Daily Analysis

9 January 2019   Morning Session Analysis

Dollar rebound from lows, sterling falls.

Dollar index rallied against a basket of six major currency pairs before early Asian trading session amid uncertainties in Brexit issue which caused investors to shift their investment to the dollar market. With global market sentiment worsening, the pressure weighing on pound sterling provided investors with confidence towards the dollar market although US JOLTs Job Openings data was lower than expected, indicating much less job opportunities. At the moment, all eyes will be placed on UK Parliamentary vote on Prime Minister Theresa May’s Brexit withdrawal on 15^th January whereby a rejection towards the deal may caused a large sell-off for the pound sterling and increasing the chances for a hard Brexit. Besides that, investors are also waiting for the results of trade negotiations between US and China held two days ago where hopes of a trade deal may recover market sentiment. Dollar index was up by 0.10% to 95.45 while pair of GBP/USD was down by 0.08% to 1.2720 as of writing.

For the commodities market, crude oil price surged by 1.47% to $50.50 amid recovered hopes on easing of trade wars as US and China met up for trade negotiations two days ago. Investors are bidding on a positive outcome which will further increase the demand for crude oil. Further supporting the oil prices was OPEC’s production cut effective since 1^st January to balance the price and inventory of crude oil. On the other hand, gold price edged higher by 0.06% to $1285.85 amid dollar fall.

Today’s Holiday Market Close

Time                      Market                 Event

N/A

Today’s Highlight Events

Time                      Market                 Event

23:00                     CAD                       BoC Monetary Policy Report

23:30                     GBP                       BoE Gov Carney Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior gap down from the top level. However, MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the index to undergo technical correction in short term toward the support level at 95.15.

Resistance level: 95.60, 96.00

Support level: 95.15, 94.60

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level near the support level at 1.2700. MACD which illustrate starting of bullish momentum and the formation of golden cross suggest the pair to extend its gain toward the resistance level at 1.2785.

Resistance level: 1.2785, 1.2855

Support level: 1.2700, 1.2600

EURUSD, H4: EURUSD was traded higher in the sideway channel following prior rebound from the support level at 1.1430. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction toward the support level at 1.1430.

Resistance level: 1.1480, 1.1515

Support level: 1.1430, 1.1410

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 108.55. MACD which illustrate diminishing of bearish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 109.45.

Resistance level: 109.45, 110.25

Support level: 108.55, 107.70

AUDUSD, H1: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7150. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gain toward the resistance level at 0.7235.

Resistance level: 0.7235, 0.7300

Support level: 0.7150, 0.7100

NZDUSD, H1: NZDUSD was traded higher following prior breakout above the previous the resistance level at 0.6740. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.6765.

Resistance level: 0.6765, 0.6790

Support level: 0.6740, 0.6715

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3280. However, MACD which illustrate diminishing bearish momentum suggest the pair to extend its losses toward the support level at 1.3190.

Resistance level: 1.3280, 1.3325

Support level: 1.3190, 1.3140

USDCHF, H4: USDCHF was traded higher in the sideway channel following prior rebound from the support level at 0.9790. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the channel’s top level at 0.9855.

Resistance level: 0.9825, 0.9855

Support level: 0.9790, 0.9755

CrudeOIL, H1: Crude oil was traded higher following prior breakout above the previous resistance level at 49.75. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 51.05.

Resistance level: 51.05, 52.90

Support level: 49.75, 48.35

GOLD_H1: Gold was traded higher following prior breakout above the previous resistance level at 1282.65. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo technical correction in short term toward the support level at 1282.65.

Resistance level: 1289.70, 1296.95

Support level: 1282.65, 1277.10

8 January 2019                   Afternoon Session Analysis

Dollar mends while focus on next data.

US dollar recovered some losses prior to European trading sessions while market participants continues to ponder upon the future economic releases from the economic giant. As of writing, the dollar index was up 0.20%, last seen around 95.39. Regretfully, any substantial gains on the greenback remains limited as market participants remains somber towards US economic outlook and possible policy guidance. Overnight, US dollar received substantial selling pressure after ISM reported a lower than expected reading in non-manufacturing PMI with only 57.6 versus forecast of 59.6 for last month. The data has added up to a series of downbeat releases which indicates significant slowdown in economic activity and progression. In addition, traders are widely speculating a possible pause in monetary policy tightening after Jerome Powell indicates that future policy depends on current economic conditions. On the other hand, pair of USD/JPY recovered its losses by 0.16% to 108.88. Safe haven currencies across the board received some setbacks as demand for riskier assets increases.

In the commodities section, crude oil price plunged 0.25% or 12 cents to $48.52 per barrel. The commodity received some pressure as a recovery in US dollar makes the appeal of dollar-denominated assets to appear more expensive for bearers of non-dollar currencies. Otherwise, gold price tumbled 0.43% to $1,283.66 a troy ounce following a rebound in US dollar and risk appetite.

Today’s Holiday Market Close

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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 levels. MACD which illustrate diminishing downward momentum suggests the index to be traded higher in short-term as technical correction.

Resistance level: 95.50, 95.80

Support level: 95.00, 94.60

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance of 1.2770. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2770, 1.2900

Support level: 1.2700, 1.2630

EURUSD, H4: EURUSD was traded lower following prior retracement from the strong resistance at 1.1475. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses in short-term as technical correction.

Resistance level: 1.1450, 1.1475

Support level: 1.1410, 1.1360

USDJPY, H4: USDJPY was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the pair to advance further upwards after a successful breakout from the downward trendline.

Resistance level: 109.60, 110.20

Support level: 108.40, 106.75

AUDUSD, H4: AUDUSD was traded lower following previous retrace from the resistance of 0.7145. MACD which illustrate diminished upward bias suggests the pair to be traded lower in short-term and experience technical correction.

Resistance level: 0.7145, 0.7255

Support level: 0.7070, 0.6990

NZDUSD, H4: NZDUSD was traded lower following prior retrace from the downward trendline. MACD which illustrate diminishing upward momentum suggests the pair to experience technical correction in short-term.

Resistance level: 0.6780, 0.6840

Support level: 0.6710, 0.6645

USDCAD, Daily: USDCAD extended its losses following prior closure below 1.3455. MACD which continues to illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.3220.

