Daily Analysis

20 May 2019                       Afternoon Session Analysis

Dollar remains buoyant as trade war escalates.

Dollar index which measure its value against a basket of six major currency pairs was traded higher by 0.04% to 97.80 amid trade war tensions. Recent developments in trade war escalated to tit-for-tat tariffs with China retaliating by imposing tariff on $60 billion US goods effective on 1^st June. Although US President Donald Trump stated that a deal is still achievable, market participants now worry that China will not compromise with US demand for a deal which favors the US more. Recent reports also stated that Chinese Premier Xi Jinping is unwilling to meet Trump for further trade negotiations during the G20 summit next month. The current tariff imposed on China goods is benefiting the US, causing investors to place their investment in stronger dollar. In other news, pair of GBP/USD was traded higher by 0.14% to 1.2733 as of writing. The British pound is still being pressured by Brexit impasse which ended with failure of cross-party talks. Further pressuring the pound was Prime Minister Theresa May’s Brexit draft which was reported bringing no significant changes compared to the previous draft. May’s Brexit plan will undergo a 4^th consecutive vote during 3^rd June while she struggles to persuade UK lawmakers in approving the proposal.

As for commodities, crude oil price skyrocketed by 1.15% to $63.58 per barrel after OPEC signals for continuing production cuts. Recent reports from Saudi Arab stated that OPEC might further production cut ‘gently’ while remaining responsive towards global oil demand. On the other hand, gold price fell by 0.16% to $1275.70 per troy ounce following stronger dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   Canada                  Victoria Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the resistance level 97.60. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a short term technical correction towards the support level 97.60.

Resistance level: 98.00, 98.50

Support level: 97.60, 97.05

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2720. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.2795.

Resistance level: 1.2795, 1.2865

Support level: 1.2720, 1.2620

EURUSD, H4: EURUSD was traded lower following prior breakout below the support level 1.1180. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short term back to the current resistance level 1.1180.

Resistance level: 1.1180, 1.1215

Support level: 1.1145, 1.1115

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 110.35. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a short term technical correction towards the support level 109.70.

Resistance level: 110.35, 110.90

Support level: 109.70, 108.95

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the resistance level 0.6910. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.6965.

Resistance level: 0.6965, 0.6995

Support level: 0.6910, 0.6855

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6515. MACD which illustrate bullish momentum signal with the starting formation of golden cross suggest the pair to extend its gains towards the resistance level 0.6580.

Resistance level: 0.6580, 0.6645

Support level: 0.6515, 0.6460

USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the support level 1.3405. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to be traded lower after it breaks below the support level 1.3415.

Resistance level: 1.3475, 1.3520

Support level: 1.3415, 1.3380

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 1.0125. MACD which illustrate persistent bullish bias signal suggest the pair to extend its gains after it successfully breaks above the resistance level 1.0125.

Resistance level: 1.0125, 1.0160
Support level: 1.0045, 1.0005

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 62.80. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 64.55.

Resistance level: 64.55, 66.30

Support level: 62.80, 61.20

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1279.10. MACD which illustrate persistent bearish signal suggest the commodity to extend its losses towards the support level 1269.40.

Resistance level: 1279.10, 1289.40

Support level: 1269.40, 1263.45

20 May 2019                       Morning Session Analysis

US Consumer Confidence at 15-years high.

Greenback extended its gains on last Friday over the backdrop of bullish economic data from the region. According to University of Michigan, its Consumer Sentiment rose to 102.4, its highest level in more than 15 years while exceeding forecast of 97.8 for the month of May. Although the data rose due to growing consumer confidence upon US economy, much of it was being recorded well before trade war escalation earlier this month. As of writing, the dollar index ticked up 0.02% to 97.79 against a basket of six major peers. On the other hand, pair of AUD/USD gapped up by 0.41% to 0.6896 due to surprising election results. Bullish traders in the market reacted positively towards the surprise re-election of Liberal Party’s Scott Morrison despite ambitious policy agenda from the Labor Party. However, the final results have yet to roll out which will confirm whether the Liberals will form a majority party in the parliament or need to form a minority government with other parties to hold power.

On the other hand, crude oil price skyrocketed 1.02% to $63.38 per barrel. Oil futures received higher demand after Saudi Energy Minister said on Sunday that OPEC and its allied oil produces would like to drive down crude inventories “gently” while remain responsive towards the needs of the “fragile” oil market. On the other hand, gold price ticked down 0.03% to $1,277.64 a troy ounce due to weaker US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   Canada                  Victoria Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the index to extend further up, towards the direction of 97.95.

Resistance level: 97.95, 98.60

Support level: 97.65, 97.30

GBPUSD, Daily: GBPUSD extended its losses after closing below the support of 1.2790. MACD which illustrate bearish signal suggests the pair to advance further down after closing below 1.2700.

Resistance level: 1.2790, 1.2900

Support level: 1.2700, 1.2630

EURUSD, H4: EURUSD was traded higher following prior rebound from the support of 1.1155. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1200, 1.1220

Support level: 1.1155, 1.1100

USDJPY, H4: USDJPY was traded higher following prior closure above the resistance at 110.10. MACD which illustrate bullish signal suggest the pair to advance further up, towards the direction of 110.55.

Resistance level: 110.55, 111.00

Support level: 110.10, 109.80

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance of 0.6915. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the target at 0.6915.

Resistance level: 0.6915, 0.6955

Support level: 0.6860, 0.6800

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support near 0.6515. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.

Resistance level: 0.6540, 0.6570

Support level: 0.6515, 0.6450

USDCAD, H4: USDCAD was traded lower while currently testing near the upward trendline. MACD which illustrate bearish signal suggests the pair to extend its losses after breaking the trendline.

Resistance level: 1.3490, 1.3530

Support level: 1.3435, 1.3400

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance at 1.0110. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the resistance near 1.0110.

Resistance level: 1.0110, 1.0155

Support level: 1.0095, 1.0055

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance at 63.70. MACD which illustrate bullish signal suggests its prices to advance further up after closing above 63.70.

Resistance level: 63.70, 64.70

Support level: 62.50, 61.00

GOLD_, H4: Gold price extended its losses after closing below the support near 1285.80. MACD which continues to illustrate bearish signal suggests its price to be traded lower in short-term, towards the direction of 1275.30.

