Daily Analysis

10 June 2019                       Afternoon Session Analysis

Safe-haven slumps as Trump cancels tariff.

Japanese yen received higher bearish pressure following diminishing risks in the financial market. As of writing, pair of USD/JPY rose 0.29% to 108.50 during mid-Asian trading session. Earlier, the pair received some downward momentum following the release of bullish economic data from Japan. According to reports, Japan’s Gross Domestic Product for the first quarter rose by 0.6%, exceeding economist forecast of 0.5%. However, the currency received higher short orders after United States and Mexico struck a migration deal which will avert a tariff war in between both countries. Prior, US President Donald Trump vowed to impose 5% tariff upon all Mexico goods if the country failed to reduce the number of illegal immigrants into the US. As US tariff upon Mexico has been called off, market participants shifted their focus towards risky assets while dumping prior holdings in safe-havens such as Japanese yen and gold. On the other hand, euro depreciates by 0.16% to 1.1313 against the US dollar. Euro received higher selling pressure after Italy propose the introduction of parallel currency in order to regain their own monetary independence. Such introduction would defy laws as laid out by EU Commission and may evoke higher political and economic risk from the region.

As for commodities market, crude oil price rose 0.39% to $54.19 per barrel. Oil futures receives higher demand in the market as traders speculate possible extension of production cut from OPEC later this month. On the other hand, gold price slumped 0.81% to $1,329.76 a troy ounce after Trump called off tariffs upon Mexico imports.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   AUD                       Queen’s Birthday

All Day                   EUR                        Germany – Whit Monday

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 96.65. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the dollar to extend its gains towards the resistance level 96.90.

Resistance level: 96.90, 97.25

Support level: 96.65, 96.45

GBPUSD, H4: GBPUSD was traded lower following recent retracement towards the resistance level 1.2745. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.2680.

Resistance level: 1.2745, 1.2795

Support level: 1.2680, 1.2610

EURUSD, H4: EURUSD was traded lower following prior retracement towards the resistance level 1.1335. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 1.1280.

Resistance level: 1.1335, 1.1395

Support level: 1.1280, 1.1210

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 108.50. MACD which illustrate persistent bullish bias signal suggest the pair to extend its gains towards the resistance level 109.15.

Resistance level: 109.15, 109.75

Support level: 108.50, 107.85

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7000. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6965.

Resistance level: 0.7000, 0.7035

Support level: 0.6965, 0.6930

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6645. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.6600.

Resistance level: 0.6645, 0.6680

Support level: 0.6600, 0.6570

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.3220. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.3295.

Resistance level: 1.3295, 1.3345

Support level: 1.3220, 1.3125

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9910. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.9910, 0.9965

Support level: 0.9855, 0.9790

CrudeOIL, H4: Crude oil price was traded higher while currently retest the resistance level 54.50. However, MACD which illustrate diminishing bullish momentum suggest the commodity to be traded lower towards the support level 52.70.

Resistance level: 54.50, 55.75

Support level: 52.70, 50.55

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1334.65. MACD which illustrate persistent bearish momentum signal suggest the commodity to extend its losses towards the support level 1323.10.

Resistance level: 1334.65, 1345.55

Support level: 1323.10, 1310.70

10 June 2019                       Morning Session Analysis

Greenback tumbles as NFP fumbles.

US dollar tumbled lower since last Friday following the release of bearish Nonfarm Payrolls report from the region. Traders rushed to short against the US dollar after Nonfarm Payrolls for the month of May came in at 75,000, missing economist forecast of 185,000. In addition, Average Hourly Earnings remains stagnant at 0.2%, missing forecast for a rise of up to 0.3%. Both reports have raised expectations upon Federal Reserve which may decrease US interest rates as job markets hits a peak. Likewise, ongoing trade tension in between US and China continues to support for such sentiment as well. Prior, Fed Chairman Jerome Powell indicated that they will “act as appropriate to sustain economic expansion”, signaling for a course of rate cut if overall economy tilt downwards. As of writing, the dollar index recorded a loss of 0.05% to 97.47. On the other hand, pair of USD/JPY continues to oscillate within a tight range as market participants gauge risks that are present in the market such as trade war and unresolved Brexit conundrum. Pair of USD/JPY was last seen at around 108.47.

As for commodities market, crude oil price rose 1.07% to $54.56 per barrel. Oil price rebounds from a low level after Baker Hughes report shows that the total number of active oil rig dropped from 800 to 789 last week. Otherwise, gold price slumped 0.44% to $1,334.66 a troy ounce due to as market participants lock in their profits following last week’s rise.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   AUD                       Queen’s Birthday

All Day                   EUR                       Germany – Whit Monday

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retrace from the top level. MACD which illustrate bearish signal suggests the index to extend its losses, towards the upward trendline.

Resistance level: 97.05, 97.50

Support level: 96.35, 95.80

GBPUSD, H4: GBPUSD remains traded within a sideways channel following prior retrace from the top. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term.

Resistance level: 1.2745, 1.2790

Support level: 1.2630, 1.2515

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

Resistance level: 1.1335, 1.1380

Support level: 1.1275, 1.1220

USDJPY, H1: USDJPY remains traded within a sideways channel while currently testing at the top level. Although MACD has formed a bullish signal, a break above is required to attain further confirmation.

Resistance level: 108.50, 108.70

Support level: 107.95, 107.70

AUDUSD, H4: AUDUSD was traded lower following prior retrace from the resistance of 0.7005. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7005, 0.7030

Support level: 0.6990, 0.6965

NZDUSD, H4: NZDUSD was traded lower while currently testing at the support of 0.6655. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses after closing below the support level.

Resistance level: 0.6680, 0.6705

Support level: 0.6655, 0.6615

USDCAD, H4: USDCAD 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: 1.3290, 1.3325

Support level: 1.3220, 1.3175

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

Resistance level: 0.9910, 0.9965

Support level: 0.9830, 0.9790

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance of 54.45. MACD which illustrate bullish signal suggests its prices to extend its gains after closing above 54.45.

Resistance level: 54.45, 55.75

Support level: 52.85, 51.60

GOLD_, Daily: Gold price was traded lower following prior retracement from the top level. MACD which illustrate diminishing upward momentum suggests its prices to be traded lower in short-term as technical correction.

