Daily Analysis

8 April 2019                         Afternoon Session Analysis

Dollar hold gains as job reports continue to weigh.

Dollar index managed to retain its gains following market sentiment which remains positive after last Friday release on U.S jobs report. The upbeat data on nonfarm payrolls which rose by a solid 196,000 in March have eased investors’ fear of a sharper slowdown in the world’s largest economy. At the same, U.S-Sino trade talk also provide positive news as both nations are inching closer to a trade deal following both powerhouses will be talking again this week via teleconferencing, according to reports. The greenback edge higher 0.06% to 96.95 as of writing. On the contrary, USD/JPY have fell 0.33% to 111.36 at the time of writing following upbeat data and geopolitical tension. Japan’s current account and trade balance data have surpassed forecast and prior, which in turn offered an initial short-covering to the Japanese Yen. Besides that, US Secretary of State Mike Pompeo urged Libyan National Army to stop its offensive on Tripoli highlighted the latest geopolitical tensions in Libya, adding further to the positive momentum for the Yen as market seeks for safe-haven currency such as Yen to evade risk.

As for commodities, crude oil price surge 0.22% to $63.30 per barrel following ongoing optimism by OPEC supply cut with addition of Iran and Venezuela sanctions. Oil price rose to its highest since five month which currently continue to be driven by supply cuts which already last for 4 months in a row and various sanctions that reduce the supply even further. Besides that, geopolitical tensions in Libya also boosted further price as escalating conflict in OPEC producer Libya already raising supply concerns. On the other hand, gold price skyrocketed 0.37% to $1296.03 a troy ounce at the time of writing as the safe-haven metal was unfazed by strong U.S jobs report following China in demand for the yellow metal to increase their gold supply.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded in a sideway channel following prior retracement from the resistance level 97.00. MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its retracement towards the support level 96.50.

Resistance level: 97.00, 97.65

Support level: 96.50, 96.20

GBPUSD, H4: GBPUSD was traded higher following breakout above the previous resistance level 1.3065. MACD which illustrate diminishing bearish momentum suggest the pair extend its gains towards the resistance level 1.3185.

Resistance level: 1.3185, 1.3350

Support level: 1.3045, 1.2960

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1215. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.1275.

Resistance level: 1.1275, 1.1325

Support level: 1.1215, 1.1180

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 111.30. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level 111.30.

Resistance level: 111.75, 112.10

Support level: 111.30, 110.95

AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent retracement from the resistance level 0.7120. MACD which display bearish momentum with the formation of death cross suggest the pair to extend its retracement towards the support level 0.7070.

Resistance level: 0.7120, 0.7155

Support level: 0.7070, 0.7045

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6725.MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 0.6770.

Resistance level: 0.6770, 0.6815

Support level: 0.6725, 0.6680

USDCAD, H4: USDCAD was traded lower following prior retracement from its high levels. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.3365.

Resistance level: 1.3460, 1.3570

Support level: 1.3365, 1.3295

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 1.0000. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its retracement towards the support level 0.9965.

Resistance level: 1.0000, 1.0025

Support level: 0.9965, 0.9910

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 62.50. However, MACD which illustrate diminishing bullish momentum suggest the commodity to experience a technical correction in short term towards the support level 62.50.

Resistance level: 64.10, 65.90

Support level: 62.50, 60.20

GOLD_, H4: Gold price remain traded in a sideway channel following recent rebound from the support level 1287.00. MACD which illustrate bullish momentum suggest the commodity to extend its rebound towards the resistance level 1298.05.

Resistance level: 1298.05, 1308.10

Support level: 1287.00, 1280.85

8 April 2019                         Morning Session Analysis

Greenback rose albeit mixed NFP report.

Greenback extended its gains during last Friday trading despite mixed employment report that may hinder Federal Reserve from raising interest rates further for the year 2019. As of writing, the dollar index was up 0.02% to 96.94 during early Asian trading session. According to Bureau of Labor Statistics, Nonfarm Payrolls for the month of March came in at 182,000, significantly higher than forecast of 175,000. While unemployment rate remained unchanged at 3.8%, Average Hourly Earnings slowed down to 0.1%, missing economists’ forecast for a rise of 0.3%. A slowdown in wage growth may lead to slower progression in inflation and rising inflation is one of the key reasons for raising interest rates in the United States. On the other hand, pound sterling experienced tremendous selling pressure on last Friday following bearish developments in the UK with regards to Brexit. According to reports, EU leaders commented that UK Prime Minister Theresa May had not delivered credible reason to be granted an extension on Brexit deadline. Such comments spark higher concern in the market whereby UK may leave EU without any deal on 12^th April. The news came after May and opposition leader Jeremy Corbyn failed to break the Brexit deadlock, leaving the PM little option but to ask EU for a second extension. Pair of GBP/USD ticks up 0.02% to 1.3039 this morning.

In the commodities, crude oil price rose by 0.24% to $63.31 per barrel during Asian trading session. Oil futures was well in bid after reports shows substantial decline in oil production at Saudi Arabia’s largest oil field. Likewise, a possible military clash in Libya has also bolstered market optimism as political unrest may lead to the shutdown of oilfield activities in the region. On the other hand, gold price rose 0.13% to $1,293.24 a troy ounce following larger buyback near the key level of $1,285.00.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance of 97.00. MACD which illustrate diminishing upward momentum suggests the index to be traded lower in short-term as technical correction.

Resistance level: 97.00, 97.40

Support level: 96.50, 95.95

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

Resistance level: 1.3100, 1.3155

Support level: 1.3015, 1.2960

EURUSD, H4: EURUSD was traded lower following prior retrace from the resistance of 1.1245. MACD which begins to form a death cross signal suggests the pair to be traded in a downtrend for mid-term, towards the level of 1.1185.

Resistance level: 1.1245, 1.1300

Support level: 1.1185, 1.1100

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance at 111.75. MACD which begins to form a bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 111.75, 112.20

Support level: 111.45, 111.00

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the top level of descending channel. MACD which has formed a death cross signal suggests the pair to extend its losses after a closure below 0.7090.

Resistance level: 0.7115, 0.7130

Support level: 0.7090, 0.7070

NZDUSD, H4: NZDUSD was traded lower following prior closure below 0.6745. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 0.6700.

Resistance level: 0.6745, 0.6795

Support level: 0.6700, 0.6650

USDCAD, H4: USDCAD was traded lower while currently testing near the support of 1.1370. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after closing below the target of 1.1370.