Resistance level: 1285.80, 1295.65

Support level: 1275.30, 1267.00

17 May 2019                       Afternoon Session Analysis

Kiwi pressured by downbeat data, Yen gains.

New Zealand dollar was quoted higher by 0.06% to 0.6535 after being pressured by lower than expected PPI reading. Earlier today, New Zealand released its PPI Input for the first quarter which fell to -0.9%, missing economists’ expectation of 1.4%, indicating a poor inflationary level for the country which reaffirmed Reserve Bank of New Zealand (RBNZ) rate cut stance prior. The single currency was further pressured by escalating trade war tensions which supported dollar’s appeal as a safe-haven asset, causing investors to sell riskier assets and buying dollar. In other news, pair of USD/JPY fell by 0.15% to 109.65 as of writing following market risk aversion as political tension rose between Saudi Arabia and Iran. According to recent news, Saudi Arabia had accused Iran for attacking its oil facilities, causing investors to flee from risky assets into safe-haven Yen. Further supporting the Yen was ongoing trade tensions between US and China which remained unresolved, fueling more uncertainties into the market.

In the commodities market, crude oil price was traded lower by 0.21% to $62.98 per barrel. Oil price remained pressured by trade tensions between US and China as well as political tensions between Saudi Arabia and Iran. On the other hand, gold price rebounded by 0.07% to $1,287.30 a troy ounce amid market 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 higher while currently testing the resistance level at 97.60. However, MACD which illustrate diminishing bullish momentum suggest the index to be traded lower in short term toward the support level at 97.40.

Resistance level: 97.60, 98.00

Support level: 97.40, 97.00

GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.2805. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 1.2735.

Resistance level: 1.2805, 1.2905

Support level: 1.2735, 1.2665

EURUSD, H1: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1175. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.1210.

Resistance level: 1.1210, 1.1245

Support level: 1.1175, 1.1125

USDJPY, H4: USDJPY was traded lower following prior retracement from the 50 Moving Average (Blue). MACD which display diminishing bullish suggest the pair to extend its retracement toward the support level at 109.55.

Resistance level: 110.05, 110.35

Support level: 109.55, 109.25

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6915. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6865.

Resistance level: 0.6915, 0.6995

Support level: 0.6865, 0.6825

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the support level at 0.6545. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6505.

Resistance level: 0.6545, 0.6585

Support level: 0.6505, 0.6470

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3475. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout above the resistance level at 1.3475.

Resistance level: 1.3475, 1.3505

Support level: 1.3440, 1.3415

USDCHF, H4: USDCHF was traded lower while following prior retracement from the resistance level at 1.0100. MACD which display diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.0050.

Resistance level: 1.0100, 1.0130

Support level: 1.0050, 1.0030

CrudeOIL, H4: Crude oil was traded lower following prior retracement from the resistance level at 63.50. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 62.75.

Resistance level: 63.50, 64.50

Support level: 62.75, 60.50

GOLD_, H4: Gold was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1288.50.

Resistance level: 1288.50, 1293.20

Support level: 1278.45, 1272.45

17 May 2019                       Morning Session Analysis

Dollar thrust forward as data delivers.

Overnight, bullish market cheers upon greenback following better-than-expected economic data which has confounded some concerns with regards to possible slowdown in the US. According to reports, Building Permits for the month of April increased by 1.296 million, beating economist forecast of only 1.290 million. In terms of labor market, Initial Jobless Claims for last week increased less than expected with 212K, fared better than economist’ expectation of 220K. Likewise, Philadelphia Fed reported that its Manufacturing Index rose to 16.6 while its employment component shows higher hiring activity with an actual reading of 18.2 for the month of May. All of the data released above has invigorated optimism among investors towards the greenback which lead to a higher buyback in the FX market. On the other hand, pound sterling extended its losses this morning due to higher Brexit and political risks in the United Kingdom. According to report, Parliaments is expected to vote on Brexit agreement in June and UK PM Theresa May has vowed to step down if the plan is being passed. A change in political figure may bring uncertainty upon future Brexit development and thus evoking higher risk aversion away from the UK market. As of writing, dollar index was up 0.27% to 97.60 while GBP/USD slumped 0.02% to 1.2794.

In the commodities market, crude oil price extended gains by 0.06% to $63.15 per barrel. Oil price rallies after Saudi Arabia accused Iran of ordering this week’s attack upon its key oil facilities, fueling tensions in between two of the world’s oil producing nation. On the other hand, gold price extended its losses by 0.03% to $1,286.24 a troy ounce due to a stronger greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing at the resistance of 97.65. MACD which illustrate bullish signal suggests the index to extend its gains after closing above 97.65.

Resistance level: 97.65, 97.95

Support level: 97.30, 96.85

GBPUSD, Daily: GBPUSD was traded lower while currently testing near the support of 1.2790. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the target of 1.2790.

Resistance level: 1.2900, 1.2955

Support level: 1.2790, 1.2700

EURUSD, H4: EURUSD was traded lower following prior breakout from the upward trendline. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 1.1155.

Resistance level: 1.1200, 1.1220

Support level: 1.1155, 1.1100

USDJPY, H4: USDJPY was traded higher following prior closure above 109.80. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the 60-MA line (green).

Resistance level: 110.10, 110.55

Support level: 109.80, 109.40

AUDUSD, Daily: AUDUSD was traded lower after breaking out from the downward channel. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 0.6860.

Resistance level: 0.6915, 0.6955

Support level: 0.6860, 0.6800

NZDUSD, H4: NZDUSD was traded lower after closing below the support of 0.6540. MACD which illustrate bearish signal suggests the pair to extend its losses in mid-term, towards the direction of 0.6515.

Resistance level: 0.6540, 0.6570

Support level: 0.6515, 0.6450

USDCAD, H4: USDCAD was traded higher after a rebound from the upward trendline. MACD which illustrate bullish signal suggests the pair to extend its gains towards the direction of 1.3490.

Resistance level: 1.3490, 1.3530

Support level: 1.3435, 1.3400

USDCHF, H4: USDCHF was traded higher after closing above the resistance near 1.0095. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 1.0110.

Resistance level: 1.0110, 1.0155

Support level: 1.0095, 1.0055

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from its higher level. MACD which illustrate diminished upward momentum suggests its prices to be traded lower in short-term as technical correction.