Resistance level: 1340.00, 1355.00

Support level: 1321.00, 1302.00

7 Jun 2019                           Afternoon Session Analysis

More tariffs after G-20

Pair of USD/JPY extended its recovery since early this morning following the release of bearish economic data from Japan. According to Japan Statistics Bureau, Household Spending for the month of April contracted by 1.4%, missing economist forecast for a lesser contraction of up to -0.3%. The data has dialed down market expectation for a substantial recovery in Japan’s inflation rate as it continues to hover at a low level despite numerous stimulus from Bank of Japan. As of writing, the pair of USD/JPY rose 0.08% to 108.48 during mid-Asian trading session. On the other hand, dollar index was traded flat at around 96.95 as of writing. Market participants adopts a “wait-and-see” approach upon the greenback after US President Donald Trump announced his decision to only enact tariffs upon China after the G-20 summit in Japan. The highly anticipated summit will be held on 28 and 29 June in Osaka which may provide more signals with regards to US-China trade war.

As for commodities market, crude oil price rose 0.32% to $53.20 per barrel. Oil futures extended its rebound from prior five-months low after Washington announced to postpone trade tariffs upon Mexico. On the other hand, gold price depreciates by 0.13% to $1,333.79 a troy ounce following higher demand for 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 resistance level at 96.95. MACD which illustrate bullish momentum suggests the index to extend its gains after successfully breakout above the resistance level at 96.95.

Resistance level: 96.95, 97.40

Support level: 96.70, 96.35

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2695. MACD which illustrate bearish momentum and the formation of death cross suggests the pair to extend its losses after successfully breakout below the support level at 1.2695.

Resistance level: 1.2745, 1.2795

Support level: 1.2695, 1.2610

EURUSD, H1: EURUSD was traded lower following prior breakout below the previous support level at 1.1280. MACD which illustrate bearish momentum and the formation of death cross suggests the pair to extend its losses toward the support level at 1.1245.

Resistance level: 1.1280, 1.1320

Support level: 1.1245, 1.1210

USDJPY, H1: USDJPY was traded higher following prior breakout above the previous resistance level at 108.40. However, MACD which illustrate diminishing bullish momentum suggests the pair to be traded lower in short term toward the support level at 108.40.

Resistance level: 108.80, 109.20

Support level: 108.40, 107.85

AUDUSD, H4: AUDUSD was traded lower following prior retracement near the resistance level at 0.6995. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6960.

Resistance level: 0.6995, 0.7025

Support level: 0.6960, 0.6935

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6640. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.6600.

Resistance level: 0.6640, 0.6670

Support level: 0.6600, 0.6570

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3345.  MACD which illustrate bearish momentum and the formation of death cross suggests the pair to extend its losses after successfully breakout below the support level at 1.3345.

Resistance level: 1.3390, 1.3420

Support level: 1.3345, 1.3310

USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 0.9885. MACD which illustrate bullish momentum and the formation of golden cross suggests the pair to extend its gains toward the next resistance level at 0.9925.

Resistance level: 0.9925, 0.9965

Support level: 0.9885, 0.9855

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 52.80. MACD which illustrate bullish momentum suggests the commodity to extend its gains toward the resistance level at 54.30.

Resistance level: 54.30, 55.90

Support level: 52.80, 51.50

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1340.75. MACD which illustrate bearish momentum suggest the commodity to extend its losses toward the support level at 1331.35.

Resistance level: 1340.75, 1353.65

Support level: 1331.35, 1322.30

07 June 2019                       Morning Session Analysis

Dollar tumbles following weak employment data.

Dollar index have fell against its basket of six major currency rivals as the employment data release on Thursday disappoints further. According to the U.S Department of Labor, the number of filing for unemployment insurance in May have surge to 218K, higher than economist’s expectation with the reading of 215K. Besides that, Challenger Job Cuts data showed that corporate layoff also have increased with the reading 85.9% which is higher than the previous reading of 10.9%. The data have signaled a weakening labor condition in the U.S which added more bets on Federal Reserve to reduce it interest rate. Investor will now focus on tonight’s Non-Farm Payroll data to further confirm the labor market condition and determine greenback’s direction. Dollar index slips 0.03% to 96.92 as of writing. Meanwhile, EUR/USD fell 0.03% to 1.1271 at the time of writing as dovish ECB pushed rate change into mid-2020. According to official statement, ECB President Mario Draghi have announced that the three main rates would remain unchanged (as expected) at least through the first half of 2020, extending the ‘’patient” forward guidance period, from “the end of 2019”.

As for commodities market, crude oil price rose 0.09% to $53.08 per barrel as of writing following a report of possible tariff delay on Mexico. According to reports from Bloomberg News, the United States is considering a delay in the tariffs on Mexico as talks continue. As Mexico is one of the major buyers of U.S energy, the report have regain back investors’ confidence. At the same time, Russia President Vladimir Putin stated that Russia had differences with OPEC over what constituted a fair price for oil, but that Moscow would take a joint decision on output at a policy meeting in coming weeks. Lastly, gold price fell 0.15% to $1333.37 as of writing following market profit taking on the commodity despite elevated risk.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher while currently testing the resistance level at 96.95. MACD which illustrate diminishing bearish momentum suggests the index to extend its gains after successfully breakout above the resistance level at 96.95.

Resistance level: 96.95, 97.40

Support level: 96.70, 96.35

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2695. MACD which illustrate bearish momentum and the formation of death cross suggests the pair to extend its losses after successfully breakout below the support level at 1.2695.

Resistance level: 1.2745, 1.2795

Support level: 1.2695, 1.2610

EURUSD, H1: EURUSD was traded lower following prior breakout below the previous support level at 1.1280. MACD which illustrate diminishing bullish momentum and the formation of death cross suggests the pair to extend its losses toward the support level at 1.1245.

Resistance level: 1.1280, 1.1320

Support level: 1.1245, 1.1210

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 108.40. MACD which illustrate bearish momentum suggests the pair to extend its losses after successfully breakout below the support level at 108.40.

Resistance level: 108.80, 109.20

Support level: 108.40, 107.85

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6995. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6960.

Resistance level: 0.6995, 0.7025

Support level: 0.6960, 0.6935

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6640. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.6600.