Resistance level: 1.3400, 1.3435

Support level: 1.3370, 1.3340

USDCHF, H4: USDCHF was traded flat near the support level of 0.9995. MACD which begins to form a death cross signal suggests the pair to experience technical correction following a successful closure below the support level of 0.9995.

Resistance level: 1.0040, 1.0070

Support level: 0.9995, 0.9945

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support near 61.60. MACD which has formed a golden cross signal suggests its prices to be traded higher in short-term after closing above 63.70.

Resistance level: 63.70, 66.00

Support level: 61.60, 59.65

GOLD_, H4: Gold price was traded flat near the 20-MA line (red). However, MACD which illustrate persistent bullish signal suggests its prices to be traded higher in short-term, towards the direction of 1295.65.

Resistance level: 1295.65, 1302.50

Support level: 1284.15, 1275.30

5 April 2019                         Afternoon Session Analysis

Yen depreciates as spending contracts.

Japanese yen extended its losses during mid-Asian session, buoyed by bearish economic data from the region. For the month of February, Japan’s Household Spending contracted more than expected with -2.0%, missing economist forecast for a contraction up to -0.5%. The data has reiterated Bank of Japan’s projection whereby Japan may fail to achieve its inflation target of 2% within two years. A significant depreciation in household spending may force BoJ to execute more expansionary policy tools in order to support the economy. As such, pair of USD/JPY appreciates by 0.05% to 111.70. On the other hand, pair of AUD/USD rose 0.14% to 0.7121 during Asian trading session. Australian dollar was well in bid after recent comments from the United States and Chinese policymakers shows higher chances to untangle trade tension in between both nations. However, gains on the pair of AUD/USD remains limited as investors places their attention over US Nonfarm Payrolls report which has portrayed outstandingly low reading for February which is deemed to be “too low”.

In the commodities market, crude oil price depreciates by 0.16% to $61.95 per barrel. Oil prices continues its bearish momentum as traders book their profits from prior uptrend. Otherwise, gold price slumped 0.35% to $1,287.80 a troy ounce following diminishing trade war risk between US and China.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 96.80. MACD which illustrate bullish bias momentum and the formation of golden cross suggest index to extend its gains toward the resistance level at 97.05.

Resistance level: 97.05, 97.60

Support level: 96.80, 96.45

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3075. MACD which display diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.3145.

Resistance level: 1.3145, 1.3185

Support level: 1.3075, 1.3020

EURUSD, H1: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1220. MACD which illustrate bullish bias momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.1250.

Resistance level: 1.1250, 1.1280

Support level: 1.1220, 1.1180

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 111.40. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 112.00.

Resistance level: 112.00, 112.35

Support level: 111.40, 110.85

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the top level of upward channel. MACD which display bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7145.

Resistance level: 0.7145, 0.7190

Support level: 0.7120, 0.7070

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level near 0.6745. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after successfully breakout below the support level at 0.6745.

Resistance level: 0.6775, 0.6820

Support level: 0.6745, 0.6715

USDCAD, H4: USDCAD was traded lower following prior rebound from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.3345.

Resistance level: 1.3375, 1.3440

Support level: 1.3345, 1.3290

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9995. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.0025.

Resistance level: 1.0025, 1.0065

Support level: 0.9995, 0.9965

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 62.85. MACD which display bearish bias momentum suggest the commodity to extend its losses toward the support level at 61.25.

Resistance level: 62.85, 64.10

Support level: 61.25, 60.25

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1292.30. MACD which illustrate bearish momentum suggest gold to extend its losses toward the support level at 1283.72.

Resistance level: 1292.30, 1300.25

Support level: 1283.70, 1277.05

5 April 2019                         Morning Session Analysis

Greenback climbs following upbeat jobless numbers.

U.S dollar have advanced against it basket of six major rival pairs after following the release of Initial Jobless Claims data. According to the U.S Department of Labor, the number of people who filed for unemployment assistance fell to an almost-50-year low last week, with the reading of 202K, better than expected reading of 216K which is the lowest since December 1969, provide hope that the U.S economy is not slowing down. Besides that, recent progress on trade talk between U.S and China remains ongoing and positive. However, market will shift their focus on highly important job data that is Non-Farm Payroll which will release on Friday for further confirmation. U.S dollar rose 0.21% to 97.29 as of writing. Meanwhile, pound sterling have fell after three day gains following warning from BoE Governor Mark Carney on Brexit. According to recent reports, BoE Governor Mark Carney have stated that the likelihood of a hard Brexit remained “alarmingly high” and that warned of the dangers of a no-deal scenario. At the same time, he said that London’s financial center could cope with Britain leaving the EU without a deal.

As for commodities, crude oil price continues its climb towards $70 and rose 0.19% to $62.48 per barrel as tightening supply in the market continue to support the confidence of oil investors. Despite recent surprise climb in the inventory, market has gaining back its momentum as efforts from OPEC and its allies in cutting supply in addition with Iran and Venezuela sanctions outweigh rising inventories pressure. At the same time, refinery maintenance season is also drawing to a close which could provide further demand for crude oil. On the other hand, gold price fell 0.11% to $1288.90 a troy ounce as of writing following a strong jobless claims data that support the dollar which weakening the appeal of safe-haven metal.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 96.85. MACD which illustrate bullish bias signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 96.85, 97.15

Support level: 96.20, 95.70

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3065. 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 1.3065.

Resistance level: 1.3180, 1.3350

Support level: 1.3065, 1.2960

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1215. MACD which illustrate bearish momentum signal with the starting formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1275, 1.1325

Support level: 1.1215, 1.1180

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 111.75. MACD which illustrate bullish bias signal with formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 111.75, 112.10

Support level: 111.40, 110.95

AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the resistance level 0.7120. However, MACD which illustrate diminishing bullish momentum with the formation of death cross suggest the pair to be traded lower as a technical correction in short-term towards the support level 0.7070.

Resistance level: 0.7120, 0.7155

Support level: 0.7070, 0.7045

NZDUSD, H4: NZDUSD was traded lower after it breaks below the previous support level 0.6770. MACD which display bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6725.

Resistance level: 0.6770, 0.6815

Support level: 0.6725, 0.6680

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3350. MACD which illustrate persistent bullish momentum suggest the pair to extend its gains towards the resistance level 1.3460.

