose 0.33% to 1503.78 per troy ounces as a result of risk aversion due to escalation of global tensions.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 98.10. MACD which illustrated increasing bearish momentum suggests the pair to be traded lower toward support level at 97.55.

Resistance level: 98.10, 98.60

Support level: 97.55, 96.95

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level 1.2565. However, MACD which illustrated diminishing bullish momentum suggests the pair to be traded lower in short-run as technical correction.

EURUSD, H4: EURUSD was traded higher following prior rebound from the 20 MA line (red). MACD which illustrate increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1065.

Resistance level: 1.1065, 1.1125

Support level: 1.1015, 1.0940

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 108.35. MACD which illustrated diminishing bullish momentum suggests its pair to be traded lower toward support level at 107.50.

Resistance level: 108.35, 109.10

Support level: 107.50, 106.65

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6780. MACD which illustrates diminishing bearish momentum suggests the pair to be traded higher toward resistance level at 0.6825.

Resistance level: 0.6825, 0.6860

Support level: 0.6780, 0.6750

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6290. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gain toward resistance level at 0.6310.

Resistance level: 0.6310, 0.6330

Support level: 0.6290, 0.6270

USDCAD, H4: USDCAD was traded higher following prior rebound from support level at 1.3240. MACD which illustraded diminishing bearish momentum suggests the pair to extend its gain toward resistance level at 1.3320.

Resistance level: 1.3320, 1.3380

Support level: 1.3240, 1.3195

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level 0.9930. MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses toward support level at 0.9815.

Resistance level: 0.9930, 1.0010

Support level: 0.9815, 0.9730

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level at 58.95. MACD which illustrated diminishing bearish momentum suggests the pair to be traded higher after it successfully breakout above the resistance level.

Resistance level: 58.95, 61.45

Support level: 57.00, 55.25

Gold_, Daily: Gold price was traded higher following prior rebounded from support level at 1483.50. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gain toward resistance level at 1526.35.

Resistance level: 1526.35, 1552.25

Support level: 1483.50, 1439.85

20 September 2019                           Morning Session Analysis

Greenback revived amid upbeat economic data.

Dollar index which gauge its value against a basket of six major currencies rebound from lower level following upbeat data been released from United States, indicating that previous trade escalation between two largest countries does not triggered significant pressure on US. Yesterday, US economic data which included Philadelphia Fed Manufacturing and Existing Home Sales data showed a positive reading where both came in at 12.0 and 5.49M respectively, beating the economist forecast of 11.0 and 5.37M. Both optimistic data portray that US labour market and manufacturing sector has been improved and still remain resilient despite NFP for the month of August showed a significant drop as comparing to previous month. As of writing, dollar index rose 0.01% to 98.00. On the other hand, the pair of GBP/USD rose following the release of latest monetary policy decision from Bank of England (BoE). Yesterday, BoE has voted to remain the current UK interest rate at 0.75% while eyeing on the development of Brexit and global growth pace. While the escalation of tensions between China and US continued to outweigh the global economy growth, BoE judges the underlying growth has slowed but still remain slightly positive toward the long-term growth in UK. Neutral tilt tone from BoE surprised the market as market were expecting BoE would remain dovish toward the economic outlook of UK as recent data such as GDP shows Brexit uncertainty continues to haunt the economy growth of UK. During Asian early trading session, the pair of GBP/USD inched up 0.04% to 1.2530.

On the commodities market, crude oil price rose 0.29% to $58.75 per barrel amid market worries over the supply short of crude oil which caused by the attack launched on Saudi Arabia recently. Despite Saudi Arabia Prince has keep emphasize that the recent shutdown of two damaged oil production plants do not create huge problem for them, however markets are still concerns over the supplies of crude oil if there is another round of oil market shock happened. Besides, gold price quoted up 0.18% to $1501.60 a troy ounce amid fading of market risk appetite.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from resistance level 97.90. MACD which illustrate bearish bias signal suggest the dollar to extend its losses towards the support level 97.50.

Resistance level: 97.90, 98.20

Support level: 97.50, 97.10

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2520. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.2660.

