Daily Analysis

5 September 2019                             Morning Session Analysis

Brexit deadline delayed to January 2020.

Pound sterling fall slightly against dollar after hitting one week high level amid lawmakers have passed the delay bill of Brexit to early next year. Earlier today, UK opposition parties and part of the Conservative party members have defeated Boris Johnson by 327 against 299, secured the extension of Brexit bill voting in order to force PM to renegotiate a deal before leaving the Eurozone. After facing double defeat in the Commons, Boris Johnson said the bill destroyed negotiation and the only option to push Brexit one step closer was an election. Unfortunately, Boris Johnson fails in snapping an election which had been proposed for 15^th October as prime minister needed a majority of two-thirds in House of Common to pass this motion. Prior to the motion voting, the opposition parties had took over the control in House of Common and they reiterated that they would not support Johnson motion even before the vote. However, there are other option that Boris Johnson could consider to force an election where he can bypass legislation of requiring two thirds of majority to approve the election. During Asian trading session, the pair of GBP/USD quoted down 0.04% to 1.2240.

As for commodities, oil price fall 0.52% to $55.80 per barrel amid oil inventories data marked a stockpile in this week. According to American Petroleum Institute (API), Inventory levels of US crude oil came in at 0.401M, higher than the previous reading of -11.100M, while market are eye on OPEC+ oil reduction plan. Besides, gold price inched down 0.07% to $1551.40 a troy ounce amid signs of easing Hong Kong tensions.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 98.40. MACD which illustrate bearish signal suggests the index to extend its losses 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 while currently testing the resistance level at 1.2255. MACD which illustrate bullish signal suggests the pair to be extend its gains after successfully breakout above the resistance level at 1.2255.

Resistance level: 1.2255, 1.2290

Support level: 1.2220, 1.2170

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1030. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.1070.

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 106.20. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 106.65.

Resistance level: 106.65, 107.25

Support level: 106.20, 105.60

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6795. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 0.6750.

Resistance level: 0.6795, 0.6855

Support level: 0.6750, 0.6695

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6330. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 0.6395.

Resistance level: 0.6395, 0.6490

Support level: 0.6330, 0.6270

USDCAD, H4: 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 lower while currently testing the support level at 0.9805. MACD which illustrate bearish signal suggests the pair to extend its losses after successfully breakout below the support level at 0.9805.

Resistance level: 0.9840, 0.9890

Support level: 0.9805, 0.9775

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 55.90. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after successfully breakout below 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 while currently testing the support level at 1548.05. MACD which illustrate diminished bullish momentum suggest the commodity to extend its losses after successfully breakout below the support level at 1548.05.

Resistance level: 1565.50, 1586.10

Support level: 1548.05, 1526.85

04 September 2019                           Afternoon Session Analysis

Dollar pared gains amid latest hurdle in trade talk.

Dollar index have fell against its basket of six major currency pairs as trade talk between U.S-China is facing another obstacle. According to recent reports, officials from the U.S and China are having difficulty of setting a schedule for trade talk meetings Besides that, U.S have also rejected a request from China to delay the tariff that have been slapped on $110 billion worth of Chinese imports over the weekend which added further tension between the two powerhouses. On data wise, the greenback was also burdened by the weak data from ISM as the data have showed that the manufacturing activity have slowed and contracted for the first time in 3 years, with the reading of 49.1 against the forecasted reading of 51.0. Dollar index fell 0.08% to 98.81 as of writing. Meanwhile, AUD/USD skyrocketed 0.35% to 0.6778 at the time of writing amid GDP data. According to the Australian Bureau of Statistics, the Australian economy have expended by 0.5% in a quarter basis, which also came in line with market expectation which provide a boost for the sentiment just after RBA maintain its rates recently.

As for commodities market, crude oil price rebound 0.39% to $54.17 per barrel as of writing but still remain pressured following heightening recession fears. As U.S factory activity shrinks for the first time, the data have revived concerns over a potential recession and the negative impact for the commodity demand which continue to weigh on the price. On the other hand, gold price gave up some of its gains and retrace 0.19% to $1544.72 a troy ounce at the time of writing following profit taking after a major rally from market risk.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     CAD                       BoC Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 99.10. MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its losses towards the support level 98.65.

Resistance level: 99.10, 99.60

Support level: 98.65, 98.20

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.2090. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its losses towards the resistance level 1.2170.

Resistance level: 1.2170, 1.2295

Support level: 1.2090, 1.2015

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.0980. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level 1.0980.

Resistance level: 1.0980, 1.1030

Support level: 1.0930, 1.0860

USDJPY, H4: USDJPY remain traded in a sideway channel. Due to lack of momentum from MACD, it is suggested to wait until further signal appear before entering the market.

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 0.6780. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6780, 0.6820

Support level: 0.6740, 0.6695

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6345. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a short term technical correction towards the support level 0.6275.

Resistance level: 0.6345, 0.6400

Support level: 0.6275, 0.6210

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3335. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3280.

Resistance level: 1.3335, 1.3415

Support level: 1.3280, 1.3225

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9865. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short term technical correction 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 higher following prior rebound from the support level 53.05. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 55.45.

Resistance level: 55.45, 56.80

Support level: 53.05, 51.65

GOLD_, H4: Gold price remain traded in a sideway channel following recent retracement from the resistance level 1548.10. MAC 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

4 September 2019                             Morning Session Analysis

Extension on Brexit deadline again?

