Daily Analysis

18 December 2018                            Morning Session Analysis

Greenback relinquished following bleak data.

US dollar droops against its other major rivals on Monday following downbeat economic data ahead of US Federal Reserve interest rate decision due this coming Thursday. As of writing, the dollar index was down by 0.32%, last quoted around 96.54 during Asian trading session. According to New York Federal Reserve, its Empire State Manufacturing Index fell by 12.4 points to 10.9, its lowest level in 19 months. Broad weakness was apparent across the index following substantial reduction in China’s businesses and manufacturing outlook. Analysts blamed the weaker index reading to be stemmed from US trade tension with China and a strong US dollar for the past few months. The downbeat report came days ahead of a widely expected interest rate hike from the Fed although market participants will largely focus on the central bank’s expectation and projection for future rate hike instead. On the other hand, pair of EUR/USD extended gains by 0.05% to 1.1348 following positive development in Italy’s budget. According to reports, Italy’s Prime Minister Giuseppe Conte has struck a deal with populist leaders to submit a revised budget proposal to the European Commission. The report suggests the untangling of prior budget crisis as Italy refuses to change their stance upon proposed high government spending.

In the commodities market, crude oil price plunged sharply by 2.88% to $49.57 per barrel. The commodity received tremendous selling pressure after reports showed that the inventories at the storage hub in Oklahoma rose by more than 1 million barrels last week. The increase signals for an imminent oversupply in the US while investor’s sentiment remained pessimistic due to global economic growth and crude demand concerns. Otherwise, gold price ticks up 0.02% to $1,246.35 a troy ounce as greenback falters due to bearish economic data.

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, H1: Dollar index was traded higher following prior rebound from the support level near 96.45. MACD which illustrate bullish signal suggests the index to be traded higher in short-term as technical correction.

Resistance level: 96.60, 96.80

Support level: 96.45, 96.25

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the downward trendline. MACD which begins to form a death cross signal suggests the pair to be traded lower in short-term after closing below the 20-MA line (red).

Resistance level: 1.2700, 1.2770

Support level: 1.2575, 1.2500

EURUSD, H1: EURUSD was traded lower following prior retracement from the upper level of downward channel. MACD which begins to form a death cross signal suggests the pair to be traded lower after closing below the 20-MA line (red).

Resistance level: 1.1360, 1.1410

Support level: 1.1310, 1.1265

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level near 113.70. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 112.60.

Resistance level: 112.95, 113.30

Support level: 112.60, 112.35

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level of 0.7170. MACD which has formed a positive divergence signal suggests the pair to extend its gains in short-term after closing above the 20-MA line (red).

Resistance level: 0.7220, 0.7265

Support level: 0.7170, 0.7105

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6780. MACD which begins to form a bullish signal suggests the pair to extend its gains in short-term after closing above the 20-MA line (red).

Resistance level: 0.6840, 0.6890

Support level: 0.6780, 0.6710

USDCAD, H4: USDCAD was traded higher following prior breakout from the top level of narrowing triangle. MACD which illustrate bullish signal suggests the pair to extend its gains after successfully closing above 1.3430.

Resistance level: 1.3430, 1.3530

Support level: 1.3380, 1.3315

USDCHF, H1: USDCHF was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the pair to extend its gains following a successful closure above 0.9930.

Resistance level: 0.9930, 0.9955

Support level: 0.9905, 0.9855

CrudeOIL, H4: Crude oil price was traded lower following prior breakout from the strong support at 50.25. MACD which illustrate bearish signal suggests the commodity price to extend its losses after breaking the support near 49.50.

Resistance level: 50.25, 52.00

Support level: 49.50, 47.50

GOLD_, H4: Gold price was traded higher following prior rebound from the support level of 1237.25. MACD which has formed a bullish signal suggests the commodity price to extend its gains, towards the direction of 1253.00.

Resistance level: 1253.00, 1263.20

Support level: 1242.10, 1237.25

17 December 2018                           Afternoon Session Analysis

Dollar hovered ahead of Fed meeting. 

Dollar was traded flat around 96.85 after hitting 19 months high last Friday as investors are waiting for the Federal Reserve’s meeting which will be held on this Wednesday. In the meeting, Federal Reserve will focus on analyzing U.S economic outlook and decide the future trajectory of U.S monetary policy. Prior to the meeting, market participant is expecting the U.S central bank to raise their interest rate by 25 basis point. However, recent comment by Fed chairman Jerome Powell has been treated as dovish signal by the market after he commented that the current interest rates were near the “neutral” range, the level where they neither stimulate nor impede the economy. As of writing, the dollar index dipped 0.03% to 96.80. On the other hand, pair of GBP/USD down 0.01% to 1.2580 during Asian trading session after UK Prime Minister Theresa May accused former Prime Minister Tony Blair on proposals to undergo a second Brexit referendum which considered as a breach of trust.

In the commodities market, crude oil surged 0.31% to $51.60 per barrel after U.S drilling activity fell to its lowest level in about two months as US drillers cut four oil rigs in the week to December 14. Besides, gold dipped 0.05% to $1237.60 a troy ounce amid investors shifted their portfolio towards riskier asset such as Euro and Sterling pound.

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 traded lower following prior gap down while currently testing the support level at 96.85. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after the candle successfully close below the support level at 96.85.

Resistance level: 97.05, 97.30

Support level: 96.85, 96.60

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2535. MACD which illustrate bullish bias momentum and formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.2610.

Resistance level: 1.2610, 1.2675

Support level: 1.2535, 1.2485

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1275. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.1320.

Resistance level: 1.1320, 1.1340

Support level: 1.1275, 1.1225

USDJPY, H1: USDJPY was traded higher in the sideway channel while currently testing near the resistance level at 113.50. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout the resistance level at 113.50.

Resistance level: 113.50, 113.70

Support level: 113.20, 112.70

AUDUSD, H1: AUDUSD was traded higher while currently testing near the resistance level at 0.7180. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after successfully breakout the resistance level at 0.7180.

Resistance level: 0.7180, 0.7220

Support level: 0.7155, 0.7115

NZDUSD, H4: NZDUSD was traded higher in sideway channel following prior rebound from the support level at 0.6790. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gain toward the resistance level at 0.6810.

Resistance level: 0.6810, 0.6840

Support level: 0.6790, 0.6750

USDCAD, H4: USDCAD was traded higher following prior breakout from the previous resistance level at 1.3365. Due to lack of signal from MACD, a retracement from or breakout above the resistance level is required to attain further confirmation before entering the market.

Resistance level: 1.3415, 1.3445

Support level: 1.3365, 1.3330

USDCHF, H4: USDCHF was traded higher following prior breakout from the previous resistance level at 0.9955. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.0005.