Resistance level: 1.2660, 1.2760

Support level: 1.2520, 1.2405

EURUSD, H4: EURUSD was traded in a sideway channel following recent rebound from support level 1.1040. Due to lack of clear signal and direction from MACD, it is suggested to wait until further clear signal appear such as breakout above the resistance level or support level before entering the market.

Resistance level: 1.1105, 1.1160

Support level: 1.1040, 1.0980

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 107.75. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 108.90, 109.95

Support level: 107.75, 106.75

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6780. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short term towards the resistance level 0.6820.

Resistance level: 0.6820, 0.6870

Support level: 0.6780, 0.6740

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6275. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6345, 0.6395

Support level: 0.6275, 0.6210

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3280. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it breaks above the resistance level 1.3280.

Resistance level: 1.3280, 1.3335

Support level: 1.3225, 1.3185

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9920. MACD which illustrate persistent bearish bias signal with the formation of death cross suggest the pair to extend its losses after it close below the support level at 0.9920.

Resistance level: 0.9920, 0.9970

Support level: 0.9865, 0.9820

CrudeOIL, H4: Crude oil was traded higher while currently testing the resistance level at 58.75. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after successfully breakout above the 58.80.

Resistance level: 58.80, 61.45

Support level: 57.00, 55.25

GOLD_H4: Gold price was traded in a sideway channel following recent rebound from the support level 1487.25. Due to lack of momentum and signal from MACD, it is suggest the wait until further signal appear before entering the market.

Resistance level: 1523.25, 1554.95

Support level: 1487.25, 1449.65

19 September 2019                           Afternoon Session Analysis

AUD surrenders as rate cut imminent.

Australian dollar extended its losses although recent economic data from the region fared better-than-expected. According to Australian Bureau of Statistics, the Employment Change for the month of August came in at 34,700 individuals, exceeding economist forecast for a reading up to 10,000 individuals. Similarly, Participation Rate of workforce notched up from 66.1% to 66.2% for the month of August. However, Australian dollar came under pressure as of recent due to internal and external fundamental factors. Most market participants speculate that the Reserve Bank of Australia may cut its interest rate further in order to provide more support towards its fragile economy. With trade war in between US and China remains unresolved, RBA may take precautionary measures in order to circumvent any possible downside risks which stems from their heavy reliance upon China as its main trading partner. Likewise, Aussie received further selloff following hawkish tones portrayed by US Federal Reserve. Although Fed cut its interest rates as expected, they continue to remain bullish upon future economic growth while reiterates to only seek further actions whenever necessary. As of writing, pair of AUD/USD slumped 0.58% to 0.6788.

In terms of commodities market, crude oil price depreciates by 0.05% to $58.23 per barrel. Oil prices came under pressure after US President Donald Trump vows to enact more sanctions against Iran following last weekend’s attack upon Saudi Arabia’s oil facility. Such signal increases the tension in the Middle East which sparked higher risk aversion in the market. On the other hand, gold price ticks up 0.01% to $1,494.20 a troy ounce following risk aversion in the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

15:30                     CHF                                         SNB Monetary Policy Assessment

19:00                     GBP                                        BoE MPC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from resistance level at 98.15. However, MACD which illustrated bullish momentum suggest the pair to be traded higher in short-run as technical correction.

Resistance level: 98.15, 99.00

Support level: 97.65, 97.15

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2420. However, MACD which illustrate diminishing bullish signal suggests the pair to be traded lower as a short term technical correction toward the support at 1.2420.

Resistance level: 1.2565, 1.2725

Support level: 1.2420, 1.2285

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1065. MACD which illustrated increasing bearish momentum suggests the pair to extend its losses toward the support level at 1.1015.

Resistance level: 1.1065, 1.1125

Support level: 1.1015, 1.0940

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 108.35. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 107.35.

Resistance level: 108.35, 109.10

Support level: 107.35, 106.45

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6775.MACD which illustrated increasing bearish momentum suggests the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6825, 0.6860

Support level: 0.6775, 0.6750

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6330. MACD which illustrated bearish signal suggests the pair to extend its losses toward the support level at 0.6295.

Resistance level: 0.6330, 0.6355

Support level: 0.6295, 0.6270

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3240. MACD which illustrates bullish bias suggests the pair to extend its gains towards the resistance level 1.3320.