Resistance level: 1.3325, 1.3455

Support level: 1.3220, 1.3120

USDCHF, H1: USDCHF was traded lower following prior retracement while currently testing near the 20-MA line (red). MACD which illustrate diminished upside bias suggests the pair to continue to bearish bias in tandem with current trend.

Resistance level: 0.9840, 0.9870

Support level: 0.9800, 0.9770

CrudeOIL, H4: Crude oil price experienced some setbacks following prior retrace from 49.50. MACD which begins to form a death cross signal suggests its prices to experience technical correction in short-term.

Resistance level: 49.50, 50.25

Support level: 47.50, 45.40

GOLD_, Daily: Gold price was traded lower while currently testing near the support of 1284.35. MACD which begins to form a death cross signal suggests its prices to advance further down after successfully closing below 1284.35.

Resistance level: 1303.00, 1314.45

Support level: 1284.35, 1263.20

08 January 2019                 Morning Session Analysis

Dollar plunges amid poor ISM data.

Dollar index fell against a basket of six major currency pair amid the announcement of ISM Non-Manufacturing PMI data which measures the overall condition of the US economy excluding manufacturing sector. The data had an actual reading of 57.6, missing economists’ expectation of 59.6, indicating a weaker expansion while remaining above 50.0 which still indicates an expanding economy. Recent economy outlook for the US remained cloudy while being pressured by downbeat data and also concerns of future rate hike paused after Fed Chairman Jerome Powell stated that the Fed are ready to change policy swiftly according to the economical status of the country. Dollar index was down by 0.04% to 95.65 as of writing. In other news, pair of USD/CAD further its bearish momentum by 0.05% to 1.3295 after plunging to new lows amid pro Ivey PMI data. The data which generally measures the overall economic performance came in at 59.7, exceeding its expectation of 58.1 which led investors to sell the currency pair. As Canada represents one of the largest oil exporters, the hike in oil prices further supported the value of Canadian dollar.

For the commodities market, crude oil price surged by 0.60% to $48.80 while hitting higher levels. Recent sentiment towards the oil market turned positive supported by OPEC production cut taken into effect on 1^st January last week. Furthermore, hopes on trade war easing between China and US also supported demand for oil as both countries meet up for trade negotiations this week. On the other hand, gold price fell by 0.26% to $1285.75 amid investors’ higher risk appetite.

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 higher following prior rebound from the support level at 95.20. MACD which illustrate diminishing bearish momentum suggest the index to extend its rebound toward the resistance level at 95.65.

Resistance level: 95.65, 96.00

Support level: 95.20, 94.60

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2785. MACD which display diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.2715.

Resistance level: 1.2785, 1.2855

Support level: 1.2715, 1.2600

EURUSD, H4: EURUSD was traded lower following prior retracement from resistance level 1.1480. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.1430.

Resistance level: 1.1480, 1.1515

Support level: 1.1430, 1.1395

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 108.55. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 109.30.

Resistance level: 109.30, 110.25

Support level: 108.55, 107.70

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7115. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the support level at 0.7115.

Resistance level: 0.7170, 0.7225

Support level: 0.7115, 0.7070

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level 0.6740. MACD which display diminishing bearish momentum suggest the pair to extend its gains towards the resistance level 0.6785.

Resistance level: 0.6785, 0.6840

Support level: 0.6740, 0.6715

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3280. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short term technical correction towards the resistance level at 1.3330.

Resistance level: 1.3330, 1.3415

Support level: 1.3280, 1.3175

USDCHF, H1: USDCHF was traded higher while currently testing the resistance level at 0.9810. 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 0.9810.

Resistance level: 0.9810, 0.9835

Support level: 0.9790, 0.9755

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 48.35. MACD which display diminishing bullish momentum suggest the commodity to extend its losses after successfully breakout below the support level at 48.35.

Resistance level: 49.75, 51.05

Support level: 48.35, 46.65

GOLD_, H1: Gold price was traded lower following prior retracement near the resistance level at 1289.70. MACD which display bearish momentum suggest gold to extend its losses toward the support level 1283.80.

Resistance level: 1289.70, 1296.95

Support level: 1283.80, 1277.10

7 January 2019                   Afternoon Session Analysis

Dollar plunged following bearish speculation.

US dollar has weakened considerably during mid-Asian trading session as investors weigh the possibility of Federal Reserve in pausing their monetary policy tightening. As of writing, the dollar index depreciates by 0.20% to 95.50 against six major currencies. Risk appetite remains strong since early Asian trade following China’s aggressive monetary easing to address sharp economic slowdown and hopes of a trade war resolution between US and China. Last Friday, Fed Chair Jerome Powell expressed that the Feds are not on a pre-set path of interest rate hike and it is sensitive towards downside risks that the market are currently pricing in. Despite a stronger than expected December jobs data, many analyst postulates that the world’s largest economy might lose its momentum and monetary tightening might be jeopardized. For the week ahead, investors will be placing their attention upon the first face-to-face talks between US President Donald Trump and China President Xi Jinping with regards to trade war for further market signals. On the other hand, pair of USD/CAD extended its losses by 0.09% to 1.3360 as of writing. Canadian dollar received higher demand following a sharp recovery in global oil prices.

In the commodities market, crude oil price extended gains by 0.71% to $48.55 per barrel. Oil prices received broad support following a possible resolution in trade war between US and China while supply cuts continue to diminish the downside risk of the commodity. Subsequently, gold price rose 0.33% to $1,289.01 a troy ounce following weaker US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior closure below 95.80. MACD which illustrate bearish signal suggests the index to extend its losses after closing below the strong support near 95.50.

Resistance level: 95.80, 96.50

Support level: 95.50, 95.00

GBPUSD, H4: GBPUSD was traded higher following prior closure above 1.2700. MACD which continues to illustrate bullish bias signal suggests the pair to extend its gains and move towards the direction of 1.2770.

Resistance level: 1.2770, 1.2900

Support level: 1.2700, 1.2630

EURUSD, H1: EURUSD was traded higher following prior breakout at the resistance level near 1.1410. MACD which begins to form a golden cross signal suggests the pair to extend its gains, towards the direction of 1.1450.