Resistance level: 1.0005, 1.0045

Support level: 0.9955, 0.9915

CrudeOIL, H4: Crude oil was traded higher in the sideway channel following prior rebound near the support level at 50.35. Due to lack of clear signal from MACD, it is suggested to wait until further signal appear such as a breakout below or rebound from the support level.

Resistance level: 52.80, 54.05

Support level: 50.35, 49.20

GOLD_, H4: Gold was traded higher following prior rebound near the support level at 1235.50. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1239.10.

Resistance level: 1239.10, 1242.05

Support level: 1235.50, 1228.50

Highlighted economy data and events for the week: December 17 – 21  

17 December 2018                            Morning Session Analysis

Greenback retrace while focus shift to Fed.

US dollar was traded lower on Monday while market participants anticipates the US Federal Reserve to raise their interest rates during its two-day policy meeting scheduled this Wednesday. The dollar index was down 0.02%, last seen around 96.83 as of writing. Last Friday, the greenback extended its gains against other major peers following the release of upbeat economic data from the region. According to US Census Bureau, Retail Sales for the month of November came in higher than expected with 0.2% versus economists’ forecast of only 0.1%. The optimistic data signaled a strong footing in holiday-shopping season while other factors include rising wages and elevated consumer confidence which help to cushion stronger spending from consumers. On the other hand, pair of GBP/USD tumbled 0.05% to 1.2582 during early Asian trading session. Pound sterling received some setbacks after UK Prime Minister Theresa May’s team rejected reports that they are warming up to a second referendum on Brexit in the UK. The report has dialed down optimism towards Britain whereby a second referendum is deemed to be the next plausible step after May was largely anticipated to lose during UK Parliament voting upon Brexit draft agreement.

In the commodities market, crude oil price rose 0.27% to $51.31 per barrel after market opens this morning. The commodity received some bullish support after US Baker Hughes Oil Rig Count was down by 4 to a reading of 873 oil rigs, lower than prior reading of 877. On the other hand, gold price ticks up 0.02% to $1,237.31 troy ounce as US dollar retraces this morning.

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 retracement from previous high. MACD which illustrate the formation of death cross signal suggests the index to be traded lower in short-term towards 96.80.

Resistance level: 97.00, 97.15

Support level: 96.80, 96.60

GPBUSD, H4: GPBUSD was traded lower following prior retracement from the 20-MA line (red). MACD which begins to form a death cross signal suggests the pair to extend its losses, towards the direction of 1.2500.

Resistance level: 1.2700, 1.2900

Support level: 1.2500, 1.2380

EURUSD, H1: EURUSD was traded higher while currently testing near the resistance of 1.1310. MACD which illustrate the formation of bullish signal suggests the pair to extend its gains after closing above 1.1310.

Resistance level: 1.1310, 1.1360

Support level: 1.1265, 1.1220

USDJPY, H1: USDJPY was traded higher following prior rebound from the lower levels. MACD which begins to form a bullish signal suggests the pair to extend its gains, after closing above the 20-MA line (red).

Resistance level: 113.70, 113.85

Support level: 113.30, 112.95

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower levels. MACD which illustrate persistent bearish signal suggests the pair to be traded lower after breaking 0.7170.

Resistance level: 0.7220, 0.7265

Support level: 0.7170, 0.7105

NZDUSD, H4: NZDUSD was traded lower following prior closure below 0.6840. MACD which illustrate persistent bearish signal suggests the pair to extend its losses after a successful closure below 0.6780.

Resistance level: 0.6840, 0.6890

Support level: 0.6780, 0.6710

USDCAD, H4: USDCAD remains traded within a narrowing triangle following prior rebound from the bottom level. Due to the lack of signal from both MACD and price action, it is suggested to wait for a breakout before entering the market.

Resistance level: 1.3430, 1.3530

Support level: 1.3380, 1.3315

USDCHF, H4: USDCHF extended its gains following prior breakout from the resistance level near 0.9955. MACD which illustrate persistent bullish signal suggests the pair to extend its gains, towards the next target near 1.0000.

Resistance level: 1.0000, 1.0040

Support level: 0.9955, 0.9930

CrudeOIL, H4: Crude oil price remains traded within a sideways channel following prior rebound from the lower level. Stochastic Oscillator which illustrate a rebound signal suggests its price to be traded higher in short-term, towards the direction at 52.00.

Resistance level: 52.00, 52.90

Support level: 50.25, 49.50

GOLD_, H4: Gold price was traded lower following prior retracement from its previous high. MACD which illustrate persistent bearish signal suggests its prices to advance further down, towards the direction of upward trendline.

Resistance level: 1237.25, 1242.10

Support level: 1228.00, 1220.00

14 December 2018           Afternoon Session Analysis

Dollar firmed ahead of Fed meeting.

Greenback was traded flat against its six major peers in a basket as investors shifted their attention away from global trade issue to Federal Reserve meeting which will be held on early next week. As for now, the Fed is widely expected to increase the interest rate by 25 basis point in order to keep with current economic condition. Prior to the Fed meeting, market participant are now watching for any revisions in the Fed’s growth and inflation outlook while awaiting for the release of November’s Core Retails Sales data for further signal. As of writing, dollar index was up 0.05% to 97.05. On the other hand, pair of AUD/USD tumbled 0.53% to 0.7190 amid downbeat data been released by China early today. The weaker than expected data showed that China retails sales for November grew at a weakest rate since year 2003 and industrial output came in at the least in nearly three years. Thus, it has garnered bearish momentum toward Australian dollar as Australian dollar is highly sensitive towards China’s economic data where the latter is Australia’s largest trade partner.

In the commodities market, crude oil dipped 0.83% to $52.60 per barrel amid investor concerns on demand for crude oil may slump as slowing economic growth in China which supported by slow retails sales and industrial output growth for the month of November. Besides, gold price was down 0.07% to $1240.95 ahead of Fed interest rate decision next week.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level at 97.05. MACD which illustrate diminishing bearish momentum suggest the index to extend its gains after successfully breakout above the resistance level.

Resistance level: 97.05, 97.20

Support level: 96.85, 96.60

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2675. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after closing below the support level at 1.2610.

Resistance level: 1.2675, 1.2730

Support level: 1.2610, 1.2535

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1340. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.1375.

Resistance level: 1.1375, 1.1395

Support level: 1.1340, 1.1320

USDJPY, H4: USDJPY was traded lower following prior retracement while currently testing the support level at 113.45. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the support level at 113.45.

Resistance level: 113.70, 114.15

Support level: 113.45, 113.20

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7220. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.7175.

Resistance level: 0.7220, 0.7265

Support level: 0.7175, 0.7140

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6800. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.6765.

Resistance level: 0.6800, 0.6835

Support level: 0.6765, 0.6710

USDCAD, H1: USDCAD was traded higher following prior rebound while currently testing near the resistance level at 1.3370. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout above the resistance level at 1.3370.