Resistance level: 0.6640, 0.6670

Support level: 0.6600, 0.6570

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3390. MACD which illustrate bearish momentum and the formation of death cross suggests the pair to extend its losses toward the support level at 1.3345.

Resistance level: 1.3390, 1.3420

Support level: 1.3345, 1.3310

USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 0.9885. MACD which illustrate bullish momentum and the formation of golden cross suggests the pair to extend its gains toward the next resistance level at 0.9925.

Resistance level: 0.9925, 0.9965

Support level: 0.9885, 0.9855

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 52.80. MACD which illustrate bullish momentum suggests the commodity to extend its gains toward the resistance level at 54.30.

Resistance level: 54.30, 55.90

Support level: 52.80, 51.50

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1340.75. MACD which illustrate bearish momentum suggest the commodity to extend its losses toward the support level at 1331.35.

Resistance level: 1340.75, 1353.65

Support level: 1331.35, 1322.30

6 June 2019                         Afternoon Session Analysis

AUD slumps, Euro nosedived.

Australian dollar received some bearish pressure during mid-Asian trading session following the release of bearish economic data from the region. According to Australian Bureau of Statistics, its Trade Balance for the month of April came in at only 4.871 billion, missing economist forecast for a reading of 5.050 billion. The lower than expected surplus has further cemented the need for an aggressive stimulus from the Reserve Bank of Australia, which hence reiterates the need for an interest cut last Tuesday. For the time being, investors will place their attention upon future economic data from the region in order to gauge the timing of next interest rate cut which is expected to be initiated during second half of 2019. On the other hand, pair of EUR/USD depreciates more than 0.30% to 1.1225 following risk aversion from the EU market. According to reports, the European Commission may Italy for as much as €3.5 billion after the country fail to reduce its debt targets as per EU’s strict budget rules. Such action initiated higher economic and political risks as it may cultivate more anti-EU sentiment within the region.

In the commodities market, crude oil price continues to hover at a low level of $51.79 as market participants wait for more signals. Oil prices was traded in a downtrend since last week following concerns upon global oversupply and diminishing market demand due to escalation in trade war. On the other hand, gold price depreciates by 0.09% to $1,329.16 a troy ounce following a rebound in greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

17.00                     GBP                                        BoE Gov Carney Speaks
19.45                     EUR                                        ECB Monetary Policy Statement

20.30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggests the index to be traded lower toward the support level at 96.95.

Resistance level: 97.40, 97.60

Support level: 96.95, 96.70

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2695. MACD which illustrate diminishing bullish momentum and the formation of death cross suggests the pair to extend its losses toward the support level at 1.2610.

Resistance level: 1.2695, 1.2745

Support level: 1.2610, 1.2555

EURUSD, H1: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.1245.

Resistance level: 1.1245, 1.1280

Support level: 1.1210, 1.1170

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 108.40. MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses toward the support level at 107.85.

Resistance level: 108.40, 108.80

Support level: 107.85, 107.45

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6960. MACD which illustrate bearish momentum and the formation of death cross suggests the pair to extend its losses after successfully breakout below the support level at 0.6960.

Resistance level: 0.6995, 0.7025

Support level: 0.6960, 0.6935

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the 50 moving average line (Blue). MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6640.

Resistance level: 0.6640, 0.6670

Support level: 0.6600, 0.6570

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

Resistance level: 1.3420, 1.3450

Support level: 1.3390, 1.3345

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9925. MACD which illustrate bullish momentum suggests the pair to extend its gains toward the next resistance level at 0.9965.

Resistance level: 0.9965, 1.0005

Support level: 0.9925, 0.9895

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 51.50. MACD which illustrate bullish bias momentum suggests its prices to extend its gains toward the resistance level at 52.80.

Resistance level: 52.80, 54.30

Support level: 51.50, 50.25

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1331.35. However, MACD which illustrate bearish momentum and the formation of death cross suggest the commodity to be traded lower in short term toward the support level at 1322.30.

Resistance level: 1331.35, 1340.75

Support level: 1322.30, 1315.00

06 June 2019                       Morning Session Analysis

Dollar fell amid poor ADP data.

Dollar index have slip against its basket of six major currency pairs following the release on ADP data on Wednesday. According to the official data from Automatic Data Processing (ADP), US private sector have added the fewest jobs since 2010 with the reading of only 27k, weaker than market expectation with the reading of 180k increase. The ADP data are highly correlated to the more comprehensive payroll report which is the NFP on Friday. Market is currently waiting for subsequent employment data such as Challenger Job Cuts which could provide hints on U.S labor market condition. Dollar index fell 0.05% to 97.25 as of writing. Meanwhile, USDJPY extend losses by 0.11% to 108.35 at the time of writing as market sentiment turned sour after U.S and Mexico unable to reach a deal. According to recent reports, Mexican officials have met with their U.S. counterparts for negotiations in Washington on Wednesday which aimed at averting U.S. tariffs on Mexican goods next week, but both countries are unable to struck a deal. US President Donald Trump has stated that “not nearly enough” progress is being made in negotiations with Mexico to avert his threatened tariffs. U.S President Donald Trump also vowed import duties of 5% will take effect on Monday unless Mexico stems the flow of migrants to the US. The escalating tension have further diminishing investors’ confidence thus boosting more demand for the safe-haven Yen.

As for commodities market, crude oil price continue to extend its decline and plummeted 0.10% to $51.70 per barrel following the latest surprise in U.S crude stockpiles. According to EIA, crude oil inventories have increased once again by 6.77 million which missing the economist estimate for a stockpile draw of 0.85 million barrels. Besides that, trade tension between U.S and China also worsening the sentiment and supply-demand expectation which roiled the global market. On the other hand, gold price extend its gain for a sixth-straight day and rose 0.13% to $1328.69 a troy ounce at the time of writing following increasing bets on U.S rate cut by Federal Reserve and also increasing uncertainty in the global market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

17.00                     GBP                                        BoE Gov Carney Speaks
19.45                     EUR                                        ECB Monetary Policy Statement

20.30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 96.95. MACD which illustrate diminishing bearish momentum suggests the index to be traded higher toward the resistance level at 97.40.

