Daily Analysis

7 March 2019                      Morning Session Analysis

Severe blow to Trump as deficit widens to decade high.

US dollar was traded in a tight range against other major currencies on yesterday after US private sector jobs creation slowed down while trade deficit widened amid diminishing exports. As of writing, the dollar index was traded flat at 96.76. For the month of February, ADP Nonfarm Employment Change came in at 183,000 jobs, missing economists’ expectation for a reading up to 189,000 jobs. However, previous month’s reading was received an upward revision from 213,000 to 300,000. In terms of US trade condition, its deficit widened to $59.80 billion for the month of December after exports fell for third consecutive month to $205.10 billion. Current trade deficit which stood at its highest level in a decade delivers a severe blow to Trump’s administration despite efforts to revive American manufacturing sector and reduce dependency on imported goods. However, economists’ postulate that the widening gap for the month of December was partly due to a rush of import goods ahead of potential additional tariff increase from the administration. Likewise, the widening was also driven by stronger dollar and US economy, while US Federal Reserve whom continues to tighten their monetary setting sparked higher demand for the greenback. Against other currencies, pair of GBP/USD was up 0.03% to 1.3173 while USD/JPY slipped 0.04% to 111.70.

In the commodities market, crude oil price ticked down 0.03% to $56.15 per barrel. Oil prices remains under pressure following a large increase in US crude inventories while market anxiety towards possible global recession continues to limit any substantial gains. On the other hand, gold price was traded flat around $1,286.45 a troy ounce as traders await the highly anticipated release of Nonfarm Payrolls report due tomorrow night.
Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

21:30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index remains traded within a sideways channel following prior retrace from the upper level. MACD which illustrate bearish signal suggests the index to be traded lower in short-term.

Resistance level: 96.85, 97.00

Support level: 96.65, 96.40

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level of 1.3100. MACD which begins to form a golden cross signal suggests the pair to extend its gains in short-term, toward the direction of 1.3235.

Resistance level: 1.3235, 1.3350

Support level: 1.3170, 1.3100

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the pair to extend its gains in short-term as technical correction.

Resistance level: 1.1310, 1.1360

Support level: 1.1280, 1.1230

USDJPY, H4: USDJPY was traded lower following prior retracement from the top level of ascending channel. MACD which illustrate bearish signal suggests the pair to advance further down in short-term, towards the direction of 111.45.

Resistance level: 112.20, 112.80

Support level: 111.45, 111.00

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7055, 0.7070

Support level: 0.7015, 0.6960

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the lower level. MACD which has formed a bullish signal suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6800, 0.6850

Support level: 0.6780, 0.6720

USDCAD, H4: USDCAD extended its gains following prior closure above the resistance level at 1.3435. MACD which illustrate increasing bullish momentum suggests the pair to advance further up, towards the direction of 1.3485.

Resistance level: 1.3485, 1.3530

Support level: 1.3435, 1.3370

USDCHF, H4: USDCHF was traded lower while currently testing at the strong support at 1.0040. MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses after closing below the level of 1.0040.

Resistance level: 1.0070, 1.0095

Support level: 1.0040, 1.0005

CrudeOIL, H1: Crude oil price was traded lower following prior retrace from the top level of descending triangle. MACD which illustrate diminished upward momentum suggests its prices to be traded lower in short-term as technical correction.

Resistance level: 56.45, 57.45

Support level: 55.60, 55.15

GOLD_, H4: Gold price was traded flat near the support level of 1280.20. MACD which illustrate the formation of bullish signal suggests its prices to be traded higher in short-term as technical correction.

Resistance level: 1294.00, 1305.60

Support level: 1280.20, 1267.30

6 March 2019                      Afternoon Session Analysis

Dollar further gains in market, Aussie dollar falls.

Dollar index measuring against a basket of six major currency pairs further its bullish momentum while holding its ground as market’s safe-haven asset amid global growth concerns. According to Chinese Premier Li Keqiang, China has reduced its growth target to 6% and 6.5% as compared to last year forecasted of 6.6% growth for 2019. The news worsened market sentiment as fear of global growth slowdown spiraled, causing investors to flee into safe-haven dollar. Moreover, US strong housing and services activity further boosted the dollar while investors are still waiting for the outcome of the US-Sino trade deal. On the other hand, the Aussie dollar was suffering losses to a 2-month low following prior release of Australia’s GDP which marked a slowdown in growth by 0.2% compared to economists’ forecast of 0.5% for its fourth quarter. Overall, the pair was recording losses for the past week amid concerns over trade war uncertainties. Dollar index was up by 0.06% to 96.80 while pair of AUD/USD was down by 0.63% to 0.7035 as of writing.

For the commodities market, crude oil price fell by 0.23% to $56.20 per barrel amid growing inventory level in the US. According to American Petroleum Institute (API), US inventory level increased to 7.290M, indicating lower demand for oil prices. Along with trade war uncertainties, oil sentiment dragged its prices lower while investors focus on the Crude Oil Inventories data later today. On the other hand, gold price ticked down by 0.01% to $1,287.50 a troy ounce due to strong dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:00                     CAD                                        BoC Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level of 96.90. However, MACD which illustrate diminishing bullish momentum suggest index to undergo short-term technical correction and retrace towards the support level 96.40.

Resistance level: 96.90, 97.15

Support level: 96.40, 95.55

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3205. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short term technical correction back towards the resistance level 1.3205.

Resistance level: 1.3205, 1.3285

Support level: 1.3095, 1.2975

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1300. However, MACD which display diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound towards the resistance level at 1.1355.

Resistance level: 1.1355, 1.1395

Support level: 1.1300, 1.1260

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 112.10. MACD which illustrate bearish momentum suggest the pair to extend its retracement towards the support level 111.10.

Resistance level: 112.10, 112.70

Support level: 111.10, 110.35

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7055. MACD which display bearish bias signal suggest the pair to extend its losses towards the support level 0.7005.

Resistance level: 0.7055, 0.7085

Support level: 0.7005, 0.6950

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6760. MACD which illustrate bearish bias signal suggest the pair to extend its losses after successfully breaking below the support level.

Resistance level: 0.6800, 0.6845

Support level: 0.6765, 0.6725

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3375. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction towards the support level 1.3310.

Resistance level: 1.3375, 1.3440

Support level: 1.3310, 1.3260

USDCHF, H4: USDCHF was traded higher following recent breakout above the previous resistance level 1.0025. However, MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.0025.

