Daily Analysis

18 September 2019                           Morning Session Analysis

Greenback trim gains, eyes on FOMC Meeting.

Greenback trims its gains on yesterday while market participants anticipates the release of interest rate decision from the Federal Reserve. As of writing, the dollar index was quoted down 0.40% to 97.73. According to Fed Rate Monitor Tool, investors are currently pricing in at 50.8% chance for a 25-basis point cut from 2.25% to 2.00%. However, most participants would be scrutinizing over Federal Reserve’s economic projection, statement as well as press conference chaired by Jerome Powell in order to gauge the central bank’s outlook upon US economy and future guidance. Substantially, losses on the greenback were limited after Industrial Production for the month of August rose 0.6%, seemingly higher than forecast of 0.2%. On the other hand, pair of GBP/USD ticks up 0.01% to 1.2499 during Asian trading session. On yesterday, the UK Supreme Court concluded its first day of a three days hearing with regards to PM UK Boris Johnson decision to suspend the parliament. The case may not only undermine his position as UK’s Prime Minister, it could also force him to retreat from the current legislative and give way to soft-Brexit supporters to pass through their laws.

As for commodities market, crude oil price rebounds by 0.17% to $58.87 per barrel. On yesterday, oil prices suffered from a large selloff after Saudi Arabia pledged to increase their oil output capacity up to 11 million barrels per day by the end of September after its facilities were attacked by the Houthi forces. On the other hand, gold price depreciates by 0.04% to $1,500.79 a troy ounce while market participants wait for the results from Federal Reserve policy meeting and interest rate decision.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index remains traded within a downward channel. MACD which illustrate bearish signal suggests the index to extend its losses, towards the direction of 97.40.

Resistance level: 97.80, 98.05

Support level: 97.40, 96.95

GBPUSD, H4: GBPUSD was traded higher while currently testing at the resistance of 1.2515. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 1.2515.

Resistance level: 1.2515, 1.2600

Support level: 1.2400, 1.2325

EURUSD, H4: EURUSD was traded higher following prior breakout from the downward trendline. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 1.1150.

Resistance level: 1.1150, 1.1210

Support level: 1.1070, 1.1010

USDJPY, H1: USDJPY remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

Resistance level: 108.20, 108.70

Support level: 107.85, 107.65

AUDUSD, H1: AUDUSD was traded lower while currently testing at the support of 0.6865. MACD which illustrate diminished upward momentum suggest the pair to extend its losses after closing below 0.6865.

Resistance level: 0.6885, 0.6900

Support level: 0.6865, 0.6845

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance of 0.6360. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.6360.

Resistance level: 0.6360, 0.6395

Support level: 0.6340, 0.6310

USDCAD, H1: USDCAD was traded lower following prior retrace from the upper level. MACD which illustrate bearish signal suggests the pair to be traded lower, towards the direction of 1.3220.

Resistance level: 1.3255, 1.3280

Support level: 1.3220, 1.3190

USDCHF, H4: USDCHF was traded lower while currently testing at the support of 0.9925. MACD which illustrate diminished upward momentum suggests the pair to be traded lower after closing below 0.9925.

Resistance level: 0.9970, 1.0010

Support level: 0.9925, 0.9865

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance of 58.70. MACD which illustrate diminished downward momentum suggests its price to be traded higher after closing above 58.70.

Resistance level: 58.70, 60.85

Support level: 57.30, 55.55

GOLD_, H1: Gold price remains traded within a sideways formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

Resistance level: 1509.00, 1523.00

Support level: 1494.50, 1483.50

17 September 2019                           Afternoon Session Analysis

Japanese Yen surged due to risk aversion.

Japanese Yen appreciated against the U.S. dollar as geopolitical tensions escalated in the Middle East after the drone attacked on two major oil facilities in Saudi Arabia and destroyed the global oil supplies. The pre-dawn strikes on Saturday disrupted 5 percent of global oil supply and reduces the output of the crude oil by 5.7 million barrels per day. Yemen’s Houthi rebels claimed the responsibility for the attacks, warning Saudi Arabia that their target will be continually expanded. However, U.S. Secretary of State Mike Pompeo accused Iran of being behind the assault, without providing any evidence. The accused was then rejected by Tehran. Meanwhile, Saudi Arabia has promised to confront and deal with this terrorist aggression. The news intensifies tensions in the Middle East, providing bullish support for the Japanese Yen higher as it considered as safe-haven assets. However, with Bank of Japan is due to meet this week, investors speculate that the central bank may cut its interest rates further into negative territory to boost up the economic growth. On the other hand, EUR/USD slump as higher oil prices hurt the Europe’s balance of payments. As Europe imports most of its oil, rising oil price on a supply shock would increase the cost of import and lead to further depreciation in EUR/USD. As of writing, USD/JPY rose 0.02% to 108.10 and EUR/USD appreciated by 0.12% to 1.1001.

In the commodities market, crude oil price rose 0.23% to $61.72 per barrel as the drone attacks in Saudi Arabia lead to a supply shock in crude oil inventory. On the other hand, gold price rose 0.09% to $1499.32 per ounces as a result of risk aversion due to rising geopolitical tensions.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 98.00. MACD which illustrate bullish signal suggests the index to extend its gains toward the resistance level at 98.40.

Resistance level: 98.40, 98.65

Support level: 98.00, 97.50

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2405. MACD which illustrate bearish signal suggests the pair to extend its losses after successfully breakout below the support level at 1.2405.

Resistance level: 1.2480, 1.2635

Support level: 1.2405, 1.2280

EURUSD, Daily: EURUSD was traded lower following prior retracement from the downward trendline. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.0965.

