Daily Analysis

23 November 2018                          Afternoon Session Analysis

Dollar plunged amid rebound of Euro and Sterling.

Greenback tumbled against a basket of six major currencies during Asian trading session after Britain and European Union agreed in principle to a text setting out their future relationship before a summit on 25^th November. The draft declaration agreed by United Kingdom and European Union successfully cheered up the European market, causing the market participant sell off their greenback and transfer the capital to the Sterling Pound and Euro market. Moreover, the dollar had lost its ground for more than two consecutive trading sessions amid investors are worry about the pace of future interest rate increases while they are wondering how Federal reserve rise interest rate without risking the United States future economy growth. As of writing, Dollar index notched down 0.29% to 96.30. On the other hand, pair of EUR/USD notched up 0.10% to 1.1415 after the sentiment of Euro lifted by the Brexit optimism. However, majority of the investor are currently awaiting for the PMI data which will be announced on later today for further confirmation before entering the market.

In the commodities market, crude oil dipped 1.28% to $53.35 per barrel amid producers are churning out more oil than the amount demanded by the entire world amid a bleak economic outlook. On the other hand, gold price surged 0.05% to $1227.75 amid Dollar’s weakness.

Today’s Holiday Market Close

Time                      Market                 Event

All day                   Japan                    Labor Thanksgiving Day

All day                   US                          Thanksgiving Day – Early close at 13:00

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 retrace from the resistance level at 96.70. MACD which illustrate bearish momentum and the formation of death cross suggest the index to extend its losses toward the support level at 96.25.

Resistance level: 96.70, 97.00

Support level: 96.25, 95.95

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level at 1.2865. MACD which display diminishing bullish momentum suggest the pair to extend its losses after breaking the support level at 1.2865.

Resistance level: 1.2935, 1.3035

Support level: 1.2865, 1.2765

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level at 1.1415. MACD which illustrate diminished bearish momentum and the formation of golden cross suggest the pair to extend its gain after successfully breakout the resistance level at 1.1415.

Resistance level: 1.1415, 1.1455

Support level: 1.1365, 1.1310

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 113.05. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 112.30.

Resistance level: 113.05, 113.55

Support level: 112.30, 111.65

AUDUSD, H4: AUDUSD was traded in sideway channel following prior breakout from the support level at 0.7225. MACD which display diminishing bearish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.7265.

Resistance level: 0.7265, 0.7290

Support level: 0.7225, 0.7205

NZDUSD, H4: NZDUSD was traded in sideway channel following recent rebound at the support level at 0.6790. MACD which display diminishing bearish momentum suggest the pair to extend its gain toward the resistance level at 0.6845.

Resistance level: 0.6845, 0.6880

Support level: 0.6790, 0.6715

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3180. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3225.

Resistance level: 1.3225, 1.3255

Support level: 1.3180, 1.3140

USDCHF, H4: USDCHF was traded in sideway channel following prior retracement from the resistance level at 0.9955. However, MACD which illustrate bullish momentum suggest the pair to be traded higher in short term toward the resistance level at 0.9955.

Resistance level: 0.9955, 0.9995

Support level: 0.9920, 0.9865

CrudeOIL, H4: Crude oil was traded lower while currently testing near the support level at 53.20. MACD which illustrate bearish momentum and the formation of death cross suggest the commodity to extend its losses after successfully breakout from the support level at 53.20.

Resistance level: 55.15, 57.65

Support level: 53.20, 51.65

GOLD_, H4: Gold was traded higher while currently testing near the resistance level at 1228.15. 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: 1228.15, 1235.65

Support level: 1220.45, 1215.35

23 November 2018                           Morning Session Analysis

Pound rallies as Brexit draft finalized.