Resistance level: 1.3460, 1.3570

Support level: 1.3350, 1.3295

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 1.0000. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.0000, 1.0025

Support level: 0.9965, 0.9910

CrudeOIL, H4: Crude oil price was traded lower following recent retracement from the resistance level 62.50. MACD which illustrate bearish momentum with the formation of death cross suggest the commodity to extend its retracement towards the support level 60.20.

Resistance level: 62.50, 64.10

Support level: 60.20, 58.05

GOLD_, H4: Gold price remain traded in a sideway channel following recent rebound from the support level 1287.00. MACD which illustrate bullish momentum suggest the commodity to extend its rebound towards the resistance level 1298.00.

Resistance level: 1298.00, 1308.10

Support level: 1287.00, 1280.85

4 April 2019                         Afternoon Session Analysis

NFP to determine greenback’s fate.

Greenback was traded flat against other major currencies while investors awaits the release of highly anticipated Nonfarm Payrolls report due tomorrow night. On yesterday, US dollar was unfazed by dovish economic data after its losses were limited by a slump in other major currencies such as pound sterling and euro due to geopolitical and economic risks. However, economists noted that recent data from the US reaffirms Federal Reserve view to keep interest rate on hold as they monitor current market condition which signals diminishing economic activity. Likewise, yesterday’s release of bearish ISM Non-Manufacturing PMI has increased more concern in the market as services sector accounts for more than 60% of US Gross Domestic Product (GDP). As of writing, the dollar index slipped 0.02% to 96.60. In the EU-zone, pair of EUR/USD extended gains by 0.07% to 1.1243 during Asian trading session. On yesterday, Euro was sold across the FX market following a large decline in Germany’s bond yield.

As for commodities, crude oil price depreciates by 0.24% to $62.21 per barrel. Oil price received some bearish bias as recent data from major economies portrays possible slowdown. A slowdown in the economy may reduce market demand for crude oil in the future. On the other hand, gold price rebounds by 0.17% to $1,292.14 a troy ounce following weaker US dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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19.30                     EUR                                        ECB Publishes Account of Monetary Policy Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level at 96.45. MACD which illustrate bullish bias momentum suggest index to extend its gains toward the resistance level at 96.80.

Resistance level: 96.80, 97.20

Support level: 96.45, 96.15

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3185. MACD which display bearish momentum suggest the pair to extend its retracement toward the support level at 1.3145.

Resistance level: 1.3185, 1.3215

Support level: 1.3145, 1.3075

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

Resistance level: 1.1280, 1.1320

Support level: 1.1220, 1.1180

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 111.40. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 110.85.

Resistance level: 111.40, 112.00

Support level: 110.85, 110.35

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the top level of downward channel. MACD which display diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 0.7070.

Resistance level: 0.7120, 0.7145

Support level: 0.7070, 0.7045

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6775. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6820.

Resistance level: 0.6820, 0.6865

Support level: 0.6775, 0.6740

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3345. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.3375.

Resistance level: 1.3375, 1.3440

Support level: 1.3345, 1.3290

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9965. MACD which display diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9995.

Resistance level: 0.9995, 1.0025

Support level: 0.9965, 0.9930

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 62.85. MACD which display bearish bias momentum suggest the commodity to extend its losses toward the support level at 61.25.

Resistance level: 62.85, 64.10

Support level: 61.25, 60.25

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1292.30. MACD which illustrate bullish bias momentum suggest gold to extend its gains after successfully breakout the resistance level at 1292.30.

Resistance level: 1292.30, 1300.25

Support level: 1283.70, 1277.05

4 April 2019                         Morning Session Analysis

Greenback extend losses after weak ADP data release.

U.S dollar measuring its basket of six major currency pairs have fell on Wednesday as weak payrolls data underlined worries over the strength of the economy. According to the official data released by Automatic Data Processing Inc (ADP), U.S. private sector have posted its lowest job growth in 18 months, with the reading of only 129K, lower than economic forecast with the reading of 170K. The weak data could support the Federal Reserve to extending a pause on rate hikes, as the central bank remains concerned about slowing domestic growth. At the same time, ISM Manufacturing PMI data also record lower than expected results with only 56.1 against market forecast of 56.1, adding further confirmation on economic slowdown in the US. As of writing, dollar index slips 0.28% to 97.09. On the other hand, GBP manage to hold to its ground and remain steady despite Service PMI came disappointing results. According to Markit, UK service sector have weaken as the data came in at 48.9, weaker than expected reading of 50.0. However, the sterling manage to secure its gains on high level as market investors remain positive following U.K. Prime Minister Theresa May offered talks to opposition leader Jeremy Corbyn to ensure an orderly and negotiated departure from the European Union, rather than give in to lawmakers on her own side who are ready to accept the consequences of a disorderly Brexit without transitional arrangements which showing signs of a possible breakthrough on Brexit. GBPUSD skyrocketed 0.30% to 1.3167 at the time of writing.

As for commodities, crude oil price have gave up some of its gains and fell 0.28% to $62.45 per barrel following a surprise increase in its inventories. According to recent reports from EIA, crude oil stocks have increased 7.2 million barrels in the week ending March 29 which is surprisingly weak compared to analysts’ estimate for a draw of 425K barrels, thus dragging the sentiment with the initial reaction to the data. However, market remains optimistic on long term and remain in focus on further catalyst that could affect the oil market. Next, gold price edge higher 0.05% to $1292.20 a troy ounce at the time of writing following a weak dollar affected by disappointing ADP data.

Today’s Holiday Market Close

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Today’s Highlight Events

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19.30                     EUR                                        ECB Publishes Account of Monetary Policy Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 96.85. MACD which illustrate bearish bias signal suggest the dollar to extend its losses towards the support level 96.20.

Resistance level: 96.85, 97.15

Support level: 96.20, 95.70

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3180. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short-term towards the support level 1.3065.

Resistance level: 1.3180, 1.3350

Support level: 1.3065, 1.2960

EURUSD, H4: EURUSD was traded higher following recent breakout above the previous resistance level 1.1215. MACD which display bullish bias signal suggest the pair to extend its gains towards the resistance level 1.1275.

Resistance level: 1.1275, 1.1325

Support level: 1.1215, 1.1180

USDJPY, H4: USDJPY was traded lower while currently testing the support level 111.40. MACD which display 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: 111.75, 112.10

Support level: 111.40, 110.95

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7120. MACD which display bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7120, 0.7155

Support level: 0.7070, 0.7045

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6770. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.6815.

Resistance level: 0.6815, 0.6875

Support level: 0.6770, 0.6725

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.3295. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.3350.