Resistance level: 1.3370, 1.3415

Support level: 1.3330, 1.3295

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9915. MACD which illustrate bullish bias momentum suggest the pair to extend its gain toward the resistance level at 0.9955.

Resistance level: 0.9955, 1.0005

Support level: 0.9915, 0.9865

CrudeOIL, H1: Crude oil was traded lower following prior retracement from the resistance level at 52.90. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 50.40.

Resistance level: 52.90, 53.90

Support level: 50.40, 49.20

GOLD_, H1: Gold was traded lower following prior breakout below the previous support level at 1242.05. MACD which illustrate bullish momentum suggest the commodity to extend its losses toward the support level at 1238.15.

Resistance level: 1242.05, 1246.05

Support level: 1238.15, 1234.50

14 December 2018                            Morning Session Analysis

ECB cancels QE, Draghi deliver doves.

Greenback flattens against other major peers on Thursday while market participants digests the results of a highly anticipated interest rate decision from European Central Bank (ECB). On yesterday, ECB announced to put an end on its three-year, €2.6 trillion bond-buying program later this month while postulating that the economy remains on track for an interest rate hike by Autumn next year. However, ECB took a dovish turn by cutting growth forecasts for 2018 and 2019 from 2.0% and 1.8% to 1.9% and 1.7% respectively. In addition, ECB President Mario Draghi is seemingly cautious with regards to the future outlook and monetary policy stance, dialing down market participant’s optimism towards the single common currency. For the time being, investor’s will place their focus upon future economic releases from the EU zone in order to gauge its strength and possible time period for an interest hike from ECB. As of writing, dollar index was quoted up 0.05% to 97.04 while EUR/USD ticks down 0.02% to 1.1363. Otherwise, pound sterling recovered its losses by 0.13% to 1.2652 against the US dollar. On yesterday, sterling received some bearish pressure after EU leaders reportedly denied the request to renegotiate Brexit withdrawal agreement, leaving PM Theresa May in a stalemate prior to UK Parliamentary voting.

In the commodities market, crude oil price rose 0.05% to $52.75 during Asian trading session. Oil prices received some support after a surprise inventory drawdown at US crude oil delivery hub, suggesting that global supply may be balanced by middle of next year. On the other hand, gold price ticks up 0.01% to $1,242.24 a troy ounce while market participants wait for further signal from the market.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the 20-MA line (red). MACD which illustrate increasing bullish momentum suggests the index to extend its gains, towards the direction of 97.15.

Resistance level: 97.15, 97.40

Support level: 96.80, 96.60

GPBUSD, H4: GBPUSD was traded lower following prior retrace from the downward trendline. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term, towards 1.2500.

Resistance level: 1.2700, 1.2900

Support level: 1.2500, 1.2380

EURUSD, H1: EURUSD was traded higher following prior rebound from the lower level. MACD which begins to form a golden cross signal suggests the pair to extend its gains after closing above 1.1360.

Resistance level: 1.1360, 1.1410

Support level: 1.1310, 1.1265

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level near 113.70. MACD which has formed a bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 113.70, 113.85

Support level: 113.30, 112.95

AUDUSD, H1: AUDUSD was traded lower following prior breakout from the bottom level of upward channel. MACD which illustrate bearish signal and momentum suggests the pair to extend its losses, towards the direction of 0.7170.

Resistance level: 0.7220, 0.7265

Support level: 0.7170, 0.7105

NZDUSD, H4: NZDUSD was traded lower while currently testing near the strong support at 0.6840. MACD which begins to form a death cross signal suggests the pair to advance further down after successfully closing below 0.6840.

Resistance level: 0.6890, 0.6940

Support level: 0.6840, 0.6780

USDCAD, H1: USDCAD remains traded within a sideways channel following prior rebound from the lower 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: 1.3380, 1.3430

Support level: 1.3315, 1.3255

USDCHF, H1: USDCHF remains traded within a sideways channel following prior rebound from the lower 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: 0.9950, 0.9980

Support level: 0.9930, 0.9920

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from previous high. MACD which illustrate diminishing upward momentum suggests its prices to be traded lower in short-term and head towards the direction of 52.00.

Resistance level: 53.90, 55.35

Support level: 52.00, 50.25

GOLD_, H1: Gold price remains traded within a descending triangle while currently testing at 1242.10. MACD which illustrate imminent formation of bullish signal suggests its prices to be traded higher in short-term as technical correction.

Resistance level: 1253.00, 1263.20

Support level: 1242.10, 1237.25

13 December 2018                            Afternoon Session Analysis

Dollar inched higher ahead of rate hike expectations.

Dollar index strengthened against a basket of six major currencies pair, inching higher by 0.05% to 97.05 while investors await last rate hike for this year. US Federal Reserve (Fed) is expected to raise interest rate next week. Recent data portrays a slowdown in the US economy, which provides further confirmation regarding Fed’s Chairman Jerome Powell comment on US economy reaching its peak. Powell’s suggestion was to pause future rate hike for next year as current rate hover closer to its neutral rate. Investors will now focus on Fed’s speech regarding future economic outlook to further determine the momentum of dollar. On the other hand, pair of EUR/USD remained flat at 1.1365 before early European trading session while investors pay their attention towards European Central Bank (ECB) Press Conference later today. As interest rate are expected to stay at 0.0%, ECB will also be expected to announced the revocation of its bond buying (QE) program with the current economy and low CPI outlook. Due to these contradicting elements, the central bank’s interest rate decision scheduled tonight may garner higher market momentum upon the single common currency.

As for commodities market, crude oil price was traded flat near $51.30 per barrel after falling from high level amid poor inventory reading. EIA reported this week’s crude inventories level at -1.208M which missed economist’s expectation of -2.99M. Otherwise, gold price slipped by 0.03% to $1,245.05 a troy ounce amid bullish dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:30                     CHF                                         SNB Monetary Policy Assessment

16:30                     CHF                                         SNB Press Conference

Tentative                              EUR                                        EU Leaders Summit

21:30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior breakout above previous resistance level at 97.00. MACD yang illustrate diminishing bearish momentum suggest dollar to extend its gains towards the resistance level at 97.20.

Resistance level: 97.20, 97.45

Support level: 97.00, 96.80

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2605. MACD which display diminishing bullish momentum suggest the pair to extend its losses after a breakout below the support level.

Resistance level: 1.2660, 1.2700

Support level: 1.2605, 1.2535

EURUSD, H1: EURUSD was traded lower while currently testing near the support level 1.1360. MACD which illustrate starting bearish momentum and the formation of death cross suggest the pair to extend its losses after a breakout below the support level.

Resistance level: 1.1400, 1.1435

Support level: 1.1360, 1.1325

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 113.40. MACD which display bullish bias suggest the pair to extend its gains towards the resistance level 113.90.

Resistance level: 113.90, 114.20

Support level: 113.40, 113.05

AUDUSD, H4: AUDUSD was traded higher following prior breakout above previous resistance level at 0.7220. MACD which display bullish momentum suggest the pair to extend its gains towards the resistance level 0.7260.