Pound sterling rebounds from its lowest level after plunging to a multi decade low level around 1.1955 against dollar amid Brexit dispute which rattles the market. Yesterday, Boris Johnson’s government has lost their majority in House of Common against opposition parties, voted 301 to 326. The alliance which formed by opposition parties and 21 of Conservatives party’s member have taken one step forward, took over the control of House of common in order to cease the hard Brexit process from Boris Johnson. After parliamentary suffer a huge defeat, another round of vote on legislation is expected to be held as early as today. If such vote passed by parliaments, UK prime minister will have to seek for extension on Brexit deadline from EU, to 31^th January 2020. On the Boris Johnson side, he reiterated that UK must leave the Eurozone before the deadline as extension on Brexit for indefinite period would only put UK economy nearer to the recession risk. Moreover, Johnson revealed that he is ready to snap for an election in order to reshuffle the members in House of Common, kicking out the rebels and keep the pro-hard Brexit supporters. During Asian early trading session, the pair of GBP/USD quoted up 0.05% to 1.2090.

As for commodities, oil price fall 0.01% to $53.95 per barrel amid deepening of trade war sent oil lower. Yesterday, economic data showed sign of slowing down in US manufacturing sectors, the demand of oil by US manufacturers decreased as US economy hit badly by recent escalation of trade dispute. Besides, gold price rose 0.10% to $1549.25 a troy ounce as Brexit uncertainty urged the investor to seek for safe haven asset.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     CAD                       BoC Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from its higher levels. MACD which illustrate bearish signal suggests the index to be traded lower in short-term as technical correction after closing below the 20-MA line (red).

Resistance level: 99.00, 100.40

Support level: 97.80, 96.95

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support of 1.1975. MACD which illustrate bullish signal suggests the pair to be traded higher after closing above the 20-MA line (red).

Resistance level: 1.2170, 1.2325

Support level: 1.2020, 1.1975

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

Resistance level: 1.1070, 1.1210

Support level: 1.0870, 1.0800

USDJPY, H4: USDJPY remains traded within a sideways channel formation. MACD which illustrate bearish signal suggests the pair to be traded lower, towards the direction of support level near 105.60.

Resistance level: 106.15, 106.80

Support level: 105.60, 105.05

AUDUSD, H4: AUDUSD was traded higher after successfully breaking the downward trendline. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 0.6795.

Resistance level: 0.6795, 0.6855

Support level: 0.6750, 0.6695

NZDUSD, H1: NZDUSD was traded higher while currently testing at the resistance of 0.6340. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the target at 0.6340.

Resistance level: 0.6340, 0.6355

Support level: 0.6320, 0.6300

USDCAD, H4: USDCAD was traded lower following prior retracement from the upper level of ascending wedge. MACD which begins to form a death cross signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3335, 1.3375

Support level: 1.3280, 1.3255

USDCHF, H4: USDCHF was traded lower following prior retracement from its higher levels. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 0.9820.

Resistance level: 0.9890, 0.9970

Support level: 0.9820, 0.9775

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level of 53.00. MACD which illustrate diminished downward momentum suggests its price to be traded higher in short-term as technical correction.

Resistance level: 54.45, 55.55

Support level: 53.00, 51.60

GOLD_, H1: Gold price was traded higher while currently testing at the strong resistance near 1550.00. However, MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term as technical correction.

Resistance level: 1550.00, 1560.00

Support level: 1543.00, 1533.00

03 September 2019                           Afternoon Session Analysis

Greenback remains high despite new tariffs.

Dollar index continues to climb against its basket of six major currency pair as investors remain positive on trade developments. On Sunday, U.S. have slapped 15% tariffs on a variety of Chinese goods while China also imposed new duties on U.S. crude oil. Despite the latest escalation, market remain hopeful of a breakthrough between two economic powerhouses as U.S. President Donald Trump has said the two countries will hold talks in September. At the same time, investors continue to focus on upcoming data to gauge further direction for the greenback. Dollar index rose 0.36% to 99.17 at the time of writing. Meanwhile, AUD/USD rose 0.02% to 0.6712 as of writing amid interest rate decision. According to data, the Royal Bank of Australia (RBA) have left it cash rate unchanged at 1.00% as expected by the market and offered positive outlook on employment and economic growth expectation. The outlook have recovered some market confidence thus providing some boost for the Aussie.

As for commodities market, crude oil price rebound 0.36% to $99.27 per barrel as of writing following mixed sentiment from U.S-Sino trade war and soft South Korean data. As U.S and China recently imposed new tariff on each other, market fear the ongoing dispute could hurt the demand for the commodity. However, there are also positive news provide boost for the commodity where OPEC, Russia and other non-members, known as OPEC+ have agreed in December to reduce supply by 1.2 million bpd from Jan. 1 this year. Investors now awaiting stock data for further direction. Lastly, gold price fell 0.35% to $1523.88 a troy ounce following strong dollar and global risk.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

05:00 (4^th)             USD                                        FOMC Member Rosengren Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 99.10. MACD which illustrate persistent bullish momentum signal suggest the dollar to extend its gains towards the resistance level 99.60.

Resistance level: 99.60, 99.95

Support level: 99.10, 98.65

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.2015. MACD which illustrate persistent bearish signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2090, 1.2170

Support level: 1.2015, 1.1915

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.0930. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short term as a technical correction towards the resistance level 1.0980.

Resistance level: 1.0980, 1.1030

Support level: 1.0930, 1.0860

USDJPY, H4: USDJPY remain traded in a sideway channel. Due to lack of momentum from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 106.75, 107.75

Support level: 105.15, 103.60

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.6695. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6740.

Resistance level: 0.6740, 0.6780

Support level: 0.6695, 0.6650

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

Resistance level: 0.6345, 0.6400

Support level: 0.6275, 0.6210

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3335. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 1.3280.