Resistance level: 97.40, 97.60

Support level: 96.95, 96.70

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2695. MACD which illustrate diminishing bullish momentum and the formation of death cross suggests the pair to extend its losses toward the support level at 1.2610.

Resistance level: 1.2695, 1.2745

Support level: 1.2610, 1.2555

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1245. MACD which illustrate bearish momentum and the formation of death cross suggests the pair to extend its losses toward the support level at 1.1210.

Resistance level: 1.1245, 1.1280

Support level: 1.1210, 1.1170

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.40.  MACD which illustrate bullish momentum suggests the pair to extend its gains after successfully breakout above the resistance level at 108.40.

Resistance level: 108.40, 108.80

Support level: 107.85, 107.45

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6960. MACD which illustrate bearish momentum and the formation of death cross suggests the pair to extend its losses after successfully breakout below the support level at 0.6960.

Resistance level: 0.6995, 0.7025

Support level: 0.6960, 0.6935

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6635. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6600.

Resistance level: 0.6635, 0.6670

Support level: 0.6600, 0.6570

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3415. MACD which illustrate bullish momentum and the formation of golden cross suggests the pair to extend its gains toward the resistance level at 1.3450.

Resistance level: 1.3450, 1.3475

Support level: 1.3415, 1.3390

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9925. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the next resistance level at 0.9965.

Resistance level: 0.9965, 1.0005

Support level: 0.9925, 0.9895

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 51.50. MACD which illustrate diminishing bearish momentum suggests its prices to extend its gains toward the resistance level at 52.80.

Resistance level: 52.80, 54.30

Support level: 51.50, 50.25

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1331.35. MACD which illustrate bearish momentum and the formation of death cross suggest the commodity to extend its losses toward the support level at 1322.30.

Resistance level: 1331.35, 1340.75

Support level: 1322.30, 1315.00

5 June 2019                         Afternoon Session Analysis

AUD rose despite bearish GDP data.

Australian dollar extended its gains during mid-Asian trading session despite bearish economic data from the region. For the 1^st quarter of 2019, Australia’s Gross Domestic Product (GDP) came in at 0.4%, missing economist expectation to rise to 0.5%. Likewise, its annualized growth rate slowed down to 1.8% as expected from prior quarter’s reading of 2.3%. However, Australian dollar remains supported in the FX market as market participants have fully priced in downside risks which continues to surround its economy. Likewise, market is also speculating that Reserve Bank of Australia may not deliver a back-to-back rate cuts in July if its unemployment rate held steady at 5.2%. As of writing, pair of AUD/USD rose 0.14% to 0.7000. On the other hand, pair of USD/JPY depreciates by 0.07% to 108.06. Japanese yen received higher bidding as risk-off sentiment continues to dominate the financial market.

As for commodities market, crude oil price extended its recovery by 0.49% to $53.12 per barrel. Oil price remains traded in a tight range as market participants waits for more signals in the market to determine its mid-term trend direction. On the other hand, gold price rose 0.12% to $1,326.86 a troy ounce due to higher risk aversion.

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 96.95. However, MACD which illustrate diminishing bearish momentum suggests the index to undergo technical correction in short term toward the resistance level at 96.95.

Resistance level: 96.95, 97.40

Support level: 96.70, 96.35

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2695. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 1.2745.

Resistance level: 1.2745, 1.2795

Support level: 1.2690, 1.2610

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1245. MACD which illustrate bullish momentum suggests the pair to extend its gains toward the resistance level at 1.1280.

Resistance level: 1.1280, 1.1320

Support level: 1.1245, 1.1210

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 108.40. However, MACD which illustrate bullish momentum suggests the pair to undergo technical correction in short term toward the support level at 107.85.

Resistance level: 108.40, 108.80

Support level: 107.85, 107.45

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6995. MACD which illustrate bullish momentum and the formation of golden cross suggests the pair to extend its gains toward the resistance level at 0.7025.

Resistance level: 0.7025, 0.7055

Support level: 0.6995, 0.6960

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6630. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6670.

Resistance level: 0.6670, 0.6705

Support level: 0.6630, 0.6600

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3390. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.3345.

Resistance level: 1.3390, 1.3415

Support level: 1.3345, 1.3310

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9925. MACD which illustrate bearish momentum suggests the pair to extend its losses toward the next support level at 0.9895.

Resistance level: 0.9925, 0.9965

Support level: 0.9895, 0.9855

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 52.80. However, MACD which illustrate bullish momentum suggests its prices to be traded higher in short term toward the resistance level at 54.30.

Resistance level: 54.30, 55.90

Support level: 52.80, 51.50

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1322.30. MACD which illustrate bullish momentum suggest the commodity to extend its gains toward the resistance level at 1331.35.

Resistance level: 1331.35, 1340.75

Support level: 1322.30, 1315.00

05 June 2019                       Morning Session Analysis

Dollar extends loss following dovish Powell stance.

Dollar index measuring against its basket of six major currency pairs have extend its downfall after Federal Reserve Chairman Jerome Powell have bolstered the dovish expectation of rate cut. Following weeks of fears surrounding an uptick in US-China trade wars with recent worries focusing on US-Mexico tensions, the central bank have stated that they are “closely monitoring” the impact of trade developments and “will act appropriate” to sustain expansion. The slight dovish comment has raised expectation and signaled for a possible rate cut this year, thus dragging the market sentiment further down. Dollar index fell 0.03% to 96.94 as of writing. On the other hand, GBP/USD rose 0.05% to 1.2700 at the time of writing despite weak economic data. According to Markit Economics, business conditions in the UK construction sector have decline to 48.6, weaker than market expectation with the reading of 50.5. The data have marked its third decline in four months and also is the first contraction since July 2016. However, the pound remain unfazed by the weak data as the soft dollar with expectation of rate cut have helped support the pound. Market remain in focus on upcoming data and developments to gauge further sentiment.

As for commodities market, crude oil price remain pressured and fall 0.10% to $52.90 per barrel as of writing following surprise gain in U.S inventories. According to API, U.S crude inventories have rose unexpectedly last week by 3.5 million barrels, which is weaker than analyst expectations for a decrease of 890,000 barrels. Besides that, oil sentiment was further dragged by comments from the head of Russian state oil producer Rosneft, Igor Sechin where he stated that Russia should pump at will and he would seek compensation from the government if cuts were extended, questioning the point of a deal with OPEC to withhold supplies. Lastly, gold price extend gains by 0.09% to $1326.48 a troy ounce as of writing following weak dollar continue to increase the demand 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, Daily: Dollar index was traded lower following prior breakout below previous support level at 97.00. MACD which illustrate bearish momentum suggest index to extend its losses towards the support level 96.35.