Resistance level: 1.3350, 1.3460

Support level: 1.3295, 1.3220

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9965. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.0000.

Resistance level: 1.0000, 1.0025

Support level: 0.9965, 0.9910

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 65.50. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 60.20.

Resistance level: 62.50, 64.10

Support level: 60.20, 58.05

GOLD_, H4: Gold price was traded higher following recent rebound from the support level 1287.00. MACD which illustrate bullish bias signal suggest the commodity to extend its rebound towards the resistance level 1298.05.

Resistance level: 1298.05, 1308.10

Support level: 1287.00, 1280.80

3 April 2019                         Afternoon Session Analysis

AUD shines as data delivers.

Australian dollar rebounds sharply from its prior low level following the release of economic data from the region. As of writing, pair of AUD/USD tacks up 0.43%, last quoted around 0.7098. According to Australian Bureau of Statistics, the Retail Sales for the month of March came in at 0.8%, exceeding economists’ forecast for an appreciation of only 0.3%. The data has diminished some worries among investors as strong spending in the economy could underpin further economic growth in the region. In addition, Australian dollar received further support after China’s Caixin Services PMI exceed expectations with 54.4 versus forecast of only 52.3. Recent economic data from China portrays a significant rebound in both manufacturing and services PMI and thus reducing some concern over global economic slowdown. On the other hand, dollar index retraced by 0.16% to 96.71 as market participants continues to digest bearish economic data from yesterday night. Likewise, recent rebound in US bond yields has come to an end as global central banks continues to adopt dovish rhetoric with regards to domestic and global economic projections.

As for commodities, crude oil price extended gains by 0.34% to $62.63 per barrel. Oil prices advanced for its third consecutive day following optimism over OPEC-led supply cuts and US sanctions against Iran and Venezuela which may help to solve global oversupply. Otherwise, gold price ticks up 0.04% to $1,293.10 a troy ounce following weaker US dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 96.80. MACD which illustrate bearish momentum and the formation of death cross suggest index to extend its losses toward the support level at 96.40.

Resistance level: 96.80, 97.20

Support level: 96.40, 96.15

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3145. MACD which display bullish momentum suggest the pair to extend its gains after successfully breakout the resistance level at 1.3145.

Resistance level: 1.3145, 1.3215

Support level: 1.3065, 1.3020

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1220. 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 1.1220.

Resistance level: 1.1220, 1.1280

Support level: 1.1180, 1.1120

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 111.40. However, MACD which display diminishing bullish momentum and the formation of death cross suggest the pair to undergo technical correction in short term toward the support level at 111.40.

Resistance level: 112.00, 112.35

Support level: 111.40, 110.85

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7070. MACD which display bullish momentum suggest the pair to extend its gains toward the resistance level at 0.7120.

Resistance level: 0.7120, 0.7145

Support level: 0.7070, 0.7045

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level at 0.6775. MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breakout the resistance level at 0.6775.

Resistance level: 0.6775, 0.6820

Support level: 0.6740, 0.6715

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3345. However, MACD which illustrate diminishing bearish momentum and the formation of golden cross suggest the pair to undergo technical correction toward the resistance level at 1.3345.

Resistance level: 1.3345, 1.3375

Support level: 1.3290, 1.3220

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9985. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.9965.

Resistance level: 0.9985, 1.0020

Support level: 0.9965, 0.9930

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 62.60. MACD which display bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 64.10.

Resistance level: 64.10, 65.90

Support level: 62.60, 61.25

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1292.30. MACD which illustrate bullish momentum and the formation of golden cross suggest gold to extend its gains after a successful breakout at the resistance level of 1292.30.

Resistance level: 1292.30, 1300.25

Support level: 1283.70, 1277.05

03 April 2019                       Morning Session Analysis

Dollar pares gain following soft Durable Goods Orders.

Dollar index fell against its basket of six major currency pairs on Tuesday as Durable Goods orders record a slowdown. According to US Census Bureau, durable goods orders exclude fell for the first time in three month, came out at 0.1% which is lower than economist forecast with the reading of 0.3%. The weak results have adding to signs that the slowdown in the U.S economy could extend at the end of last year. Besides that, International Monetary Fund (IMF) also stated that it expects 70% of the global economy will experience a slowdown following the growth across the world have losses its momentum, thus dragging the greenback sentiment which cause it to give up some of its gains. Dollar index fell 0.07% to 96.83 as of writing. Meanwhile, GBP/USD rose 0.02% to 1.3127 at the time of writing as market fear over no-deal Brexit have eased. In recent reports, UK Prime Minister Theresa May have stated that she would ask the EU for an extension to the Brexit deadline and offered cross-party talks with the leader of opposition, Jeremy Corbyn, to break the Brexit deadlock. With just 10 days until the EU’s latest Brexit deadline on April 12, Theresa May  also gave assurances that she would agree a new plan with Corbyn and put it to a vote before April 10.

In the commodities market, crude oil price remains bullish despite recent oil inventory have recorded an increase. According to the official data by API, weekly crude oil stock have increased with the reading of 2.963M, higher than previous reading of 1.930M. However, oil investors’ remains stoked in confidence and adding further bets on the black commodity as further decline in supply from OPEC have signaled that global markets are tightening with Saudi Arabia pressed on with output curbs and as power blackouts in Venezuela further squeezed supplies. Crude oil price rose 0.32% to $62.62 per barrel as of writing. On the other hand, gold price recovers 0.05% to $1291.60 a troy ounce at the time of writing following soft U.S data offered mild support to the safe-haven metal.

Today’s Holiday Market Close

Time                                       Market                  Event

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Today’s Highlight Events

Time                                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 97.05. MACD which illustrate bearish momentum with the formation of death cross suggest index to extend its losses towards the support level 96.70.

Resistance level: 97.05, 97.60

Support level: 96.70, 96.20

GBPUSD, H4: GBPUSD was traded higher following prior breakout from previous resistance level 1.3085. MACD which display bullish momentum suggest the pair to extend its gains towards the resistance level 1.3180.

Resistance level: 1.3180, 1.3300

Support level: 1.3085, 1.3000

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1215. MACD which illustrate bullish bias signal suggest the pair to extend its gains after successfully breaking above the resistance level.

Resistance level: 1.1215, 1.1260

Support level: 1.1175, 1.1125

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 111.45. However, MACD which illustrate diminished bullish momentum suggest the pair to undergo short-term technical correction and retrace towards the support level 110.95.