Resistance level: 1.3335, 1.3415

Support level: 1.3280, 1.3225

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9905. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to be traded lower in short term as a technical correction.

Resistance level: 0.9950, 1.0005

Support level: 0.9905, 0.9865

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 54.50. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 55.45.

Resistance level: 55.45, 56.65

Support level: 54.50, 53.60

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1519.00. However, MACD which illustrate diminishing bearish momentum suggest the commodity to be traded higher in short term as a technical correction towards the resistance level 1548.10.

Resistance level: 1548.10, 1588.40

Support level: 1519.00, 1488.85

3 September 2019                             Morning Session Analysis

Pound tumbled amid Brexit dispute, dollar strengthen.

Dollar index extended its gains against its major currency’s peers despite escalation of trade dispute between US and China continues to haunt the FX market. Based on the recent news, China and US is bound to set a September meeting for trade talk after Washington rejected to delay the implementation of additional tariff on 1^st September. On China side, Beijing has lodged a complaint against US regarding to recent successive tariff’s imposition on China imported goods to US. The legal case does not reveal too much of details from China, while the latest tariff actions has violated the consensus between US and China during G20 Osaka meeting. As of writing, dollar index quoted up 0.16% to 98.95. On the other side, the pair of GBP/USD inched down 0.02% to 1.2065 ahead the battle of parliament between Boris Johnson and the opposition parties. At the moment, opposition parties have formed an alliance and planning to seize control of the House of Common’s agenda in order to stop a no deal Brexit while 21 member of conservative party itself also poised a vote to show their supportiveness against the government. However, Boris Johnson is still remain its ‘style’ and insists to withdraw UK from Eurozone before the deadline on 31^th October and no extension will be asked.

As for commodities, oil price rose 0.05% to $54.70 per barrel amid hurricane Dorian gradually invaded the U.S East Coast this week. The approach of unexpected strong hurricane increased the fear of market as it is expected to affect the supply of crude oil in US if it passes into Gulf of Mexico. Besides, gold price fall 0.18% to $1526.15 a troy ounce as heightening of market risk sentiment diminished the appealing of gold.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12:30                     AUD                                       RBA Rate Statement

05:00 (4^th)             USD                                        FOMC Member Rosengren Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 98.95. MACD which illustrate bullish bias momentum suggest dollar to extend its gains toward the next resistance level at 99.40.

Resistance level: 99.40, 99.70

Support level: 98.95, 98.65

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2085. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2015.

Resistance level: 1.2085, 1.2125

Support level: 1.2015, 1.1980

EURUSD, H1: 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 losses towards the support level at 1.0930.

Resistance level: 1.0985, 1.1030

Support level: 1.0930, 1.0865

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 106.20. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 106.20.

Resistance level: 106.20, 106.65

Support level: 106.20, 105.60

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6750. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.6695.

Resistance level: 0.6750, 0.6795

Support level: 0.6695, 0.6635

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6330. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6270.

Resistance level: 0.6330, 0.6395

Support level: 0.6270, 0.6200

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3335. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 1.3335.

Resistance level: 1.3335, 1.3385

Support level: 1.3275, 1.3220

USDCHF, H4: USDCHF was trade higher following prior breakout above the previous resistance level at 0.9890. However, MACD which illustrate bearish 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 lower while currently testing the support level at 54.65. However, MACD which illustrate diminishing bearish momentum suggest the commodity to be traded higher in short term toward the resistance level at 55.90.

Resistance level: 55.90, 56.80

Support level: 54.75, 53.00

GOLD_, H4: Gold price was traded lower while currently testing the 50 moving average line (Blue). MACD which display diminishing bearish momentum suggest the commodity to undergo short term technical correction toward the resistance level at 1526.90.

Resistance level: 1526.90, 1548.05

Support level: 1507.10, 1490.00

02 September 2019                           Afternoon Session Analysis

Dollar index slips as new tariff kicks in.

Dollar index have pared some of its gains against a basket of six major rival pairs as the new tariff between both U.S and China have taken effect, marking the next step in the ongoing trade effect. The latest tariff of 15% on Chinese imports such as footwear, smart watches and flat-panel televisions worth $110 billion have officially took effect while retaliatory tariffs from China also kicked in over the weekend. Despite this, market remains hopeful of a trade deal between two economic powerhouses as U.S President Donald Trump stated that both sides will still meet for upcoming talk this month. With U.S market closes for Labor Day today, market are now currently awaiting further news for further sentiment. The greenback fell 0.10% to 98.63 at the time of writing. Meanwhile, AUD/USD ticks up 0.06% to 0.6730 at the time of writing following upbeat China data. According to Caixin, China’s manufacturing activity have surprisingly expanded to the highest level since March with the reading of 50.4 which also surpassed market expectation of 49.8. As China was the largest trading partner of Australia, the data also affect positively on the Aussie dollar.

As for commodities market, crude oil price remain pressured and fell 0.16% to $55.11 per barrel at the time of writing amid U.S and China tariff. As the new tariff kicks in, investors are now concerned about the threat of global demand, thus dragging the price further down to low level. On the other hand, gold price jumped 0.36% to $1526.01 a troy ounce following the increase of risk-off sentiment.

Today’s Holiday Market Close

Time                       Market                                  Event

All Day                     CAD                                     Labor Day

All Day                     USD                                     Labor Day

Today’s Highlight Events

Time                       Market                                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 98.65. However, MACD which illustrate diminishing bullish momentum suggest the greenback to experience a technical correction in short term towards back the support level 98.65.

Resistance level: 99.10, 99.60

Support level: 98.65, 98.20

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2170. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short term technical correction towards the resistance level 1.2170.