Resistance level: 1.1450, 1.1475

Support level: 1.1410, 1.1360

USDJPY, H4: USDJPY was traded lower following prior retrace from the resistance level near 108.40. MACD which illustrate diminished upward momentum suggests the pair to extend its losses, in tandem with overall bearish trend.

Resistance level: 108.40, 109.60

Support level: 106.75, 106.00

AUDUSD, H4: AUDUSD was traded higher following prior rebound while currently testing near the threshold of 0.7145. MACD which illustrate persistent upward signal suggests the pair to extend its gains after closing above 0.7145.

Resistance level: 0.7145, 0.7255

Support level: 0.7070, 0.6990

NZDUSD, H4: NZDUSD was traded higher following prior closure above 0.6710. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of downward trendline.

Resistance level: 0.6780, 0.6840

Support level: 0.6710, 0.6645

USDCAD, H4: USDCAD was traded lower following prior breakout at the support level of 1.3380. MACD which illustrate persistent downward signal and momentum suggests the pair to extend its losses towards the direction of 1.3315.

Resistance level: 1.3380, 1.3430

Support level: 1.3315, 1.3255

USDCHF, H4: USDCHF was traded lower while currently testing near the support of 0.9840. MACD which has formed a death cross signal suggests the pair to move further downwards after breaking the target of 0.9840.

Resistance level: 0.9870, 0.9905

Support level: 0.9840, 0.9800

CrudeOIL, H4: Crude oil price advanced further upwards after a successful rebound from 47.50. MACD which illustrate bullish bias signal suggests its prices to advance further up in mid-term, towards the direction of 49.50.

Resistance level: 49.50, 50.25

Support level: 47.50, 45.40

GOLD_, H4: Gold price was traded higher following prior rebound from the support level near 1284.35. MACD which illustrate diminishing downward momentum suggests its prices to advance further up, towards the direction of 1303.00.

Resistance level: 1303.00, 1314.45

Support level: 1284.35, 1263.20

07 January 2019                                      Morning Session Analysis

Dollar tumbled against mixed data.

Dollar index weakened against a basket of six major currency pair amid the announcement of mixed data last Friday. Greenback was continuing it’s upwards momentum while being supported by good Nonfarm Payrolls (NFP) data. The actual reading of 312K exceeded economist expectation of 178K. However, dollar gains were limited by poor Unemployment Rate data with an actual reading of 3.9% compared to 3.7%. Although the NFP data was good, unemployment rate in the US has worsen due to the slowdown in economic growth. Corporates and companies are forced to lay off their workers as the global economy goes into recession. Dollar index fell by 0.11% to 95.55 as of writing. In other news, pair of EUR/USD inched higher by 0.23% to 1.1420 amid dollar fall. During last Friday, the Euro Zone announced their CPI data which gave a reading of 1.6%, missing economists’ expectation of 1.8%. Poor data and increasing tensions of global economy slowdown gave expectations that the European Central Bank will remain their interest rate unchanged.

For the commodities market, crude oil price surged by 0.60% to $48.55 amid hopes of potential trade deal agreement between US and China after China’s commerce ministry said they would hold vice-ministerial trade talks with US counterparts in Beijing on the week of 7^th January. Moreover, US Hughes Oil Rig Count provided a strong reading of 877 compared to 885, indicating lower drilling activity. Besides that, gold price increased by 0.33% to $1288.75 amid dollar fall.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout from the previous support level 95.65. MACD which display persistent bearish momentum suggest dollar to extend its losses towards the support level at 95.40.

Resistance level: 95.65, 96.00

Support level: 95.40, 95.00

GBPUSD, H4: GBPUSD was traded higher following prior breakout above previous resistance level at 1.2740. MACD which illustrate bullish bias momentum suggest the pair to extend its gains towards the resistance level 1.2785.

Resistance level: 1.2785, 1.2855

Support level: 1.2715, 1.2600

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1395. MACD which display bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1430.

Resistance level: 1.1430, 1.1475

Support level: 1.1395, 1.1370

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 108.55. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 107.70.

Resistance level: 108.55, 109.05

Support level: 107.70, 107.15

AUDUSD, H4: AUDUSD was traded higher following prior breakout above previous resistance level at 0.7115. MACD which illustrate bullish momentum suggest the pair to extend its gains towards the resistance level 0.7170.

Resistance level: 0.7170, 0.7225

Support level: 0.7115, 0.7070

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6740. MACD which display bullish momentum suggest the pair to extend its gains towards the resistance level 0.6785.

Resistance level: 0.6785, 0.6840

Support level: 0.6740, 0.6715

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.3415. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short term technical correction towards the resistance level 1.3415.

Resistance level: 1.3415, 1.3470

Support level: 1.3325, 1.3215

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9855. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses towards support level at 0.9835.

Resistance level: 0.9855, 0.9905

Support level: 0.9835, 0.9810

CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level 48.35. MACD which display diminishing bearish momentum suggest the commodity to extend its gains towards the resistance level 50.35.

Resistance level: 50.35, 52.90

Support level: 48.35, 46.65

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level at 1287.95. MACD which display diminishing bearish momentum suggest gold to extend its gains after successfully breakout above the resistance level 1287.95

Resistance level: 1287.95, 1292.05

Support level: 1283.80, 1277.10

04 January 2019                 Afternoon Session Analysis

Dollar recovers ahead of NFP.

Dollar index rebound from its lows against its basket of six major currency pairs as US and China renewed hopes on trade talks. Market sentiment has slowly shifted towards positive side following reports on China’s commerce ministry have confirmed that a trade talk with the U.S will be held at the vice-ministerial level in Beijing next week which could ease ongoing trade tensions. However, market remains cautious following fears of economic growth slowdown and will focus on Friday’s Nonfarm Payroll data release to determine further direction. Dollar index rose 0.08% to 96.91 as of writing. Meanwhile, AUDUSD soars 0.25% to 0.7020 at the time of writing following upbeat China’s Caixin Services PMI. According to Caixin, the services data improved to 53.9, higher than expected reading of 52.9 which illustrate a steady growth in China’s service industry.