Resistance level: 1.0085, 1.0115

Support level: 1.0025, 0.9975

CrudeOIL, H4: Crude oil price was traded lower while currently testing the upwards trend line. MACD which illustrate bearish momentum suggest the commodity to extend its losses after breaking below the upward trend line and the support level at 55.60.

Resistance level: 57.50, 59.20

Support level: 55.60, 54.30

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1285.65. However, MACD which illustrate starting bullish momentum with the formation of golden cross suggest gold to undergo short-term technical correction and rebound towards the resistance level 1295.15.

Resistance level: 1295.15, 1303.50

Support level: 1285.65, 1278.90

6 March 2019                      Morning Session Analysis

Greenback aboard the bullish train.

Greenback edged higher against other major peers after US economic data shows a rebound in housing and services activity. The dollar index rose 0.18% to 96.71 as of writing. According to Institute for Supply Management, its non-manufacturing PMI for the month of February rose to 59.7, beating economist forecast for a reading of 57.3. Services sector is a crucial component for the US and it accounts for more than 80% of its Gross Domestic Product. In the housing front, US Commerce Department reported that new home sales rose 3.7% to an annual rate of 621,000 units for the month of December. The data was well above economists’ forecast for a decline of 8.7% to 600,000 units. Both reports have induced higher optimism among market participants while dialing down fears of a slowdown in the US economy. However, gains on the greenback remains limited after several members of Federal Reserve chime in with dovish remarks, expressing their support to adopt ‘wait-and-see” approach on future monetary policy. In the UK, pair of GBP/USD depreciates by 0.20% to 1.3149. Pound sterling caught itself with bearish pressure after Bank of England Governor Mark Carney delivered a bearish assessment with regards to UK economy outlook. In a testimonial given before the House of Lords, Carney commented that the market path for interest rate may not be high enough while noting a degree of slack which is opening up in the UK economy.

In the commodities section, crude oil price ticked down by 0.02% to $56.20 per barrel. Oil prices was traded mixed since Monday while investors wait for further market signals with regards to US-China trade talks and US crude inventories level. On the other hand, gold price slumped 0.03% to $1,287.62 a troy ounce due to diminishing market risks and appreciating greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:00                     CAD                                        BoC Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the lower level. Although MACD illustrate diminishing downward momentum, a close above 96.80 is required to attain further confirmation.

Resistance level: 96.80, 97.00

Support level: 96.65, 96.40

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

Resistance level: 1.3170, 1.3235

Support level: 1.3010, 1.2880

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

Resistance level: 1.1310, 1.1360

Support level: 1.1280, 1.1230

USDJPY, H4: USDJPY was traded lower following prior retrace from the upper level of ascending channel. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below the 20-MA line (red).

Resistance level: 112.20, 112.80

Support level: 111.45, 111.00

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support of 0.7070. MACD which has formed a golden cross signal suggests the pair to be traded higher in short-term.

Resistance level: 0.7105, 0.7145

Support level: 0.7070, 0.7055

NZDUSD, H4: NZDUSD was traded higher while currently testing at the resistance near 0.6800. MACD which has formed a bullish signal suggests the pair to extend its gains after a successful closure above 0.6800.

Resistance level: 0.6800, 0.6820

Support level: 0.6780, 0.6735

USDCAD, H4: USDCAD was traded higher following prior closure above 1.3325. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3360, 1.3455

Support level: 1.3325, 1.3280

USDCHF, H1: USDCHF was traded lower while currently testing near the support of 1.0040. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.0070, 1.0095

Support level: 1.0040, 1.0005

CrudeOIL, H1: Crude oil price was traded lower following prior breakout from the bottom level of narrowing triangle. MACD which illustrate bearish signal suggests its prices to advance further down, towards the direction of 55.85.

Resistance level: 56.45, 57.45

Support level: 55.60, 55.15

GOLD_, H4: Gold price was traded higher following prior rebound from the support level near 1280.20. MACD which has formed a golden cross signal suggests its prices to be traded higher in short-term as technical correction.

Resistance level: 1294.00, 1305.60

Support level: 1280.20, 1267.30

5 March 2019                      Afternoon Session Analysis

Aussie pressured by RBA rate decision, dollar remains solid.

Dollar index which measures its strength against its basket of six major currency pair continues to accelerate it bullish momentum as market sentiment remain positively strong over recent trade news. As news on Washington and Beijing is one step closer to reach a trade agreement, risk appetite remains strong in the market as positive sentiment continue to boost the greenback. Besides that, dollar also enjoyed support from higher Treasury Yields and recent upbeat data which ease investor’s fear of a potential slowdown in economic health. Dollar index gains 0.08% to 96.60 as of writing. On the other hand, AUDUSD remains in struggle and slips 0.18% to 0.7072 at the time of writing after Reserve Bank of Australia (RBA) kept its interest rate unchanged. However, recent remarks from Governor Phillip Lowe which stated RBA is more likely adopt a dovish tone in this year dragged the sentiment down. Moreover, recent data such as China Services PMI missed estimate which further pushed the Aussie to the lowest since Feb 12.

In the commodities market, crude oil price fell 0.30% to 56.06 as of writing following China have lowered its growth target for the year and the uncertainty surrounding trade deal between U.S and China whether it could affect the growth in the demand for crude oil. On the other hand, gold price recovers 0.13% to 1288.60 as concerns about trade deal impact have provide some support for the safe-haven asset.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:35                     GBP                                        BoE Gov Carney Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level of 96.65. However, MACD which illustrate diminishing bullish momentum suggest index to undergo short-term technical correction and retrace towards the support level 96.00.

Resistance level: 96.65, 97.00

Support level: 96.00, 95.50

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3180. MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level of 1.3085.

Resistance level: 1.3180, 1.3280

Support level: 1.3085, 1.3000

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1325. However, MACD which display diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound towards the resistance level at 1.1365.

Resistance level: 1.1365, 1.1400

Support level: 1.1325, 1.1275

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 111.85. However, MACD which illustrate bearish momentum suggest the pair to undergo short-term technical correction and retrace towards the support level at 111.35.

Resistance level: 111.85, 112.35

Support level: 111.35, 110.90

AUDUSD, H4: AUDUSD remains traded within a sideways channel following prior retracement from the mid-level channel near 0.7100. MACD which display bearish bias signal suggest the pair to extend its retracement towards the bottom-level of the channel at 0.7060.