Resistance level: 0.7260, 0.7290

Support level: 0.7220, 0.7185

NZDUSD, H4: NZDUSD was traded higher following prior breakout above previous resistance level 0.6855. MACD yang illustrate starting bullish momentum suggest the pair to extend its gains towards the resistance level 0.6895.

Resistance level: 0.6895, 0.6955

Support level: 0.6855, 0.6800

USDCAD, H1: USDCAD was traded higher while currently testing near the resistance level 1.3355. MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction and retrace from the resistance level.

Resistance level: 1.3355, 1.3400

Support level: 1.3315, 1.3285

USDCHF, H1: USDCHF was traded higher following prior breakout above the previous resistance level 0.9925. MACD which illustrate bullish signal and formation of golden cross suggest the pair to extend its gains towards the resistance level 0.9965.

Resistance level: 0.9965, 1.0000
Support level: 0.9925, 0.9880

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 51.60. MACD which display bearish signal and the formation of death cross suggest the commodity to extend its losses towards the support level 50.50.

Resistance level: 51.60, 52.30

Support level: 50.50, 49.55

GOLD_, H4: Gold price remains traded in a sideway channel following prior retracement from the resistance level 1246.45. MACD which illustrate bearish bias suggest the commodity to extend its retracement towards the lower level of channel near the support level 1241.60.

Resistance level: 1252.75, 1262.85

Support level: 1241.60, 1235.00

13 December 2018                            Morning Session Analysis

Theresa May survives “No Confidence” drama.

US dollar depreciates against other major currencies on Wednesday following weaker-than-expected inflation data while coupled with a large buy back on the pound sterling. As of writing, the dollar index was quoted down 0.40%, last seen around 96.96 during Asian trading hours. According to US Labor Department, its Consumer Price Index (CPI) remained unchanged for the month of November, missing economist forecast for a rise of 0.1%. The data accompanies a series of bearish economic releases while some analyst postulate that the US may derail from Federal Reserve’s goal if its current condition continues to worsen. On the other hand, pair of GBP/USD surged more than 1% to 1.2630 after UK Prime Minister Theresa May survives a “No Confidence” vote against her. According to reports, 200 out of 317 members of parliament from Conservative Party voted in favor for May, allowing her to retain her party’s leadership and pushing forward with her Brexit draft. In a speech given by May, she postulates that the draft will likely be submitted to Parliament by the end of January for voting. However, EU refuses to renegotiate the deal, leaving her in a stalemate situation as of current.

As for commodities market, crude oil price settled down 1% to $51.30 per barrel. The commodity suffered from deep losses after Reuters reported a sooner-than-expected start of Sunrise oil pipe line system in West Texas that could boost crude inventories in Oklahoma to one-year high. Otherwise, gold price extended gains by 0.07% to $1,246.51 a troy ounce as dollar falters since yesterday night.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:30                     CHF                                         SNB Monetary Policy Assessment

16:30                     CHF                                         SNB Press Conference

Tentative                              EUR                                        EU Leaders Summit

21:30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level at 96.80. MACD which illustrate diminishing bearish momentum suggests the index to extend its gains after closing above 97.00.

Resistance level: 97.00, 97.40

Support level: 96.80, 96.60

GBPUSD, H1: GBPUSD was traded lower following prior retracement near the previous high. MACD which begins to form a death cross signal suggests the pair to be traded lower after closing below 20-MA (red).

Resistance level: 1.2700, 1.2900

Support level: 1.2500, 1.2380

EURUSD, H1: EURUSD was traded lower following prior retracement and currently testing near 1.1360. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses after closing below 1.1360.

Resistance level: 1.1410, 1.1450

Support level: 1.1360, 1.1310

USDJPY, H1: USDJPY was traded higher following prior rebound from the lower levels. MACD which begins to form a golden cross signal suggests the pair to be traded higher in short-term, towards the direction at 113.70.

Resistance level: 113.70, 113.85

Support level: 113.30, 112.95

AUDUSD, H1: AUDUSD remains traded within an upward channel following prior rebound from the lower levels. Stochastic Oscillator which begins to illustrate a rebound signal suggests the pair to be traded higher in short-term with the channel itself.

Resistance level: 0.7220, 0.7265

Support level: 0.7170, 0.7105

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level near 0.6890. MACD which illustrate bearish signal suggests the pair to extend its losses after a successful closure below the strong support at 0.6830.

Resistance level: 0.6890, 0.6940

Support level: 0.6830, 0.6780

USDCAD, H1: USDCAD was traded higher following prior rebound near 1.3315. MACD which begins to form a golden cross signal suggests the pair to advance further upwards after closing above the 20-MA line (red).

Resistance level: 1.3380, 1.3430

Support level: 1.3315, 1.3255

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the pair to extend its recovery after closing above the resistance level near 0.9930.

Resistance level: 0.9930, 0.9955

Support level: 0.9905, 0.9855

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the lower level of sideways channel. MACD which illustrate diminishing downward momentum suggests its prices to advance further up in short-term, towards the direction of 52.00.

Resistance level: 52.00, 53.90

Support level: 50.25, 49.50

GOLD_, H1: Gold price remains traded within a descending triangle following prior retrace from the top level. MACD which illustrate diminishing upward momentum suggests its prices to be traded lower in short-term, towards the direction of 1242.10.

Resistance level: 1253.00, 1263.20

Support level: 1242.10, 1237.25

12 December 2018                            Afternoon Session Analysis

Dollars gains amid Trump comments.

US dollar remains firm against its basket of six major rival pairs following optimistic statement by US President Donald Trump on US-China relations. Speaking to Reuters, US President Donald Trump have mentioned that he would intervene in the Huawei CFO arrest case if it could assist in attaining a trade deal with China and improve national security at the same time. Besides that, he also added that he is ready to meet China’s Premier Xi JinPing if it is necessary for trade negotiations which is currently taking place. Dollar index rose 0.05% to 97.25 as of writing. Meanwhile, AUDUSD recovers 0.17% to 0.7215 after slumping to one-month lows but remains stuck at 0.7200 level. The currency continues its oscillation after Westpac Consumer Confidence data disappoints with the reading of only 0.1%, lower than previous month reading of 2.8%. Besides that, overall sentiment towards the Australian counterpart was also affected by the trade war between China and US as Australia is the biggest trading partner with China.

As for commodities market, crude oil price soars 0.40% to $52.15 per barrel as of writing amid Libyan oil supply shortage. According to reports, Libya’s national oil company has declared halt on its El Sharara field export after the field was attacked by a local militia group at weekend and 400,000 bpd are missing due to production interrupted by the militia group. On the other hand, gold price rebound 0.17% to $1245.09 from its lows amid safe haven asset demand increase due to uncertainty in US-China trade war.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:20                     CrudeOIL                               OPEC Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 97.45. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracements towards the support level 96.85.