Resistance level: 1.2170, 1.2295

Support level: 1.2090, 1.2015

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

Resistance level: 1.1030, 1.1105

Support level: 1.0980, 1.0930

USDJPY, H4: USDJPY remain traded in sideway channel following recent retracement from the resistance level 108.75. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 105.15.

Resistance level: 106.75, 107.75

Support level: 105.15, 103.60

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.6740. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.6695.

Resistance level: 0.6740, 0.6780

Support level: 0.6695, 0.6650

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6275. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short term towards the resistance level 0.6345.

Resistance level: 0.6345, 0.6400

Support level: 0.6275, 0.6210

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3335. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.3335, 1.3415

Support level: 1.3280, 1.3225

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9905. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a short term technical correction towards the support level 0.9865.

Resistance level: 0.9905, 0.9950

Support level: 0.9865, 0.9820

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 54.50. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 55.45.

Resistance level: 55.45, 56.65

Support level: 54.50, 53.60

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1519.00. However, MACD which illustrate diminishing bearish momentum suggest the commodity to be traded higher in short term as a technical correction towards the resistance level 1548.10.

Resistance level: 1548.10, 1588.40

Support level: 1519.00, 1488.85

02 September 2019                           Morning Session Analysis

Greenback remains firm despite weak confidence data.

Dollar index which measuring against a basket of six major currency pairs have continues to rally despite consumer sentiment showing declining figure. According to the University of Michigan which release the official figure, consumer confidence have fell the its lowest level since October 2016 which the reading came in at 89.8, lower than market expectation of 92.3. However, the greenback remain strong against other currency as market continue to be convinced by trade hopes. Last week, U.S and China have called calm on the progress of trade talk, signal a potential trade deal could happen in the future. According to China Foreign Ministry, U.S and China are currently maintaining an effective communication, thus strengthening the hope of potential ending for the trade war. Still, market continue to remain focus on the trade development to gauge further direction for the greenback. On the other hand, USD/CAD have fell as recent data showed that Canada growth have surged. According to Statistics Canada, economy in Canada have expanded by 0.2% in June, better than economist expectation of 0.1%, which have exerted some downward pressure for the pair. As of writing, dollar index gains 0.30% to 98.72 while USDCAD fell 0.03% to 1.3315.

In commodities market, crude oil price have tumbled 0.60% to $54.78 per barrel at the time of writing following the increase of OPEC output. According to a survey from Reuters, OPEC oil output have increased for the first time in 2019 with the reading showed that the cartel pumped 29.61 million, an increase of 80,000 bpd July. Next, gold price rebound 0.52% to $1528.45 a troy ounce at the time of writing following global uncertainty such as Brexit and Middle East continue to support the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                                  Event

All Day                   CAD                                       Labor Day

All Day                   USD                                       Labor Day

Today’s Highlight Events

Time                       Market                                  Event

N/A        

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 98.65. However, MACD which illustrate diminishing bullish momentum suggest the greenback to experience a technical correction in short term towards back the support level 98.65.

Resistance level: 99.10, 99.60

Support level: 98.65, 98.20

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2170. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2090.

Resistance level: 1.2170, 1.2295

Support level: 1.2090, 1.2015

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

Resistance level: 1.1030, 1.1105

Support level: 1.0980, 1.0930

USDJPY, H4: USDJPY remain traded in sideway channel following recent retracement from the resistance level 108.75. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 105.15.

Resistance level: 106.75, 107.75

Support level: 105.15, 103.60

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.6740. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.6695.

Resistance level: 0.6740, 0.6780

Support level: 0.6695, 0.6650

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6275. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short term towards the resistance level 0.6345.

Resistance level: 0.6345, 0.6400

Support level: 0.6275, 0.6210

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3335. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.3335, 1.3415

Support level: 1.3280, 1.3225

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9905. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a short term technical correction towards the support level 0.9865.

Resistance level: 0.9905, 0.9950

Support level: 0.9865, 0.9820

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 54.50. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 55.45, 56.65

Support level: 54.50, 53.60

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1519.00. However, MACD which illustrate diminishing bearish momentum suggest the commodity to be traded higher in short term as a technical correction towards the resistance level 1548.10.

Resistance level: 1548.10, 1588.40

Support level: 1519.00, 1488.85

30 August 2019                  Afternoon Session Analysis

Dollar remains lifted as trade tension ease.

Dollar index extend its gains against a basket of six major currency pairs following trade tension between U.S and China have seemingly eased. According to the latest report, spokesman for China’s Foreign Ministry Gao Feng have stated that China is willing to negotiate with the U.S. on trade issues “with calm attitude,” adding that Beijing will not retaliate against U.S.’s latest tariff moves for now. Besides that, China’s commerce ministry said on Thursday Beijing and Washington were discussing the next round of face-to-face talks scheduled for September which have since regained market confidence as the signs of talks were enough to mitigate worries about a further escalation. Market will continue to focus on the trade development and possible data to determine further sentiment for the greenback. At the same time, political risks from UK to Hong Kong and the Middle East added to the risks for the global economy and kept many investors on edge, boosting demand for safe-haven appeal such as Japanese Yen. Dollar index rose 0.05% to 98.40 while USD/JPY fell 0.02% to 106.46 as of writing.

As for commodities, oil price extend its gains by 0.11% to $56.70 per barrel at the time of writing as market remains lifted by a decline in U.S inventories and a looming hurricane in Florida. U.S. crude stocks dropped last week by 10 million barrels to their lowest since October. Besides that, market remain focused and monitoring on the progress of Hurricane Dorian where it could potentially shut down oil production, adding further boost for the commodity. On the other hand, gold price fell 0.23% to $1524.38 a troy ounce at the time of writing as dollar remain buoyed by trade hopes which diminished the appeal of safe-haven gold.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 98.35. MACD which illustrate bullish bias momentum suggest dollar to extend its gains toward the next resistance level at 98.65.