Resistance level: 0.7100, 0.7170

Support level: 0.7060, 0.7030

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6780. MACD which illustrate bearish bias signal suggest the pair to extend its losses after successfully breaking below the support level.

Resistance level: 0.6850, 0.6915

Support level: 0.6780, 0.6715

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3325. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace from the resistance level.

Resistance level: 1.3325, 1.3400

Support level: 1.3245, 1.3185

USDCHF, H4: USDCHF was traded lower following prior retrace from the resistance of 1.0010. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 0.9980.

Resistance level: 1.0010, 1.0030

Support level: 0.9980, 0.9950

CrudeOIL, H4: Crude oil price remains traded within a sideway channel while currently testing near the mid-level of the channel and support level of 56.15. MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the bottom-level of the channel after successfully breaking below the support level.

Resistance level: 57.50, 58.70

Support level: 56.15, 55.00

GOLD_, Daily: Gold price was traded lower while currently testing near the support level 1288.00. MACD which illustrate ongoing bearish momentum suggest gold to extend its losses after successfully breaking below the support level.

Resistance level: 1302.50, 1325.00

Support level: 1288.00, 1275.30

5 March 2019                      Morning Session Analysis

Euro dips, ECB doves around the corner?

US dollar extended its gains against other major peers as euro fails to hold its gains while slumping to two-weeks low. The dollar index rose 0.11% to 94.48 while pair of EUR/USD ticked down 0.01% to 1.1336 as of writing. Earlier yesterday, Sentix Investor Confidence in the EU zone improved from 3.7% in February to -2.2% in March while wholesale Inflation for 12 months through January topped expectation. However, euro failed to take advantage of the upbeat data as investors are currently trimming their bullish bets ahead of this week’s European Central Bank monetary policy meeting. Likewise, recent economic data from the EU zone remains skewed towards recessive, further dialing down market’s expectation upon ECB which may adopt a “wait-and-see” approach and refrain from tightening their policy further this year. In addition, economist is expecting the central bank to reiterate the short-term weakness in economic data and may signal to stimulate the economy when needed. Nevertheless, there is possibility for ECB to dial down their economic projection in tandem with the recent diminished economic momentum.

In the commodities market, crude oil price tumbled 0.12% to $56.16 per barrel. Oil prices was traded in a choppy fashion while investors await further market signal from the release of crude oil inventories data from EIA this coming Wednesday. Otherwise, gold price extended its losses on yesterday by 0.73% to $1,286.92 a troy ounce following large buyback on the greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

11:30                     AUD                                       RBA Rate Statement

23:35                     GBP                                        BoE Gov Carney Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the index to advance further up, towards the direction of 96.65.

Resistance level: 96.65, 97.00

Support level: 96.00, 95.50

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the top level. MACD which illustrate diminished bullish momentum suggests the pair to extend its losses following a successful closure below 1.3170.

Resistance level: 1.3235, 1.3350

Support level: 1.3170, 1.3010

EURUSD, H1: EURUSD was traded lower following prior retracement from the 20-MA line (red). MACD which illustrate diminished upward momentum suggests the pair to advance further down, towards the direction of 1.1310.

Resistance level: 1.1360, 1.1400

Support level: 1.1310, 1.1280

USDJPY, H1: USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggest the pair to extend its gains after closing above the 20-MA line (red).

Resistance level: 112.20, 112.80

Support level: 111.45, 111.00

AUDUSD, H1: AUDUSD remains traded within a sideways channel following prior rebound from the bottom level. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

Resistance level: 0.7105, 0.7145

Support level: 0.7070, 0.7055

NZDUSD, H1: NZDUSD remains traded within a sideways channel following prior retrace from the top. Stochastic Oscillator which illustrate retracement signal suggests the pair to be traded lower in short-term.

Resistance level: 0.6820, 0.6850

Support level: 0.6800, 0.6780

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance at 1.3325. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3325, 1.3360

Support level: 1.3280, 1.3220

USDCHF, H4: USDCHF was traded lower following prior retrace from the resistance of 1.0005. MACD which illustrate diminished upward momentum suggests the pair to be traded lower, towards the direction of 0.9975.

Resistance level: 1.0005, 1.0040

Support level: 0.9975, 0.9950

CrudeOIL, H1: Crude oil price remains traded within a narrowing triangle following prior retrace from the top. MACD which illustrate diminished upward momentum suggests its prices to be traded lower in short-term, towards the lower level of the triangle.

Resistance level: 56.45, 57.45

Support level: 55.60, 55.15

GOLD_, H1: Gold price was traded in a downtrend following prior closure below 1294.00. MACD which illustrate diminished upward momentum suggests its prices to extend its losses, towards the direction of 1280.20.

Resistance level: 1294.00, 1305.60

Support level: 1280.20, 1267.30

4 March 2019                      Afternoon Session Analysis

Greenback remains upbeat despite Trump comments.

Dollar index remains strong against a basket of six major currency pairs despite Trump’s pessimism on dollar. In his renewed criticism, Trump stated that the dollar is too strong and criticize Powell for “likes to increase rate”. However, market sentiment remains positive following trade deal optimism where President Donald Trump recently have delayed the deadline for Chinese import tariff hikes. Besides that, US Donald Trump also stated a big progress has been made in trade meeting, hinting a closer step for a successful trade deal and also embolden Fed on rate hike course. Dollar index rose 0.06% to 96.30 as of writing. On the other hand, AUDUSD recovers 0.11% to 0.7090 at the time of writing as the news of a possible US-Sino trade deal in the near future lifted Chinese Yuan. As China is the largest trading partner of Australia, the Aussie also currently benefited from the positive sentiment.

In the commodities market, crude oil price remains in pressure and slips 0.05% to $55.83 per barrel as of writing as market continue to react towards reports on Thursday’s announcement by the U.S. Energy Department that it was offering up to 6 million barrels of emergency stocks from the Strategic Petroleum Reserve, or SPR which many saw a hidden message within the offer that there could be more releases like this to counter OPEC’s production cuts or supplies tightening from U.S. sanctions against Venezuelan and Iranian oil, thus dragging the crude oil sentiment down. On the other hand, gold price also fell 0.11% to $1293.90 at the time of writing following strong dollar which currently supported by trade optimism.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 96.40. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 96.05.