Resistance level: 97.45, 98.30

Support level: 96.85, 96.35

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2485. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.2585.

Resistance level: 1.2585, 1.2700

Support level: 1.2485, 1.2385

EURUSD, H4: EURUSD was trading higher following recent rebound from the support level 1.1350. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.1350.

Resistance level: 1.1350, 0.1395

Support level: 1.1310, 1.1270

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 113.20. MACD which illustrate persistent bullish momentum suggest the pair extend its gains towards the resistance level 113.75.

Resistance level: 113.75, 114.15

Support level: 113.20, 112.70

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7215. MACD which display bullish momentum with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 0.7215.

Resistance level: 0.7215, 0.7265

Support level: 0.7170, 0.7140

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6880. MACD which illustrate bullish momentum suggest the pair to extend its gains towards the resistance level 0.6920.

Resistance level: 0.6920, 0.6970

Support level: 0.6880, 0.6840

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3380. MACD which illustrate bearish bias with the formation of death cross suggest the pair to extend its retracement towards the support level 1.3330

Resistance level: 1.3385, 1.3440

Support level: 1.3330, 1.3260

USDCHF, H4: USDCHF was traded higher following recent breakout above the previous resistance level 0. 9955.MACD which illustrate bullish momentum suggest the pair to extend its gains towards the resistance level 0.9955.

Resistance level: 0.9955, 1.0000

Support level: 0.9915, 0.9860

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 52.15. MACD which illustrate bullish bias with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level 52.12

Resistance level: 52.15, 54.15

Support level: 50.25, 48.75

GOLD_, H4: Gold was traded higher following recent rebound from the support level 1241.50. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains towards the resistance level 1249.50

Resistance level: 1249.50, 1255.25

Support level: 1241.50, 1234.00

12 December 2018                            Morning Session Analysis

Sterling dejected over Brexit menace.

Greenback edges higher on Tuesday against other major currencies over the backdrop of optimistic US wholesale inflation data. The dollar index was quoted up 0.24%, last seen around 93.37 during Asian trading session. According to the Labor Department, its Core Producer Price Index increased by 0.3% for the month of November, above economist forecast for an increase of only 0.1%. Regrettably, the data failed to alter market expectation towards US Federal Reserve as investors continued to price in at only 76% chance for an interest rate hike next week. Furthermore, prior softness in US economic data such as GDP and Nonfarm Payrolls has kept a lid over market’s optimism upon future economic growth outlook. On the other hand, pound sterling extended its losses for second consecutive day following higher Brexit and political uncertainty in Britain. Question’s over UK Prime Minister Theresa May’s future continue to arise as she made little progress in convincing lawmakers in Brussels to amend the terms of her Brexit deal. In addition, reports showed that several UK lawmakers have sent letters of “No Confidence” against her, raising doubt over her future. Pair of GBP/USD was down 0.03% to 1.2493 as of writing.

As for commodities market, crude oil price rose 0.13% to $51.98 during Asian trading session. Oil prices ended higher on yesterday as investor’s poured in to buy back from a lower price range. However, volatility on the commodity is expected following contradicting signals in the market between rising US oil output and OPEC’s decision to cut oil supply next year. On the other hand, gold price ticked down 0.02% to $1,243.12 a troy ounce as dollar rises.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:20                     CrudeOIL               OPEC Monthly Report

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior retrace from the strong resistance of 97.40. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.

Resistance level: 97.40, 97.80

Support level: 97.00, 96.80

GBPUSD, Daily: GBPUSD extended its losses after closing below the strong support of 1.2700. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the target at 1.2500.

Resistance level: 1.2700, 1.2900

Support level: 1.2500, 1.2380

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1310. MACD which begins to form a bullish signal suggests the pair to be traded higher in short-term, towards the direction of 1.1360.

Resistance level: 1.1360, 1.1410

Support level: 1.1310, 1.1265

USDJPY, H4: USDJPY was traded higher following prior closure above 113.30. MACD which illustrate bullish signal suggests the pair to advance further upwards, towards the direction of 113.70.

Resistance level: 113.70, 113.85

Support level: 113.30, 112.95

AUDUSD, H4: AUDUSD was traded higher following prior rebound from 0.7170. MACD which illustrate bullish signal suggests the pair to extend its gains after successfully closing above the resistance level near 0.7220.

Resistance level: 0.7220, 0.7265

Support level: 0.7170, 0.7105

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the upward trendline. MACD which illustrate bullish signal suggests the pair to extend its gains further after closing above the resistance level near 0.6890.

Resistance level: 0.6890, 0.6940

Support level: 0.6830, 0.6780

USDCAD, H4: USDCAD was traded lower following prior formation of double top with strong resistance near 1.3430. MACD which illustrate bearish signal 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, H1: USDCHF was traded flat and currently testing near the resistance of 0.9930. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9930, 0.9955

Support level: 0.9905, 0.9855

CrudeOIL, H4: Crude oil price remains traded within a sideways channel following prior rebound from the lower level. MACD which illustrate bullish signal suggests the commodity price to extend its gains in short-term, towards 53.90.

Resistance level: 53.90, 55.35

Support level: 52.00, 50.25

GOLD_, H1: Gold price was traded higher following prior rebound from the strong support at 1242.10. MACD which illustrate diminishing downward momentum suggests its prices to extend its gains, towards the direction of 1253.00.

Resistance level: 1253.00, 1263.20

Support level: 1242.10, 1237.25

10 December 2018                            Afternoon Session Analysis

Dollar slips amid increasing geopolitical tensions.

US Dollar remains pressured against its basket six major currency pairs amid tensions between US and China continue to ratchet up after China’s tech giant Huawei’s CFO Meng Wan Zhou arrested in Canada. According to Bloomberg, the detention was made by orders from U.S authorities due after its company being accused of violating American sanctions by selling its technology to Iran. China has summoned Canadian ambassador John McCallum to lodge a strong protest and threaten Canada will face a “grave consequences” if she is not freed, demanding the release of Meng Wanzhou. The arrest has already worsened the ongoing tension between China and US from its trade war and investors fear a full-scale trade war will be inevitable. Dollar index was down 0.08% to 96.33 as of writing. On the other hand, GBP/USD inched down 0.03% to 1.2745 at the time of writing ahead of Tuesday’s final Brexit vote. Pound sterling remains pressured due to Brexit referendum chaos where UK Prime Minister Theresa May battles on the Brexit deal and likely to face strong resistance from opposing party in its Brexit plan. According to UK Times, 48 letters of no-confidence vote have been delivered by the British parliament which is the minimum number for no-confidence vote to oust Theresa May’s government while market will remain focused on tomorrow voting results.