Resistance level: 111.45, 112.00

Support level: 110.95, 110.35

AUDUSD, H4: AUDUSD was traded higher while currently testing near the two MA-line. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after successfully closing above the two MA-line.

Resistance level: 0.7115, 0.7150

Support level: 0.7070, 0.7025

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6730. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6775.

Resistance level: 0.6775, 0.6820

Support level: 0.6730, 0.6685

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3350. MACD which display bearish momentum suggest the pair to extend its retracement towards the support level 1.3290.

Resistance level: 1.3350, 1.3400

Support level: 1.3290, 1.3245

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9980. MACD which display bearish bias signal suggest the pair to extend its losses after successfully closing below the support level.

Resistance level: 1.0010, 1.0040

Support level: 0.9980, 0.9950

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 62.50. However, MACD which display diminishing bullish momentum suggest the commodity to undergo short-term technical correction and retrace towards the support level 61.85.

Resistance level: 62.50, 63.30

Support level: 61.85, 61.15

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1285.70. MACD which illustrate bullish momentum suggest gold to extend its rebound towards the resistance level 1294.50

Resistance level: 1294.50, 1299.50

Support level: 1285.70, 1279.70

2 March 2019                      Afternoon Session Analysis

RBA rate cut ahead?

Australian dollar was traded lower during mid-Asian trading session following the release of interest rate decision from the Reserve Bank of Australia (RBA). As widely expected, RBA has kept their interest rate unchanged at 1.50% for the 29^th consecutive meeting. While the central bank quoted various downside risk on the economy such as US-China trade war and easing global economic growth, they remain optimistic with regards to Australian labor market. RBA quoted that the strong labor market in terms of hiring has led to a pick-up in wage growth which would lift inflationary pressure gradually in long-term. However, they emphasized to remain neutral with regards to monetary policy and would undertake appropriate measure to support sustainable growth and achieving inflation target. Such signal has increased the prospect for a rate cut in the future as recent economic data from Australia portrays some signs of deteriorating economic momentum. On the other hand, US dollar rebounds from its lower level since yesterday following bullish data from the manufacturing sector. As of writing, pair of AUD/USD depreciates by 0.40% to 0.7082 while the dollar index rose 0.13% to 96.87.

On the other hand, crude oil price rose 0.03% to $61.59 per barrel. Oil prices rose to fresh high on Tuesday after Washington is considering to enact more sanction against Iran while a key Venezuelan export terminal halted their operations recently. On the other hand, gold price depreciates by 0.05% to $1,287.12 a troy ounce following a sharp rebound in US dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 96.80. MACD which illustrate diminishing bearish momentum suggest index to extend its gains toward the resistance level at 97.20.

Resistance level: 97.20, 97.60

Support level: 96.80, 96.40

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3065. MACD which display diminishing bullish momentum suggest the pair to extend its losses after successfully breakout the support level at 1.3065.

Resistance level: 1.3145, 1.3215

Support level: 1.3065, 1.2965

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1220. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.1180.

Resistance level: 1.1220, 1.1280

Support level: 1.1180, 1.1120

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 111.40. MACD which display diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 110.85.

Resistance level: 111.40, 112.00

Support level: 110.85, 110.35

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7120. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.7070.

Resistance level: 0.7120, 0.7145

Support level: 0.7070, 0.7005

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6775. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after successfully breakout the support level at 0.6775.

Resistance level: 0.6820, 0.6860

Support level: 0.6775, 0.6730

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3345. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short term toward the resistance level at 1.3345.

Resistance level: 1.3345, 1.3375

Support level: 1.3290, 1.3220

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9985. MACD which display bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.0020.

Resistance level: 1.0020, 1.0070

Support level: 0.9985, 0.9965

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 61.25. However, MACD which display diminishing bullish momentum suggest the commodity to be traded lower in short term toward the support level 61.25.

Resistance level: 62.60, 64.10

Support level: 61.25, 60.25

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1292.30. However, MACD which illustrate bullish momentum and the formation of golden cross suggest gold to undergo technical correction toward the resistance level at 1292.30.

Resistance level: 1292.30, 1300.25

Support level: 1283.70, 1277.05

02 April 2019                       Morning Session Analysis

Dollar bulls remain dominant despite weak Retail Sales.

Dollar index measuring against a basket of six major rival pairs was trader higher by 0.07% to 96.78 as of writing despite a soft Retail Sales data on Monday. According to US Census Bureau, sales activity in the US have slumped to -0.2%, weaker than market’ expectation with the reading of 0.4%. However, market remains bullish on dollar as a strong U.S manufacturing data help to keep a lid on the downside with the ISM manufacturing data came in stronger with the uptick to 55.3, beating expectations of 54.5. Besides that, recent positive developments in trade talk between U.S and China also continue to boost the greenback sentiment. On the other hand, GBPUSD have tumbled and fell 0.21% to 1.3072 as of writing following UK parliament rejects Brexit option once again in indicative voting. According to reports, UK secretary Stephen Barclay have stated that no solution has won a majority in today’s indicative voting on Brexit proposals. The Brexit deadlock highlights a higher chance for UK to exit without a deal on April 12 which already causing fears among investor and swerve away from the risk in the pound. Market will remain focus on the Brexit development and also economic release such as UK Markit Construction PMI to determine further sentiment for the pound sterling.

In the commodities market, crude oil price continue to skyrocket and rose 0.21% to $61.82 per barrel as of writing following Iran sanction threat and Venezuela shutdown. According to reports, one of the senior U.S official have stated that Washington is considering more sanction on Iran that would target areas of its economy that have not been hit before. Venezuela’s Jose crude export terminal has halted its operations following a prolonged blackout, decreasing further crude oil output which sending the already positive crude oil market into further frenzy. On the other hand, gold price slips further 0.09% to $1288.72 a troy ounce at the time of writing following a strong dollar which boosted by US-Sino developments and manufacturing data.

Today’s Holiday Market Close

Time                                       Market                  Event

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Today’s Highlight Events

Time                                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above previous resistance level at 96.70. MACD which illustrate diminishing bearish momentum suggest index to extend its gains towards the resistance level 97.05.

Resistance level: 97.05, 97.60

Support level: 96.70, 96.20

GBPUSD, H4: GBPUSD was traded lower following prior breakout below previous support level at 1.3085. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses towards the support level 1.3000.

Resistance level: 1.3085, 1.3180

Support level: 1.3000, 1.2915

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

Resistance level: 1.1215, 1.1260

Support level: 1.1175, 1.1125

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 111.45. MACD which illustrate diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace towards the support level 110.95.