Resistance level: 63.70, 64.70

Support level: 62.50, 61.00

GOLD_, H4: Gold price was traded lower while currently testing near the support of 1285.80. MACD which illustrate bearish signal suggests its prices to extend its losses after closing below the target of 1285.80.

Resistance level: 1295.65, 1302.50

Support level: 1285.80, 1275.30

16 May 2019                       Afternoon Session Analysis

Tariff on EU goods postponed.

Dollar index which gauge its value against a basket of six major currencies was traded lower following a news regarding Donald Trump’s plan to postpone tariff on EU goods. As the deadline inch closer, Donald Trump faces an issue on his threat to impose tariff as much as 25% on imported cars and parts from EU. According to Bloomberg, the motive of Donald Trump delaying auto tariff on EU is to avoid further deteriorate of political relationship between US and its allies as blowing up negotiation with EU might be a ‘bad move’ for US, given the current trade war tension with China. As of now, Dollar index ticked down 0.04% to 97.30. On the other hand, the pair of AUD/USD tumbled 0.14% to 0.6915 amid poor data which heightened the negative momentum in Aussie dollar. According to Australian Bureau of Statistic, Unemployment Rate for the month of April came in at 5.2%, exceeding the economist forecast of 5.0%. The downbeat data has cemented that RBA lowering down the interest rate from 1.75% to 1.5% to contend the sign of economic slowdown in Australia is a perfect move.

On the other hand, crude oil price rose 0.43% to $62.35 per barrel amid heightened Mideast tensions initiated fears of supply disruptions on crude oil. Besides, bullish momentum on crude oil has also been triggered by OPEC following its adjustment on world demand for its oil will be higher than expected. Moreover, gold price ticked higher by 0.02% to $1296.50 a troy ounce amid weakened dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:15                     CAD                                        BoC Gov Poloz Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from top-levels. MACD which display diminishing bullish momentum suggest index to extend its retracement towards the support level 97.00.

Resistance level: 97.60, 98.25

Support level: 97.00, 96.35

GBPUSD, H4: GBPUSD was traded lower following prior breakout below previous support level at 1.2865. However, MACD which display diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound towards the resistance level 1.2865.

Resistance level: 1.2865, 1.2925

Support level: 1.2800, 1.2770

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1180. MACD which display diminishing bearish momentum suggest the pair to extend its rebound after successfully closing above the MA-line.

Resistance level: 1.1240, 1.1305

Support level: 1.1180, 1.1120

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 109.55. MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace towards the support level 109.15.

Resistance level: 109.55, 110.10

Support level: 109.15, 108.45

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.6915. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses after successfully closing its candle below the support level.

Resistance level: 0.6970, 0.7030

Support level: 0.6915, 0.6855

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6540. MACD which illustrate bearish bias signal suggest the pair to further its losses after successfully breaking below the support level.

Resistance level: 0.6580, 0.6635

Support level: 0.6540, 0.6510

USDCAD, H4: USDCAD remained traded in a sideway channel while currently testing the middle level of the channel at 1.3435. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after breaking below the support level.

Resistance level: 1.3485, 1.3530

Support level: 1.3435, 1.3380

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 1.0085. MACD which display bullish momentum suggest the pair to extend its gains after successfully breaking above the resistance level.

Resistance level: 1.0085, 1.0130
Support level: 1.0040, 0.9980

CrudeOIL, H4: Crude oil price was traded higher after rebounding from the bottom level of the channel. MACD which illustrate bullish momentum suggest the commodity to extend its gains towards the resistance level 63.15.

Resistance level: 63.15, 64.65

Support level: 61.80, 60.15

GOLD_, H4: Gold price was traded lower while currently testing the support level 1295.65. MACD which illustrate bearish momentum and the formation of death cross suggest gold to extend its losses after successfully breaking below the support level.

Resistance level: 1302.50, 1311.40

Support level: 1295.65, 1287.85

16 May 2019                       Morning Session Analysis

Fed warns on policy easing.

US dollar was traded flat on yesterday following mixed signals in the market from Federal Reserve officials and regional economic data. Overnight, US President Donald Trump called on Feds to “match” their policy against China in order to offset economic damage from his new tariffs. However, several Fed officials warned that lower interest rate may lead to asset price bubbles, induce financial instability and lead to recession. In a separate appearance, New York Fed President John Williams warned that tariffs may eventually push up inflation, suggesting the probability for an interest cut may diminish. Nevertheless, gains on the greenback were limited after Core Retail Sales and Retail Sales came in lower than expected with 0.1% and -0.2% respectively. A lower count in sales in terms of retail may indicate a more sluggish consumer spending ahead, which in return reflects to lower growth rate. Otherwise, pair of GBP/USD collapse further, down by 0.03% to 1.2845. Sterling hurdle into deep losses after Labor Party warned that cross-party talks are on the verge of being called off, leading to greater uncertainty with regards to Brexit.

On the other hand, crude oil price rose 0.11% to $62.16 per barrel. Oil futures extended gains as fears over supply shortage from Saudi Arabia attack offset a rise in US crude inventories. Otherwise, gold price was traded flat around $1,297.01 a troy ounce due to stronger greenback which balance off higher risks in the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:15                     CAD                       BoC Gov Poloz Speaks

Today’s Highlight Economic Data

Technical Analysis

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

Resistance level: 97.65, 97.95

Support level: 97.30, 96.85

GBPUSD, Daily: GBPUSD was traded lower following prior close below 1.2900. MACD which illustrate bearish signal suggests the pair to extend its losses in mid-term, towards the direction at 1.2790.

Resistance level: 1.2900, 1.3015

Support level: 1.2790, 1.2700

EURUSD, H4: EURUSD was traded higher following prior rebound from its lower levels. MACD which illustrate diminished downward momentum suggests the pair to be traded higher, towards the direction of 1.1220.

Resistance level: 1.1220, 1.1250

Support level: 1.1200, 1.1155

USDJPY, H1: USDJPY was traded lower while currently testing near the support at 109.40. MACD which begins to form a bearish signal suggests the pair to extend its losses after closing below the target of 109.40.