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 diminished downward momentum suggests 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 while currently testing the support level at 0.6835. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after successfully breakout below the support level at 0.6835.

Resistance level: 0.6875, 0.6910

Support level: 0.6835, 0.6795

NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6425. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 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 diminished downward momentum 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, H4: USDCHF was traded lower following prior retrace from its higher levels. MACD which illustrate diminished upward momentum suggests the pair to extend its losses toward the support level at 0.9885.

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 61.30. MACD which illustrate persistent upward momentum suggests the commodity to extend its gains toward the resistance level at 62.80.

Resistance level: 62.80, 63.50

Support level: 61.30, 60.35

GOLD_, H4: Gold price was traded lower following prior retracement from the 50 moving average line (Blue). MACD which illustrate diminishing upward momentum suggest the commodity to extend its losses toward the support level at 1485.65.

Resistance level: 1525.20, 1551.85

Support level: 1485.65, 1444.70

17 September 2019                           Morning Session Analysis

Greenback gains status as safe-haven asset.

US dollar recovered its losses on yesterday following its status as an alternative safe-haven asset. As of writing, the dollar index was quoted up 0.04% to 98.13 during Asian trading session. Following last Saturday’s Houthi drone attack on Saudi Arabia as well as recent risk aversion in GBP and Euro, investors flock into safe-haven assets such as the US dollar and Japanese yen in order to safe guard their capital from further losses. However, gains on the greenback remains limited as the Federal Reserve is expected to cut its interest rates by 25 basis points during its monetary policy meeting this Thursday. In addition, recent release of NY Empire State Manufacturing Index shows further depreciation from 4.80 to 2.00 for the month of September has placed further bearish pressure to cap off any substantial gains. On the other hand, pair of GBP/USD ticked down 0.01% to 1.2426. Pound sterling retraces from its prior high level after UK Prime Minister failed to show up at a joint media session with Luxembourg Prime Minister on yesterday. The move has sparked higher concern that it may jeopardize Brexit term negotiation in between UK and EU and thus sparked significant selloff upon the pound sterling.

As for commodities, crude oil price extended gains by 0.03% to $61.87 per barrels. Oil prices continues to surge after Saudi oil company, Aramco commented that the recovery process on its oil facilities may take longer time than expected. Such signals suggest that oil production from Saudi Arabia may be jeopardize for a longer period of time. Otherwise, gold price was traded flat at $1,498.24 a troy ounce as investors wait for more signals from Fed interest rate decision this coming Thursday.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the index to extend its gains after closing above the 20-MA line (Red).

Resistance level: 98.40, 98.65

Support level: 98.05, 97.80

GBPUSD, H4: GBPUSD was traded lower following prior retrace from the upper level. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support of 1.2400.

Resistance level: 1.2515, 1.2600

Support level: 1.2400, 1.2325

EURUSD, H4: EURUSD was traded lower following prior retrace from the downward trendline. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.0930.

Resistance level: 1.1010, 1.1070

Support level: 1.0930, 1.0870

USDJPY, H1: USDJPY remain traded within a sideways channel formation. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 108.20, 108.70

Support level: 107.85, 107.65

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from its higher levels. MACD which illustrate diminished upward momentum suggests the pair to be traded lower after closing below 0.6865.

Resistance level: 0.6900, 0.6960

Support level: 0.6865, 0.6800

NZDUSD, H4: NZDUSD extended its losses after closing below 0.6340. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 0.6310.

Resistance level: 0.6340, 0.6360

Support level: 0.6310, 0.6275

USDCAD, H1: USDCAD was traded higher following prior rebound from the upward trendline. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 1.3255, 1.3280

Support level: 1.3220, 1.3190

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 after closing below 0.9925.

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. However, MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term as technical correction.

Resistance level: 63.55, 66.60

Support level: 60.85, 58.70

GOLD_, H1: Gold price remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

Resistance level: 1509.00, 1523.00

Support level: 1494.50, 1483.50

13 September 2019                           Afternoon Session Analysis

Pound Sterling surged over probability of Brexit Delay.

GBP/USD surged on the report that shown the European Union is likely to grant a third Brexit extension in October to avoid a no-deal Brexit, citing a leaked European Parliament draft resolution. According to the resolution, it indicates that members would support a fresh extension if there was a clear purpose such as to avoid a “no-deal Brexit”, hold a general election, revoke Article 50, or approve a Withdrawal Agreement. In fact, the European Parliament is prepared to extend the UK’s membership in EU beyond October 31, as long as the institutions and functioning of EU are not “adversely affected”, according to the resolution. However, Boris Johnson has claimed more than a few times that he will not ask the EU for a further delay to Brexit, despite U.K. lawmakers passing a law to avoid a no-deal Brexit. On the other hand, USD/JPY slumped to a six-week low during morning session as trade tensions between United States and China diminishes ahead of key talks. Such sentiment eases the demand for safe haven assets such as Japanese Yen. In short-term, positive expectation to the resolution for the U.S.-China trade war should increase the risk appetite and to push treasury yields higher, weigh on safe-haven currencies. However, this confidence could be short-lived as the U.S. Federal Reserve is generally expected to reduce interest rates next week while the ECB’s easing places would apply pressure on the Bank of Japan to follow suit. As of writing, GBP/USD rose 0.03% to 1.2335, however USD/JPY rose 0.08% to 108.142.