Resistance level: 111.45, 112.00

Support level: 110.95, 110.35

AUDUSD, H4: AUDUSD was traded lower following prior breakout below previous support level 0.7115. MACD which display bearish bias signal suggest the pair to extend its losses towards the support level 0.7070.

Resistance level: 0.7115, 0.7150

Support level: 0.7070, 0.7025

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level of 0.6775. MACD which illustrate starting bearish momentum suggest the pair to extend its losses after successfully breaking below the support level.

Resistance level: 0.6820, 0.6865

Support level: 0.6775, 0.6730

USDCAD, H4: USDCAD was traded lower following prior breaking below previous support level of 1.3350. MACD which display ongoing bearish momentum suggest the pair to extend its losses towards the support level 1.3285.

Resistance level: 1.3350, 1.3400

Support level: 1.3285, 1.3245

USDCHF, H4: USDCHF was traded higher following prior breakout above previous resistance level of 0.9980. MACD which illustrate bullish momentum suggest the pair to extend its gains towards the resistance level 1.0010.

Resistance level: 1.0010, 1.0040

Support level: 0.9980, 0.9950

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 61.85. MACD which illustrate persistent bullish momentum suggest the commodity to extend its gains after successfully closing above the resistance level.

Resistance level: 61.85, 62.50

Support level: 61.15, 60.20

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1287.00. Due to lack of signal from the MACD, a clearer rebound or breakout below from the support level is required for further confirmation before entering the market.

Resistance level: 1294.50, 1299.50

Support level: 1287.00, 1279.70

1 April 2019                         Afternoon Session Analysis

Caixin flying colors, AUD rose further.

Australian dollar extended its gains during mid-Asian trading session following better-than-expected economic data from China. According to Caixin, its manufacturing PMI for the month of March ticked higher to 50.8, beating expected reading of 49.9 by a big margin. The return of the data to expansionary territory (50 and above) has dialed down market concern for a possible slowdown from one of the world’s largest economy. As China is one of the major trade partners of Australia, any economic news from the region could bring market momentum to the Australian dollar. As of writing, pair of AUD/USD rose 0.39% to 0.7123. On the other hand, pair of USD/JPY advanced up by 0.23% to 111.09. Japanese yen received some bearish pressure in the FX market following bearish economic release this morning. According to Tankan, both of its Large Manufacturers Index and Non-Manufacturers Index for first quarter missed economist expectation with 12 and 21 respectively. Both reports have further cemented dovish outlook from the Bank of Japan which may adopt further policy easing if necessary.

As for commodities market, crude oil price extended gains up 0.55% to $60.31 per barrel. Oil prices push higher since early Asian session following concerns for a possible supply shortage in the global market. Similarly, gold price rose 0.11% to $1,293.63 a troy ounce following weaker greenback.

Today’s Holiday Market Close

Time                                       Market                  Event

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Today’s Highlight Events

Time                                       Market                  Event

02:55 (2^nd)                            CAD                                        BoC Gov Poloz Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 96.80. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest index to extend its losses toward the support level at 96.40.

Resistance level: 96.80, 97.20

Support level: 96.40, 96.15

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3005. MACD which display diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.3070.

Resistance level: 1.3070, 1.3145

Support level: 1.3005, 1.2965

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1220. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.1280.

Resistance level: 1.1280, 1.1320

Support level: 1.1220, 1.1180

USDJPY, H4: USDJPY was traded higher following prior breakout the previous resistance level at 110.85. MACD which display bullish signals suggest the pair to extend its gains toward the resistance level at 111.40.

Resistance level: 111.40, 112.00

Support level: 110.85, 110.35

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7120. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout the resistance level at 0.7120.

Resistance level: 0.7120, 0.7145

Support level: 0.7070, 0.7005

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6820. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6865.

Resistance level: 0.6865, 0.6895

Support level: 0.6820, 0.6775

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3345. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after successfully breakout the support level at 1.3345.

Resistance level: 1.3375, 1.3440

Support level: 1.3345, 1.3290

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9965. However, MACD which display diminishing bullish momentum and the formation of death cross suggest the pair to be trade lower in short term toward the support level at 0.9930.

Resistance level: 0.9965, 0.9985

Support level: 0.9930, 0.9895

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous channel top level at 60.25. MACD which display bullish bias momentum suggest the commodity to extend its gains towards the resistance level 61.25.

Resistance level: 61.25, 62.60

Support level: 60.25, 59.70

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1291.80. MACD which illustrate bullish momentum and the formation of golden cross suggest gold to extend its gains toward the resistance level at 1300.25.

Resistance level: 1300.25, 1308.15

Support level: 1291.80, 1283.70

01 April 2019                       Morning Session Analysis

Dollar remained strong amid upbeat data and Brexit uncertainties.

Dollar index measuring against a basket of six major currency pairs was traded lower by 0.03% to 96.76 at early Asian trading session after holding its grounds on Friday amid upbeat housing data and uncertainties arising from Brexit. During last Friday trading sessions, US New Home Sales data came in at 667K, beating economists’ expectations of 620K while indicating a higher housing sales activity as well as better economy outlook. Besides that, Friday’s announcement of higher than expected Michigan Consumer Sentiment with a reading of 98.4 against 97.8 also helped provide further support for the dollar. In other news, pair of GBP/USD fell by 0.10% to 1.3015 while remained pressured by Brexit deadlock. Prime Minister Theresa May faced a third-time defeat for the approval of her Brexit deal with the UK Parliament voting 388 against 286 during Last Friday’s Brexit vote. The UK is now under pressure of deciding whether to approve a Brexit deal before 12^th April deadline, to crash out of the union without a deal or to request further delay to the Brexit deadline while remaining in the EU and participating in the next European Union general elections.

In the commodities market, crude oil price further its gains by 0.48% to $60.46 per barrel amid positive sentiment surrounding the oil markets. Recent news supporting the oil market was US President Donald Trump’s tweet which urged OPEC and its allies (OPEC+) to stop their production glut and bringing more supply to the market. Market’s initial reaction was dovish as investors fear that the tension between Trump and OPEC+ will disrupt the oil market, however the oil price recovered quickly after no signs was shown that OPEC+ will give in to Trump’s demand. Likewise, gold price was up by 0.09% to $1293.00 per troy ounce following weaker dollar.