As for commodities market, crude oil price soars 0.85% to $52.55 per barrel as of writing amid reports on OPEC and oil producers including Russia have reach an agreement for a supply cut of 1.2 million bpd from January. Meanwhile, gold price extends its gains by 0.04% to $1248.05 at the time of writing amid dollar weakness caused by weak data on Friday.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently test the support level 96.35. MACD which illustrate bearish momentum with formation of death cross suggest the pair to extend its losses after It breaks below the support level 96.35.

Resistance level: 96.85, 97.45

Support level: 96.35, 95.75

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2700. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2780.

Resistance level: 1.2780, 1.2840

Support level: 1.2700, 1.2585

EURUSD, H4: EURUSD was traded higher after it breaks above the previous resistance level 1.1420. MACD which illustrate bullish momentum with golden cross formation suggest the pair to extend its gains towards the resistance level 1.1485.

Resistance level: 1.1485, 1.1550

Support level: 1.1420, 1.1370

USDJPY, H4: USDJPY was traded lower while currently testing the support level 112.35. MACD which display diminished bearish momentum suggest the pair to undergo a short term technical correction towards the resistance level 112.75.

Resistance level: 112.75, 113.20

Support level: 112.35, 111.60

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7215. MACD which display bullish momentum with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 0.7215.

Resistance level: 0.7215, 0.7265

Support level: 0.7170, 0.7140

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6880. MACD which illustrate bullish momentum suggest the pair to extend its gains towards the resistance level 0.6920.

Resistance level: 0.6920, 0.6970

Support level: 0.6880, 0.6840

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3330. MACD which illustrate bearish bias with the formation of death cross suggest the pair to extend its retracement towards the support level 0.6840.

Resistance level: 1.3330, 1.3390

Support level: 1.3260, 1.3180

USDCHF, H4: USDCHF was traded lower following recent breakout below the previous support level 0.9915. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses towards the support level 0.9860.

Resistance level: 0.9915, 0.9955

Support level: 0.9860, 0.9800

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 52.15 MACD which illustrate bullish momentum with the formation of golden cross suggest the pair undergo a short-term technical correction towards the resistance level 54.15.

Resistance level: 54.15, 57.45

Support level: 52.15, 50.25

GOLD_, H4: Gold was traded higher while currently testing the resistance level 1249.50. MACD which illustrate diminishing bullish momentum suggest the pair to undergo a short term technical correction towards the support level 1241.50.

Resistance level: 1249.50, 1255.25

Support level: 1241.50, 1234.00

10 December 2018                            Morning Session Analysis

Dollar half-hanged, rate hike frequency to slow down?

US dollar extended its losses last Friday following bleak outlook in US jobs market while market participants keeps an eye on this week’s release of regional economic data. The dollar index was quoted down 0.05%, last seen around 96.55 during Asian trading session. Last Friday, US Labor Department reported a slowdown in jobs growth, mainly due to the results of worker shortage. Nonfarm Payrolls came in at only 155,000 for the month of November, as construction companies hired its fewest workers in eight months due to unseasonably chilly weather. In addition, a slowdown in jobs creation is also in tandem with other data which shows a rise in layoffs and a decline in employment activity within the services sector. Following the report, the financial market is expecting one more rate hike from the Federal Reserve for the year 2019, down from two when compared to last month. On the other hand, pair of USD/CAD fell 0.05% to 1.3323 as of writing. The Canadian counterpart was well in bid after Employment Change data showed higher job creation with 94.1K versus forecasted reading of only 10.3K. However, gains on the Canadian dollar were capped following dovish signal from Bank of Canada prior.

Otherwise, crude oil price mends its losses by 0.58% to $52.35 per barrel. On Friday, OPEC announced that it will reduce overall production among its members by 1.2 million barrels per day for the first 6 months of 2019, in an effort to reduce global oversupply and rebalance oil prices. Otherwise, gold price rose 0.06% to $1,249.28 a troy ounce as expectation for more rate hike from the Fed dwindles.

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 extended its losses following prior closure below 96.60. MACD which continues to illustrate bearish signal suggests the index to advance further down, towards the direction of 96.45.

Resistance level: 96.60, 96.80

Support level: 96.45, 96.20

GBPUSD, H1: GBPUSD was traded higher while currently testing near the resistance level at 1.2725. MACD which illustrate diminishing downward momentum suggests the pair to extend its gains after closing above 1.2725.

Resistance level: 1.2725, 1.2770

Support level: 1.2690, 1.2640

EURUSD, H4: EURUSD was traded higher following prior breakout from the top level of symmetrical triangle. MACD which illustrate bullish signal suggests the pair to extend its losses after closing above 1.1410.

Resistance level: 1.1410, 1.1450

Support level: 1.1360, 1.1310

USDJPY, H1: USDJPY was traded lower following prior retrace from the top level of descending channel. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 112.10.

Resistance level: 112.60, 112.95

Support level: 112.10, 111.75

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

Resistance level: 0.7215, 0.7265

Support level: 0.7170, 0.7105

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the lower levels. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term, towards the direction at 0.6890.

Resistance level: 0.6890, 0.6940

Support level: 0.6830, 0.6780

USDCAD, H4: USDCAD was traded lower while currently testing at the support level of 1.3315. MACD which illustrate the formation of bearish signal suggests the pair to extend its losses after closing below 1.3315.

Resistance level: 1.3380, 1.3430

Support level: 1.3315, 1.3255

USDCHF, H4: USDCHF was traded lower following prior closure below the support level near 0.9905. MACD which illustrate bearish signal and momentum suggests the pair to extend its losses, towards the direction of 0.9855.

Resistance level: 0.9905, 0.9930

Support level: 0.9855, 0.9770

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level near 52.00. MACD which illustrate bullish signal suggests its prices to be traded higher in short-term, towards 53.90.

Resistance level: 53.90, 55.35

Support level: 52.00, 50.25

GOLD_, H4: Gold price extended gains following prior breakout from the resistance level near 1242.10. MACD which illustrate bullish signal suggests its prices to extend its gains, towards the direction of 1253.00.

Resistance level: 1253.00, 1262.20

Support level: 1242.10, 1237.25

7 December 2018                              Afternoon Session Analysis

Dollar edged higher prior to Fed’s hawkish comment.

Greenback strengthened against six major currencies before European session amid Fed’s Chairman Jerome Powell speech which delivered a hawkish tone regarding US economy along with better job creation and higher wages. Powell ended the speech with a compliment for US labor market while investors will now eye on the fourth rate hike this year during Fed’s meeting on 18-19 December. However, dollar gains on the dollar were limited by fear towards future rate hike which might be paused amid escalating trade wars and the closing in of neutral rates. Dollar index tick up by 0.03% to 96.75 as of writing. In other news, pair of GBP/USD fell by 0.15% to 1.2765 after rebounding from its low level yesterday. Tensions continues to weigh on Brexit as the deadline for Parliament vote gets closer. Current outlook on Brexit is the proposal by Senior Tory to delay the vote while UK Prime Minister Theresa May struggles to break Brexit Deadlock.