Resistance level: 109.80, 110.10

Support level: 109.40, 109.15

AUDUSD, Daily: AUDUSD was traded lower while currently testing near the bottom level of the descending channel. MACD which illustrate bearish signal suggests the pair to extend its losses after breaking the bottom level.

Resistance level: 0.6955, 0.7020

Support level: 0.6915, 0.6860

NZDUSD, H1: NZDUSD was traded lower following prior retrace from the resistance near 0.6570. MACD which illustrate diminished upward momentum suggests the pair to extend its losses, towards the direction of 0.6540.

Resistance level: 0.6570, 0.6600

Support level: 0.6540, 0.6500

USDCAD, H4: USDCAD was traded higher following prior rebound from the upward trendline. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term, towards the direction of 1.3490.

Resistance level: 1.3490, 1.3530

Support level: 1.3435, 1.3400

USDCHF, H1: USDCHF remains traded within a sideways channel following prior retrace from the top. MACD which forms a bearish signal suggests the pair to extend its losses in short-term after closing below the 60-MA line (green).

Resistance level: 1.0095, 1.0110

Support level: 1.0055, 1.0040

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the top level of sideways channel. MACD which illustrate diminished upward momentum suggests its prices to be traded lower in short-term.

Resistance level: 62.40, 63.00

Support level: 61.50, 60.85

GOLD_, H4: Gold price was traded lower following prior retracement from its higher levels. MACD which has formed a bearish signal suggests its prices to be traded lower after closing below 1295.65.

Resistance level: 1302.50, 1311.40

Support level: 1295.65, 1285.80

15 May 2019                       Afternoon Session Analysis

Asian market pressured as dollar firms.

Dollar index remained resilient after ticking up 0.01% to 97.28. Such momentum was due to ongoing market uncertainties and downbeat data from China. Recent trade war tensions placed dollar well above 97 level as it escalated into tit-for-tat tariff between US and China. However, US President Donald Trump stated that a deal can still be achieved when the time is right, provided that the US must benefit from the deal. According to Trump’s statement, the G20 summit in Japan will be a crucial moment to finalize a deal with China while market participants remained cautious and awaits further trade talks progress to gauge the market sentiment. In other news, pair of AUD/USD fell by 0.18% to 0.6927 amid trade war tensions and lower than expected China Industrial Production. Being one of China’s major trading partner, the Aussie remained pressured as poor figures from China production level indicates a possible slowdown in both countries’ economy. Besides that, recent rate cut by Reserve Bank of Australia (RBA) caused investors to shift their portfolio into more profitable market such as the dollar.

On the other hand, crude oil price edged lower by 0.07% to $61.30 per barrel amid China Industrial Production data falling to 5.4% from previous 8.5% and also build up in crude inventories. The slowdown in production signals a lower demand for crude oil thus causing investors to sell the commodity while they wait for today’s crude oil inventories report from the EIA. Besides, gold price fell 0.15% to $1294.75 a troy ounce amid stronger dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:00                     CrudeOIL                               IEA Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 97.00. MACD which illustrate bullish bias momentum suggest the index to extend its gains toward the resistance level at 97.40.

Resistance level: 97.40, 97.60

Support level: 97.00, 96.70

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2925. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short term toward the resistance level at 1.2925.

Resistance level: 1.2925, 1.2970

Support level: 1.2880, 1.2840

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1215. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 1.1175.

Resistance level: 1.1215, 1.1245

Support level: 1.1175, 1.1125

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.55. MACD which display bullish signal suggest the pair to extend its gains toward the resistance level at 110.05.

Resistance level: 110.05, 110.35

Support level: 109.55, 109.25

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6960. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6915.

Resistance level: 0.6960, 0.6995

Support level: 0.6915, 0.6865

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6585. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.6545.

Resistance level: 0.6585, 0.6630

Support level: 0.6545, 0.6500

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3475. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3440.

Resistance level: 1.3470, 1.3505

Support level: 1.3440, 1.3415

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 1.0090. MACD which display bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 1.0090.

Resistance level: 1.0090, 1.0130

Support level: 1.0065, 1.0030

CrudeOIL, Daily: Crude oil was traded higher following prior rebound from the support level at 60.50. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 62.75.

Resistance level: 62.75, 64.50

Support level: 60.50, 58.25

GOLD_, H4: Gold was traded lower following prior retracement from the resistance level at 1302.40. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1293.20.

Resistance level: 1302.40, 1308.90

Support level: 1293.20, 1288.50

15 May 2019                       Morning Session Analysis

Sterling collapse, Brexit pending.

Pound sterling extended its losses overnight following bearish economic data and Brexit uncertainty which looms the UK market. As of writing, pair of GBP/USD recouped some losses by 0.05% to 1.2910 while the dollar index rose 0.20% to 97.28. For the month of March, Average Earnings Index +Bonus came in at only 3.2%, missing economist forecast for a reading of 3.4%. Likewise, Claimant Count Change in April shows an increase in unemployment with 24.7K, missing forecast for a reading of 24.2K. All the data portrays to a slower consumer spending and inflation due to lower wage growth and an uptick in unemployment benefit registration. Additionally, market sentiment towards sterling turned sour as recent report shows that UK PM Theresa May will put forward her Brexit proposal for vote during the week beginning on June 3^rd. As there are no changes being made upon the proposal for the time being, investors are currently pricing in for a similar rejection as opposition Labor Party will adhere to their own prior demands.

In the commodities market, crude oil price depreciates by 0.05% to $61.30 per barrel. Oil prices received some bearish momentum after American Petroleum Institute reported a build up in crude inventories by 8.6 million barrels last week. On the other hand, gold price ticked down 0.02% to $1,296.81 a troy ounce due to a rebound in US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:00                     CrudeOIL                IEA Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing at the downward trendline. MACD which illustrate bullish signal suggests the index to extend its gains after breaking the trendline.

Resistance level: 97.30, 97.65

Support level: 96.85, 96.40

GBPUSD, H4: GBPUSD was traded lower while currently testing at the support of 1.2900. MACD which illustrate bearish signal suggests the pair to advance further down after closing below 1.2900.

Resistance level: 1.2945, 1.2980

Support level: 1.2900, 1.2865

EURUSD, H4: EURUSD was traded lower while currently testing near the upward trendline. Although MACD illustrate bearish signal, a break at the trendline is required to attain further confirmation.