Resistance level: 97.00, 97.60

Support level: 96.35, 95.60

GBPUSD, H4: GBPUSD was traded higher following prior breakout above previous resistance level at 1.2690. MACD which display bullish signal suggest the pair to extend its gains towards the resistance level 1.2785.

Resistance level: 1.2785, 1.2865

Support level: 1.2690, 1.2615

EURUSD, H4: EURUSD was traded higher after breaking above previous resistance level at 1.1240. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace back towards the support level 1.1240.

Resistance level: 1.1305, 1.1360

Support level: 1.1240, 1.1180

USDJPY, H4: USDJPY remained traded in a sideway channel following prior rebound from support level 107.85. However, due to lack of signal from the MACD, a breakout above the resistance level 108.45 or below the support level 107.85 is required for further confirmation before entering the market.

Resistance level: 108.45, 109.15

Support level: 107.85, 107.40

AUDUSD, H4: AUDUSD was traded higher following prior breakout previous resistance level 0.6970. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace back towards the support level 0.6970.

Resistance level: 0.7030, 0.7070

Support level: 0.6970, 0.6930

NZDUSD, H4: NZDUSD was traded higher following prior breakout previous resistance level 0.6580. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace back towards the support level 0.6580.

Resistance level: 0.6635, 0.6675

Support level: 0.6580, 0.6540

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3380. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses after successfully breaking below the support level.

Resistance level: 1.3435, 1.3490

Support level: 1.3380, 1.3305

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9905. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.9940.

Resistance level: 0.9940, 0.9980

Support level: 0.9905, 0.9860

CrudeOIL, H1: Crude oil price remained traded in a sideway channel after rebounding from the support level 52.65. MACD which illustrate bullish bias signal suggest the commodity to extend its rebound towards the resistance level 53.85.

Resistance level: 53.85, 55.05

Support level: 52.65, 50.50

GOLD_, H1: Gold price was traded higher following prior breakout above previous resistance level at 1324.35. MACD which illustrate bullish bias signal suggest gold to extend its gains towards the resistance level 1331.15.

Resistance level: 1331.15, 1339.10

Support level: 1324.35, 1318.25

4 June 2019                         Afternoon Session Analysis

AUD rises despite rate cut.

Australian dollar received higher bidding at noon despite fresh rate cut from the Reserve Bank of Australia (RBA). As expected by the market, RBA has announced to cut their interest rate by 25 basis points from 1.50% to 1.25% during its policy meeting today. RBA cited that the downside risks towards their economy continues to rise over the backdrop of trade tension in between US and China. However, market participants gave a rather bullish outlook towards the Australian dollar despite its latest rate cut as RBA avoids from portraying pessimism in its statement while citing further upside in terms of inflation progression for mid-term. As of writing, pair of AUD/USD rose 0.05% to 0.6979. On the other hand, pair of USD/JPY extended its losses by 0.14% to 107.91 during mid-Asian trading session. Traders in the market begins to short US dollar following higher expectation towards Federal Reserve in cutting their interest rates for the near-term. On yesterday, 10-year Treasury yield fell to its lowest level since September 2017 after St Louis Fed President James Bullard signaled that a rate cut “may be warranted soon” due to higher economic risks due to trade tension and weak US inflation.

In terms of commodity, crude oil price rebounds by 0.63% to $53.12 per barrel. Oil futures received higher demand after Saudi Arabia express their confidence that they may extend the oil cut agreement into the second half of the year. Otherwise, gold price ticks up 0.02% to $1,352.02 a troy ounce following higher risk aversion in the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

21:45                     USD                                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 97.00. MACD which illustrate bearish bias momentum suggests the index to extend its losses after successfully breakout below the support level at 97.00.

Resistance level: 97.40, 97.60

Support level: 97.00, 96.70

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2610. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 1.2695.

Resistance level: 1.2695, 1.2745

Support level: 1.2610, 1.2555

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1245. MACD which illustrate bullish momentum suggests the pair to extend its gains toward the resistance level at 1.1280.

Resistance level: 1.1280, 1.1320

Support level: 1.1245, 1.1210

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.85. However, MACD which illustrate diminishing bearish momentum suggests the pair to undergo technical correction toward the resistance level at 108.20 in short term.

Resistance level: 108.20, 108.80

Support level: 107.85, 107.45

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6960. MACD which illustrate bullish bias momentum suggests the pair to extend its gains toward the resistance level at 0.6995.

Resistance level: 0.6995, 0.7025

Support level: 0.6960, 0.6935

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6600. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 0.6570.

Resistance level: 0.6600, 0.6630

Support level: 0.6570, 0.6550

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3450. MACD which illustrate bearish momentum suggests the pair to extend its losses toward the support level at 1.3415.

Resistance level: 1.3450, 1.3475

Support level: 1.3415, 1.3390

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9930. MACD which illustrate diminishing bearish momentum suggests the pair to be traded higher after successfully breakout above the resistance level at 0.9930.

Resistance level: 0.9930, 0.9965

Support level: 0.9895, 0.9855

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 54.30. However, MACD which illustrate diminishing bearish momentum suggests its prices to be traded higher in short term toward the resistance level at 54.30.

Resistance level: 54.30, 55.90

Support level: 51.50, 50.25

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1323.00. MACD which illustrate diminishing bullish bias momentum suggest the commodity to extend its losses toward the support level at 1315.00.

Resistance level: 1323.00, 1331.35

Support level: 1315.00, 1308.90

04 June 2019                       Morning Session Analysis

Dollar plunges as investors flee to safe-haven, euro gains.