Resistance level: 98.65, 99.00

Support level: 98.35, 97.90

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2250. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2170.

Resistance level: 1.2250, 1.2390

Support level: 1.2095, 1.2015

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1100. MACD which illustrate bearish bias momentum suggest the pair to extend its losses towards the support level at 1.1025.

Resistance level: 1.1100, 1.1170

Support level: 1.1025, 1.0950

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 106.30. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term toward the support level at 106.30.

Resistance level: 106.95, 107.80

Support level: 106.30, 105.55

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6750. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6695.

Resistance level: 0.6750, 0.6820

Support level: 0.6695, 0.6635

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6320. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6270.

Resistance level: 0.6320, 0.6375

Support level: 0.6270, 0.6195

USDCAD, H4: USDCAD was traded flat in a sideway channel. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering the market.

Resistance level: 1.3335, 1.3380

Support level: 1.3290, 1.3230

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9840. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9895.

Resistance level: 0.9895, 0.9935

Support level: 0.9840, 0.9800

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 55.55. However, MACD which display diminishing bullish momentum suggest the commodity to undergo short term technical correction toward the support level at 55.55.

Resistance level: 57.45, 58.85

Support level: 55.55, 53.05

GOLD_, H4: Gold price was traded lower while currently testing the 50 moving average line (Blue). MACD which display bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the 50 moving average line (Blue).

Resistance level: 1535.00, 1555.75

Support level: 1515.55, 1495.60

30 August 2019                  Morning Session Analysis

Dollar hovered despite pessimistic economic data.  

Dollar index which gauge its value against a basket of six major currencies lingered around 98.35 after hitting one month high level despite downbeat data been released from US region yesterday. According to Bureau of Economic Analysis, US GDP came in at a reading similar to the economist forecast of 2.0%, but slightly weaker than previous month reading of 2.1%. Although the data indicated that US economy slowed a bit than previous month which due to declining in business investment, however it is noteworthy that consumer spending’s component was undergo robust growth. As a crucial tools of gauging the economy health, a slightly slower pace of growth than last month showed that US economy more or less has been hit by the trade war against China while it drag up the market expectation of rate cut or quantitative easing in the next month Fed meeting. As of writing, dollar index inched down 0.07% to 98.30. On the other hand, the pair of EUR/USD fall 0.02% to 1.1050 during early Asian trading session amid dovish stance from President ECB Christine Lagarde lifted up the market expectation of more rate cut to negative rate in coming month. Yesterday, Lagarde reiterated that EU zone economy is still facing the problem of slowing down and inflation persistently undershooting the ECB’s target, hence ECB will take preventive measure by introducing fresh stimulus in order to untie the economy from recession.

As for commodities market, crude oil price rose by 0.05% to $56.60 per barrel amid investor fears over the approach of Hurricane Dorian toward Florida as it may disrupt the output of oil if it unfortunately passes into Gulf of Mexico. Besides, gold price dropped 0.17% to $1524.75 a troy ounce amid heightening of market risk sentiment.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 98.40. MACD which illustrate bullish bias momentum suggest dollar to extend its gains after successfully breakout above 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 near the support level at 1.2170. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short term toward the resistance level at 1.2220.

Resistance level: 1.2220, 1.2255

Support level: 1.2170, 1.2085

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1070. MACD which illustrate bearish bias momentum suggest the pair to extend its losses towards the support level at 1.1030.

Resistance level: 1.1070, 1.1115

Support level: 1.1030, 1.0985

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 106.65. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 106.20.

Resistance level: 106.65, 107.25

Support level: 106.20, 105.60

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6750. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6695.

Resistance level: 0.6750, 0.6795

Support level: 0.6695, 0.6635

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6330. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6270.

Resistance level: 0.6330, 0.6395

Support level: 0.6270, 0.6200

USDCAD, H1: USDCAD was traded higher following prior rebound from the support level near 1.3275. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.3335.

Resistance level: 1.3335, 1.3385

Support level: 1.3275, 1.3220

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

Resistance level: 0.9890, 0.9945

Support level: 0.9840, 0.9775

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 56.80. MACD which display 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 while currently testing the support level at 1526.85. MACD which display bearish bias momentum suggest the commodity to extend its losses after its candle successfully close below the support level at 1526.85.

Resistance level: 1548.05, 1565.50

Support level: 1526.90, 1507.10

29 August 2019                  Afternoon Session Analysis

Antipodeans crashes due to ongoing trade war.

New Zealand dollar extended its losses during Asian trading session following the release of bearish economic data from the region. For the month of August, ANZ reported that Business Confidence in New Zealand slumped to -52.3, significantly lower than previous month’s reading of -44.3. Deteriorating business confidence is largely contributed by ongoing trade dispute in between US and China which may drag global economic momentum if it persists for a longer period of time. As New Zealand mainly exports to Australia whom also economically dependent on China, recent escalation in trade war has dialed down market sentiment towards both Antipodean currencies. As of writing, pair of NZD/USD slumped 0.28% to 0.6319. On the other hand, safe-have currencies such as Japanese Yen regained its demand in the FX market following higher risk aversion among traders. Extended recessive risks while coupled with political jitters in the UK has sparked a shift in portfolio into safe-havens. For the time being, investors will keep an eye on tonight’s US GDP data in order to gauge the economic performance of one of the world’s largest economy. Pair of USD/JPY was down 0.21% to 105.89.