Resistance level: 96.40, 96.90

Support level: 96.05, 95.55

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3205. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.3285.

Resistance level: 1.3285, 1.3350

Support level: 1.3205, 1.3065

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1355. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a short term technical correction towards the resistance level 1.1395.

Resistance level: 1.1395, 1.1445

Support level: 1.1355, 1.1300

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 112.10. However, MACD which illustrate bearish bias signal suggest the pair to undergo a technical correction in short term towards the support level 111.10.

Resistance level: 112.10, 112.70

Support level: 111.10, 110.35

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7085. MACD which display bullish bias signal suggest the pair to extend its rebound towards the resistance level 0.7130.

Resistance level: 0.7130, 0.7155

Support level: 0.7085,0.7055

NZDUSD, H4: NZDUSD was traded higher following recent rebound from the support level 0.6800. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6845.

Resistance level: 0.6845, 0.6875

Support level: 0.6800, 0.6765

USDCAD, H4: USDCAD was traded lower following recent retracement from the resistance level 1.3310. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.3260.

Resistance level: 1.3310, 1.3360

Support level: 1.3260, 1.3200

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9975. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.0025.

Resistance level: 1.0025, 1.0085

Support level: 0.9975, 0.9910

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 55.75. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a technical correction towards the resistance level 57.50.

Resistance level: 57.50, 59.20

Support level: 55.75, 54.30

GOLD_, H4: Gold price traded lower while currently testing the support level 1295.40. However, MACD which illustrate bullish bias signal suggest the pair to undergo a technical correction towards the resistance level 1303.50.

Resistance level: 1303.50, 1315.05

Support level: 1295.40, 1287.05

4 March 2019                      Morning Session Analysis

Dollar defy bears, trade talk in focus.

Greenback rose sharply last Friday despite downbeat US economic data as market sentiment turned positive following upbeat outlook upon world economies and higher prospect towards the achievement of a trade deal between US and China. The dollar index edged up 0.29% to 96.32 as of writing. The dollar remained resilient in wake of bearish manufacturing, inflation and consumption data that did little to suppress US economic progression. Economists suspects the bearish data may be due to governmental shutdown that dampens domestic market sentiment in terms of spending and goods demand. Likewise, positive development in trade talks between US and China added up bullish support on the greenback as a resolution in trade war may brighten up the outlook of global economic growth. In addition, the greenback was further boosted following a slip in pound sterling as investors book profits following the currency’s sharp gain last week amid a possible delay in Brexit and diminishing risk of a no-deal exit. Pair of GBP/USD depreciates by 0.14% to 1.3229 during early Asian trading session.

As for commodities, crude oil price plunged more than 3% last Friday to $55.77 per barrel. Oil prices settled lower last week following continuous increase US oil production which has risen more than 2 million bpd last year to a total of 12.1 million bpd. On the other hand, gold price plunged more than 1% last Friday to $1,289.55 a troy ounce following a sharp rebound on the 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, H1: Dollar index was traded lower following prior retracement from the upper level. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.

Resistance level: 96.65, 97.00

Support level: 96.00, 95.50

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the upward trendline. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 1.3235, 1.3350

Support level: 1.3170, 1.3010

EURUSD, H4: EURUSD was traded lower following prior retrace from the 20-MA line (red). MACD which illustrate bearish signal suggests the pair to extend its losses in short-term, towards the direction of 1.1360.

Resistance level: 1.1400, 1.1440

Support level: 1.1360, 1.1310

USDJPY, Daily: USDJPY was traded higher following prior rebound from the upward trendline. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 112.20.

Resistance level: 112.20, 112.80

Support level: 111.45, 111.00

AUDUSD, H4: AUDUSD was traded lower following prior retrace from the resistance of 0.7105. MACD which illustrate bearish bias suggests the pair to advance further down, towards the direction of 0.7070.

Resistance level: 0.7100, 0.7170

Support level: 0.7070, 0.7015

NZDUSD, H4: NZDUSD was traded lower following prior retrace from the resistance of 0.6820. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 0.6780.

Resistance level: 0.6820, 0.6850

Support level: 0.6780, 0.6735

USDCAD, H4: USDCAD was traded higher following prior closure above the target of 1.3280. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 1.3325.

Resistance level: 1.3325, 1.3360

Support level: 1.3220, 1.3175

USDCHF, H4: USDCHF remains traded within a descending channel following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.0005, 1.0040

Support level: 0.9975, 0.9950

CrudeOIL, H4: Crude oil price was traded lower while recently formed a pin-bar candlestick formation. MACD which illustrate bearish signal suggests its prices to be traded lower, towards the direction of 55.60.

Resistance level: 56.45, 57.45

Support level: 55.60, 55.15

GOLD_, H4: Gold price was traded lower while currently testing near the support of 1294.00. MACD which illustrate bearish signal suggests its prices to advance further down, after successfully closing below the target of 1294.00.

Resistance level: 1305.60, 1315.45

Support level: 1294.00, 1280.20

1 March 2019                      Afternoon Session Analysis

Dollar strong on data, risk appetite weighs on Yen.

Dollar index measuring against a basket of six major currency pairs was furthering its bullish momentum ahead of European trading session amid upbeat GDP data. Along the week, the safe-haven Japanese Yen was gaining against the dollar as market sentiment worsen following the denuclearization summit between US President Donald Trump and North Korean leader Kim Jong Un which ended without an agreement. Besides that, political turmoil between India and Pakistan further supported risk aversion, causing investors to flee from dollar to safe-haven Yen. However, market sentiment was lifted after Fed Chairman Jerome Powell testimony shed some light on US economy and yesterday’s upbeat GDP and Chicago PMI data supported investors’ risk appetite as they shift their investment back into the dollar market, sending the pair of USD/JPY to a 10-weeks high. As of writing, dollar index was gaining by 0.10% to 96.10 while pair of USD/JPY increased by 0.27% to 111.66.

In the commodities market, crude oil price was up by 0.25% to $57.40 per barrel amid upbeat China Caixin Manufacturing PMI data. Recent downbeat manufacturing PMI data from China worsen the sentiment for crude oil market, indicating a possible decrease on oil demand. However, today’s Caixin data boosted investors’ confident on oil demand as they react to the decrease in inventories level. On the other hand, gold price edged lower by 0.05% to $1,313.10 a troy ounce following strengthening of 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 higher following prior breakout above the previous resistance level 96.05. MACD which illustrate bullish momentum with the formation of golden cross suggest the dollar to extend its gains towards the resistance level 96.45.