In the commodities market, crude oil slumped 0.15% to $54.94 per barrel as optimistic expectation over an end to the U.S. China trade war.  On the other hand, gold price depreciated by 0.16% to $1496.43 per troy ounce as global central banks is expected to cut rates and boosts the demand for the precious metals such as gold.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 98.40. MACD which illustrate bearish momentum and the formation of death cross suggest the index to extend its retracement toward the support level at 98.00.

Resistance level: 98.40, 98.65

Support level: 98.00, 97.50

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the upward trendline. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2405.

Resistance level: 1.2405, 1.2480

Support level: 1.2345, 1.2280

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.0965. MACD which illustrate upward bias momentum suggests the pair to extend its gains toward the resistance level at 1.1150.

Resistance level: 1.1150, 1.1300

Support level: 1.0965, 1.0855

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 108.25. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 107.75.

Resistance level: 108.25, 108.70

Support level: 107.75, 107.25

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6875. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term if it fails to breakout above the resistance level at 0.6875.

Resistance level: 0.6875, 0.6910

Support level: 0.6835, 0.6795

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

Resistance level: 0.6425, 0.6490

Support level: 0.6295, 0.6200

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3185. MACD which illustrate diminishing bearish momentum suggest the pair to extend it gains toward the resistance level at 1.3335.

Resistance level: 1.3335, 1.3530

Support level: 1.3185, 1.3020

USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level at 0.9945. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9885.

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 55.90. However, MACD which illustrate diminishing bearish momentum suggest the commodity to undergo short term technical correction toward the resistance level at 55.90.

Resistance level: 55.90, 56.80

Support level: 54.65, 52.95

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

Resistance level: 1525.20, 1551.85

Support level: 1485.65, 1444.70

13 September 2019                           Morning Session Analysis

Greenback retreats amid trade truce report confusion.

Dollar index have retreat from highs on after a report on trade truce between the U.S and China denied by the White House. According to recent development, dollar was initially soared by reports from Bloomberg cited that the White House was preparing to make a limited trade agreement with China that would delay and even unwind some U.S. tariffs in exchange for Chinese promises to respect intellectual property rights and start buying U.S. agricultural goods again. However, the greenback was swiftly pared its gain after another source by CNBC stated that an unnamed senior White House official denying the story. Market remain concerned and cautious as uncertainty in trade tension continue to haunt the market. Dollar index fell 0.29% to 98.30 as of writing. Meanwhile, EUR/USD retrace 0.02% to 1.1058 at the time of writing after a sharp reversal supported by Draghi’s speech and trade developments. ECB have cut rates for the first time since 2016 as expected and also launch a new round of bond buying which it initially dragged euro down to the bottom. However, President of ECB Mario Draghi have delivered a less dovish message than the initial announcement implied, thus causing the Euro to rebound across the board.

In the commodities market, crude oil price fell 0.08% to $55.05 per barrel at the time of writing amid as market fears Iran supplies might come back to play. According to recent reports, U.S. National Security Advisor John Bolton, a long-time hawk on Iran, had left the Trump administration after President Donald Trump wanted to ease sanctions on Iran in order to work out a new nuclear deal that would allow Iran to export its oil again in return for not developing atomic weapons. Next, gold price slips 0.06% to $1498.13 a troy ounce as of writing following market paring its gains on profit taking after a rally boosted ECB rate cut and dovish note from Fed.

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 retrace from the top level. MACD which begins to form a bearish signal suggests the index to be traded lower in short-term as technical correction.

Resistance level: 98.40, 98.65

Support level: 98.05, 97.80

GBPUSD, H1: GBPUSD remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

Resistance level: 1.2400, 1.2515

Support level: 1.2325, 1.2260

EURUSD, H1: EURUSD was traded lower following prior retrace from the resistance near 1.1070. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1070, 1.1150

Support level: 1.1010, 1.0930

USDJPY, Daily: USDJPY extended gains following prior close above 107.85. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 108.70.

Resistance level: 108.70, 109.60

Support level: 107.85, 107.25

AUDUSD, H4: AUDUSD 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.

Resistance level: 0.6865, 0.6900

Support level: 0.6800, 0.6750

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support of 0.6395. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6410, 0.6440

Support level: 0.6395, 0.6360

USDCAD, H4: USDCAD was traded lower following prior retrace from the resistance of 1.3220. MACD which illustrate diminished upward momentum suggests the pair to be traded lower 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 retrace from its higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9925, 0.9970

Support level: 0.9865, 0.9820

CrudeOIL, H4: Crude oil price was traded lower following prior breakout from the support of 55.55. MACD which illustrate persistent bearish signal suggests its price to be traded lower, towards the direction of 54.45.

Resistance level: 55.55, 57.30

Support level: 54.45, 53.00

GOLD_, H1: Gold price was traded higher following prior rebound from the support level of 1494.50. MACD which illustrate diminishing downward momentum suggests its price to be traded higher in short-term.

Resistance level: 1509.00, 1523.00

Support level: 1494.50, 1483.50

12 September 2019                           Afternoon Session Analysis

Euro slumped, eyes on ECB.

EUR/USD slump in during Asian trading session while investors focus upon European Central Banks’ (ECB) monetary policy later tonight. Weak economy outcome and a rebound in bond yields lately in Europe could increase the expectations that the central bank would deliver quantitative easing policy in today’s meeting which could further lead to further depreciation in EUR/USD. On the other hand, the pound sterling surged due to lower probability of a no-deal Brexit risks after the British parliament approved the legislation and forces Boris Johnson to request a deadline extension from Brussels if he cannot agree on a deal with the EU by mid-October. Analysts predicted that such risk reduction of no-deal Brexit after the law passed could push the value of pound sterling to appreciate further in future. In fact, the Pound Sterling is also supported by better-than-expected economic data in this week, which it confounded earlier expectations that the U.K would fall into recession this quarter. As of writing, EUR/USD appreciated by 0.05% to 1.1013, meanwhile GBP/USD increased 0.04% to 1.2332.