Today’s Holiday Market Close

Time                                       Market                  Event

N/A

Today’s Highlight Events

Time                                       Market                  Event

02:55 (2^nd)                            CAD                                        BoC Gov Poloz Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 96.80. However, MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the dollar to experience a technical correction in short term towards the support level 96.20.

Resistance level: 96.80, 97.15

Support level: 96.20, 95.70

GBPUSD, H4: GBPUSD was traded lower following recent breakout below the previous support level 1.3065. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short-term towards the resistance level 1.3065.

Resistance level: 1.3065, 1.3180

Support level: 1.2960, 1.2845

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1215. However, MACD which display diminishing bearish momentum with the formation of golden cross suggest the pair to be traded higher in short term as a technical correction towards the resistance level 1.1275.

Resistance level: 1.1275, 1.1325

Support level: 1.1215, 1.1180

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 110.95. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 111.40.

Resistance level: 111.40, 111.75

Support level: 110.95, 110.35

AUDUSD, H4: AUDUSD was traded higher while currently retest near the resistance level 0.7120. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 0.7120.

Resistance level: 0.7120, 0.7155

Support level: 0.7070, 0.7045

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6815. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it successfully close above the resistance level 0.6815.

Resistance level: 0.6815, 0.6875

Support level: 0.6770, 0.6725

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.3350. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short term technical correction towards the resistance level 1.3460.

Resistance level: 1.3460, 1.3570

Support level: 1.3350, 1.3295

USDCHF, H4: USDCHF remain traded in a sideway channel. Due to lack of clear signal from MACD, it is suggested to wait until further signal appear such as breakout above the resistance level 0.9965 or below the support level 0.9910 before entering the market.

Resistance level: 0.9965, 1.0000

Support level: 0.9915, 0.9855

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the resistance level 60.20. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 63.10.

Resistance level: 63.10, 65.70

Support level: 60.20, 58.05

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1289.35. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short-term technical correction towards the resistance level 1299.15.

Resistance level: 1299.15, 1308.10

Support level: 1289.35, 1282.40

29 March 2019                   Afternoon Session Analysis

Bears overtook New Zealand dollar.

New Zealand dollar extended its losses since the start of Asian trading session following mixed signal delivered by Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr. In an event hosted by the central bank, Orr stated that the bank is switching from neutral to easing bias following recessive risks in the market. Prior, RBNZ stunned the market after signaling to initiate a rate cut in the future rather than keeping it unchanged. RBNZ stated that they will remain focused upon inflation and employment objective while pursuing to maintain a stable inflationary level and financial market. Likewise, the currency received further bearish pressure after market participants flock to other assets as US and China restart their much-awaited trade negotiation which may bring volatility to the currency. In the US, greenback begins to retrace from its prior high levels following dovish outlook towards its economic progression. Thus far, US economic growth slowed down during the end of 2018, falling below Trump’s administration forecast. Such reading comes hand-in-hand with other major markets in the world which may brew higher concern towards global economic slowdown for the year 2019. As of writing, pair of NZD/USD depreciate by 0.10% to 0.6785 while the dollar index ticked down 0.01% to 96.72.

As for commodities, crude oil price rose 0.17% to $59.38 per barrel during mid-Asian session. Oil prices set for its biggest first-quarter gain since 2009 following OPEC-led supply cuts and US sanction against oil producing country such as Iran and Venezuela. Otherwise, gold price depreciates by 0.07% to $1,289.46 a troy ounce as market participants shifts their focus towards other emerging markets.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative (30^th)    GBP                        UK Parliament vote on Brexit deal

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 96.80. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a technical correction in short term towards the support level 96.20.

Resistance level: 96.80, 97.15

Support level: 96.20, 95.65

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3070. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a short term technical correction back towards the resistance level 1.3180.

Resistance level: 1.3180, 1.3250

Support level: 1.3070, 1.2975

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1215. However, MACD which display diminishing bearish momentum with the starting formation of golden cross suggest the pair to be traded higher in short term as a technical correction towards the resistance level 1.1275.

Resistance level: 1.1275, 1.1325

Support level: 1.1215, 1.1180

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 110.35. MACD which illustrate bullish momentum suggest the pair to extend its gains towards the resistance level 110.95.

Resistance level: 110.95, 111.75

Support level: 110.35, 109.60

AUDUSD, H4: AUDUSD was remain traded in a sideway channel following recent rebound from the support level 0.7070. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.7120.

Resistance level: 0.7120, 0.7155

Support level: 0.7070, 0.7045

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6770. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short term technical correction towards the resistance level 0.6815.

Resistance level: 0.6815, 0.6875

Support level: 0.6770, 0.6725

USDCAD, H4: USDCAD was traded higher following recent rebound from MA line 20 (Red). However, due to lack of clear signal and momentum from MACD, it is suggested to wait until further signal appear such as breakout above the resistance level 1.3460 or below the support level 1.3350 before entering the market.

Resistance level: 1.3460, 1.3570

Support level: 1.3350, 1.3295

USDCHF, H4: USDCHF remain traded in a sideway channel. Due to lack of clear signal from MACD, it is suggested to wait until further signal appear such as breakout above the resistance level 0.9965 or below the support level 0.9910 before entering the market.

Resistance level: 0.9965, 1.0000

Support level: 0.9915, 0.9855

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 58.05. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains towards resistance level 60.20.

Resistance level: 60.20, 63.10

Support level: 57.90, 55.60

GOLD_, H4: Gold price was traded lower while currently testing the support level 1289.35. MACD which illustrate bearish bias signal suggest the commodity to extend its losses after it successfully breaks below the support level 1289.35.

Resistance level: 1299.15, 1308.10

Support level: 1289.35, 1282.40

29 March 2019                   Morning Session Analysis

Dollar strong despite poor data, supported by Brexit deadlock.

Greenback measuring against a basket of six major currency pairs was traded lower by 0.03% to 96.71 at early Asian trading session after breaking to its 2-week high despite poor data in the US. US GDP was growing slower at 2.2% as compared to its forecasted value of 2.4% while Pending Home Sales data came in at -1.0%, much lower compared to the forecasted reading of 0.1%. As recent dovish statement from Fed and economy outlook for the US are biased to signs of recession, the poor data did little changes to the market sentiment as market participants focus mainly on Brexit developments. As tension weighs on the pound market, investors are currently focusing on today’s key Brexit vote where a successful vote will allow the UK to leave the European Union by 22^nd May. However, if UK parliament rejects Theresa May’s Brexit deal for the third time, UK will have to decide then whether to crash out of the EU without a deal on 12^th April or request for a longer delay but remains in the EU while also participating in the next European Union general elections. Growing tensions in Brexit caused a large sell-off in the pound yesterday, however the pair of GBP/USD was able to pair part of its losses by 0.14% to 1.3060.