Greenback extended its back foot on Thursday following a surge in pound sterling after reports shows that the UK and EU have reached an agreement on a post Brexit draft text. According to Bloomberg, the news outlet reported that the draft text explicitly mentioned both UK and EU will be committed to “deep” customs operation and build on “single custom territory”. Likewise, the EU is to recognize UK’s independent trade policy and the transition period can be extended for up to one or two years. The draft has dialed down market anxiousness towards possibility for a “hard” Brexit as some of the clauses mentioned are skewed towards a “soft” Brexit approach. According to European Council President Donald Tusk, the draft has reached the consensus of all negotiators and it will now subject to the endorsement of all EU leaders. Otherwise, greenback failed to gain any substantial support during North American session as the US market were closed for Thanksgiving holiday. We would expect light trading ahead as the US market is expected to close earlier today as well. As of writing, the dollar index was down 0.22% to 96.32 while GBP/USD ticks up 0.03% to 1.2876.

On the commodities market, crude oil price rose 0.06% to $53.91 per barrel. The commodity price received some support after Saudi Arabian Energy Minister Khalid al-Falih said that the kingdom would respond accordingly to weak oil demand in the future. Otherwise, gold price ticks up 0.02% to $1,227.55 a troy ounce following weaker greenback.

Today’s Holiday Market Close

Time                       Market                  Event

All day                    Japan                     Labor Thanksgiving Day

All day                    US                          Thanksgiving Day – Early close at 13:00

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index remains traded within a narrowing triangle following prior retrace from the top. MACD which begins to form a death cross signal suggests the pair to extend its losses in short-term, towards 96.20.

Resistance level: 96.60, 97.00

Support level: 96.20, 95.95

GBPUSD, H4: GBPUSD remains traded within a descending channel while currently testing at the top level. MACD which illustrate the formation of golden cross suggests the pair to extend its gains after breaking the top level of the channel.

Resistance level: 1.2895, 1.2955

Support level: 1.2805, 1.2690

EURUSD, H1: EURUSD was traded higher following prior rebound from the upward trendline. However, MACD which begins to form a death cross formation 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 support level at 112.95. MACD which begins to form a bullish signal suggests the pair to be traded higher in short-term towards the direction of 113.30.

Resistance level: 113.30, 113.70

Support level: 112.95, 112.60

AUDUSD, H4: AUDUSD remains traded within an ascending channel following prior rebound from the bottom level. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher towards 0.7265.

Resistance level: 0.7265, 0.7340

Support level: 0.7170, 0.7105

NZDUSD, H1: NZDUSD remains traded within a descending channel following prior retrace from the top. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term after closing below the 20-MA line (red).

Resistance level: 0.6815, 0.6840

Support level: 0.6795, 0.6775

USDCAD, H1: USDCAD was traded higher following prior rebound from the lower levels. MACD which begins to form a bullish signal suggests the pair to be traded higher in short-term, towards the direction of 1.3210.

Resistance level: 1.3210, 1.3255

Support level: 1.3155, 1.3115

USDCHF, H1: USDCHF remains traded within a tight range in between 0.9905 and 0.9955. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout to occur before entering the market.

Resistance level: 0.9955, 1.0000

Support level: 0.9905, 0.9855

CrudeOIL, H4: Crude oil price was traded lower and currently testing near the support level of 53.90. MACD which begins to form a bearish signal suggests its prices to extend its losses after successfully closing below the threshold of 53.90.

Resistance level: 55.35, 57.00

Support level: 53.90, 49.50

GOLD_, H1: Gold price was traded lower following prior retrace from the resistance of 1228.00. MACD which illustrate bearish signal suggests its prices to be traded lower in short-term as technical correction.

Resistance level: 1228.00, 1237.25

Support level: 1215.95, 1206.00

22 November 2018                           Afternoon Session Analysis

Dollar remains pressured by weak data and rate hike uncertainties.

Dollar index was traded lower compared to a basket of six major currencies prior to European trading session as investors sentiment remained dull amid yesterday’s release of Core Durable Goods Orders which missed economists’ expectation by 30-basis point. Further worsening the sentiment was Fed’s recent rumor to pause the gradual rate hike as early as spring next year. Although December rate hike is still on track, investors now worry that the pause in rate hike might cause a large sell-off for the dollar, limiting the confidence for dollar bulls. Dollar index was fell by 0.07% to 96.45 as of writing. In other news, pair of GBP/USD edged higher by 0.06% to 1.2785 while investors are all keeping their eyes on any possible Brexit breaking news. Recently, UK Prime Minister Theresa May Brexit draft approval by the Cabinet had led to a special summit in Brussels on 25 November. The summit is an official agreement towards the draft which politically declares the future relation between Britain and EU after Brexit.