Dollar index which measures its value against a basket of six major currency pairs continues to plunge back to its 97.00 value amid poor manufacturing figure. According to the Institute of Supply Management, US ISM Manufacturing PMI slumped to a two-and-a-half-year low of 52.1, missing economists’ forecast of 53.0 and indicating a slowdown in business activity in the manufacturing sector. Dollar was previously pressured by trade tensions between US and China as well as Mexico, with the released of disappointing data further worsen dollar’s sentiment, causing investors to flee into safe-haven gold and Yen. However, ISM Manufacturing Employment data provided a higher than expected reading, signaling increasing employment activities which might provide a bullish Nonfarm Payroll data this week. At the moment, investors will place their focus on Fed Chairman Jerome Powell speech to wait for further signals in the market. In other news, the euro was able to hold its gains against the dollar yesterday following Eurozone and Germany’s manufacturing data which hit their expectations, lifting worries of further slowdown in Eurozone’s economy. As of writing, dollar index inched higher by 0.03% to 97.04 while pair of EUR/USD was up by 0.09% to 1.1250.

As for commodities market, crude oil price managed to rebound by 0.59% to $53.12 per barrel after plunging more than 15% last week. According to Saudi Arabia energy minister Khalid al-Falih, he signaled that they will keep the oil market stabilized, hinting that OPEC will most probably further their production cut plan along with non-OPEC members during the meeting in Vienna at the end of June. Lastly, gold price further its gains by 0.17% to $1326.75 a troy ounce amid weaker dollar which led to investors’ risk aversion as they flee into the safe-haven gold.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12:30                     AUD                                       RBA Rate Statement

21:45                     USD                                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 97.00. MACD which illustrate persistent bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 97.40, 97.70

Support level: 97.00, 96.45

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2610. MACD which display bullish signal suggest the pair to extend its gains towards the resistance level 1.2680.

Resistance level: 1.2680, 1.2745

Support level: 1.2610, 1.2550

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1245. MACD which display ongoing bullish bias signal suggest the pair to extend its gains after it successfully breaks above the resistance level 1.1245.

Resistance level: 1.1245, 1.1280

Support level: 1.1215, 1.1175

USDJPY, H4: USDJPY was traded lower while currently testing the support level 107.85. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses after it breaks below the support level 107.85.

Resistance level: 108.50, 109.15

Support level: 107.85, 107.10

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.6965. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6995, 0.7035

Support level: 0.6965, 0.6930

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6600. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6570.

Resistance level: 0.6645, 0.6680

Support level: 0.6570, 0.6545

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.3490. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses towards the support level 1.3415.

Resistance level: 1.3490, 1.3535

Support level: 1.3415, 1.3380

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9910. However, MACD which illustrate diminishing bearish bias signal suggest the pair to experience a technical correction towards the resistance level 0.9965.

Resistance level: 0.9965, 1.0005

Support level: 0.9910, 0.9855

CrudeOIL, H4: Crude oil price was traded flat in a sideway channel after it breaks below the previous support level 53.75. However, MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the commodity to be traded higher towards the current resistance level 53.75.

Resistance level: 53.75, 54.90

Support level: 52.05, 50.55

GOLD_, H4: Gold price was traded higher following prior breakout above previous resistance level 1323.10. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a short term technical correction towards the support level 1323.10.

Resistance level: 1331.95, 1345.55

Support level: 1323.10, 1310.70

3 June 2019                         Afternoon Session Analysis

Safe-haven rose as trade tension rises.

Safe-haven thrives during mid-Asian trading session over the backdrop of heightening trade tension in between US and several other countries. In a recent development, US and Mexican officials are currently gearing up for a trade talk after US President Donald Trump announced to impose tariffs upon Mexican goods if it fails to mitigate undocumented migration in to the US. On the other hand, US announced last week that they will end the preferential trade status for India as it has failed to provide adequate access into their market. This has sparked higher concerns over trade tension which may derail global economic growth in the future. As of writing, pair of USD/JPY slumped 0.12% to 108.14 while USD/CHF extended losses by 0.34% to 0.9974. Otherwise, pair of AUD/USD rose 0.24% to 0.6995. Australian dollar rebounds from its lower level after China recent data shows substantial optimism within the manufacturing sector. According to Caixin, Manufacturing PMI for the month of May came in at 50.2, significantly better than forecast to depreciate to 50.0.

In terms of commodities, crude oil price extended losses by 0.36% to $53.06 per barrel. Oil prices slides further amid stalling market demand for crude oil while coupled with intense trade war tension in between US and several countries. On the other hand, gold price rose 0.48% to $1,311.82 a troy ounce following higher risk aversion in the market.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   NZD                       New Zealand – Queen’s Birthday

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 97.60. MACD which illustrate bearish bias momentum suggests the index to extend its losses toward the support level at 97.40.

Resistance level: 97.60, 98.00

Support level: 97.40, 97.00

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistnace level at 1.2610. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 1.2695.

Resistance level: 1.2695, 1.2745

Support level: 1.2610, 1.2555

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1170. MACD which illustrate bullish momentum suggests the pair to extend its gains toward the resistance level at 1.1210.

Resistance level: 1.1210, 1.1245

Support level: 1.1170, 1.1125

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 108.20. MACD which illustrate diminishing bearish momentum suggests the pair to undergo technical correction toward the resistance level at 108.20 in short term.

Resistance level: 108.20, 108.80

Support level: 107.85, 107.15

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6935. MACD which illustrate bullish momentum suggests the pair to extend its gains toward the resistance level at 0.6960.

Resistance level: 0.6960, 0.6995

Support level: 0.6935, 0.6865

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6550.  MACD which illustrate bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 0.6550.

Resistance level: 0.6550, 0.6585

Support level: 0.6505, 0.6470

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3505. MACD which illustrate bearish momentum suggests the pair to extend its losses toward the support level at 1.3475.

Resistance level: 1.3505, 1.3535

Support level: 1.3475, 1.3450

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 1.0005. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 0.9965.

Resistance level: 1.0005, 1.0050

Support level: 0.9965, 0.9930

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 54.30. However, MACD which illustrate diminishing bearish momentum suggests its prices to be traded higher in short term toward the resistance level at 54.30.

Resistance level: 54.30, 55.90

Support level: 51.50, 50.25

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1308.90. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1315.00.

Resistance level: 1315.00, 1323.00

Support level: 1308.90, 1302.40

03 June 2019                       Morning Session Analysis

Market remains pressured as global tension intensifies.