Resistance level: 1.1250, 1.1300

Support level: 1.1200, 1.1155

USDJPY, H1: USDJPY was traded flat while currently testing near the downward trendline. MACD which begins to form a bearish signal suggests the pair to extend its losses, towards the direction of 109.40.

Resistance level: 110.10, 111.00

Support level: 109.40, 109.15

AUDUSD, H1: AUDUSD was traded lower while currently testing at the support of 0.6935. MACD which begins to form a bearish signal suggests the pair to extend its losses after closing below 0.6935.

Resistance level: 0.6970, 0.6990

Support level: 0.6935, 0.6885

NZDUSD, H1: NZDUSD was traded lower after closing below the support level at 0.6570. MACD which illustrate bearish signal suggests the pair to be traded lower, towards the direction of 0.6540.

Resistance level: 0.6570, 0.6600

Support level: 0.6540, 0.6500

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance near 1.3490. MACD which begins to form a bearish signal suggests the pair to extend its losses after closing below the 20-MA line (red).

Resistance level: 1.3490, 1.3530

Support level: 1.3435, 1.3400

USDCHF, H4: USDCHF extended gains following a rebound from its prior low levels. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the 20-MA line (red).

Resistance level: 1.0110, 1.0155

Support level: 1.0070, 1.0040

CrudeOIL, H1: Crude oil price was traded lower following prior retrace from the resistance near 61.80. MACD which illustrate bearish signal suggests its prices to advance further down, towards the direction of 60.85.

Resistance level: 61.80, 62.40

Support level: 60.85, 60.35

GOLD_, H1: Gold price was traded higher following prior rebound from its lower level. MACD which illustrate diminishing downward momentum suggests its prices to extend further up after closing above the 20-MA line (red).

Resistance level: 1302.50, 1311.40

Support level: 1295.65, 1285.80

14 May 2019                       Afternoon Session Analysis

Greenback succumbed following Trade war escalated.

Dollar index which gauge its value against six major currencies stunned amid trade war tension which continues to haunt the global market. Market participants shifted their portfolio investment toward safe haven asset such as gold and Japanese Yen due to rising risks. Earlier, China has announced to impose higher tariff on $60billion worth of US goods including frozen vegetables and liquefied natural gas, a retaliation from China following US decision of tariff hike on China goods last week. Nonetheless, US President Donald Trump yesterday has made an announcement that although they are not ready to go ahead with tariff hike on another $325 billion China goods yet, but asserted that they will not let China to take advantage on the trade deal. After all, China and US trade talk are still ongoing while Donald Trump also remarked that G20 Summit in Japan will be the crucial meeting between both countries President to finalize the trade deal. As of now, Dollar index quoted down 0.01% to 97.05. On the other hand, the pair of GBP/USD inched up 0.04% to 1.2960 despite Tory and Labor splits set to bring cross-party Brexit talks to an end. UK Prime Minister Theresa May and her ‘dissatisfied’ party member are meeting to decide whether to cut off the cross-party meeting that have failed to achieve a substantial deal.

On the other hand, crude oil price spiked up 0.58% to $61.15 per barrel amid two of the oil tankers in Saudi Arabia were attacked off nearby coast of the United Arab Emirates and investors reacted to this news by speculating the crude oil price. Besides, gold price edged down 0.02% to $1299.60 a troy ounce after hitting a new high level of $1300 since 11^th April amid trade war escalation.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:00                     CrudeOIL                               OPEC Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index remained traded flat above the support level 97.00. Due to lack of signal and momentum from the MACD, a breakout below or rebound from the support level is required to obtain further confirmation before entering the market.

Resistance level: 97.60, 98.25

Support level: 97.00, 96.35

GBPUSD, H4: GBPUSD was traded lower following prior breakout below previous support level at 1.3000. MACD which display bearish momentum suggest the pair to extend its losses towards the support level 1.2925.

Resistance level: 1.3000, 1.3105

Support level: 1.2925, 1.2865

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1240. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace towards the support level 1.1185.

Resistance level: 1.1240, 1.1305

Support level: 1.1185, 1.1145

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 109.55. MACD which display bullish bias signal suggest the pair to extend its gains after successfully closing above the resistance level.

Resistance level: 109.55, 110.10

Support level: 109.15, 108.45

AUDUSD, H4: AUDUSD was traded lower after breaking below previous support level 0.6970. However, MACD which display diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound back towards the resistance level at 0.6970.

Resistance level: 0.6970, 0.7030

Support level: 0.6915, 0.6855

NZDUSD, H4: NZDUSD was traded higher after breaking above previous resistance level 0.6580. MACD which illustrate bullish momentum and the starting formation of golden cross suggest the pair to extend its gains towards the resistance level 0.6635.

Resistance level: 0.6635, 0.6675

Support level: 0.6580, 0.6540

USDCAD, H4: USDCAD remained traded in a sideway channel while currently testing near the top level of the channel at 1.3485. However, MACD which illustrate diminishing bullish momentum suggest the pair to retrace from the resistance level towards the support level at 1.3435.

Resistance level: 1.3485, 1.3530

Support level: 1.3435, 1.3380

USDCHF, H4: USDCHF was traded lower after breaking below previous support level at 1.0070. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short-term technical correction and traded higher.

Resistance level: 1.0070, 1.0130
Support level: 1.0015, 0.9960

CrudeOIL, H4: Crude oil price was traded higher after rebounding from its low-levels. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its rebound towards the resistance level 61.80.

Resistance level: 61.80, 63.15

Support level: 60.15, 58.45

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1302.50. MACD which illustrate diminishing bullish momentum suggest gold to extend its retracement towards the support level 1295.65.

Resistance level: 1302.50, 1311.40

Support level: 1295.65, 1287.85

14 May 2019                       Morning Session Analysis

Safe-haven rise in the latest round of trade war.