In the commodities market, crude oil rose 0.48% to $56.18 per barrel as the trade tensions between Washington and Beijing was eased and the crude oil inventories fell for a fourth straight week, decreasing 6.9 million barrels from 6^th September 2019, more than double of analysts’ expectation. On the other hand, gold price slumped 0.23% to $1493.15 a troy ounce despite there are market expectations for deduction of interest rates by ECB.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     CrudeOIL                               OPEC Meeting

19.45                     EUR                                        ECB Monetary Policy Statement

20.30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level at 98.65. However, MACD which illustrate diminishing upward momentum suggests the index to be traded lower in short-term as technical correction.

Resistance level: 98.65, 99.20

Support level: 98.40, 98.00

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 20 moving average line (Red). MACD which illustrate bearish signal suggest the pair to extend its losses after successfully breakout below the 20 moving average line (Red).

Resistance level: 1.2405, 1.2480

Support level: 1.2280, 1.2170

EURUSD, Daily: EURUSD was traded lower following prior retracement from the 20 moving average line (Red). MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement 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 support level at 107.75. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 108.25.

Resistance level: 108.25, 108.70

Support level: 107.75, 107.25

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6875. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains, towards the direction of 0.6910.

Resistance level: 0.6910, 0.6945

Support level: 0.6875, 0.6835

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6425. MACD which illustrate bullish bias signal suggests the pair to extend its gains after successfully breakout above the resistance level at 0.6425.

Resistance level: 0.6425, 0.6490

Support level: 0.6295, 0.6200

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3185. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 1.3185.

Resistance level: 1.3185, 1.3335

Support level: 1.3020, 1.2810

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

Resistance level: 0.9945, 1.0070

Support level: 0.9885, 0.9810

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support of 55.90. MACD which illustrate diminishing downward momentum suggests its price to extend its rebound toward the next resistance level a 56.80.

Resistance level: 56.80, 58.55

Support level: 55.90, 54.65

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1485.65. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the next resistance level at 1525.20.

Resistance level: 1525.20, 1551.90

Support level: 1485.65, 1444.70

12 September 2019                           Morning Session Analysis

Greenback cheers on positive PPI data.

Dollar index have climbed against its basket of six major rival pairs following the positive release of PPI data. According to the latest data from U.S Labor Department, producer price index for final demand remain strong at 0.1%, in line with market forecasts. The data have dimmed some expectation that the FED will cut interest rate aggressively at its meeting next week, thus supporting the dollar. At the same time, U.S President Donald Trump have criticized Federal Reserve once again for not cutting interest rates as much as he would like, stated in a tweet that central bank should cut the rates to zero or less. Dollar index rose 0.31% to 98.55 as of writing. On the other hand, USD/CAD climbs 0.02% to 1.3192 at the time of writing following oil sell-off and political uncertainty. The price of crude oil recently suffered a huge meltdown and Canadian Prime Minister Canadian Prime Minister Justin Trudeau today announced that they will be holding general elections on October 21 which added further uncertainty for the market, dragging lower the commodity-sensitive Loonie.

In the commodities market, crude oil price fell 0.10% to $55.83 as of writing amid lowered demand growth forecast and growing speculation of sanction waive in Iran. According to the monthly report released by OPEC, OPEC have lowered its global oil demand growth forecast by 60,000 barrels per day for 2020, the weakest in nearly a decade. Besides that, oil trader are starting to increase their expectation on Iran and Washington could reaching a deal and easing Iran sanctions after U.S President Donald Trump stated on Wednesday that he believed that Iran wanted to make a deal. Next, gold price fell 0.22% to $1493.57 a troy ounce at the time of writing following a strong dollar amid upbeat data.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     CrudeOIL              OPEC Meeting

19.45                     EUR                      ECB Monetary Policy Statement

20.30                     EUR                      ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retrace from 98.65. MACD which illustrate diminishing 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, 98.05

GBPUSD, H1: GBPUSD was traded higher following prior rebound from 1.2325. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term after closing above the 20-MA line (red).

Resistance level: 1.2400, 1.2515

Support level: 1.2325, 1.2260

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing 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, Daily: USDJPY was traded higher following prior breakout from the downward trendline. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 108.70.

Resistance level: 108.70, 109.60

Support level: 107.85, 107.25

AUDUSD, Daily: AUDUSD was traded higher following prior close above 0.6865. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 0.6960.

Resistance level: 0.6960, 0.7040

Support level: 0.6865, 0.6800

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level of 0.6410. MACD which illustrate bullish signal suggests the pair to extend its gains in short-term.

Resistance level: 0.6440, 0.6470

Support level: 0.6410, 0.6395

USDCAD, H1: USDCAD was traded lower following prior closure below 1.3190. MACD which begins to form a bearish signal suggests the pair to be traded lower in short-term, towards the direction of 1.3145.

Resistance level: 1.3190, 1.3220

Support level: 1.3145, 1.3090

USDCHF, H4: USDCHF was traded higher following prior closure above 0.9925. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9970, 1.0010

Support level: 0.9925, 0.9865

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support of 55.55. MACD which illustrate diminishing downward momentum suggests its price to be traded higher, towards the direction of 57.30.