In the commodities market, crude oil price climbed 0.86% to $47.19 per barrel as of writing as market slowly lifted up by evidence of OPEC’s production limit has coming into effect with OPEC oil supply have declined 460,000 bpd to 32.68 million BPD, Besides that, American Petroleum Institute also reported weekly crude oil stock has fell to -4.5m from previous reading of 6.92M which illustrate a decreasing supply that could continue bolster the crude oil market. On the other hand, gold price rose 0.02% to 1294.15 as of writing as global uncertainty and economic growth slowdown fear continue to support the safe haven asset.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:15                     USD                                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 95.75. MACD which display diminishing bearish momentum suggest dollar to extend its rebound towards the resistance level 96.55.

Resistance level: 96.55, 97.15

Support level: 95.75, 95.25

GBPUSD, H4: GBPUSD was traded higher following prior breakout above previous resistance level at 1.2620. MACD which illustrate starting bullish momentum with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.2720.

Resistance level: 1.2720, 1.2785

Support level: 1.2620, 1.2550

EURUSD, H4: EURUSD was traded higher following prior breakout above the resistance level 1.1350. MACD which display bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.1425.

Resistance level: 1.1425, 1.1480

Support level: 1.1350, 1.1305

USDJPY, H1: USDJPY was traded higher following prior breakout above previous resistance level 108.10. MACD which illustrate persistent bullish momentum suggest the pair to extend its gains towards the resistance level 108.70.

Resistance level: 108.70, 10.35

Support level: 108.10, 107.55

AUDUSD, H4: AUDUSD was traded higher following prior breakout above previous resistance level at 0.7005. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.7070.

Resistance level: 0.7070, 0.7140

Support level: 0.7005, 0.6950

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6680. MACD which display bullish momentum suggest the pair to extend its gains towards the resistance level 0.6715.

Resistance level: 0.6715, 0.6740

Support level: 0.6680, 0.6640

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.3505. MACD which illustrate diminishing bearish momentum suggest the pair to undergo short term technical correction towards the resistance level 1.3505.

Resistance level: 1.3505, 1.3570

Support level: 1.3420, 1.3330

USDCHF, H4: USDCHF was traded lower following recent retracement from the resistance level 0.9920. MACD which illustrate bearish momentum suggest the pair to extend its losses towards support level 0.9855.

Resistance level: 0.9920, 0.9985

Support level: 0.9855, 0.9795

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 46.60. MACD which display bullish momentum suggest the commodity to extend its gains towards the resistance level 49.95.

Resistance level: 49.95, 53.00

Support level: 46.60, 44.65

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1290.70. MACD which display bullish momentum suggest gold to extend its gains towards the resistance level 1300.90

Resistance level: 1300.90, 1319.35

Support level: 1290.70, 1278.75

04 January 2019                 Morning Session Analysis

Dollar tumbles amid poor data.

Dollar index fell measuring against a basket of six major currency pairs due to poor ISM Manufacturing PMI data and also Initial Jobless Claims while moving closer to the first Non-farm Payroll of 2019. Dollar was gaining during early US trading session supported by stronger than expected ADP Nonfarm Employment Change data with a reading of 271K compared to 179K, but was later sold-off following the announcement of lower than expected manufacturing data with 54.1 compared to forecasted 57.7. Moreover, higher than expected Initial Jobless Claims data indicated a larger number of unemployed workers in the US which worries investors that today’s Non-farm Payrolls data may miss economists’ expectations which would further dollar bearish momentum. As global growth concerns continue to weigh on the market, investors are more reluctant to enter risky markets at the moment without the support from strong sentiment, allowing safe-haven such as Yen and gold to hold onto their gains. Pair of USD/JPY was still trading at lower levels after a flash crash in the market yesterday despite the closing of Japanese market for holidays. As of writing, dollar index fell by 0.56% to 95.78 while pair of USD/JPY edged higher by 0.12% to 107.75.

In the commodities market, crude oil price climbed 0.32% to $46.95 per barrel amid falling crude inventories, supported by OPEC and ally’s production cut. According to American Petroleum Institute, US inventory level fell to -4.50M compared to previous level of 6.92M. Oil bulls are currently celebrating yesterday’s gains and anticipating future inventories level to be lower while waiting for Crude Oil Inventories report. On the other hand, gold price rose by 0.12% to $1295.50 a troy ounce amid global growth slowdown.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:15                     USD                                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level 95.70. MACD which display diminishing bearish momentum suggest dollar to extend its rebound towards the resistance level 96.00.

Resistance level: 96.00, 96.25

Support level: 95.70, 95.40

GBPUSD, H4: GBPUSD was traded higher following prior breakout above previous resistance level at 1.2610. MACD which illustrate starting bullish momentum suggest the pair to extend its gains towards the resistance level 1.2660.

Resistance level: 1.2660, 1.2700

Support level: 1.2610, 1.2555

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1395. MACD which display starting bullish signal suggest the pair to extend its gains after successfully closing its candle above the resistance level.

Resistance level: 1.1395, 1.1435

Support level: 1.1350, 1.1320

USDJPY, H4: USDJPY was traded higher following prior breakout above previous resistance level 107.70. MACD which illustrate starting bullish momentum suggest the pair to extend its gains towards the resistance level 108.40.

Resistance level: 108.40, 108.90

Support level: 107.70, 107.00

AUDUSD, H4: AUDUSD was traded higher following prior breakout above previous resistance level at 0.7000. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.7035.

Resistance level: 0.7035, 0.7070

Support level: 0.7000, 0.6970

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6650. MACD which display bullish momentum suggest the pair to extend its gains towards the resistance level 0.6700.

Resistance level: 0.6700, 0.6745

Support level: 0.6650, 0.6600

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3480. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses after successfully breaking below the support level.

Resistance level: 1.3530, 1.3565

Support level: 1.3480, 1.3435

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9865. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully closing its candle below the support level.

Resistance level: 0.9920, 0.9960

Support level: 0.9865, 0.9835

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 47.00. MACD which display bullish momentum suggest the commodity to extend its gains after successfully breaking above the resistance level.

Resistance level: 47.00, 48.50

Support level: 45.20, 43.55

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1295.00. MACD which display bullish momentum suggest gold to extend its gains towards the resistance level 1230.90.