Safe-haven thrives following broad risk aversion across the market after China announce to retaliate against US tariff-hike. On yesterday, China announced to impose tariff ranging from 5% to 25% across 5,000 US products worth $60 billion by June 1^st. China also warned that they may stop purchasing US agricultural products and energy while reducing Boeing orders and restrict US service trade with China. Market participants also speculate that China may dump US Treasuries which would lead to large depreciation in greenback. The recent announcement marks a new momentous in tit-for-tat exchange between two world’s largest economies after Washington escalated trade tension with a tariff hike upon $200 billion Chinese goods last Friday. Further escalation in trade war spooks off market participants towards safe-havens as it may jeopardize global economic growth. In a separate notion, US President Donald Trump commented that he has not decided whether to impose additional tariffs upon remaining $325 billion Chinese goods. He also confirmed that he plans to meet with Chinese President Xi Jinping at the upcoming G-20 summit in Japan during late June which may open further discussion with regards to ongoing trade dispute. As of writing, dollar index ticks up 0.02% to 97.11 while pair of USD/JPY slipped 0.09% to 109.22.

On the other hand, crude oil price recovered some losses by 0.26% to $60.98 per barrel. Oil futures slumped more than 1% overnight following heightened risk aversion in the market that sees trades dump risky assets for safe-havens such as Yen and gold. Likewise, gold price tacks up 0.05% to $1,300.56 a troy ounce due to rising risk in the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:00                     CrudeOIL               OPEC Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retrace from its prior high level. MACD signal line which begins to tilt downwards suggests the index to be traded lower, towards the direction of 96.85.

Resistance level: 97.30, 97.65

Support level: 96.85, 96.40

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2945. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2980, 1.3000

Support level: 1.2945, 1.2900

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

Resistance level: 1.1250, 1.1300

Support level: 1.1200, 1.1155

USDJPY, Daily: USDJPY extended its losses following prior closure below 109.40. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 108.70 in mid-term.

Resistance level: 109.40, 110.10

Support level: 108.70, 107.75

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support at 0.6935. MACD which begins to form a golden cross signal suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6970, 0.6990

Support level: 0.6935, 0.6885

NZDUSD, H1: NZDUSD was traded higher following prior closure above 0.6570. MACD which begins to form a golden cross signal suggests the pair to be traded higher after closing above the 20-MA line (red).

Resistance level: 0.6600, 0.6630

Support level: 0.6570, 0.6540

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance of 1.3490. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3490, 1.3530

Support level: 1.3435, 1.3400

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

Resistance level: 1.0070, 1.0110

Support level: 1.0040, 0.9975

CrudeOIL, H1: Crude oil price remains traded within a sideways channel while currently testing at the bottom. MACD which illustrate diminished downward momentum suggests its prices to be traded higher in short-term.

Resistance level: 61.80, 62.40

Support level: 60.85, 60.35

GOLD_, H4: Gold price extended gains while currently testing near the resistance at 1302.50. MACD which illustrate bullish signal suggests its prices to be traded higher after closing above the target of 1302.50.

Resistance level: 1302.50, 1311.40

Support level: 1295.65, 1285.80

13 May 2019                       Afternoon Session Analysis

Trade talk stalled; sentiment turn sour.

Australian dollar slips further on Monday following latest escalation in trade war between the United States and China. Two of the world’s largest economy meets at a deadlock over trade negotiation last Sunday after Washington demanded concrete promises of changes to the Chinese law while Beijing reiterates to not adhere to any changes that may harm its interest. The trade conflict has worsened following US decision to hike prior tariff rate upon $200 billion worth of Chinese goods last Friday, in which China vowed to take retaliation against such measures. Trade conflict between US and China may hinder global economic growth and jeopardize countries which has major trade links with the latter. For the time being, investors will be remained fixated upon the ongoing US-China trade talk while US President Donald Trump and Chinese President Xi Jinping is likely to meet during G20 summit in Japan by the end of June. As of writing, pair of AUD/USD tumbled 0.33% to 0.6977 during Asian trading session.

In the commodities market, crude oil price oscillates between gains and losses around $61.55 per barrel. Oil prices continues to be traded in a tight range while investors gauge the substantial impact from US-led sanction against Iran and a fallout in trade negotiations between US and China. Otherwise, gold price slumped 0.11% to $1,284.51 a troy ounce following a recovery in US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   HKD                                        Replacement – Buddha’s Birthday

Today’s Highlight Event

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was higher following prior rebound from the support level 97.00. MACD which illustrate diminishing bearish momentum suggest index to extend its rebound towards the resistance level 97.60.

Resistance level: 97.60, 98.25

Support level: 97.00, 96.35

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3000. However, due to lack of signal and momentum from the MACD, a breakout below or rebound from the support level is required to obtain further confirmation before entering the market.

Resistance level: 1.3105, 1.3185

Support level: 1.3000, 1.2925

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1240. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 1.1185.

Resistance level: 1.1240, 1.1305

Support level: 1.1185, 1.1145

USDJPY, H4: USDJPY was traded higher after rebounding from the support level 109.45. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 110.10.

Resistance level: 110.10, 110.55

Support level: 109.45, 108.70

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6970. MACD which display starting bearish momentum and the formation of death cross suggest the pair to extend its losses after successfully breaking below the support level.

Resistance level: 0.7035, 0.7065

Support level: 0.6995, 0.6965

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6580. MACD which display bearish bias signal suggest the pair to extend its losses after successfully breaking below the support level.

Resistance level: 0.6635, 0.6675

Support level: 0.6580, 0.6540

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3435. MACD which illustrate bullish bias signal suggest the pair to extend its gains after successfully closing above the resistance level.

Resistance level: 1.3435, 1.3485

Support level: 1.3380, 1.3305

USDCHF, H4: USDCHF was traded lower after breaking below previous support level at 1.0130. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short-term technical correction and be traded higher back towards the resistance level at 1.0130.

Resistance level: 1.0130, 1.0190
Support level: 1.0070, 1.0015

CrudeOIL, H4: Crude oil price remained traded in a sideway channel after rebounding from the bottom-level of the channel. However, due to lack of signal and momentum from the MACD, a breakout above or below the sideway channel is required for further confirmation before entering the market.

Resistance level: 61.80, 63.15

Support level: 60.15, 58.45

GOLD_, H4: Gold price remained traded in a sideway channel after retracing from the top-level at resistance level 1287.85. MACD which illustrate bearish momentum with the formation of death cross suggest gold to extend its retracement towards the support level 1277.30.

Resistance level: 1287.85, 1295.65

Support level: 1277.30, 1266.35

13 May 2019                       Morning Session Analysis

US inflation slows, rate cut imminent?