Resistance level: 96.45, 96.90

Support level: 96.50, 95.55

GBPUSD, H4: GBPUSD was traded lower following recent breakout below the previous support level 1.3285. MACD which illustrate bearish bias signal with death cross formation suggest the pair to extend its losses towards the support level 1.3205.

Resistance level: 1.3285, 1.3350

Support level: 1.3205, 1.3065

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1395. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.1355.

Resistance level: 1.1395, 1.1445

Support level: 1.1355, 1.1300

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 111.10. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 112.10.

Resistance level: 112.10, 112.70

Support level: 111.10, 110.35

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7085. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short term technical correction towards the resistance level 0.7130.

Resistance level: 0.7130, 0.7155

Support level: 0.7085,0.7055

NZDUSD, H4: NZDUSD was traded higher following recent rebound from the support level 0.6800. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6845.

Resistance level: 0.6845, 0.6875

Support level: 0.6800, 0.6765

USDCAD, H4: USDCAD was traded flat following recent retracement from the resistance level 1.3200. However, MACD which display bullish momentum suggest the pair to be traded higher towards the resistance level 1.3200.

Resistance level: 1.3200, 1.3260

Support level: 1.3125, 1.3060

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9975. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its gains towards the resistance level 1.0025.

Resistance level: 1.0025, 1.0085

Support level: 0.9975, 0.9910

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 57.50. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a short term technical correction towards the support level 55.75.

Resistance level: 57.50, 59.20

Support level: 55.75, 54.30

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1315.05. However, MACD which illustrate diminishing bearish momentum suggest the commodity to experience a technical correction in short term towards back to the resistance level 1322.65.

Resistance level: 1315.05, 1322.65

Support level: 1302.90, 1287.05

1 March 2019                      Morning Session Analysis

Greenback reinvigorates, but for how long?

Greenback extended its recovery against other major peers following upbeat economic data from the region. As of writing, the dollar index was up 0.07% to 96.06 against a basket of six major currencies. According to US Commerce Department, Gross Domestic Product for the fourth quarter came in at 2.6%, in line with economists’ forecast. In addition, Chicago PMI for last month rose to 64.7, topping out economists’ estimates of only 58.1. Both upbeat reports came in just a day after Federal Reserve Chairman Jerome Powell delivered an upbeat assessment with regards to US economy while revealing that the central bank may adjust its runoff on balance sheet policy later this year. On the other hand, pair of GBP/USD fell 0.66% to 1.3260 after hitting seven-months high on yesterday. The pair undergoes technical correction following a surge in US dollar over the backdrop of optimistic economic data. However, losses on pound sterling remains limited after UK Prime Minister Theresa May announced that British lawmakers would get the chance to vote on a delay of Brexit if her withdrawal proposal gets voted down on March 12^th.

In the commodities market, crude oil price skyrocketed 1.18% to $57.17 per barrel. The commodity finished higher since yesterday after US reported a slump in oil production by 56,000 bpd to 11.85 million barrels per day. The report posted its first production decline since May last year, hinting a slightly lower output for the time being. On the other hand, gold price extended its losses by 0.89% to $1,314.18 a troy ounce following 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 following prior rebound from the lower level of descending channel. MACD which illustrate bullish signal suggests its prices to be traded higher in short-term.

Resistance level: 96.65, 97.00

Support level: 96.00, 95.50

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

Resistance level: 1.3350, 1.3400

Support level: 1.3235, 1.3170

EURUSD, H4: EURUSD remains traded within an upward channel while currently testing at the bottom level. MACD which illustrate bearish signal suggests the pair to extend its losses after breaking the bottom level.

Resistance level: 1.1400, 1.1440

Support level: 1.1360, 1.1310

USDJPY, H4: USDJPY was traded higher while currently testing at the resistance of 111.45. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the target of 111.45.

Resistance level: 111.45, 112.20

Support level: 111.00, 110.50

AUDUSD, H4: AUDUSD was traded lower following prior closure below 0.7105. MACD which illustrate bearish signal suggests the pair to experience bearish momentum, towards the direction of 0.7070.

Resistance level: 0.7105, 0.7170

Support level: 0.7070, 0.7015

NZDUSD, H4: NZDUSD remains traded within an upward channel while currently testing at the bottom level. MACD which illustrate bearish signal suggests the pair to extend its losses after a successful breakout from below.

Resistance level: 0.6820, 0.6890

Support level: 0.6780, 0.6735

USDCAD, H1: USDCAD was traded lower following prior retrace from the top level of downward channel. MACD which begins to form a bearish signal suggests the pair to extend its losses, towards the direction of 1.3120.

Resistance level: 1.3175, 1.3220

Support level: 1.3120, 1.3070

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9930. MACD which illustrate diminishing downward momentum suggests the pair to extend its gains in short-term as technical correction.

Resistance level: 0.9980, 1.0005

Support level: 0.9950, 0.9930

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance at 57.45. MACD which illustrate bullish signal suggests its prices to advance further upwards after a successful close above 57.45.

Resistance level: 57.45, 58.55

Support level: 56.45, 55.60

GOLD_, H4: Gold price was traded lower following prior close below 1315.00. MACD which illustrate bearish signal may suggests its prices to extend its losses, towards the direction of 1303.00.

Resistance level: 1315.00, 1323.00

Support level: 1303.00, 1292.85

28 February 2019                              Afternoon Session Analysis

Dollar standstill while awaiting for trade talk deal.

Dollar index which gauge its value against a basket of six currencies hovered near above three week low amid uncertainty of ongoing trade talk negotiation between China and US compel the market participant to remain cautious before entering into the market. Prior to the trade talk coming into a deal, greenback’s market sentiment is in a chaos after U.S Trade Representative Robert Lighthizer said it was still early to predict an outcome in US-China trade negotiations. Besides, exaltation in geopolitical tensions between Pakistan and India has pushed up the risk aversion of investor, dragging the investor out from riskier asset and shifted their capital to safer asset such as Greenback. As of now, Dollar index inched down 0.04% to 95.95. On the other hand, AUDUSD quoted up 0.06% to 0.7144 despite China manufacturing PMI fall for a third consecutive month. According to China Logistics, the data came in at a reading of 49.2, as compared to economist’s expectation of 49.5. Although Australia economic performance is highly correlated to China, but Aussie dollar eventually still managed to secure its position against US Dollar.