Resistance level: 57.30, 58.70

Support level: 55.55, 54.45

GOLD_, H1: Gold price was traded lower following prior closure below 1494.50. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term.

Resistance level: 1494.50, 1509.00

Support level: 1483.50, 1471.50

11 September 2019                           Afternoon Session Analysis

USDCAD threads lower over positive Canadian data.

USDCAD thread lower over the backdrop of positive result for the Canada Housing data which have shown on Tuesday. According to Canada Mortgage and Housing Corporation, seasonally adjusted annualized rate of housing starts increased 1.9% from a month earlier to 226,639 units in August 2019, beating market expectations of 215,000. Moreover, the value of building permits in Canada rose 3% from a year earlier to CAD 9.3 billion in July, rebounding from a downwardly revised 3.1% fall in the previous month, beating market expectations of a 2.9 percent gain.  In fact, these indicators in housing sector are very crucial to determine the economy conditions for the country, as they are closely related with consumer spending, labor, profits and overhead, which might additionally enhance the economy output. Therefore, higher reading than expectation give a positive expectation to the economic condition for the country, which further taken as bullish for CAD. On the other hand, AUD/USD tumble after the Australia Westpac Consumer Sentiment data released. According to Westpac Banking Corporation, the Westpac Consumer Sentiment Index have decreased -1.7% from the previous data of 3.6%. Since this data measures the change in the level of consumer confidence in economic activity, a poor result might indicate a poor prospect for economic condition in the Australia, which might further trigger AUD/USD to depreciate more. As of writing, USD/CAD tumbled 0.03% to 1.3143 while AUD/USD depreciates by 0.06% to 0.6854.

In the commodities market, crude oil slide 0.17% to 57.76 per barrel despite economic data showed a big drop in U.S oil inventories. On the other hand, gold price rose 0.39% to $1490.96 a troy ounce due to weaker US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19.00                     CrudeOIL                               OPEC Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index remains traded within a sideways channel formation. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.

Resistance level: 98.40, 98.65

Support level: 98.00, 97.50

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2280. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2405.

Resistance level: 1.2405, 1.2480

Support level: 1.2280, 1.2165

EURUSD, Daily: EURUSD was traded higher while currently testing the 20 moving average line (Red). MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breakout above the 20 moving average line (Red).

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 107.75. MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 107.75.

Resistance level: 107.75, 108.25

Support level: 107.25, 106.65

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the 50 moving average line (Blue). MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.6875.

Resistance level: 0.6875, 0.6910

Support level: 0.6835, 0.6795

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6425. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 0.6425.

Resistance level: 0.6425, 0.6490

Support level: 0.6295, 0.6200

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3185. MACD which illustrate bearish momentum suggests the pair to extend its losses toward the support level at 1.3020.

Resistance level: 1.3185, 1.3335

Support level: 1.3020, 1.2810

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

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 58.55. MACD which illustrate bearish momentum and the formation of death cross suggest its price to extend its losses toward the support level at 56.80.

Resistance level: 58.55, 60.35

Support level: 56.80, 55.90

GOLD_, Daily: Gold price was traded lower following while currently testing the support level at 1485.65. MACD which illustrate bearish bias momentum suggest its price to extend losses after it successfully breakout below the support level at 1485.65.

Resistance level: 1525.20, 1551.85

Support level: 1485.65, 1444.70

11 September 2019                           Morning Session Analysis

Dollar slips following declining job openings.

Dollar index have fell against its basket of six major currency rivals as job openings in the U.S have fell for the second-straight month. According to the Labor Department, job openings have slipped by 31.000 to 7.2 million in July, which is also lesser than market expectation of 7.311M. As jobs data have showed to be weak with addition of last week of Non-Farm Payroll, market are now highly expecting the FED to cut interest rate by a quarter point this month as expectation have priced in at 92%, according to the Fed Rate Monitor Tool. The greenback fell 0.02% to 98.28 as of writing. On the other hand, GBP/USD gains further by 0.09% to 1.2355 at the time of writing following upbeat jobs data in U.K. According to National Statistics, UK’s average weekly earnings, including bonuses arrived at 4.0%, beating market expectation of 3.7%. At the same time, unemployment rate also ticked lower to 3.8% from 3.9%. The upbeat data recovered further the confidence of investors towards U.K economy and boosted the demand for the pound sterling. Despite that, market remains cautious and awaits for further catalyst as Brexit development continue to weigh in the market.

In the commodities market, crude oil price extend its climb by 0.09% to $57.94 per barrel at the time of writing, marking a fifth straight day of gains as market confidence continue to grow towards OPEC. According to recent reports, Saudi Arabia’s ne energy minister Prince Abdulaziz have reiterated a commitment to production cuts by OPEC and stated that the kingdom’s policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained. The statement have provide further bullish sentiment for the commodity, therefore pushing the price higher. Next, gold price recovers 0.16% to $1487.71 as of writing following a combination of weak data and unsettling words from China capped appetite for risk assets.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19.00                     CrudeOIL                OPEC Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index remains traded within a sideways channel formation. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.

Resistance level: 98.40, 99.00

Support level: 98.05, 97.80

GBPUSD, H1: GBPUSD remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for further signal before entering the market.

Resistance level: 1.2400, 1.2515

Support level: 1.2325, 1.2260

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

Resistance level: 1.1070, 1.1150

Support level: 1.1010, 1.0930

USDJPY, Daily: USDJPY was traded higher following prior breakout from the trendline. MACD which illustrate bullish signal suggest the pair to advance further up, towards the direction of 107.85.