US dollar extended its last week’s losses after its inflation data missed economist expectation last Friday, fueling higher concern for an economic slowdown and possible rate cut ahead. As of writing, the dollar index slumped 0.04% to 97.06 during early Asian trading session. According to Bureau of Labor Statistics, its Core Consumer Price Index (CPI) for the month of April rose by 0.1%, slightly lower than economist forecast of a reading up to 0.2%. A minor slowdown in inflationary pressure evokes a change in market sentiment as it may provide US Federal Reserve with more reasons to cut its interest rate within the year 2019. Additionally, greenback’s appeal was extensively being overshadowed after Canadian jobs report shows better-than-expected results when compared to the US. For the month of April, Employment Change shows a monstrous gain in job creation with 106.5K, exceeding forecast for only 10.0K. However, pair of USD/CAD managed to limit its losses as ongoing US-China trade war hinders any substantial gains on the Canadian currency. As such, pair of USD/CAD ticks down 0.01% to 1.3430 during Monday morning.

In the commodities market, crude oil price depreciates by 0.55% to $61.37 per barrel. Oil futures received extensive bearish pressure as recent rift in trade war between US and China casts a gloomy outlook upon global economic growth and demand for oil. Otherwise, gold price rose 0.14% to $1,287.78 a troy ounce due to weaker greenback.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   HKD                       Replacement – Buddha’s Birthday

Today’s Highlight Event

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support of 96.85. MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term as technical correction.

Resistance level: 97.30, 97.65

Support level: 96.85, 96.40

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support of 1.3000. MACD which illustrate diminished downward momentum suggests the pair to be traded higher, towards the direction of 1.3040.

Resistance level: 1.3040, 1.3080

Support level: 1.3000, 1.2975

EURUSD, H4: EURUSD was traded higher following prior breakout from the top level of narrowing triangle. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1250, 1.1300

Support level: 1.1200, 1.1155

USDJPY, H4: USDJPY was traded lower following prior retrace from the 20-MA line (red). MACD which illustrate diminished upward momentum suggests the pair to be traded lower, towards the direction of 109.40.

Resistance level: 110.10, 110.55

Support level: 109.40, 108.70

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the 20-MA line (red). MACD which begins to form a death cross signal suggests the pair to extend its losses, towards the direction of 0.6970.

Resistance level: 0.6990, 0.7035

Support level: 0.6970, 0.6935

NZDUSD, H4: NZDUSD was traded lower following prior retrace from the resistance at 0.6600. MACD which illustrate diminished upward momentum suggests the pair to be traded lower, towards the direction of 0.6570.

Resistance level: 0.6600, 0.6630

Support level: 0.6570, 0.6540

USDCAD, H4: USDCAD was traded higher following prior rebound from the upward trendline. MACD which illustrate diminished downward momentum suggests the pair to extend its gains, toward sthe direction of 1.3490.

Resistance level: 1.3490, 1.3530

Support level: 1.3435, 1.3400

USDCHF, H4: USDCHF was traded lower following prior closure below the support of 1.0110. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.0070.

Resistance level: 1.0110, 1.0155

Support level: 1.0070, 1.0040

CrudeOIL, H1: Crude oil price was traded lower following prior breakout from the bottom level of ascending channel. MACD which illustrate bearish signal suggests its prices to be traded lower, towards the direction of 60.85.

Resistance level: 61.80, 63.00

Support level: 60.85, 59.75

GOLD_, H4: Gold price was traded higher while currently testing near the top level of descending channel. While MACD has illustrate a bullish signal, a break above is required to attain further confirmation.

Resistance level: 1295.65, 1302.50

Support level: 1285.80, 1275.30

10 May 2019                       Afternoon Session Analysis

Day 2 of trade talk, tariff to go ahead?

Safe-haven assets such as Japanese yen and Swiss franc dipped on Friday following diminishing risk aversion in the market. As of writing, pair of USD/JPY rose 0.11% to 109.88 while USD/CHF ticks up 0.02% to 1.0149. On yesterday, US and Chinese officials began their two-days talk in Washington in bid to avert escalating trade war risks that may derail global economic progression. While trade tensions between Washington and Beijing were seen rising since last Sunday, it was not all hostile talk with China in appeal to meet consensus and salvage a deal. However, losses on both safe-havens were limited after Bloomberg reported that US-China trade talk may extend beyond the tariff deadline which will be enforced at 12.01PM today. On the other hand, pair of GBP/USD notched up 0.05% to 1.3019 following diminishing political risk. According to sources, Conservative Party members have stepped back from altering rules to challenge UK Prime Minister Theresa May which gave a more optimistic notion for the time being.

In the commodities market, crude oil price rose 0.88% to $62.09 per barrel. Oil futures received some bidding following diminishing risk aversion in the market. Otherwise, gold price tacks up 0.06% to $1,284.71 a troy ounce due to weaker US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 97.10. MACD which illustrate bearish momentum suggest the index to extend its losses after successfully breakout above the support level at 97.10.

Resistance level: 97.40, 97.60

Support level: 97.10, 96.70

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3005. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the next resistance level at 1.3045.

Resistance level: 1.3045, 1.3090

Support level: 1.3005, 1.2970

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1215. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 1.1255.

Resistance level: 1.1255, 1.1280

Support level: 1.1215, 1.1175

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.75. MACD which display bullish signal suggest the pair to extend its gains toward the resistance level at 110.05.

Resistance level: 110.05, 110.35

Support level: 109.75, 109.25

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 suggest the pair to extend its gains toward the resistance level at 0.7025.

Resistance level: 0.7025, 0.7055

Support level: 0.6990, 0.6960

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6585. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6630.

Resistance level: 0.6630, 0.6670

Support level: 0.6585, 0.6545

USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.3470. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 1.3470.

Resistance level: 1.3470, 1.3505

Support level: 1.3440, 1.3415

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 1.0155. MACD which display bearish bias momentum suggest the pair to extend its losses toward the support level at 1.0125.

Resistance level: 1.0155, 1.0180

Support level: 1.0130, 1.0090

CrudeOIL, H4: Crude oil was traded higher following prior breakout above the 20 Moving Average line (Red). MACD which illustrate bullish momentum suggest the commodity to extend its gains toward the resistance level at 62.75.