As for commodities market, crude oil price slumped 0.59% to $55.62 per barrel. Bearish momentum overtakes oil futures due to lingering trade war risk in between US and China that sees no end. Otherwise, gold price extended gains by 0.13% to $1,541.13 a troy ounce due to higher risk aversion in the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 97.90. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains towards the resistance level 98.35.

Resistance level: 98.35, 98.65

Support level: 97.90, 97.45

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.2245. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.2095.

Resistance level: 1.2245, 1.2390

Support level: 1.2095, 1.2015

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1100. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses towards the support level 1.1025.

Resistance level: 1.1100, 1.1170

Support level: 1.1025, 1.0950

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 106.30. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 105.55.

Resistance level: 106.30, 106.95

Support level: 105.55, 104.70

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.6750. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 0.6695.

Resistance level: 0.6750, 0.6820

Support level: 0.6695, 0.6600

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the support level 0.6320. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses towards the support level 0.6270.

Resistance level: 0.6320, 0.6375

Support level: 0.6270, 0.6195

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3335. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3335.

Resistance level: 1.3335, 1.3380

Support level: 1.3290, 1.3230

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9800. MACD which illustrate bearish momentum signal suggest the pair to extend its gains after it breaks below the support level 0.9800.

Resistance level: 0.9840, 0.9895

Support level: 0.9800, 0.9755

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 55.55. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after it breaks below the support level 55.55.

Resistance level: 57.45, 58.85

Support level: 55.55, 53.05

GOLD_, H4: Gold price was traded flat near the support level 1535.00. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level 1535.00.

Resistance level: 1555.75, 1575.00

Support level: 1535.00, 1515.55

29 August 2019                  Morning Session Analysis

Dollar ‘stunned’ ahead of GDP data.

Dollar index which gauge its value against a basket of six major currencies hovered around 98.15 while investors keep an eye on today’s significant economic data GDP. Earlier today, San Francisco Fed President Mary Daly commented that she is now still remain in a ‘wait and see’ mode as the current US economy is well positioned and growing slightly above trend. However, uncertainties and risk of recessions are still lingering around the global economy development, urging the Fed to further their rate cut in short term. Daly also reiterated that they will observe more economic data to determine their next policy move in September Federal Reserve rate meeting. As of writing, dollar index quoted down 0.04% to 98.17. On the other hand, the pair of GBP/USD rose 0.06% to 1.2215 after hitting one week low level amid PM Johnson’s suspension plan caused dissatisfaction. Yesterday, plan of delaying parliament closing period which proposed by Boris Johnson has been approved by the Queen, prompting political jitters in Britain. The intention behind the move by Boris’s government was to restrict Member of Parliament in UK from blocking and protesting against a no deal Brexit.

As for commodities market, crude oil price depreciates by 0.32% to $55.70 per barrel despite EIA crude oil inventories data showed an optimistic reading where came in at -10.027M versus -2.112M. Sentiment of oil market is still remain sour as market concern over negative effect of deepening trade war between US and China. Besides, gold price inched up 0.02% to $1540.65 a troy ounce amid dollar’s weaken.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 98.00. MACD which illustrate bullish bias momentum suggest dollar 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 50 moving average line (Blue). MACD which illustrate bearish bias momentum suggest the pair to extend its losses after successfully breakout below the 50 moving average line (Blue).

Resistance level: 1.2220, 1.2255

Support level: 1.2170, 1.2085

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1070. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains towards the resistance level at 1.1115.

Resistance level: 1.1115, 1.1155

Support level: 1.1070, 1.1030

USDJPY, H1: USDJPY was traded lower while currently testing the 50 moving average line (Blue). MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the 50 moving average line (Blue).

Resistance level: 106.20, 106.65

Support level: 105.60, 105.10

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6750. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6695.

Resistance level: 0.6750, 0.6795

Support level: 0.6695, 0.6635

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6330. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after its candle successfully close below the support level at 0.6330.

Resistance level: 0.6395, 0.6490

Support level: 0.6330, 0.6270

USDCAD, H4: USDCAD was traded higher following prior breakout above the 20 and 50 moving average line. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3335.

Resistance level: 1.3335, 1.3385

Support level: 1.3275, 1.3220

USDCHF, H4: USDCHF was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 0.9775.

Resistance level: 0.9840, 0.9890

Support level: 0.9775, 0.9730

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 55.90. MACD which display bullish momentum and the formation of golden cross suggest the commodity to extend its gains after successfully breakout above the resistance level at 55.90.

Resistance level: 55.90, 56.80

Support level: 54.65, 53.00

GOLD_, H4: Gold price was traded lower following prior retracement near the resistance level at 1548.05. MACD which display bearish momentum suggest the commodity to extend its retracement toward the support level at 1526.90.

Resistance level: 1548.05, 1565.50

Support level: 1526.90, 1507.10

28 August 2019                  Afternoon Session Analysis

Sentiment remains fragile over ongoing trade war.

Australian dollar falters after recent construction data came in lower than expected, sparking higher concern over slower economic growth in the near future. According to Australian Bureau of Statistics, Construction Work Done for the second quarter contracts by -3.8%, missing economist forecast of -1.0%. The data is a key metric used in GDP calculation which sparks higher concern over disappointing GDP data for the second quarter. Likewise, the data has also validated pessimistic outlook from Reserve Bank of Australia (RBA) whereby economic momentum may slowdown due to ongoing trade risks. As of writing, pair of AUD/USD depreciates by 0.07% to 0.6747. On the other hand, dollar index rose 0.06% to 97.92 during mid-Asian trading session. Greenback remains well in bid following bullish consumer sentiment data from yesterday. However, its gains remain limited as traders continue to scrutinize for further developments with regards to US-China trade talk.