In the commodities market, crude oil price plunged 1.16% to $51.05 per barrel after meeting of OPEC failed to finalize the cut on global crude output. Despite a positive reading on yesterday’s Crude Oil Inventories data, investors worry that if OPEC fails to make a final decision by end of this week, oil prices will continue to tumbles. On the other hand, gold price edged higher by 0.14% to $1239.30 a troy ounce ahead of today’s Nonfarm Payrolls data which causes investors to seek short-term safe-haven gold.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 96.80. MACD yang illustrate diminished bearish momentum suggest index to further its gains after a breakout above the resistance level.

Resistance level: 96.80, 97.00

Support level: 96.60, 96.30

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.2780. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.2740.

Resistance level: 1.2780, 1.2815

Support level: 1.2740, 1.1700

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1360. MACD which display diminishing bullish momentum suggest the pair to extend its losses after a breakout below the support level.

Resistance level: 1.1400, 1.1435

Support level: 1.1360, 1.1325

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 112.70. MACD which illustrate bullish signal and the formation of golden cross suggest the pair to extend its gains towards the resistance level 113.05.

Resistance level: 113.05, 113.40

Support level: 112.70, 112.30

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7220. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after a breakout below the support level.

Resistance level: 0.7260, 0.7290

Support level: 0.7220, 0.7185

NZDUSD, H4: NZDUSD was traded lower while currently testing near the upward trendline. MACD which illustrates diminishing bearish momentum suggest the pair to rebound from the upward trendline towards the resistance level 0.6900.

Resistance level: 0.6900, 0.6955

Support level: 0.6855, 0.6800

USDCAD, H4: USDCAD was traded lower following prior breakout from previous support level 1.3400. MACD which illustrate starting bearish signal suggest the pair to extend its losses towards the support level 1.3355.

Resistance level: 1.3400, 1.3450

Support level: 1.3355, 1.3315

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9925. MACD which illustrate bearish momentum suggest the pair to extend its losses after closing its candle below the support level.

Resistance level: 0.9965, 1.0000

Support level: 0.9925, 0.9880

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level 51.60. MACD which illustrate diminished bullish momentum suggest the commodity to extend its retracement towards the support level 50.50.

Resistance level: 51.60, 52.30

Support level: 50.50, 49.55

GOLD_, H4: Gold price remains traded within an upward channel following prior rebound from the support level 1235.00. Due to lack of signal from the MACD, a breakout above or below the channel is required for further confirmation before entering the market.

Resistance level: 1241.60, 1246.40

Support level: 1235.00, 1228.00

7 December 2018                              Morning Session Analysis

Dollar, oil tumbles as bears regain control.

US dollar losses its grounds against other major currencies on yesterday as domestic jobs data fell short of forecast, keeping a cap over US government bond yields. The dollar index was quoted down 0.29%, last seen around 96.67 during Asian trading sessions. According to ADP, private payrolls for the month of November came in at only 179,000, missing economists forecast for a reading of up to 225,000. The data which has significant correlation with tonight’s Nonfarm Payrolls has dialed down investor’s optimism towards US labor market. At the same time, the bearish data has kept a lid over 10-year Treasury yield near three-months low, weighing further on the US dollar. As Federal Reserve policymakers are widely expected to raise interest rates again in the coming weeks, investors’ attention will shift towards future economic releases and Fed’s statement for further signal with regards to next year’s rate hike cycle. On the other hand, Canadian dollar received fresh selloff following weaker commodity prices and bearish remarks from Bank of Canada’s Governor Stephen Poloz. According to Poloz, he reiterated prior dovish stance during interest rate decision, indicating little enthusiasm to speed up the pace of interest rate hike from current levels. As of writing, loonie (USD/CAD) tacked up 0.08% to 1.3394.

In the commodities market, crude oil price extended its losses by 0.27% to $51.44 per barrel. Oil prices tumbled down by more than 3% on yesterday after Russian counterpart remained silence over oil production cuts that OPEC has suggested prior. During the meeting held in Vienna, Saudi Arabia reiterated that the main scenario is to push for an output cut but no decision has been made as to date. Such reports have dialed down investors’ confidence for an agreement to be reached by the end of Friday. On the other hand, gold price ticked down 0.03% to $1,237.49 a troy ounce as higher interest rates in the United States capped any substantial gains on the non-yielding asset.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound near 96.60. MACD which illustrate diminishing downward momentum suggests the index to extend its gains, towards the direction of 96.80.

Resistance level: 96.80, 97.00

Support level: 96.60, 96.20

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the higher levels. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses in short-term as technical correction.

Resistance level: 1.2835, 1.2895

Support level: 1.2770, 1.2725

EURUSD, H1: EURUSD was traded lower following prior retracement near 1.1410. MACD which begins to form a death cross signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1410, 1.1450

Support level: 1.1360, 1.1310

USDJPY, H1: USDJPY was traded higher following prior rebound from the lower levels. MACD which has formed a golden cross signal suggests the pair to extend its gains in short-term, towards the downward trendline.

Resistance level: 112.95, 113.30

Support level: 112.60, 112.10

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level near 0.7215. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7265, 0.7300

Support level: 0.7215, 0.7170

NZDUSD, H4: NZDUSD was traded lower while currently testing near the upward trendline. MACD which illustrates diminishing downward momentum suggests the pair to extend its gains in the event of a successful rebound from the trendline.

Resistance level: 0.6890, 0.6940

Support level: 0.6830, 0.6780

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level near 1.3430. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3430, 1.3530

Support level: 1.3380, 1.3315

USDCHF, H1: USDCHF was traded higher while currently testing near the resistance level of 0.9930. MACD which begins to form a golden cross signal suggests the pair to extend its gains after closing above 0.9930.

Resistance level: 0.9930, 0.9955

Support level: 0.9905, 0.9855

CrudeOIL, H4: Crude oil price was traded lower following prior retracement near the resistance level of 52.00. MACD which illustrate persistent downward signal suggests its price to extend its losses, towards the direction of 50.25.

Resistance level: 52.00, 53.90

Support level: 50.25, 49.50

GOLD_, H1: Gold price remains traded within an upward channel following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggests its price to extend its gains, towards the direction of 1242.10.

Resistance level: 1242.10, 1253.00

Support level: 1237.25, 1228.00

6 December 2018                              Morning Session Analysis

GBP, CAD steals the show.