Resistance level: 107.85, 108.70

Support level: 107.25, 106.80

AUDUSD, Daily: AUDUSD was traded lower following prior retrace from 0.6865. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.

Resistance level: 0.6865, 0.6960

Support level: 0.6800, 0.6705

NZDUSD, H1: NZDUSD remains traded within a sideways channel while currently testing at the bottom level. Although MACD illustrate bearish signal, a break below is required to attain further confirmation.

Resistance level: 0.6440, 0.6470

Support level: 0.6410, 0.6395

USDCAD, H4: USDCAD was traded lower while currently testing at the support of 1.3145. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after breaking the support near 1.3145.

Resistance level: 1.3190, 1.3220

Support level: 1.3145, 1.3090

USDCHF, H4: USDCHF was traded lower following prior retrace from the resistance near 0.9925. MACD which begins to form a bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9925, 0.9970

Support level: 0.9865, 0.9820

CrudeOIL, H1: Crude oil price remains traded within an ascending channel following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggests its price to be traded higher in short-term.

Resistance level: 58.70, 60.85

Support level: 57.30, 55.55

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1483.50. MACD which begins to form a bullish signal suggests its price to be traded higher in short-term as technical correction.

Resistance level: 1494.50, 1509.00

Support level: 1483.50, 1471.50

10 September 2019                           Afternoon Session Analysis

Aussie tumble after poor data released.

AUD/USD tumble from the session high after dismal Australia Business Confident Index and China Producer price Index (PPI) was released. A weak Producer Price Index (PPI) in China will undoubtedly trigger the economy growth in one of its largest trade partner, Australia and lead to a deprecation in Aussie dollar. In fact, according to Australian NAB business data, the business confidence index drop to 1 in August from July’s print of 4, despite the Reserve Bank of Australia (RBA) applied expansionary monetary policy in June and July. The business conditions index also deteriorated to 1 from 3. These poor data indicates that rate cuts have failed to boost the business sentiment and enhance economy in the Australia, which might additionally trigger a further drop in Aussie dollar. On the other hand, USD/JPY climbed up as investors have a positive prospect towards trade war truce between China and US while Brexit issue is likely to be settled down. The positive market sentiment reduces the desirability of safe havens, such as Yen and move USD/JPY to a higher price. As of writing, AUD/USD depreciated 0.10% to 0.6854 and USD/JPY rose 0.18% to 107.403.

In the commodities market, crude oil rose 0.24% to $58.16 per barrel on hopes of extended OPEC production cuts. According to the statement of Prince Abdulaziz, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), he mentioned that the pillars of Saudi Arabia’s policy would not adjust and global deal to reduce oil production by 1.2 million barrels per day would be continued. On the other hand, gold price depreciates by 0.65% to $1489.26 a troy ounce after rising U.S. bond yields pushed investors toward risky assets.

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 moving average line (Red). MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains after successfully breakout above the 20 moving average line (Red).

Resistance level: 98.35, 98.65

Support level: 98.00, 97.50

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2345. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.2285.

Resistance level: 1.2345, 1.2400

Support level: 1.2285, 1.2220

EURUSD, H4: EURUSD was traded lower following prior retracement near the resistance level at 1.1070. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses towards the support level 1.1030.

Resistance level: 1.1070, 1.1115

Support level: 1.1030, 1.0985

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 107.25. MACD which illustrate bullish momentum 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 the resistance level at 0.6875. MACD which illustrate bearish momentum and the formation of death cross 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 traded higher following prior breakout above the previous resistance level at 0.6395. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6490.

Resistance level: 0.6490, 0.6595

Support level: 0.6395, 0.6330

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3140. MACD which illustrate bullish signal suggest the pair to extend its rebound toward the resistance level 1.3185.

Resistance level: 1.3185, 1.3220

Support level: 1.3140, 1.3095

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9890. MACD which illustrate diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 0.9890.

Resistance level: 0.9945, 1.0005

Support level: 0.9890, 0.9840

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 57.85. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo short term technical correction toward the support level at 57.85.

Resistance level: 58.55, 60.35

Support level: 57.85, 56.80

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1490.00. MACD which illustrate ongoing bearish momentum suggest the commodity to extend its losses after successfully breakout below the support level at 1490.00.

Resistance level: 1507.10, 1526.90

Support level: 1490.00, 1457.80

10 September 2019                           Morning Session Analysis

Dollar flat on quiet market, sterling rebounds.

Dollar index which measuring against a basket of six major currency pairs have been traded flat in early Asian session following the lack of fresh catalyst. Dollar recently have been subdued by weak employment data where the economy added fewer jobs than expected, according to data. Sentiment was overall mixed where Non-Farm Payroll data came in at only 130K in August, which is much weaker than the expected reading of 160K. However, participation rate ticked up slightly and average hourly earnings also improved to 0.4%, exceeding market forecast of 0.3%. Still, global investors are currently remain cautious and waiting for further signal following the lack of critical development from trade marker and a quiet data docket. Dollar index was inched lower by 0.09% to 98.24 as of writing. On the other hand, pound starling have rallied to its highest level since July and rose 0.04% to 1.2341 at the time of writing as U.K Prime Minister Boris Johnson strikes softer tone on Brexit. According to recent reports, Boris Johnson have emphasized he wanted to get a Brexit deal and stated with his Irish counterpart Leo Vardkar at a press conference that he will “overwhelmingly prefer” to get a deal by October. Besides that, positive data also bolstered further the demand of the currency as GDP record higher reading of 0.0% compared to -0.1% while Manufacturing Production data also improved to -0.6%, higher than market expectation of -1.1%.