Resistance level: 1230.90, 1305.85

Support level: 1295.00, 1288.10

03 January 2019                                                     Afternoon Session Analysis

Dollar tumbled ahead of major data announcement.

Dollar index plunged against its six major peer currencies after hitting 96.50 high level amid heightened global growth risks, dragged investor into safe heaven asset such as Japanese Yen and gold. In the early Asian trading session, Greenback’s fascination has been faded due to market’s risk averse mood increased which triggered by rare revenue warning from Apple corporation. Apple company lower down its sales forecast for its latest quarter as factory activity weakening across the global which proven by weaker than expected data. As of now, investors are keeping their eye on the release of U.S. crucial data such as ADP non-farm employment change and ISM Manufacturing data before gauging the economic outlook for year 2019. As of writing, Dollar index inched down 0.32% to 96.05. On the other hand, pair of AUD/USD fell 0.70% to 0.6935, its lowest level in one year amid weaker than expected data out of China has taken the shine off the Aussie dollar and leading the market participants fled to the safety assets, Japanese yen and gold. A significant progress in Sino-US trade talks which are anticipated to take place later this month would probably improve the Aussie dollar value as it is highly sensitive to the economic condition of China.

In the commodities market, crude oil price dipped 1.80% to $45.50 per barrel amid volatile currency and equities market early today. Besides, with production rising and demand growth expected to slow down, it is reasonable to anticipate a global oil supply overhang to build in the first month of 2019. Besides, gold price surged 0.40% to $1289.45 amid Dollar’s demand weaken.

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 while currently testing near the support level 96.05. MACD which display diminishing bullish momentum suggest dollar to extend its losses after successfully breaking below the support level.

Resistance level: 96.30, 96.65

Support level: 96.05, 95.65

GBPUSD, H1: GBPUSD was traded higher while currently testing near the resistance level 1.2550. However, MACD which display starting bullish momentum suggest the pair to extend its gains after successfully breakout the resistance level at 1.2550.

Resistance level: 1.2550, 1.2625

Support level: 1.2490, 1.2425

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level at 1.1370. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains towards the resistance level 1.1370.

Resistance level: 1.1370, 1.1395

Support level: 1.1335, 1.1310

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 107.00. MACD which display bearish bias signal suggest the pair to extend its losses after successfully breaking below the support level.

Resistance level: 107.70, 108.40

Support level: 107.00, 106.50

AUDUSD, H1: AUDUSD was traded higher following prior breakout above the previous resistance level 0.6900. MACD which display diminished bearish momentum and the starting formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.6950.

Resistance level: 0.6950, 0.7005

Support level: 0.6900, 0.6850

NZDUSD, H4: NZDUSD was traded lower following prior breakout below previous support level at 0.6630. MACD which display persistent bearish momentum suggest the pair to extend its losses towards the support level at 0.6575.

Resistance level: 0.6630, 0.6685

Support level: 0.6575, 0.6525

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3595. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3650.

Resistance level: 1.3650, 1.3680

Support level: 1.3595, 1.3565

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9860. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully closing its candle below the support level.

Resistance level: 0.9905, 0.9955

Support level: 0.9860, 0.9835

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 46.65. MACD which display diminished bullish momentum suggest the commodity to extend its retracement towards the support level 44.60.

Resistance level: 46.65, 48.35

Support level: 44.60, 43.70

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1288.05. MACD which illustrate starting bullish momentum and the formation of golden cross suggest gold to extend its gains toward the resistance level at 1293.50.

Resistance level: 1293.50, 1300.90

Support level: 1288.05, 1283.80

03 January 2019                 Morning Session Analysis

Dollar drop due to stock market turmoil.

Dollar index weakened against a basket of six major currency pairs caused by stock market turmoil during early Asian trading session. According to reports, Apple Inc. announced its revenue forecast to fall for the first quarter amid trade war tensions between US and China and also the slowdown in global economic growth. Besides that, worsening China manufacturing sector had also affected Apple’s forecasted revenue and also the fall in Australian and New Zealand dollar. Worsening global market sentiment and growth caused investors to seek protection from safe haven assets such as Japanese Yen and gold. On the other hand, the slowdown in global economy growth boosted the Yen as the Japanese pair hit a 9-months low. Dollar index fell by 0.20% to 96.15 while pair of USD/JPY plunged 1.33% to 107.15 as of writing.

In the commodities market, crude oil price plummet by 1.15% to $45.67 per barrel following stock market turmoil and also slowdown in global economic growth. The fall in oil price was also due to trade war tensions and also poor China manufacturing data. Investors are worried that the demand for crude oil will fall while OPEC’s production cut might not able to balance the low crude oil prices. On the other hand, gold price rose by 0.33% to $1288.30 a troy ounce amid risky market uncertainties which boosted the demand for safe haven gold.

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 while currently testing near the support level 96.00. MACD which display diminishing bullish momentum suggest dollar to extend its losses after successfully breaking below the support level.

Resistance level: 96.25, 96.55

Support level: 96.00, 95.70

GBPUSD, H1: GBPUSD was traded higher while currently testing near the resistance level 1.2555. MACD which display starting bullish momentum suggest the pair to extend its gains after a breakout above the resistance level.

Resistance level: 1.2555, 1.2610

Support level: 1.2490, 1.2425

EURUSD, H1: EURUSD was traded higher following prior breakout above previous resistance level at 1.1350. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.1395.

Resistance level: 1.1395, 1.1435

Support level: 1.1350, 1.1320

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 107.00. MACD which display bearish bias signal suggest the pair to extend its losses after successfully breaking below the support level.

Resistance level: 107.70, 108.40

Support level: 107.00, 106.55

AUDUSD, H1: AUDUSD was traded lower while currently testing near the support level 0.7000. MACD which display diminished bullish momentum and the starting formation of death cross suggest the pair to extend its losses after successfully closing its candle below the support level.

Resistance level: 0.6935, 0.6970

Support level: 0.6890, 0.6840

NZDUSD, H4: NZDUSD was traded lower following prior breakout below previous support level at 0.6650. MACD which display persistent bearish momentum suggest the pair to extend its losses towards the support level 0.6600.