In the commodities market, crude oil price dipped 0.14% to $56.90 per barrel amid downbeat China manufacturing PMI indicating factory output has decreased and likely lead to lesser demand on crude oil. Besides, gold price down 0.08% to $1318.50 a troy ounce amid technical correction from higher level.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Event

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level at 95.75. MACD which illustrate bullish bias signal suggests the index to extend its gains toward the resistance level at 96.00

Resistance level: 96.00, 96.40

Support level: 95.75, 95.45

GBPUSD, H4: GBPUSD was traded lower following prior retracement from its higher level. MACD which illustrate diminished upward momentum suggests the pair to extend its losses towards the support level at 1.3280.

Resistance level: 1.3345, 1.3400

Support level: 1.3280, 1.3205

EURUSD, H4: EURUSD was traded lower following prior retracement from the top level of upward channel. MACD which illustrate bearish momentum and the formation of death cross suggests the pair to extend its losses towards the direction of 1.1350.

Resistance level: 1.1390, 1.1435

Support level: 1.1350, 1.1325

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 110.90. However, MACD which illustrate bullish bias momentum suggests the pair to be traded higher after successfully breakout the resistance level at 110.90.

Resistance level: 111.90, 111.15

Support level: 110.60, 110.25

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7145. MACD which illustrate bearish signal suggests the pair to extend its losses toward the support level at 0.7105.

Resistance level: 0.7145, 0.7190

Support level: 0.7105, 0.7075

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6845. MACD which illustrate bearish signal suggests the pair to extend its losses after successfully breakout the support level at 0.6845.

Resistance level: 0.6875, 0.6900

Support level: 0.6845, 0.6795

USDCAD, H4: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-toward the resistance level at 1.3195.

Resistance level: 1.3195, 1.3235

Support level: 1.3125, 1.3085

USDCHF, H4: USDCHF was traded lower while currently testing near the support level at 0.9980. MACD which illustrate bearish bias signal suggests the pair to extend its losses after successfully breakout the support level at 0.9980.

Resistance level: 1.0015, 1.0045

Support level: 0.9980, 0.9945

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level near at 57.45. MACD which illustrate diminishing upward momentum suggests its prices to extend its losses toward the support level at 56.50.

Resistance level: 57.45, 58.85

Support level: 56.60, 55.15

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1323.00. MACD which illustrate bearish momentum suggests the commodity to extend its losses toward the support level at 1315.35.

Resistance level: 1323.00, 1331.65

Support level: 1315.35, 1302.70

28 February 2019                              Morning Session Analysis

Greenback persevered following Powell’s bullish tilt.

US dollar defends its position against a basket of six major currencies following upbeat remarks from Fed Chairman Jerome Powell on yesterday. The dollar index was quoted up 0.14% to 95.97. In the second day of testimony, Powell delivered an upbeat assessment with regards to US economy while adding that the size of balance sheet would be driven by demand for liabilities. Furthermore, Powell announced that they will release the framework for their plan on ending its balance sheet normalization which will result in the end of asset runoff later this year. In addition, the US dollar was further supported following upbeat data with regards to Pending Home Sales for the month of January. However, current upside on the US dollar remains limited following surge in pound sterling. According to reports, European leaders indicated that they are willing to consider delaying the Brexit deadline if a trade deal is not being reached by March 29^th. Such initiative would provide more room for both countries in negotiation and reaching a consensus that may reduce economic recessive risk. As of writing, pairing of GBP/USD depreciates by 0.04% to 1.3304.

As for commodities, crude oil price rose more than 1% to $56.98 per barrel. Bullish market cheers after Energy Information Administration reported a large draw in crude oil inventories by 8.647 million barrels last week, its first drop in six weeks. In addition, oil prices received additional bullish support after OPEC defies Trump by reiterating that their group has no intention of easing up production cuts. On the other hand, gold price depreciates by 0.26% to $1,319.95 a troy ounce following a shift in sentiment towards riskier assets.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Event

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance of 96.00. MACD which begins to form a golden cross signal suggests the index to extend its gains after closing above the target of 96.00.

Resistance level: 96.00, 96.65

Support level: 95.50, 95.00

GBPUSD, H1: GBPUSD was traded higher following prior rebound from its lower level. MACD which illustrate diminished downward momentum suggests the pair to extend its gains, towards the direction of 1.3350.

Resistance level: 1.3350, 1.3400

Support level: 1.3235, 1.3170

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level near 1.1360. MACD which illustrate diminished downward momentum suggests the pair to extend its gains, towards the direction of 1.1400.

Resistance level: 1.1400, 1.1440

Support level: 1.1360, 1.1310

USDJPY, H4: USDJPY was traded in a sideways channel following prior retracement from the top level. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term, towards the direction of 110.50.

Resistance level: 111.00, 111.45

Support level: 110.50, 110.00

AUDUSD, H4: AUDUSD was traded lower following prior closure below the upward channel. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term towards the direction of 0.7105.

Resistance level: 0.7170, 0.7225

Support level: 0.7105, 0.7070

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the top level. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 0.6820.

Resistance level: 0.6890, 0.6935

Support level: 0.6820, 0.6780

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

Resistance level: 1.3175, 1.3220

Support level: 1.3120, 1.3070

USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance at 1.0015. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term, towards the direction of 0.9995.

Resistance level: 1.0015, 1.0040

Support level: 0.9995, 0.9980

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 57.45. MACD which illustrate diminishing upward momentum suggests its prices to experience short-term technical correction.

Resistance level: 57.45, 58.55

Support level: 56.45, 55.60

GOLD_, H1: Gold price was traded lower following prior breakout at 1323.00. MACD which illustrate diminishing downward momentum suggests its prices to experience short-term technical correction.

Resistance level: 1323.00, 1329.00

Support level: 1315.00, 1303.00

27 February 2019                              Afternoon Session Analysis

Dollar on defensive ahead of Powell’s second testimonial.