In the commodities market, crude oil price climbs 0.14% to $58.14 per barrel, hitting 6-week high as Saudi Arabia replace its oil minister. Saudi Arabia King Salman have appointed on of his sons Prince Abdulaziz bin Salman, to take over from Khalid al-Falih to run the most important ministry in the country that leads OPEC. The replacement took market by surprise and investors are expecting Saudi Arabia oil industry in going to get better, therefore pushing the demand for the commodity. Next, gold price fell 0.05% to $ 1498.25 a troy ounce as of writing following receded global risk that caused investors to go for riskier asset.

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 begins to form bullish signal suggests the index to extend its gains after closing above 98.25.

Resistance level: 98.25, 99.00

Support level: 97.80, 97.40

GBPUSD, H4: GBPUSD was traded lower following prior retrace near 1.2400. MACD which begins to form a bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2400, 1.2515

Support level: 1.2325, 1.2260

EURUSD, H4: EURUSD was traded lower following prior retrace near 1.1070. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1070, 1.1150

Support level: 1.1010, 1.0930

USDJPY, Daily: USDJPY was traded higher following prior closure above 107.25. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 107.85.

Resistance level: 107.85, 108.70

Support level: 106.80, 105.60

AUDUSD, Daily: AUDUSD was traded higher while currently testing near the resistance of 0.6865. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.6865.

Resistance level: 0.6865, 0.6960

Support level: 0.6800, 0.6705

NZDUSD, H1: NZDUSD remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for further signals before entering the market.

Resistance level: 0.6440, 0.6470

Support level: 0.6410, 0.6395

USDCAD, H4: USDCAD was traded higher following prior rebound from the support of 1.3145. MACD which begins to form a bullish signal suggests the pair to extend its gains in short-term as technical correction.

Resistance level: 1.3190, 1.3220

Support level: 1.3145, 1.3090

USDCHF, Daily: USDCHF was traded higher following prior breakout from the downward trendline. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 0.9970.

Resistance level: 0.9970, 1.0105

Support level: 0.9890, 0.9820

CrudeOIL, Daily: Crude oil price was traded higher following prior rebound from its lower level. MACD which illustrate bullish signal suggests its price to extend further up after breaking the resistance near 58.70.

Resistance level: 58.70, 60.85

Support level: 57.30, 55.55

GOLD_, H1: Gold price was traded lower while currently testing near the support of 1494.50. MACD which illustrate bearish signal suggests the its price to extend its losses after closing below 1494.50.

Resistance level: 1509.00, 1523.00

Support level: 1494.50, 1483.50

06 September 2019                           Afternoon Session Analysis

Sterling stable, eyes on Brexit.

Pound sterling extended gains after British lawmakers approved legislation on Wednesday to extend the Brexit deadline for the third time and rejected Prime Minister Boris Johnson’s motion to hold a snap election. As market continues to see diminishing prospects for a disruptive ‘no deal’ Brexit taking place on October 31, analyst predicted Pound Sterling is expected to rally further. On the other hand, AUD/USD appreciate, amid doubts over the US-China trade optimism. According to economic data, the ongoing US-China trade tensions have been easing as potential meetings were discussed for mid-September between the U.S. and China. However, many investors are still difficult to be persuaded that the trade talks next month will advance the world economy. As of writing, AUD/USD appreciate 0.01% to 0.6812 while GBP/USD hovered at 1.2328.

In the commodities market, crude oil price rose 0.43% to $56.39 per barrel as U.S. Crude oil Inventories decreased more than expected. On the other hand, gold price depreciate 0.25% to $1515.16 a troy ounce due to a recovery in risk appetite.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

00:30 (7^th)             USD                                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 98.20. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains towards the resistance level 98.65.

Resistance level: 98.65, 99.10

Support level: 98.20, 97.90

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.2295. However, MACD which illustrate diminishing bullish bias signal suggest the pair to experience a technical correction in short term towards the support level 1.2295.

Resistance level: 1.2405, 1.2520

Support level: 1.2295, 1.2170

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1040. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses towards the support level 1.0980.

Resistance level: 1.1040, 1.1105

Support level: 1.0980, 1.0930

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 106.75. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a short term technical correction towards the support level 106.75.

Resistance level: 107.75, 108.90

Support level: 106.75, 105.15

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

Resistance level: 0.6820, 0.6870

Support level: 0.6780, 0.6740

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6395. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a short term technical correction towards the support level 0.6345.

Resistance level: 0.6395, 0.6490

Support level: 0.6345, 0.6275

USDCAD, H4: USDCAD was traded lower following prior breakout below the support level 1.3225. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher in short term towards the resistance level 1.3225.

Resistance level: 1.3225, 1.3280

Support level: 1.3185, 1.3120

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.965. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.9905.

Resistance level: 0.9905, 0.9950

Support level: 0.9865, 0.9820

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 56.80. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its retracement towards the support level 55.45.

Resistance level: 56.80, 58.75

Support level: 55.45, 53.05

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1519.00. MACD which illustrate ongoing bearish momentum suggest the commodity to extend its losses towards the support level 1488.85.

Resistance level: 1519.00, 1548.10

Support level: 1488.85, 1453.95

6 September 2019                             Morning Session Analysis

Greenback revived amid unexpected ‘healthy’ data.