As for commodities market, crude oil price depreciates by 0.43% to $55.49 per barrel. Sentiment towards the commodity remains fragile following higher concern of economic downturn due to ongoing trade war in between US and China which may take a longer time to be resolved. Otherwise, gold price depreciates by 0.54% to $1,534.22 a troy ounce due to stronger greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

05:30                     USD                                        FOMC Member Daly Speaks

(29^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level at 98.00. MACD which illustrate bullish momentum and the formation of golden cross suggest index to extend its gains after successfully breakout above the resistance level at 98.00.

Resistance level: 98.00, 98.40

Support level: 97.50, 97.10

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the higher level. Due to lack of signal from MACD, it is suggested to wait for further signal before entering the market.

Resistance level: 1.2345, 1.2400

Support level: 1.2255, 1.2220

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1115. MACD which illustrate bearish bias momentum suggest the pair to extend its losses towards the support level at 1.1070.

Resistance level: 1.1115, 1.1155

Support level: 1.1070, 1.1030

USDJPY, H4: USDJPY was traded higher level 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: 106.00, 106.65

Support level: 105.60, 105.10

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6750. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.6695.

Resistance level: 0.6750, 0.6795

Support level: 0.6695, 0.6635

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6395. MACD which illustrate bearish momentum suggest 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, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3275. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.3335.

Resistance level: 1.3335, 1.3385

Support level: 1.3275, 1.3220

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9775. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9840.

Resistance level: 0.9840, 0.9890

Support level: 0.9775, 0.9730

CrudeOIL, H4: Crude oil price was traded higher while currently testing the downward the trend line. MACD which display bullish bias momentum suggest the commodity to extend its gains after successfully breakout above the downward trend line.

Resistance level: 55.90, 56.80

Support level: 54.65, 53.10

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1548.05. MACD which display diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1526.90.

Resistance level: 1548.05, 1565.50

Support level: 1526.90, 1507.10

28 August 2019                  Morning Session Analysis

Greenback revived while investor eyes on trade war.

Dollar index which gauge its value against a basket of six major currencies recovered amid upbeat data which prevents greenback from falling further. According to Conference Board, U.S August CB Consumer Confidence data came in at 135.1, beating the economist forecast of 129.5 while it indicating that the consumer are remain confident toward the US economy and willing to spend. However, recent escalation on trade war between two biggest economy countries has exerted adverse effects to the global economy and eventually may dampen the consumer optimism regarding the economic outlook. Trump tactics on tariff imposition has further deepen the distrustfulness between US and China, seemingly trade war will be extended to a longer period. Thus, global central bank which including Federal Reserve are now keeping their eye on trade war development while remain ‘open’ for further rate cut when necessary. During Asian trading session, dollar index up 0.01% to 98.00. On the other hand, the pair of GBP/USD quoted down 0.03% to 1.2280 after hitting one month high level following the good news about Brexit from G7 talk. As Brexit deadline looming, the possibility of hard Brexit faded as recent news reported that Boris Johnson has brought up the Brexit issue to the table in G7 talk, lightning up the investors hope on EU leaders such as Angela Markel and Macron might be persuaded to return to the renegotiation table.

In terms of commodities market, crude oil price rose by 0.02% to $55.65 per barrel amid surprise withdrawal in oil inventories. According to American Petroleum Institute (API), crude oil inventory data fall to -11.100M from previous month at -3.500M. Unexpected drop in stockpile has mitigated the market worries over crude oil supply glut. On the other hand, gold price ticked higher by 0.10% to $1544.00 a troy ounce as market risk preference has fallen.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

05:30                     USD                                        FOMC Member Daly Speaks

(29^th)

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 and the formation of golden cross suggest index to extend its gains after successfully breakout above the 50 moving average line (Blue).

Resistance level: 98.00, 98.40

Support level: 97.50, 97.10

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2255. MACD which display bullish momentum suggest the pair to extend its gains toward the resistance level at 1.2345.

Resistance level: 1.2345, 1.2400

Support level: 1.2255, 1.2220

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1115. MACD which illustrate bearish bias momentum suggest the pair to extend its losses towards the support level at 1.1070.

Resistance level: 1.1115, 1.1155

Support level: 1.1070, 1.1030

USDJPY, H1: USDJPY was traded lower level while currently testing near the support level at 105.60. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout below or rebound before entering the market.

Resistance level: 106.00, 106.65

Support level: 105.60, 105.10

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6750. MACD which illustrate diminishing bullish 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, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6395. MACD which illustrate bearish momentum suggest 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, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3275. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.3335.

Resistance level: 1.3335, 1.3385

Support level: 1.3275, 1.3220

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9775. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9840.

Resistance level: 0.9840, 0.9890

Support level: 0.9775, 0.9730

CrudeOIL, H4: Crude oil price was traded higher while currently testing the downward the trend line. MACD which display bullish bias momentum suggest the commodity to extend its gains after successfully breakout above the downward trend line.

Resistance level: 55.90, 56.80

Support level: 54.65, 53.10

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1526.60. MACD which display bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1548.05.

Resistance level: 1548.05, 1565.50

Support level: 1526.60, 1507.10

27 August 2019                  Afternoon Session Analysis

Safe-haven thrives as uncertainty lingers.