Resistance level: 62.75, 64.50

Support level: 60.50, 58.25

GOLD_, H4: Gold 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 1287.65.

Resistance level: 1287.65, 1293.20

Support level: 1278.45, 1272.60

10 May 2019                       Morning Session Analysis

FX Market sour amid trade war tension.

Dollar index measuring against a basket of six major currency pairs remained pressured amid deadline for additional tariff while edging lower by 0.01% to 97.12. US President Donald Trump threatened to raise tariffs on $200 billion of Chinese goods from 10% to 25% on Friday if no deal was achieved in their negotiations, right after the accusation of China for breaking promises. Besides that, dollar was further pressured by the Producer Price Index (PPI) data which fell from previous of 0.6% to 0.2%, further reaffirming Federal Reserve “wait and see” approach as investors wait for today’s CPI data to gauge US inflationary level. Investors seek protection from the riskier assets into safe-haven Yen, sending the pair of USD/JPY to its lowest level in 3 months. In other news, pair of GBP/USD remained traded flat at 1.3010 while investors focus on Brexit talks between May’s Conservative Party and opposition Labour Party which are expected to result in a deadlock. Market participants will place their focus on UK’s GDP data later today to further gauge the movement of the pair.

As for commodities, crude oil price rebounded by 1.17% to $62.27 per barrel. Recent sentiment for the crude oil market remains cloudy amid trade war tensions and geopolitical risks. Fears of additional tariff as well as ongoing fights in Libya and Russia’s production halt kept the commodity traded sideways. On the other hand, gold price edged higher by 0.05% to $1284.45 a troy ounce amid increased demand for safe-haven 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 remain traded in a sideway channel while currently testing near the support level 97.05. However, MACD which illustrate bearish bias signal could suggest the dollar to be traded lower after it breaks below the support level 97.05.

Resistance level: 97.60, 98.00

Support level: 97.05, 96.45

GBPUSD, H4: GBPUSD was traded higher following recent rebound from the support level 1.3000. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.3100.

Resistance level: 1.3100, 1.3190

Support level: 1.3000, 1.2940

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level 1.1215. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 1.1245.

Resistance level: 1.1245, 1.1280

Support level: 1.1215, 1.1180

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 109.70. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 110.35.

Resistance level: 110.35, 110.90

Support level: 109.70, 108.95

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.6995. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6995, 0.7035

Support level: 0.6965, 0.6900

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6580. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6645.

Resistance level: 0.6645, 0.6680

Support level: 0.6580, 0.6515

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.3475. MACD which display bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3430.

Resistance level: 1.3475, 1.3520

Support level: 1.3430, 1.3390

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 1.0160. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gain after it breaks above the resistance level 1.0160.

Resistance level: 1.0160, 1.0200
Support level: 1.0115, 1.0080

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 61.75. MACD which illustrate persistent bullish bias signal suggest the commodity to extend its gains towards the resistance level 62.85.

Resistance level: 62.85, 64.55

Support level: 61.75, 60.35

GOLD_, H4: Gold price was traded lower following recent retracement from the resistance level 1287.00. However, due to lack of momentum and clear direction from MACD, a breakout above the resistance level 1287.00 or below the support level 1278.10 is required to attain further confirmation before entering the market.

Resistance level: 1287.00, 1296.40

Support level: 1279.10, 1269.40

9 May 2019                          Afternoon Session Analysis

Safe-haven in bid as trade talk in focus.

Japanese yen extended its gains against the greenback following higher risk aversion in the market while market participants ponder upon the two-day trade talk between US and China. As of writing, pair of USD/JPY extended its losses by 0.17% to 109.92. Market participants are anxiously waiting for the conclusion of two-day trade talk in Washington later in the day to see if China negotiators can convince White House to back down on a threatened tariff hike. Prior, US President Donald Trump accused China of backtracking on their earlier commitments while threatening to raise existing tariff rate if no deal is being reached within this week. Due to rising uncertainty in the market, market participants flee towards safe-haven assets such as Japanese yen. Similarly, pair of AUD/USD slumped 0.21% to 0.6974 due to Australian primarily reliance upon China as trade partner. As China enters into the next round of trade talk, market participants sold Australian assets for safe-haven in an act to flee from possible dominos effect if US and China fails to reach consensus.

As for commodities market, crude oil price depreciates by 0.68% to $61.53 per barrel. Oil futures received tremendous bearish pressure following higher risk aversion in the market amid US-China trade talk. Otherwise, gold price ticks up 0.02% to $1,281.09 a troy ounce due to weaker US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20.30                     USD                                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 97.40. MACD which illustrate bullish bias momentum suggest the index to extend its gains after successfully breakout above the resistance level at 97.40.

Resistance level: 97.40, 97.60

Support level: 97.05, 96.70

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3005. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after successfully breakout below the support level at 1.2970.

Resistance level: 1.3045, 1.3090

Support level: 1.3005, 1.2970

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1215. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.1175.

Resistance level: 1.1215, 1.1255

Support level: 1.1175, 1.1125

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 110.05. However, MACD which display bullish signal suggest the pair to undergo technical correction in short term toward the resistance level at 110.05.

Resistance level: 110.05, 110.35

Support level: 109.75, 109.25

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6995. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.6960.

Resistance level: 0.6995, 0.7025

Support level: 0.6960, 0.6910

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6585. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6545.

Resistance level: 0.6585, 0.6630

Support level: 0.6545, 0.6500

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3470. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 1.3505.

Resistance level: 1.3505, 1.3565

Support level: 1.3470, 1.3440

USDCHF, H4: USDCHF was traded higher following prior rebound from the upward trend line. MACD which display bullish momentum suggest the pair to extend its gains toward the resistance level at 1.0220.

Resistance level: 1.0220, 1.0245

Support level: 1.0180, 1.0155

CrudeOIL, H4: Crude oil was traded lower following prior retracement from the 50 moving average line (Blue). MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 60.50.

Resistance level: 62.75, 64.50

Support level: 60.50, 58.25

GOLD_, H4: Gold was traded lower while currently testing 50 moving average (Blue). MACD which illustrate bearish momentum and the formation of death cross suggest the commodity to extend its losses after successfully breakout below the 50 moving average (Blue).

Resistance level: 1287.65, 1293.20

Support level: 1278.45, 1272.60