Dollar index which gauge its value against a basket of six major currencies rebounds from its one week low level amid easing in trade war and optimistic economic data been released last night. As a good predictor on gauging the Federal Reserve future stance, both ADP Nonfarm Employment Change and ISM Non-Manufacturing data came in at 195K and 56.4 respectively, beating the economist forecast of 148K and 54.0, dragged down the possibility of extending interest rate cut. Both data indicating that US economy is still remain resilient, labor market is still growing at healthy pace as compare to previous month, seemingly US did not affected as bad as market foresee despite recent tariff imposition and global weakness. Besides, the gains of dollar index dragged up more following improvement of trade sentiment between US and China. According to The Guardian, two largest economy bodies have agreed to reopen their trade talk next month as their concern over tariff imposition could push the global economy but not limited to both countries into recession. After a phone call on yesterday, they have decided to hold a senior level of meeting in early October while two countries will continue to hold discussions along the time to prepare for the talks. As of writing, dollar index rose 0.02% to 98.35.

As for commodities, oil price fall 0.25% to $56.30 per barrel despite data showed a sign of large withdraw in crude oil inventories. According to Energy Information Administration (EIA), US crude oil inventories level dropped 4.771M, higher than economist expectation of -2.488M where market believe that the approach of hurricane Dorian was the factor caused the drop in US inventories.  Besides, gold price inched down 0.03% to $1518.40 a troy ounce amid upbeat economic data from US region and sign of easing in trade war.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

00:30 (7^th)             USD                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 98.00. MACD which illustrate diminishing bearish momentum suggests the index to extend its gains toward the resistance level at 98.40.

Resistance level: 98.40, 98.65

Support level: 98.00, 97.50

GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate diminishing bullish signal suggests the pair to be extend its retracement toward the support level at 1.2290.

Resistance level: 1.2360, 1.2400

Support level: 1.2290, 1.2255

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1030. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the support level at 1.1030.

Resistance level: 1.1070, 1.1115

Support level: 1.1030, 1.0985

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 106.65. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 107.25.

Resistance level: 107.25, 107.75

Support level: 106.65, 106.20

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6835. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6795.

Resistance level: 0.6835, 0.6870

Support level: 0.6795, 0.6750

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6395. MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses toward the support level at 0.6330.

Resistance level: 0.6395, 0.6490

Support level: 0.6330, 0.6270

USDCAD, Daily: USDCAD was traded lower while currently testing near the support level at 1.3220. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after successfully breakout below the support level at 1.3220.

Resistance level: 1.3275, 1.3335

Support level: 1.3220, 1.3185

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9840. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.9890.

Resistance level: 0.9890, 0.9945

Support level: 0.9840, 0.9805

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 56.80. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 55.90.

Resistance level: 56.80, 57.85

Support level: 55.90, 54.65

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1526.90. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 1507.10.

Resistance level: 1526.90, 1548.05

Support level: 1507.10, 1490.00

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 98.20. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 98.65.

Resistance level: 98.65, 99.10

Support level: 98.20, 97.90

05 September 2019                           Afternoon Session Analysis

Dollar stumble as global tensions ease, Aussie appreciates.

Dollar index stumble yesterday after global political worries eased with what market perceived as positive news in Hong Kong, Italy and Britain. Especially in Hong Kong, risk appetite rose on news that Hong Kong leader Carrie Lam was withdrawing an extradition bill that triggered months of often violent protests. With addition, New York Federal Reserve President John Williams’s claims that the U.S. economy is weaker than previously expected and the central bank have to remain flexible. His comments signal a possibility of cutting rates at its meeting later in the month. Nevertheless, dollar index improved today, which should be probably affected by the high expectation toward the Nonfarm Productivity Data tonight. On the other hand, traders put bullish bets upon the currency after the Australia Trade balance data released. According to Australian Bureau of Statistic, the balance on goods and services came in with a surplus of $7,291 million in July 2019, an increase of $284 million when compared to the surplus in June 2019. A higher actual trade balance triggered bullish buyback for the AUD. As of writing, US dollar index appreciates by 0.03% to 98.38 while AUD/USD rose 0.35% to 0.6817.

In the commodities market, crude oil prices rose 0.96% to $56.50 per barrel as the speculators raised their expectation for a decrease in EIA Crude Oil inventories data. On the other hand, gold price tumbles 0.59% to $1543.17 a troy ounce as investor shift their investment to financial market due to improvement in risk appetite.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 98.20. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 98.65.

Resistance level: 98.65, 99.10

Support level: 98.20, 97.90

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.2170. However, MACD which illustrate diminishing bullish bias signal suggest the pair to experience a technical correction in short term towards the support level 1.2170.

Resistance level: 1.2295, 1.2405

Support level: 1.2170, 1.2090

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1030. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a technical correction towards the support level 1.0980.

Resistance level: 1.1030, 1.1105

Support level: 1.0980, 1.0930

USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing near the resistance level 106.75. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 106.75, 107.75

Support level: 105.15, 103.60

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.6820. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6820, 0.6870

Support level: 0.6780, 0.6740

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6345. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.6395.

Resistance level: 0.6395, 0.6490

Support level: 0.6345, 0.6275

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.3225. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.3185.

Resistance level: 1.3225, 1.3280

Support level: 1.3185, 1.3120

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9820. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains towards the resistance level 0.9865.

Resistance level: 0.9865, 0.9905

Support level: 0.9820, 0.9765

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 55.45. MACD which illustrate ongoing bullish momentum suggest the commodity to extend its gains towards the resistance level 56.80.

Resistance level: 56.80, 58.75

Support level: 55.45, 53.05

GOLD_, H4: Gold price was traded lower following recent retracement from the resistance level 1548.10. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its retracement towards the support level 1519.00.

Resistance level: 1548.10, 1588.40

Support level: 1519.00, 1488.85