Dollar index which measuring against a basket of six major currency pairs have sinks 0.54% to $97.55 as of writing as market remains rattled by escalating trade tensions from the U.S. U.S President Donald Trump have recently surprised the market with a new round of fresh salvo which now aiming at Mexico. In his recent tweet, Donald Trump have stated that he will impose tariff on June 10 and the tariff will last and increase until illegal immigration is stopped. Besides that, market sentiment was also worsened by recent comments from Fed Vice President Richard Clarida discussing the possibility of rate cuts should the world’s biggest economy take a turn for the worse. As geopolitical tension escalates further, investors have turned off their risk sentiment and increasing their bets on safe-haven asset such as Yen and Swiss Franc. At the time of writing, USDJPY extend its downfall and fell 0.04% to 109.15.

As for commodities market, crude oil price also plummeted by 0.90% by $52.86 per barrel at the time of writing following fresh trade worries. As U.S Donald Trump threatening tariff on Mexico, the threat could disrupt a long-standing cross-border energy trade, hitting U.S. consumers and refiners that use Mexican oil by boosting prices, and also raising concerns about potential retaliation by the world’s biggest buyer of U.S. energy products following Mexico is one of U.S. key trade partner and major supplier of crude oil. Lastly, gold price skyrocketed 0.27% to $1309.07 a troy ounce as of writing following prior demand for safe-haven asset boosted by intensifying trade fears.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below previous support level at 97.60. MACD which display bearish momentum with the formation of death cross suggest the index to extend its losses towards its support level 97.35.

Resistance level: 97.60, 97.95

Support level: 97.35, 97.00

GBPUSD, H4: GBPUSD was traded higher following prior breakout above previous resistance level at 1.2615. MACD which display bullish signal suggest the pair to extend its gains towards the resistance level 1.2690.

Resistance level: 1.2690, 1.2785

Support level: 1.2615, 1.2555

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1180. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breaking above the resistance level.

Resistance level: 1.1180, 1.1240

Support level: 1.1120, 1.1010

USDJPY, H4: USDJPY was traded lower following prior breakout below previous support level at 108.45. MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level 107.80.

Resistance level: 108.45, 109.15

Support level: 107.80, 107.15

AUDUSD, H4: AUDUSD was traded higher following prior breakout previous resistance level 0.6930. MACD which display bullish momentum suggest the pair to extend its gains towards the resistance level 0.6970.

Resistance level: 0.6970, 0.7030

Support level: 0.6930, 0.6895

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6540. MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breaking above the resistance level.

Resistance level: 0.6540, 0.6580

Support level: 0.6500, 0.6470

USDCAD, H4: USDCAD was traded lower while currently testing near the 20-MA line (green). MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses after successfully closing below the 20-MA line.

Resistance level: 1.3530, 1.3575

Support level: 1.3490, 1.3435

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9980. MACD which illustrate bearish momentum suggest the pair to extend its losses after successfully breaking below the support level.

Resistance level: 1.0020, 1.0070

Support level: 0.9980, 0.9945

CrudeOIL, H4: Crude oil price was traded lower after breaking below previous support level at 53.40. MACD which display ongoing bearish momentum suggest the commodity to extend its losses towards the support level 52.05.

Resistance level: 53.40, 55.05

Support level: 52.05, 50.55

GOLD_, H4: Gold price was traded higher following prior breakout above previous resistance level at 1302.50. MACD which illustrate bullish momentum suggest the commodity to extend its gains towards the resistance level 1311.40.

Resistance level: 1311.40, 1318.80

Support level: 1295.50, 1287.85

31 May 2019                       Afternoon Session Analysis

Trump slaps more tariffs!

Japanese yen receives higher demand in the FX market following a new round of tariffs from the United States. As of writing, pair of USD/JPY slumped 0.35% to 109.22 during mid-Asian trading session. Earlier today, Trump administration announced to impose 5% tariff upon all imported goods from Mexico beginning June 10^th. The tariff would be “gradually increased” until the flow of undocumented immigrants that crosses the border into United States stops. Such action has raised risk aversion among the market as imposition of tariffs would further increase recessive risks in the global economy. On the other hand, pair of EUR/USD slipped 0.02% to 1.1133. Euro was traded lower following heightened market concern over Italy’s rising debt level and prospect of Trump imposing tariffs upon automobile exports from the EU. For the time being, investors will continue to monitor the market in terms of trade tension to gain further market signals.

As for commodities, crude oil price slipped 0.73% to $55.93 per barrel. Oil futures received further bearish pressure following heightened trade tension after Trump imposes tariffs upon Mexico. On the other hand, gold price rose 0.25% to $1,291.63 a troy ounce following 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 flat while currently testing the resistance level 98.00. However, MACD which illustrate bearish bias signal with the starting formation of death cross suggest the dollar to be traded lower towards the support level 97.70.

Resistance level: 98.00, 98.50

Support level: 97.70, 97.40

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.2610. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a short term technical correction towards the resistance level 1.2690.

Resistance level: 1.2690, 1.2745

Support level: 1.2610, 1.2550

EURUSD, H4: EURUSD was traded flat following recent retracement from the resistance level 1.1145. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher towards the resistance level 1.1145.

Resistance level: 1.1145, 1.1175

Support level: 1.1115, 1.1080

USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing the support level 109.25. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it successfully breaks below the support level.

Resistance level: 109.75, 110.00

Support level: 109.25, 109.05

AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent rebound from the support level 0.6900. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 0.6930.

Resistance level: 0.6930, 0.6965

Support level: 0.6900, 0.6865

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6510. MACD which illustrate bullish bias signal suggest the pair to extend its gain after it breaks above the resistance level.

Resistance level: 0.6545, 0.6570

Support level: 0.6510, 0.6475

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3535. MACD which display persistent bullish momentum suggest the pair to extend its gains after it breaks above the resistance level 1.3535.

Resistance level: 1.3535, 1.3570

Support level: 1.3490, 1.3415

USDCHF, H4: USDCHF was traded lower while currently testing the support level 1.0050. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.0080, 1.0125
Support level: 1.0050, 1.0005

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 55.75. 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 55.75.

Resistance level: 56.85, 57.85

Support level: 55.75, 54.90

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1287.20. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 1294.15.

Resistance level: 1294.15, 1301.85

Support level: 1287.20, 1279.05

31 May 2019                       Morning Session Analysis

Greenback struggled on mixed economic data.