Resistance level: 0.6650, 0.6700

Support level: 0.6600, 0.6535

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3645. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after successfully breaking above the resistance level.

Resistance level: 1.3645, 1.3680

Support level: 1.3610, 1.3565

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9865. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully closing its candle below the support level.

Resistance level: 0.9920, 0.9960

Support level: 0.9865, 0.9835

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 47.00. MACD which display diminished bullish momentum suggest the commodity to extend its retracement towards the support level 45.20.

Resistance level: 47.00, 48.50

Support level: 45.20, 43.55

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1288.10. MACD which illustrate starting bullish momentum suggest gold to extend its gains after a breakout above the resistance level.

Resistance level: 1288.10, 1295.00

Support level: 1283.00, 1278.00

2 January 2019   Afternoon Session Analysis

Dollar recovers amid trade dispute optimism.

Dollar index slowly regains its losses against its basket of six major rival pairs as market engendered by trade optimism. Despite recent risk-off rattled sentiment such as U.S government shutdown and a slower pace of Fed rate hike, market sentiments were starting to be lifted by renewed hopes where President Donald Trump have indicated that progress had been made toward a potential settlement of trade tensions between US and China. Besides that, Chinese state media were also stated that Chinese Premier Xi Jinping hoped the negotiating teams could meet each other halfway and reach an agreement that was mutually beneficial. Dollar index inched higher 0.03% to 95.70 as of writing. Meanwhile, AUD/USD plummets 0.50% to 0.7015 as of writing following the release of China’s Caixin PMI data. According to data, China’s Caixin Manufacturing PMI came in at 49.7 which is lower than forecasted reading of 50.3. The data which have illustrate gloomy economy outlook in China, providing bearish traders more reason to sell-off Australian Dollar where Australia is the largest trading partner with China and also highly sensitive to its economic conditions,

As for commodities market, crude oil price continues to struggle and slumped 0.38% to $44.94 following a surge in U.S crude oil production and also concerns of economic slowdown. Oversupply remains a major pressure in the market as crude oil inventories unable to provide optimism outlook with the reading of only -0.046M against forecasted of -2.869M. Besides that, a private survey also showed that China’s factory activity has started to showed signs of contractions for the first time in 19 months which could lead to less demand for the commodity. On the other hand, gold price soars 0.30% to 1283.82 at the time of writing following geopolitical risk continues to support the safe-haven asset.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

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 breakout below the previous support level 95.80. MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level 95.40.

Resistance level: 95.80, 96.35

Support level: 95.40, 94.60

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.2770. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower towards the support level 1.2700.

Resistance level: 1.2770, 1.2840

Support level: 1.2700, 1.2610

EURUSD, H4: EURUSD was traded higher following recent rebound from the support level 1.1440. MACD which illustrate bullish momentum suggest the pair to extend its rebound towards the resistance level 1.1485.

Resistance level: 1.1485, 1.1550

Support level: 1.1440, 1.1395

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 109.75. MACD which illustrate persistent bearish momentum with the formation of death cross suggest the pair to extend its losses towards the support level 109.20

Resistance level: 109.75, 110.30

Support level: 109.20, 108.75

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previos support level 0.7030. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6975.

Resistance level: 0.7030, 0.7070

Support level: 0.6975, 0.6910

NZDUSD, H4: NZDUSD was traded higher following recent rebound from the support level 0.6690. MACD which illustrate starting bullish momentum suggest the pair to extend its rebound towards the resistance level 0.6740.

Resistance level: 0.6740, 0.6785

Support level: 0.6690, 0.6610

USDCAD, H4: USDCAD was traded lower following recent breakout below the previous support level 1.3615. MACD which display persistent bearish bias signal suggest the pair to extend its losses towards the support level 1.3560.

Resistance level: 1.3615, 1.3650

Support level: 1.3560, 1.3505

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9860. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short term technical correction towards the resistance level 0.9860.

Resistance level: 0.9860, 0.9905

Support level: 0.9805, 0.9750

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 46.20. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its retracement towards the support level 44.45.

Resistance level: 46.20, 48.44

Support level: 44.45, 42.05

GOLD_, H4: Gold was traded higher following recent rebound from the support level 128.80. MACD which illustrate persistent bullish signal suggest the pair to extend its gains towards the resistance level 1288.15.

Resistance level: 1288.15, 1301.35

Support level: 1278.80, 1265.15

02 January 2019                 Morning Session Analysis

Dollar falls amid political uncertainties.

Dollar index fell against a basket of six major currencies while opening the market lower by 0.09% to 95.65 after closing for New Year celebration amid poor sentiment over the weekend. On the first day of year 2019, US President Donald Trump on his Twitter criticized the Democrats party for not allocating funds for the Mexico border wall. In his tweet, Trump emphasized that a wall is necessary for Border Security and that Open Borders will only allow more crime and drugs activities. Before the new year celebration, Trump had already threatened to extend the government shutdown period if no fund was allocated for his border wall plan and recent news had spiraled fears of political uncertainties among investors. In other news, pair of USD/JPY was extended its losses 0.10% to 109.60 after hitting a six-months low on New Year’s Eve. Fear of global economy slowdown and political uncertainties in the market had caused investors to deposit their investment to safe-haven Yen to seek shelter during the New Year. With poor economic growth forecast in both euro zone and the dollar market, Japan Yen underwent large demand for its loose policies and stable economic growth.

In the commodities market, crude oil price surged by 1.69% to $45.90 per barrel, celebrating the New Year with positive outlook for the oil market as OPEC production cut takes into effect. Crude oil price recorded its first yearly loss in 2018 since year 2015 amid concerns over US oversupply and trade war uncertainties. Current outlook for crude oil market remained cloudy while oil bulls hope for a positive impact on oil prices with OPEC production cut of 1.2m bpd taken into effect. On the other hand, gold price fell by 0.04% to $1278.95 a troy ounce as a technical correction while holding on to its 1280 level.

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 while currently testing near the resistance level 95.70. MACD which illustrate diminishing bearish momentum suggest index to extend its gains after successfully closing its candle above the resistance level.