US dollar oscillates between profit and losses on yesterday while market participants place their focus over Pound Sterling and Canadian dollar. In the UK front, traders remain focused on the latest developments in Britain with respect to 11^th December Brexit vote in the Parliament. Traders poured into the sterling after reports claimed that Brexit might be called off if the Parliament votes for a second referendum in the UK public. Speculation were rift in the financial market whereby UK Prime Minister Theresa May might fail to garner majority of votes in the Parliament, rendering Brexit agreement null and higher possibility of evoking “No Confidence” vote against her. In the Canadian counterpart, financial market remained focused over Bank of Canada’s (BoC) interest rate decision although it is being kept on hold at 1.75%. Canadian dollar received some downward pressure after BoC considered to downgrade its 2019 GDP forecast due to concerns over business investment, global oil price and trade issues. On the other notion, the bank left the door open for a January rate hike, capping some of its prior losses. As of writing, the dollar index was up 0.03% to 96.92. On the other hand, pair of GBP/USD notched up 0.02% to 1.2732 while USD/CAD rose 0.05% to 1.3363.

In the commodities market, crude oil price was down 0.49% to $52.59 per barrel. The commodity price suffered from some losses after Iran reported to look for exemption from any oil output cuts called forward by OPEC due to US sanctions. On the other hand, gold price notched up 0.09% to $1,238.27 a troy ounce following risk aversion within the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                              CrudeOIL                               OPEC Meeting

21:35                     CAD                                        BoC Gov Poloz Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the higher levels. MACD which begins to form a bearish signal suggests its prices to move further down, towards the direction of 96.80.

Resistance level: 97.00, 97.40

Support level: 96.80, 96.60

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the upper levels. MACD which has formed a bearish signal suggest the pair to extend its losses, towards the direction of 1.2690.

Resistance level: 1.2725, 1.2770

Support level: 1.2690, 1.2640

EURUSD, H1: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of resistance level near 1.1360.

Resistance level: 1.1360, 1.1410

Support level: 1.1310, 1.1265

USDJPY, H1: USDJPY was traded lower following prior retracement near the moving average line. MACD which begins to form a bearish signal suggests the pair to extend its losses, towards the direction of 112.60.

Resistance level: 112.95, 113.30

Support level: 112.60, 112.10

AUDUSD, H4: AUDUSD was traded lower following prior closure below 0.7265. MACD which illustrate bearish signal suggest the pair to extend its losses after breaking the bottom level of upward channel.

Resistance level: 0.7265, 0.7300

Support level: 0.7215, 0.7170

NZDUSD, H4: NZDUSD was traded lower following prior closure below 0.6890. MACD which illustrate persistent downward signal suggests the pair to be traded lower, towards the direction of upward trendline.

Resistance level: 0.6890, 0.6940

Support level: 0.6830, 0.6780

USDCAD, H4: USDCAD was traded higher following prior closure above 1.3315. MACD which illustrate persistent bullish signal suggests the pair to extend its gains after successfully closing above 1.3380.

Resistance level: 1.3380, 1.3430

Support level: 1.3315, 1.3255

USDCHF, H1: USDCHF remains traded within a sideways channel following prior retracement from the top level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term, towards the direction at 0.9955.

Resistance level: 1.0000, 1.0040

Support level: 0.9955, 0.9930

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the strong resistance at 53.90. MACD which illustrate bearish signal suggests its prices to be traded lower in short-term, towards 52.00.

Resistance level: 53.90, 55.35

Support level: 52.00, 50.25

GOLD_, H1: Gold price extended gains following prior rebound and closure above 1237.25. MACD which illustrate persistent upward signal and momentum suggests its price to advance further up and retest near 1242.10.

Resistance level: 1242.10, 1253.00

Support level: 1237.25, 1228.00

5 December 2018                             Afternoon Session Analysis

Dollar surged amid Trump tweet.

Greenback edged higher against its six major peers after hitting two weeks low after U.S President Donald Trump agreed to temporarily stop imposing higher tariff on China imported goods last for 90 days. Prior, Donald trump tweeted that China is supposed to start buying more agricultural product from United States immediately as per promised by China Premier Xi Jinping while emphasizing that he is a ‘Tariff Man’ in a tweet. Those tweets obviously indicating that Donald Trump might raise tariff against China imported goods after 90 days trade truce. Such signal has affected the US dollar market sentiment positively and exerted bullish momentum toward the greenback. As of writing, dollar index edged up 0.14% to 96.95. On the other hand, pair of AUD/USD notched down 0.48% to 0.7300 amid downbeat GDP data been released early today. According to Australian Bureau of Statistic, Australia GDP data came in at 0.3% lower than the reading forecasted by economist of 0.6%. The depressing GDP data portrays that the economic activity of Australia is slowing down.

In the commodities market, crude oil tumbled down 0.53% to $52.25 per barrel amid larger than expected build reported in US crude stocks while market participants await OPEC meeting. Next, gold price notched down 0.24% to 1235.30 amid dollar’s rebound.

Today’s Holiday Market Close

Time                      Market                 Event

All Day                  USD                       Mourning – In Honour of George H.W. Bush

Today’s Highlight Events

Time                      Market                 Event

16:30                     EUR                        ECB President Draghi Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the top level of downward channel at 97.00. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains after breaking the resistance level at 97.05.

Resistance level: 97.05, 97.20

Support level: 96.90, 96.65

GBPUSD, H4: GBPUSD was traded lower following prior breakout from the support level at 1.2730. MACD histogram which begins to form a death cross signal suggests the pair to extend its losses, towards the direction of 1.2670.

Resistance level: 1.2730, 1.2785

Support level: 1.2670, 1.2620

EURUSD, H4: EURUSD was traded lower in a symmetrical triangle while currently testing near the support level at 1.1330. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after successfully closing below the support level at 1.1330.

Resistance level: 1.1365, 1.1395

Support level: 1.1330, 1.1270

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 112.65. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gain toward the resistance level at 113.20.

Resistance level: 113.20, 113.75

Support level: 112.65, 112.45

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level at 0.7295. MACD which illustrate bearish momentum suggest the pair to extend its losses after successfully closed below the support level at 0.7295.

Resistance level: 0.7265, 0.7360

Support level: 0.7290, 0.7215

NZDUSD, H1: NZDUSD was traded lower following prior breakout from the support level at 0.6920. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6885.

Resistance level: 0.6920, 0.6955

Support level: 0.6885, 0.6835

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3255. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gain toward the resistance level at 1.3295.

Resistance level: 1.3295, 1.3315

Support level: 1.3255, 1.3225

USDCHF, H4: USDCHF was traded higher in sideway channel following prior rebound from the support level at 0.9955. Due to lack of signal from MACD, a retracement from or breakout above the resistance level is required to attain further confirmation before entering the market.

Resistance level: 1.0005, 1.0045

Support level: 0.9955, 0.9920

CrudeOIL, H4: Crude oil was traded lower following prior breakout from the previous support level at 53.20. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 50.10.

Resistance level: 53.20, 55.15

Support level: 50.10, 48.20

GOLD_, H1: Gold was traded lower following prior breakout from the previous support level at 1235.65. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 1228.50.

Resistance level: 1235.65, 1240.60

Support level: 1228.50, 1223.54