Dollar index which gauge its value against a basket of six major currencies hovered around two years high level at $98.00 amid mixed data has ‘stunned’ the market sentiment toward greenback. According to Bureau of Economic Analysis, US first quarter of GDP was came in at a reading parallel to economist forecast of 3.1% while data showing significant growth in consumer spending, government spending and net exports. Growth in GDP indicating that US economy is still remain resilient and consumers are still optimistic toward the economy outlook in short term. However, Greenback did not receive a momentous demand from the market as the GDP data reflected the economy activity and health of US in first quarter of 2019, before the current escalation of the US China trade war. Besides, appealing of dollar index dragged down further amid downbeat US Pending Home Sales data, where the reading was -1.5%, weaker than economist forecast 0.9%. During early Asian trading hours, Dollar Index inched down 0.02% to 98.00 while the pair of USD/CAD surged 0.23% to 1.3530 amid crude oil price dropped significantly.

As for commodities market, crude oil price quoted down 0.67% to $55.95 per barrel amid EIA data showed a very slight decline in US oil inventories. The EIA said US crude oil stockpile fell nearly 300k barrel last week, less than the 900k barrel decline analyst forecast. Besides, gold price inched up 0.32% to $1292.59 a troy ounce amid dollar 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 lower while currently testing the support level 97.95. MACD which illustrate diminishing bullish momentum suggest index to further its losses after successfully breaking below the support level.

Resistance level: 98.25, 98.60

Support level: 97.95, 97.60

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2615. Due to lack of momentum from the MACD, a breakout below or rebound from the support level is required for further confirmation before entering the market.

Resistance level: 1.2690, 1.2785

Support level: 1.2615, 1.2515

EURUSD, Daily: EURUSD was traded lower while currently testing near the support level 1.1120. MACD which display bearish momentum with the formation of death cross suggest the pair to extend its losses after successfully breaking below the support level.

Resistance level: 1.1180, 1.1240

Support level: 1.1120, 1.1010

USDJPY, H4: USDJPY was traded lower while currently testing near the support level at 109.15. MACD which illustrate bearish bias signal suggest the pair to extend its losses after successfully breaking below the support level.

Resistance level: 109.70, 110.20

Support level: 109.15, 108.45

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.6930. MACD which illustrate bearish momentum suggest the pair to extend its retracement towards the support level 0.6860.

Resistance level: 0.6930, 0.6970

Support level: 0.6860, 0.6820

NZDUSD, H4: NZDUSD was traded lower following prior breakout below previous support level 0.6510. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses towards the support level 0.6465.

Resistance level: 0.6510, 0.6540

Support level: 0.6465, 0.6430

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3530. MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breaking above the resistance level.

Resistance level: 1.3530, 1.3575

Support level: 1.3490, 1.3435

USDCHF, H4: USDCHF was traded lower following prior breakout below previous support level at 1.0070. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses towards the support level 1.0020.

Resistance level: 1.0070, 1.0130

Support level: 1.0020, 0.9980

CrudeOIL, H4: Crude oil price was traded lower after breaking below previous support level at 56.75. MACD which display bearish momentum with the formation of death cross suggest the commodity to extend its losses towards the support level 55.05.

Resistance level: 56.75, 58.45

Support level: 55.05, 53.40

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level at 1294.00. MACD which display persistent bullish momentum suggest gold to extend its gains after successfully breaking above the resistance level.

Resistance level: 1294.00, 1302.50

Support level: 1287.85, 1278.90

30 May 2019                       Afternoon Session Analysis

Trade tension escalates with anti-dumping tariff.

US dollar extended gains to two-years high against other major currencies following escalating trade tension in between US and China. Standoffs between world’s two biggest economies escalated to the next level after US Commerce Department announced to impose anti-dumping tariffs upon Chinese-made mattresses and stainless-steel beer kegs which are priced lower than fair market value. Washington will impose duties up to 79.7% upon Chinese-made kegs and up to 1,731% on mattresses. Such action would further worsen trade tension in between US and China which could further delay any effort to resolve in the future. As US dollar is being regarded as one of the safe-haven assets, the dollar index rose 0.02% to 97.95. On the other hand, euro was dumped on yesterday following bearish data from Germany. Germany’s latest data showed an uptick in unemployment rate, accompanying a series of economic reports from the region which signals recessive risks. As of writing, pair of EUR/USD ticked down 0.02% to 1.1139.

On the other hand, crude oil price recovered its losses by 0.14% to $59.04 per barrel. Oil prices continue to hover with a tight range as market participant anticipates for more signals with regards to global oil supply and demand. On the other hand, gold price depreciates by 0.17% to $1,277.81 a troy ounce due to stronger greenback.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CHF                        Ascension 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 while currently retest the resistance level 98.00. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a short-term technical correction towards the support level 97.70.

Resistance level: 98.00, 98.50

Support level: 97.70, 97.40

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.2615. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a short-term technical correction towards the resistance level 1.2690.

Resistance level: 1.2690, 1.2745

Support level: 1.2615, 1.2550

EURUSD, H4: EURUSD was traded higher following prior rebound from its low level. MACD which illustrate bullish bias signal suggest the pair to extend its rebound in short term towards the resistance level 1.1145.

Resistance level: 1.1145, 1.1175

Support level: 1.1115, 1.1080

USDJPY, H4: USDJPY remain traded in a sideway channel following prior rebound from the support level 109.25. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 109.75.

Resistance level: 109.75, 110.00

Support level: 109.25, 109.05

AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the resistance level 0.6930. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level 0.6930

Resistance level: 0.6930, 0.6965

Support level: 0.6900, 0.6865

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6510. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6545.

Resistance level: 0.6545, 0.6570

Support level: 0.6510, 0.6475

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3520. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 1.3475.

Resistance level: 1.3520, 1.3570

Support level: 1.3475, 1.3415

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 1.0080. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 1.0050.

Resistance level: 1.0080, 1.0125
Support level: 1.0050, 1.0005

CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing the resistance level 59.10. MACD which illustrate bullish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 59.10, 60.10

Support level: 58.05, 56.95

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1279.05. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1269.80.

Resistance level: 1279.05, 1287.20

Support level: 1269.80, 1262.75