Resistance level: 95.70, 96.00

Support level: 95.25, 94.95

GBPUSD, H4: GBPUSD was traded lower following prior breakout below previous support level at 1.2740. MACD which display diminishing bullish momentum suggest the pair to extend its losses towards the support level 1.2700.

Resistance level: 1.2740, 1.2780

Support level: 1.2700, 1.2660

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1470. MACD which illustrate starting bearish momentum and the formation of death cross suggest the pair to extend its retracement towards the support level 1.1435.

Resistance level: 1.1470, 1.1520

Support level: 1.1435, 1.1395

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 109.30. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses after a breakout below the support level.

Resistance level: 109.75, 110.20

Support level: 109.30, 108.75

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7000. MACD which display diminished bullish momentum and the starting formation of death cross suggest the pair to extend its losses after successfully closing its candle below the support level.

Resistance level: 0.7035, 0.7070

Support level: 0.7000, 0.6970

NZDUSD, H4: NZDUSD was traded lower following prior breakout below previous support level at 0.6700. MACD which display diminishing bullish momentum suggest the pair to extend its losses towards the support level 0.6650.

Resistance level: 0.6700, 0.6745

Support level: 0.6655, 0.6600

USDCAD, H1: USDCAD was traded higher following prior breakout above the previous resistance level 1.3645. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains towards the resistance level at 1.3680.

Resistance level: 1.3680, 1.3720

Support level: 1.3645, 1.3610

USDCHF, H1: USDCHF was traded higher while currently testing near the resistance level 0.9835. MACD which display starting bullish momentum and the formation of golden cross suggest the pair to extend its gains after a breakout above the resistance level.

Resistance level: 0.9835, 0.9875

Support level: 0.9785, 0.9750

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 45.20. MACD which display diminishing bullish momentum suggest the commodity to extend its losses towards the lower level of the sideway channel after successfully breaking below the support level.

Resistance level: 47.00, 48.50

Support level: 45.20, 43.55

GOLD_, H1: Gold price was traded higher while currently testing near the resistance level 1283.00. MACD which illustrate starting bullish momentum suggest gold to extend its gains after a breakout above the resistance level.

Resistance level: 1283.00, 1288.10

Support level: 1278.00, 1273.50

31 December 2018                            Afternoon Session Analysis

Dollar skyrocketed amid trade war eased.

Dollar index surged against a basket of its major peer currencies during Asian trading session amid progress on Sino-U.S trade standoff generated bullish momentum toward the Dollar market. Sentiment of market participants toward the Greenback has been cheered up by U.S. President Donald Trump as he mentioned he held a ‘very good call’ with China Premier Xi Jinping on Saturday to discuss trade and emphasized that a “big step” was being made. According to China media, reporting that Xi Jinping hoped both countries can reach an agreement that mutually beneficial. Moreover, White house was exerting pressure on China for more details of how it might benefited US exports and loosen the regulations that suppress US firms, reported by Wall Street Journal. US government representative team would travel to Beijing in the week of Jan 7 to have face to face meeting with Chinese negotiating team since both country’s supreme leader agreed to a 90 days truce during G20 meeting in Argentina. As of now, Dollar index rose 0.07% to 96.00 while the pair of AUD/USD inched up 0.31% to 0.7060.

In the commodities market, crude oil price up 1.67% to $45.80 per barrel, mirroring gains in stocks markets but were on track for the first yearly decline amid persistent oversupply issues unsolved, ahead of 1 Jan oil production cut’s plan. Besides, gold price inched down 0.18% to $1278.20 a troy ounce amid Dollar recovered part of its losses before New Year Holiday.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level at 96.00. MACD which illustrate diminishing bearish momentum suggest dollar to extend its gains after successfully breakout above the resistance level at 96.00.

Resistance level: 96.00, 96.30

Support level: 95.70, 95.25

GBPUSD, H4: GBPUSD was traded lower in a sideway channel following prior retracement from the resistance level at 1.2715. MACD which display diminishing bullish signal suggest the pair to extend its losses toward the support level at 1.2615.

Resistance level: 1.2715, 1.2785

Support level: 1.2615, 1.2550

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1430. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after the candle closure below the support level at 1.1430.

Resistance level: 1.1475, 1.1540

Support level: 1.1430, 1.1385

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 110.25. MACD which illustrate bullish momentum suggest the pair to extend its rebound towards the resistance level at 110.65.

Resistance level: 110.65, 110.95

Support level: 110.25, 109.95

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7030. MACD which display bullish bias suggest the pair to extend its gains towards the resistance level at 0.7065.

Resistance level: 0.7065, 0.7115

Support level: 0.7030, 0.6985

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

Resistance level: 0.6740, 0.6785

Support level: 0.6695, 0.6630

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3650. MACD which display bearish signal suggest the pair to extend its losses toward the support level at 1.3600.

Resistance level: 1.3650, 1.3680

Support level: 1.3600, 1.3565

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level at 0.5855. MACD which display diminishing bearish momentum suggest the pair to extend its rebound after successfully breakout above the resistance level at 0.9855.

Resistance level: 0.9855, 0.9905

Support level: 0.9810, 0.9755

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 45.80. MACD which display bullish signal suggest the commodity to extend its gains towards the resistance level at 47.00.

Resistance level: 47.00, 48.35

Support level: 44.85, 43.70

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1277.10. MACD which illustrate diminishing bearish momentum suggest gold to extend its gains toward the resistance level at 1283.55.

Resistance level: 1283.55, 1290.95

Support level: 1277.10, 1272.65

Highlighted economy data and events for the week: December 31 – January 4

31 December 2018                            Morning Session Analysis

Dollar falls amid poor Pending Home Sales data.

Dollar index weakened against a basket of six major currency pairs after the announcement of US Pending Home Sales data last Friday. The data which measures the purchasing activity of properties had an actual reading of -0.7%, missing economists’ expectations of 0.7% indicated a slowdown in demand for properties. The poor data boosted investors expectations of a slowdown in global economy as well as US economy itself, spiraling fears for investors that the US Federal Reserve (Fed) will pause future rate hikes. Current outlook for the dollar market remained cloudy ahead of New Year holidays while investors will keep their eye on this Friday’s Nonfarm Payrolls data to further determine the momentum for the dollar. As of writing, dollar index fell by 0.04% to 95.90. In other news, pair of EUR/USD was up by 0.04% to 1.1445 amid the approval of Italian budget deficit. The Italian parliament approved a revised budget deficit for 2019, from a 2.4% GDP to 2.04% just before the deadline expired, allowing the country to avoid sanctions from the European Commission.