Dollar index remained pressured against a basket of six major currency pair as market sentiment remains affected by Fed Chairman Jerome Powell’s dovish remarks recently in his speech on Tuesday. Despite appreciating consumer’s confidence and upbeat housing data release on Tuesday, the data was unable to spark joy for market participants as Fed Chairman Jerome Powell reiterate its plans to stay patient on monetary policy and adjusting balance sheet according to economic outlook. Market participants currently remain in cautious as they await further iteration from Powell’s second testimonial in Washington, DC today which could trigger a major momentum. Dollar index was down 0.05% to 95.86 as of writing. Meanwhile NZDUSD slips 0.07% to 0.6885 as of writing following New Zealand Trade Balance data shows weaker than expected reading with -914M against economist forecast reading of -300M, indicating an economy slowdown in New Zealand.

In the commodities market, crude oil price rose 0.11% to to $55.85 per barrel as recent news cited OPEC and its allies have reaffirmed their thoughts to continue stick to the plan of supply cut despite pressure from US President. On the other hand, gold price remains steady and edge up 0.09% to 1327.75 as dollar weakness continue to support the demand for the safe-haven gold.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:00                     USD                                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below previous support level at 96.05. MACD which illustrate bearish momentum suggest dollar to extend its losses towards the support level at 95.55.

Resistance level: 96.05, 96.45

Support level: 95.55, 95.15

GBPUSD, H4: GBPUSD was traded lower following prior retracement from top levels. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level at 1.3205.

Resistance level: 1.3350, 1.3415

Support level: 1.3205, 1.3065

EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level 1.1390. MACD which display bearish momentum with the formation of death cross suggest the pair to extend its retracement towards the support level at 1.1355.

Resistance level: 1.1390, 1.1445

Support level: 1.1355, 1.1300

USDJPY, H4: USDJPY was traded lower while currently testing near the bottom-level of the sideway channel. MACD which illustrate bearish momentum suggest the pair to extend its losses after breaking below the support level at 110.50.

Resistance level: 110.90, 111.35

Support level: 110.50, 110.00

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7190. MACD which illustrate bearish bias signal suggest the pair to undergo short-term technical correction and retrace towards the support level 0.7155.

Resistance level: 0.7190, 0.7225

Support level: 0.7155, 0.7130

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6905. MACD which display diminished bullish momentum suggest the pair to extend its retracement towards the support level 0.6875.

Resistance level: 0.6905, 0.6935

Support level: 0.6875, 0.6845

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3200. MACD which illustrate diminished bullish momentum suggest the pair to extend its losses towards the support level at 1.3125.

Resistance level: 1.3200, 1.3260

Support level: 1.3125, 1.3060

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9985. MACD which display bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.0025.

Resistance level: 1.0025, 1.0085

Support level: 0.9985, 0.9910

CrudeOIL, H4: Crude oil price was traded higher following prior breakout from previous resistance level at 55.75. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 57.50.

Resistance level: 57.50, 59.20

Support level: 55.75, 54.30

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1325.65. MACD which illustrate bearish bias signal suggest gold to extend its losses after successfully breaking below the support level.

Resistance level: 1340.55, 1353.10

Support level: 1325.65, 1315.05

27 February 2019                              Morning Session Analysis

Dollar cripples as Powell unleash doves.

US dollar tumbles further on yesterday over the backdrop of dovish statement given by Federal Reserve Chair Jerome Powell. During Asian trading session, the dollar index was quoted down 0.37% to 95.87. In his Semiannual Monetary Policy Report to the Congress, Powell noted that the US job market remains strong and they are seeing further signs of improvement in wage growth. However, he reiterates that the central bank may be patient in adjusting their monetary policy in order to maintain sustainable growth in labor market and keeping current inflationary pressure near the benchmark of 2%. His remarks have dialed down investor’s expectation for further rate hikes in the US and thus shifting their focus towards portfolios in other major and emerging markets. In the UK, pair of GBP/USD rose 0.06% to 1.3257. According to The Guardian’s political editor, the opposition Labor Party is planning to bring second referendum amendment for a vote in the Parliament later today. A second referendum may avoid Brexit all-in-all and thus boosting market sentiment towards the pound sterling.

In the commodities market, crude oil price extended its recovery by 1.37% to $55.92 per barrel. Oil prices rose slightly after American Petroleum Institute (API) reported a large draw in crude oil stock by 4.2 million barrels for last week. Otherwise, gold price ticked up 0.01% to $1,328.67 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

23:00                     USD                                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index remains traded within a descending channel while currently testing at the bottom level. MACD which illustrate bearish signal suggests the index to extend its losses after breaking the bottom level.

Resistance level: 96.00, 96.65

Support level: 95.50, 95.00

GBPUSD, H4: GBPUSD was traded lower while currently testing at the support of 1.3255. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses in short-term after closing below 1.3255.

Resistance level: 1.3345, 1.3400

Support level: 1.3255, 1.3170

EURUSD, H4: EURUSD was traded higher while currently testing at the resistance level of 1.1400. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1400, 1.1440

Support level: 1.1360, 1.1310

USDJPY, H4: USDJPY was traded lower while currently testing at the support level of 110.50. MACD which illustrate bearish signal suggests the pair to advance further down after breaking the support of 110.50.

Resistance level: 111.00, 111.45

Support level: 110.50, 110.00

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

Resistance level: 0.7225, 0.7275

Support level: 0.7170, 0.7105

NZDUSD, H4: NZDUSD was traded lower following prior retracement from its higher levels. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6935, 0.6970

Support level: 0.6890, 0.6820

USDCAD, H4: USDCAD remains traded within a descending channel following prior retrace from the top. MACD which begins to form a bearish signal suggests the pair to advance further down, towards the direction of 1.3120.

Resistance level: 1.3175, 1.3220

Support level: 1.3120, 1.3070

USDCHF, H1: USDCHF remains traded within a descending triangle while currently testing at the bottom level. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

Resistance level: 1.0040, 1.0080

Support level: 0.9995, 0.9970

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support of 55.15. MACD which illustrate bullish signal suggests its prices to extend its gains, towards the direction of 56.45.

Resistance level: 56.45, 57.45

Support level: 55.60, 55.15

GOLD_, H1: Gold price remains traded within a descending triangle while currently testing at the top level. Although MACD has formed a bullish signal, a breakout from the top level is required to attain further confirmation.

Resistance level: 1329.00, 1333.00

Support level: 1323.00, 1315.00

26 February 2019                               Afternoon Session Analysis

Greenback lingers ahead of Powell testifies.