Resistance level: 1.3320, 1.3380

Support level: 1.3240, 1.3195

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9930. MACD which illustrates persistent bullish momentum suggests the pair to extend its gains toward resistance level at 1.0010.

Resistance level: 1.0010, 1.0080

Support level: 0.9930, 0.9815

CrudeOIL, H4: Crude oil was traded lower following prior breakout below its resistance level at 58.80. MACD which illustrated bearish signal suggests the commodity to extend its losses toward the support level at 57.00.

Resistance level: 58.80, 61.45

Support level: 57.00, 55.25

GOLD_Daily: Gold price was traded lower following prior retracement from the resistance level at 1500.25. MACD which illustrates bearish signal suggests the commodity to be traded lower toward the support level at 1473.70.

Resistance level: 1500.25, 1526.35

Support level: 1473.70, 1439.85

19 September 2019                           Morning Session Analysis

Fed remains hawkish, but for how long?

Greenback rebounds from its prior low level subsequent to Federal Reserve interest rate decision earlier this morning. As widely expected, Fed has cut its interest rates by 25 basis points from 2.25% to 2.00%. While the recent dot-plot shows no rate cuts throughout the year of 2020, 7 Fed members voiced out their support to have another rate cut this year. In an updated economic projections report, the central bank is expecting a higher economic growth and jobless rate in 2019 while not expecting any changes upon its inflation projections. While Fed still sustain a favorable view of the US economy, they indicated no hesitation to change their policy guidance if current outlook continues to worsen. During the press conference, Fed Chair Jerome Powell highlighted that to cut its interest rates further if the economy sustained further downside than what they have expected. Overall, although Fed’s tone was skewed towards hawkish, the possibility for yet another rate cut in the future has limit the gains upon the greenback. As such, investors would continue to scrutinize future economic data from the US in order to gauge the likelihood of an interest rate cut from the Federal Reserve. As of writing, the dollar index rose 0.29% to 98.08 while pair of USD/JPY ticks up 0.01% to 108.41.

As for commodities, crude oil price depreciates by 0.12% to $58.19 per barrel. Oil futures suffered from a selloff after Energy Information Administration reported an increase in last week’s oil stocks by 1.058 million barrels, missing forecast to decrease by -2.496 million barrels. On the other hand, gold price slipped 0.05% to $1,493.30 a troy ounce due to hawkish tone portrayed by the Federal Reserve which stoked a shift in sentiment towards riskier assets.

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 Press Conference

15:30                     CHF                                         SNB Monetary Policy Assessment

19:00                     GBP                                        BoE MPC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the 50 moving average line (Blue). MACD which illustrate bullish momentum suggest the index to extend its gains after it successfully breakout above the 50 moving average line (Blue).

Resistance level: 98.40, 98.65

Support level: 98.00, 97.50

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2515. MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 1.2405.

Resistance level: 1.2515, 1.2665

Support level: 1.2405, 1.2325

EURUSD, Daily: EURUSD was traded lower following prior retracement from the downward trend line. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses toward the support level at 1.0965.

Resistance level: 1.1150, 1.1300

Support level: 1.0965, 1.0855

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 108.25. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 108.70.

Resistance level: 108.70, 109.25

Support level: 108.25, 107.75

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6835. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 0.6795.

Resistance level: 0.6835, 0.6875

Support level: 0.6795, 0.6750

NZDUSD, Daily: NZDUSD was traded lower while currently testing near the support level at 0.6295. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after it successfully breakout below the support level at 0.6295.

Resistance level: 0.6425, 0.6490

Support level: 0.6295, 0.6200

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3145. MACD which begins to form a bullish signal suggests the pair to extend its gains toward the resistance level at 1.3335.

Resistance level: 1.3335, 1.3530

Support level: 1.3145, 1.3020

USDCHF, Daily: USDCHF was traded higher following prior closure above 0.9945. MACD which illustrate upward momentum suggests the pair to extend its gains toward the resistance level at 1.0005.