In the commodities market, crude oil price retraced by 0.03% to $59.44 per barrel after extending its gains throughout yesterday amid overall positive sentiment in the market. Recent news reported that US are widening their sanctions on Venezuela oil export, instructing oil traders around the world to further cutting their oil trades with Venezuela or faces sanction themselves. Besides that, continuous effort of production cut from OPEC and its allies continues to provide support for oil prices. Likewise, gold price rose 0.12% to $1291.65 a troy ounce after facing a large sell-off yesterday as Brexit deadlock made dollar’s appeal as a strong safe haven asset.

Today’s Holiday Market Close

Time                                       Market                  Event

N/A

Today’s Highlight Events

Time                                       Market                  Event

Tentative              (30^th)      GBP                                        UK Parliament vote on Brexit deal

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 96.80. MACD which illustrate diminishing bullish momentum suggest index to extend its losses toward the support level at 96.40.

Resistance level: 96.80, 97.20

Support level: 96.40, 96.15

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3055. MACD which display bearish bias momentum suggest the pair to extend its losses after successfully breakout the support level at 1.3055.

Resistance level: 1.3145, 1.3215

Support level: 1.3055, 1.2965

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1220. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.1280

Resistance level: 1.1280, 1.1320

Support level: 1.1220, 1.1180

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.85. MACD which display bullish signals suggest the pair to extend its gains after successfully breakout the resistance level 110.85.

Resistance level: 110.85, 111.40

Support level: 110.35, 109.70

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7070. MACD which display diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7120.

Resistance level: 0.7120, 0.7145

Support level: 0.7070, 0.7005

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level of 0.6775. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction toward the resistance level at 0.6820.

Resistance level: 0.6820, 0.6860

Support level: 0.6775, 0.6730

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3440. Due to lack of clear signal from MACD, it is suggested to wait until further signal appear before entering market.

Resistance level: 1.3440, 1.3490

Support level: 1.3375, 1.3340

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9960. MACD which display diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9930.

Resistance level: 0.9960, 0.9985

Support level: 0.9930, 0.9895

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above previous resistance level at 59.05. MACD which display bullish momentum and the formation of golden cross suggest the commodity to extend its gains towards the resistance level 59.70.

Resistance level: 59.70, 60.25

Support level: 59.05, 58.25

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1292.30. MACD which illustrate bearish momentum suggest gold to extend its losses toward the support level at 1283.70.

Resistance level: 1292.30, 1300.25

Support level: 1283.70, 1277.05

28 March 2019                   Afternoon Session Analysis

Waning prospect boosted greenback’s appeal.

Greenback threaded water against other major peers while more central bank around the world opted dovish stance towards deteriorating conditions on global economy. The latest shift came from Reserve Bank of New Zealand (RBNZ) which bring some surprise to the market by signaling to decrease interest rates due to bearish economic outlook. Among its peers however, US economy remains resilient although some facet portrays slight depreciation in terms of its activity and momentum. Thus, greenback remains favorable among market participants when comparing it with other currencies such as pound sterling and euro. On the other hand, Euro continues its bearish bias after Germany’s 10-year bond yield fell below neutral level with -0.09%, its lowest level in two-and-a-half years. Market prospect upon the region remains bleak following waning economic progression in the European bloc, especially Germany – EU’s largest economic body. In terms of market movement, dollar index stabilizes around 96.34 while pair of EUR/USD traded flat around 1.1252.

In the commodities market, crude oil price extended its losses by 0.32% to $58.98 per barrel during Asian trading session. Oil prices received further bearish pressure following a surprise increase in US crude inventories as reported by Energy Information Administration. Otherwise, gold price ticked down 0.01% to $1,309.90 a troy ounce while its appeal faded due to a shift from safe-haven towards the US dollar market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

04:00 (29^th)             NZD                      RBNZ Gov Orr Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded flat after it breaks above the previous resistance level 96.20 recently. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a short-term technical correction towards the support level 96.20.

Resistance level: 96.80, 97.15

Support level: 96.20, 95.65

GBPUSD, H4: GBPUSD remain traded in a sideway channel after it rebounds from its low level above the support level 1.3180. Due to lack of clear signal and momentum from MACD, a further confirmation is required such as breakout above the resistance level 1.3250 or close below the support level 1.3180 before entering the market.

Resistance level: 1.3250, 1.3350

Support level: 1.3180, 1.3095

EURUSD, H4: EURUSD was traded flat following recent retracement from the resistance level 1.1275. However, MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to be traded higher as a short-term technical correction towards the resistance level 1.1275.

Resistance level: 1.1275, 1.1325

Support level: 1.1215, 1.1180

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 110.35. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the pair to extend its losses towards the support level 109.60.

Resistance level: 110.35, 110.95

Support level: 109.60, 108.95

AUDUSD, H4: AUDUSD was traded higher following recent rebound from the support level 0.7070. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.7120.

Resistance level: 0.7120, 0.7155

Support level: 0.7070, 0.7045

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6815. MACD which illustrate bullish bias signal suggest the pair to extend its rebound after it breaks above the resistance level 0.6815.

Resistance level: 0.6815, 0.6875

Support level: 0.6770, 0.6725

USDCAD, H4: USDCAD was traded lower following recent retracement from its high level. MACD which illustrate bearish momentum suggest the pair to extend it retracement towards the support level 1.3350.

Resistance level: 1.3460, 1.3570

Support level: 1.3350, 1.3290

USDCHF, H4: USDCHF remain traded in a sideway channel. Due to lack of clear signal from MACD, it is suggested to wait until further signal appear such as breakout above the resistance level 0.9965 or below the support level 0.9910 before entering the market.

Resistance level: 0.9965, 1.0000

Support level: 0.9915, 0.9855

CrudeOIL, H4: Crude oil price was lower following prior retracement from the resistance level 60.20. MACD which illustrate bearish momentum with the formation of death cross suggest the commodity to extend its retracement towards the support level 57.90.

Resistance level: 60.20, 63.10

Support level: 57.90, 55.60

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1308.10. However, MACD which illustrate diminishing bearish momentum suggest the commodity to experience a technical correction in short term towards the resistance level 1315.80.

Resistance level: 1315.80, 1323.10

Support level: 1308.10, 1299.15