Safe-haven remains well in bid as the market progresses into European trading session due to higher skepticism towards US-China trade talk. Despite both Washington and Beijing shows their willingness to negotiate, traders continue to remain cautious due to the absence of a clear path to resolve trade dispute in between both economics. Trade dispute in between US and China which has been dragged for more than a year begins to show signs of its impact upon global economic growth. Mounting risks in growth have raised the chance for further monetary easing from the Federal Reserve and other major central banks which fueled higher demand for the safe-haven assets. As of writing, pair of USD/JPY depreciates by 0.26% to 105.86. On the other hand, pound sterling was traded lower on yesterday following the lack of developments with regards to Brexit. UK Prime Minister Boris Johnson commented on Monday that he is prepared to initiate Brexit talk with EU prior to 31^st October deadline. However, he reiterated that UK will leave the EU on the 31^st October regardless of its outcome, sparking higher concern for an exit without any trade deals. Pair of GBP/USD was traded flat at 1.2212.

As for commodities market, crude oil price rose 0.33% to $54.01 per barrel. Oil futures remains well in bid after US President Donald Trump signaled to sign a trade deal with China which reduced market concerns after China announced another round of tariffs against the US. As for gold, its price rose 0.10% to $1,529.03 a troy ounce due to lingering risks in the market.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 97.90. MACD which illustrate bullish bias signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 97.90, 98.50

Support level: 97.10, 96.30

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.2245. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.2095.

Resistance level: 1.2245, 1.2390

Support level: 1.2095, 1.2015

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1100. MACD which illustrate bearish momentum signal with the death cross formation suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1170, 1.1245

Support level: 1.1100, 1.1020

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 105.55. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 106.30, 106.95

Support level: 105.55, 104.70

AUDUSD, H4: AUDUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 0.6750.

Resistance level: 0.6820, 0.6865

Support level: 0.6750, 0.6695

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6375. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6430, 0.6505

Support level: 0.6375, 0.6320

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3230. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3290, 1.3380

Support level: 1.3230, 1.3145

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9800. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.9800, 0.9840

Support level: 0.9755, 0.9705

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from its low level. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 55.55.

Resistance level: 55.55, 57.45

Support level: 53.05, 50.45

GOLD_, H4: Gold price was traded lower following prior breakout below the support level 1535.00. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses towards the support level 1515.55.

Resistance level: 1535.00, 1555.75

Support level: 1515.55, 1495.60

27 August 2019                  Morning Session Analysis

Dollar supported by trade sentiment, euro pressured.

Greenback received bullish momentum following recent trade developments after China and US showed signs of truce despite the announcement of tit-for-tat tariffs. Earlier on Monday, Chinese Vice Premier Liu He stated that they are willing to resolve the ongoing trade disputes via calm negotiations followed by US President Donald Trump surprising tweet. According to his Twitter, Trump confirmed that he received two phone calls from China which requested to bring negotiations back to the table and praising Premier Xi Jinping for being a good leader as he welcomes his desire to achieve a peace treaty. The news was able to lift market sentiment while causing investors to sell their position in safe-haven assets and enter into dollar market, right after the two economic powerhouse spiraled uncertainties in the market with their punitive tariffs against each other. However, dollar gains was capped after the release of poor Core Durable Goods Orders data which fell to -0.4%, missing economists’ expectation of 0.1%. In other news, euro received further downward pressure following the release of German Ifo Business Climate Index data. The business climate fell to a low of 94.3, missing its forecasted value of 95.1 while signaling possible further monetary policy loosening by the European Central Bank (ECB). As of writing, dollar index fell by 0.08% to 97.85 while pair of EUR/USD ticked higher by 0.02% to 1.1102.

In terms of commodities market, crude oil price rose by 0.11% to $53.83 per barrel. On early Monday, oil prices was supported by positive trade sentiment following Donald Trump’s tweet. However, gains on oil were erased following reports on Trump’s willingness to meet with Iran’s President Hassan Rouhani later that day. The report spiraled concerns that if both country were able to settle their disputes, US sanctions on Iran may be lifted and chances of oversupply in the market will increase. However, until an official meeting take place, oil traders will still focus on upcoming inventory data to gauge oil’s movement. On the other hand, gold price ticked higher by 0.02% to $1527.35 a troy ounce. Safe-haven gold fell from its top levels yesterday following positive trade developments.

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, H1: Dollar index was traded lower following prior retracement near the resistance level at 98.00. MACD which illustrate diminishing bullish momentum suggest index to extend its losses toward the support level at 97.50.

Resistance level: 98.00, 98.40

Support level: 97.50, 97.10

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2220. MACD which display bearish momentum suggest the pair to extend its losses towards the support level 1.2170.

Resistance level: 1.2255, 1.2345

Support level: 1.2220, 1.2170

EURUSD, H1: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level at 1.1115.

Resistance level: 1.1115, 1.1155

Support level: 1.1070, 1.1030

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 106.00. MACD which display diminishing bullish momentum suggest the pair to extend its losses toward the support level at 105.60

Resistance level: 106.00, 106.65

Support level: 105.60, 105.10

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the 50 moving average line (blue). MACD which illustrate bullish bias momentum suggest the pair to extend its rebound toward the resistance level at 0.6825.

Resistance level: 0.6825, 0.6865

Support level: 0.6750, 0.6695

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6395. MACD which illustrate diminishing bullish momentum suggest 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, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3275. MACD which illustrate bearish bias signal suggest the pair to extend its losses toward the support level at 1.3220.

Resistance level: 1.3275, 1.3340

Support level: 1.3220, 1.3185

USDCHF, H1: USDCHF was traded lower while currently testing the 20 moving average line (Red). MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully breaking below the 20 moving average line (Red).

Resistance level: 0.9840, 0.9890

Support level: 0.9775, 0.9730

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

Resistance level: 54.65, 55.90

Support level: 53.10, 51.15

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1526.60. MACD which display diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1548.05.

Resistance level: 1548.05, 1565.50

Support level: 1526.60, 1507.10