Resistance level: 1.0005, 1.0095

Support level: 0.9945, 0.9885

CrudeOIL, H4: Crude oil price was traded lower while currently testing the 50 moving average line (Blue). However, MACD which illustrate diminishing downward momentum suggests its price to be traded higher, towards the direction of 58.55.

Resistance level: 58.55, 60.35

Support level: 56.80, 55.90

GOLD_, H4: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate bearish signal suggest the gold price to be traded lower toward the direction 1485.65.

Resistance level: 1525.20, 1551.85

Support level: 1485.65, 1444.70

18 September 2019                           Afternoon Session Analysis

NZD/USD slump due to poor domestic data.

NZD/USD slump after a poor result of New Zealand Westpac Consumer Survey was released. The Westpac Consumer survey measures the change in the level of consumer confidence in economic activity.  According to Westpac Banking Corporation, the Westpac Consumer Survey for the third quarter has dropped below the forecast 104.0 and 103.5 prior to 103.1. In fact, Westpac claimed that households are still reluctant to spend despite the fall in interest rates in recent months, due to high global market and political risks. Moreover, New Zealand’s seasonally adjusted current account deficit narrowed by $140 million to $2.4 billion in the June 2019 quarter. However, the reading was still poorer than the market expectation, according to Statistic New Zealand. These poor results cause the NZD/USD to suffer from further depreciation. On the other hand, Loonie depreciated as the Canadian manufacturing sales fell unexpectedly to -1.3% in July compared to a revised fall of -1.4% in the prior month. According to Statistic Canada, the manufacturing Sales fell -1.3% more than the market expectation of -0.3%, due to auto and metal plant shutdowns. Meanwhile, oil prices fall after Saudi Arabia claimed the oil production could be restored to normal levels faster than thought, which further weighed on the loonie, says Reuters. As of writing, NZD/USD depreciated by 0.19% to 0.6342 while USD/CAD surged 0.07% to 1.3245.

In the commodities market, crude oil price dropped sharply on Tuesday after Saudi Energy Minister Abdulaziz bin Salman said the country’s oil exports would not fall in the end of this month, as they will rely on reserves oil to keep export stable. On the other hand, gold price rose as a result of risk aversion due to rising geopolitical tensions. As of writing, the crude oil rose 0.43% to $58.83 per barrels while gold price surged 0.05% to $1501.95.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the index to extend its gains toward the resistance level at 98.00.

Resistance level: 98.00, 98.40

Support level: 97.50, 97.10

GBPUSD, Daily: GBPUSD was traded higher while currently testing at the resistance of 1.2515. MACD which illustrate bullish bias momentum suggests the pair to extend its gains after closing above 1.2515.

Resistance level: 1.2515, 1.2665

Support level: 1.2405, 1.2325

EURUSD, Daily: EURUSD was traded higher while currently testing the downward trendline. MACD which illustrate bullish signal suggests the pair to extend its gains after successfully breakout above the downward trendline.

Resistance level: 1.1150, 1.1300

Support level: 1.0965, 1.0855

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.25. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 108.25.

Resistance level: 108.25, 108.70

Support level: 107.75, 107.25

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6875. MACD which illustrate diminished upward momentum suggest the pair to extend its losses toward the support level at 0.6835.

Resistance level: 0.6875, 0.6910

Support level: 0.6835, 0.6795

NZDUSD, Daily: NZDUSD was lower following prior retracement from the resistance level at 0.6425. MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses toward the support level at 0.6295.

Resistance level: 0.6425, 0.6490

Support level: 0.6295, 0.6200

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3145. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 1.3335.

Resistance level: 1.3335, 1.3530

Support level: 1.3145, 1.3020

USDCHF, Daily: USDCHF was traded higher following prior rebound from the upward trendline. MACD which illustrate upward momentum suggests 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, H1: Crude oil price was traded higher following prior rebound from the support level at 58.55. MACD which illustrate diminished downward momentum suggests the commodity to extend its gains toward the resistance level at 60.35.

Resistance level: 60.35, 61.30

Support level: 58.55, 56.80

GOLD_, Daily: Gold price was traded higher following prior rebound from the support level at 1485.65. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1525.20.

Resistance level: 1525.20, 1551.85

Support level: 1485.65, 1444.70