Dollar index hovered near weakest point in one week after FOMC Member Clarida has given out dovish tilt tone on the current economy outlook. According to his speech on yesterday, he emphasized that a pause on tightening policy decision was a brilliant move as the current economy is running close to full employment and inflation level is getting near to the Federal Reserve target. In order to remain economy resiliency, Fed policymakers have showed that they are in favor to be patient where ‘freezing’ the lending rate at ‘neutral’ before continue their tightening plan. As of now, investor keep their eyes on Fed Chairman Powell Testifies before entering into the market as testifies on economy outlook and recent monetary policy action will determine the future trends of Greenback. Dollar index inched down 0.05% to 96.35 during Asian trading session. On the other hand, the pair of GBP/USD surged 0.32% to 1.3135 after Theresa May said she is considering to a plan to further extend the Brexit deadline and avoid U.K. leaving the European Union with no deal next month. With an extension on deadline, there would be more sufficient time to negotiate between U.K. and EU on Brexit unsolved issue especially the backstop of Northern Ireland.

In the commodities market, crude oil price dipped 0.36% to $55.20 per barrel after Donald Trump tells OPEC to ‘relax’ as oil price has over hike via Twitter. Besides, gold price quoted up 0.12% to $1328.90 a troy ounce amid Greenback further extended its losses.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     GBP                                        Inflation Report Hearings

Tentative                              GBP                                        UK Prime Minister Theresa May Speaks

23:00                     USD                                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from resistance level 96.45. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 96.05.

Resistance level: 96.45, 96.90

Support level: 96.05, 95.55

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3065. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3205.

Resistance level: 1.3205, 1.3350

Support level: 1.3065, 1.2960

EURUSD, H4: EURUSD was traded higher following prior closure above the previous resistance level 1.1345. MACD which illustrate bullish bias suggest the pair to extend its gains towards the resistance level 1.1390.

Resistance level: 1.1390, 1.1445

Support level: 1.1345, 1.1300

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 110.90. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 110.50.

Resistance level: 110.90, 111.35

Support level: 110.50, 110.00

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7155. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after It breaks below the support level.

Resistance level: 0.7190, 0.7225

Support level: 0.7155, 0.7130

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6875. MACD which illustrate bearish bias signal suggest the pair to extend its bearish momentum after it breaks below the support level 0.6875.

Resistance level: 0.6905, 0.6935

Support level: 0.6875, 0.6845

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3200. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after It breaks above the resistance level 1.3200.

Resistance level: 1.3200, 1.3260

Support level: 1.3125, 1.3060

USDCHF, H4: USDCHF remains traded flat in a sideway channel. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 0.9885.

Resistance level: 1.0025, 1.0085

Support level: 0.9985, 0.9910

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 55.75. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses towards the support level 54.30.

Resistance level: 55.75, 57.50

Support level: 54.30, 51.75

GOLD_, H4: Gold price was traded higher following recent rebound from the support level 1325.65. MACD which illustrate bullish momentum suggest the pair to extend its rebound towards the resistance level 1340.55.

Resistance level: 1340.55, 1353.10

Support level: 1325.65, 1315.05

26 February 2019                              Morning Session Analysis

Dollar dejected after Trump tweeted.

US dollar extended its losses during early Asian trading session following US President Donald Trump’s call to extend the trade deadline of March 1^st. As of writing, the dollar index was quoted down 0.09% to 96.25. Greenback’s appeal diminished following higher optimism surrounding trade talks between US and China which has increased investor’s appetite towards other risky assets such as emerging market currencies and debts. Last Sunday, Trump tweeted that he would push back the trade deadline and proposed to meet with Chinese Premier Xi Jinping at this Mar-a-Lago estate in Florida for a “signage” summit. His announcement has increased hopes that both countries would reach a trade deal soon although some Chinese official warned that there is still conflict of interest between both countries. On the other hand, pair of GBP/USD spikes up 0.21% to 1.3122 this morning. Sterling jumped to a four-week high after Bloomberg News reported that UK Prime Minister Theresa May is considering to delay the Brexit deadline and prevent UK from leaving EU without a trade deal.

As for commodities market, crude oil price tumbled down 0.60% to $55.37 per barrel. Oil prices fell after Trump tweeted that current oil price were too high and OPEC should work on bringing them down to a lower level. Otherwise, gold price ticked up 0.01% to $1,327.42 a troy ounce while market participants continues to monitor underlying risk which surrounds the financial market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     GBP                                        Inflation Report Hearings

Tentative                              GBP                                        UK Prime Minister Theresa May Speaks

23:00                     USD                                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior close below 96.25. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term, towards the lower level of the descending channel.

Resistance level: 96.25, 96.60

Support level: 96.00, 95.70

GBPUSD, H1: GBPUSD was traded higher while currently testing at the resistance of 1.3125. MACD which illustrate bullish signal suggests the pair to extend its gains after successfully closing above the target of 1.3125.

Resistance level: 1.3125, 1.3160

Support level: 1.3085, 1.3025

EURUSD, H1: EURUSD was traded higher following prior closure above the resistance at 1.1355. However, due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

Resistance level: 1.1375, 1.1400

Support level: 1.1355, 1.1330

USDJPY, H4: USDJPY was traded higher following prior close above 111.00. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 111.45, 112.20

Support level: 111.00, 110.50

AUDUSD, H4: AUDUSD was traded higher while currently testing at the resistance of 0.7170. MACD which illustrate bullish signal suggests the pair to advance further upwards after successfully closing above this resistance level.

Resistance level: 0.7170, 0.7225

Support level: 0.7105, 0.7070

NZDUSD, H4: NZDUSD was traded lower following prior retrace from the resistance at 0.6890. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6890, 0.6910

Support level: 0.6855, 0.6830

USDCAD, H1: USDCAD was traded flat and currently testing near the support of 1.3175. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term following a close below 1.3175.

Resistance level: 1.3220, 1.3280

Support level: 1.3175, 1.3120

USDCHF, H1: USDCHF was traded lower following prior retracement from the downward trendline. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after closing below the target of 0.9995.

Resistance level: 1.0040, 1.0080

Support level: 0.9995, 0.9970

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from its lower level. MACD which illustrate diminished bearish momentum suggests its prices to experience technical correction in the short-term.

Resistance level: 55.60, 56.45

Support level: 54.30, 53.00

GOLD_, H1: Gold price remains traded within a narrowing triangle following prior retrace from the top. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

Resistance level: 1329.00, 1333.00

Support level: 1323.00, 1315.00