In the commodities market, crude oil price increased by 0.85% to $45.45 per barrel during early Asian trading session. Current outlook for crude oil market remained poor as inventory reports from the EIA and API both reported higher than expected inventory level. Besides that, US Baker Hughes Oil Rig Count also reported an increased in 2 oil rigs over the weekend. Investors are currently waiting for OPEC production cut to be taken into effect early next month. On the other hand, gold price fell by 0.16% to $1278.60 a troy ounce amid market uncertainties ahead of New Year holidays.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 95.70. MACD which illustrate diminishing bearish momentum suggest dollar to extend its rebound towards the resistance level 96.00.

Resistance level: 96.00, 96.25

Support level: 95.70, 95.25

GBPUSD, H4: GBPUSD remained traded in a sideway channel while currently testing near the resistance level 1.2700. MACD which display diminishing bullish signal suggest the pair to undergo technical correction and retrace from its higher levels.

Resistance level: 1.2700, 1.2740

Support level: 1.2660, 1.2610

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1435. MACD which illustrate starting bearish momentum suggest the pair to extend its losses after a breakout below the support level.

Resistance level: 1.1470, 1.1520

Support level: 1.1435, 1.1395

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 110.20. MACD which illustrate diminishing bearish signal suggest the pair to extend its rebound towards the resistance level 110.60.

Resistance level: 110.60, 110.90

Support level: 110.20, 109.75

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level 0.7035. MACD which display bullish bias and the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.7070.

Resistance level: 0.7070, 0.7100

Support level: 0.7035, 0.7000

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6700. MACD which illustrate ongoing bullish momentum suggest the pair to extend its rebound towards the resistance level 0.6745.

Resistance level: 0.6745, 0.6785

Support level: 0.6700, 0.6655

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3610. MACD which display bearish signal suggest the pair to extend its losses after a breakout below the support level.

Resistance level: 1.3645, 1.3680

Support level: 1.3610, 1.3565

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9835. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.9875.

Resistance level: 0.9875, 0.9920

Support level: 0.9835, 0.9785

CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level 45.20. MACD which display bullish signal and the formation of golden cross suggest the commodity to extend its gains towards the resistance level 47.00.

Resistance level: 47.00, 48.50

Support level: 45.20, 43.55

GOLD_, H1: Gold price was traded lower while currently testing the support level 1278.00. MACD which illustrate bearish momentum suggest gold to extend its losses after breaking below the support level.

Resistance level: 1283.00, 1288.10

Support level: 1278.00, 1273.50

28 December 2018                                           Afternoon Session Analysis

Dollar plunged amid safe heaven asset’s demand rose.

Greenback fall massively against six major peer currencies after hitting 96.50 high level amid investors sought shelter in safe heaven asset such as Swiss franc and Yen, shied away from Dollar market. The positive sentiment of investors toward the Dollar market has faded away wholly due to renewed U.S-China trade tensions and downbeat data in both economies that aroused global growth fears. According to Reuters, Trump administration was planning to execute an order where US will declare a national emergency that would impede their local companies from using products which made by Chinese firms Huawei Technologies. It has further worsening the trade tensions between two countries and market are still remain skeptical whether U.S and China can bridge their differences. As of now, Dollar index down 0.10% to 95.90. On the other hand, pair of USD/JPY dipped 0.30% to 110.65 following the release of downbeat CPI and unemployment data. Japan CPI for December fell to 0.3% while the previous reading was 0.8% and the unemployment rate has also ticked higher to 2.5%.

In the commodities market, crude oil price rose 0.51% to $45.60 per barrel ahead of 1.2 million barrels oil production cut which will take into effect on early next month. Besides, gold inched up 0.21% to $1278.10 a troy ounce amid demand for safe heaven asset rose.

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 previous support level 96.00. MACD which illustrate bearish momentum and the formation of death cross suggest dollar to extend its losses towards the support level 95.65.

Resistance level: 96.00, 96.30

Support level: 95.65, 95.25

GBPUSD, H4: GBPUSD was traded upward in sideway channel following prior rebound from the support level at 1.2615. MACD which display bullish signal suggest the pair to extend its gains toward the resistance level at 1.2715.

Resistance level: 1.2715, 1.2785

Support level: 1.2615, 1.2550

EURUSD, H4: EURUSD was traded higher following prior breakout above previous resistance level at 1.1430. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.1475.

Resistance level: 1.1475, 1.1540

Support level: 1.1430, 1.1385

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 110.70. MACD which display diminishing bullish momentum suggest the pair to extend its losses toward the support level at 110.25.

Resistance level: 110.70, 110.95

Support level: 110.25, 109.95

AUDUSD, H4: AUDUSD was traded higher following prior breakout above previous resistance level 0.7030. MACD which illustrate bullish bias momentum suggest the pair to extend its gains towards the resistance level at 0.7075.

Resistance level: 0.7075, 0.7115

Support level: 0.7030, 0.6985

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level 0.6695. MACD which illustrate bullish bias momentum suggest the pair to extend its rebound towards the resistance level 0.6740.

Resistance level: 0.6740, 0.6790

Support level: 0.6695, 0.6630

USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.3610. MACD which display diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3650.

Resistance level: 1.3650, 1.3680

Support level: 1.3610, 1.3565

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9855. MACD which display ongoing bearish momentum suggest the pair to extend its losses toward the support level at 0.9815.

Resistance level: 0.9855, 0.9905

Support level: 0.9815, 0.9755

CrudeOIL, H1: Crude oil price was traded higher following prior rebound near the support level 44.85. MACD which illustrate starting bullish momentum and the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 47.00.

Resistance level: 47.00, 48.35

Support level: 44.85, 43.70

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1278.10. MACD which display starting bullish signal and the formation of golden cross suggest gold to extend its gains after successfully breaking above the resistance level.

Resistance level: 1278.10, 1291.10

Support level: 1272.65, 1265.60