In the commodities market, crude oil price notched up by 0.05% to $54.53 per barrel. Sentiment towards the oil market remains cloudy as worries of OPEC supply cut in December will not be able to bolster the fall in oil price. Otherwise, gold price increases by 0.16% to $1227.65 a troy ounce amid dollar retracement.

Today’s Holiday Market Close

Time                       Market                  Event

All day                    USD                                        United States – Thanksgiving Day

Today’s Highlight Events

Time                       Market                  Event

Tentative                              CrudeOIL                               OPEC Meeting

20:30                     EUR                                        ECB Publishes Account of Monetary Policy Meeting

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 96.40. MACD which illustrate bearish momentum suggest index to extend its losses after a breakout below the support level.

Resistance level: 96.70, 97.00

Support level: 96.40, 96.00

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level at 1.2800. Due to lack of signal from MACD, a breakout above or retracement from the resistance level is required for further confirmation before entering the market.

Resistance level: 1.2800, 1.2855

Support level: 1.2740, 1.2690

EURUSD, H4: EURUSD was traded higher following prior breakout from the previous resistance level 1.1390. MACD which illustrate diminished bearish momentum suggest the pair to extend its gains towards the resistance level 1.1440.

Resistance level: 1.1440, 1.1490

Support level: 1.1390, 1.1335

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 113.05. MACD which display diminishing bullish momentum suggest the pair to retrace from the resistance level as a technical correction.

Resistance level: 113.05, 113.50

Support level: 112.75, 112.40

AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level 0.7265. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its retracement towards the support level 0.7230.

Resistance level: 0.7265, 0.7290

Support level: 0.7230, 0.7200

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6795. MACD which display bearish momentum and the formation of negative divergence suggest the pair to extend its losses after successfully breaking the support level.

Resistance level: 0.6845, 0.6905

Support level: 0.6795, 0.6755

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.3260. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses towards the support level 1.3210.

Resistance level: 1.3260, 1.3290

Support level: 1.3210, 1.3180

USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level 0.9955. MACD which illustrate bearish momentum suggest the pair to extend its retracement towards the support level 0.9920.

Resistance level: 0.9955, 0.9990

Support level: 0.9920, 0.9865

CrudeOIL, H1: Crude oil price was traded lower while currently testing near the support level 54.20. Due to lack of signal from MACD, a rebound from or breakout below the support level is required to attain further confirmation before entering the market.

Resistance level: 55.90, 57.45

Support level: 54.20, 52.45

GOLD_, H4: Gold price was traded higher following prior breakout from previous resistance level at 1225.50. MACD which illustrate bullish momentum and the starting formation of golden cross suggest the commodity to extend its gains towards the resistance level 1231.00.

Resistance level: 1231.00, 1235.90

Support level: 1225.50, 1221.10

22 November 2018                           Morning Session Analysis

Greenback subdued prior Thanksgiving holidays.

US dollar was traded lower against other major currencies on Wednesday over the backdrop of bearish economic data from the region. As of writing, the dollar index was down 0.12% to 96.53 during Asian trading session. According to US Labour Department, Initial Jobless Claims for last week rose by 3,000 to 224,000, missing economist expectation for a drop to 215,000. In addition, US Commerce Department reported that the Core Durable goods Orders for the month of October rose 0.1%, well below economist forecast of 0.4%. The fall in durable goods orders are mainly due to a pullback in business spending amid concerns towards the impact of US tariffs on Chinese imports. On the other hand, euro received some bullish support from the market following positive progress with regards to Italy budget crisis. Reports suggested that Italy may be open to amend its budget draft for 2019 after EU Commission gears up to take disciplinary action against the country for not adhering to their budget policies. Pair of EUR/USD rose 0.05% to 1.1387 as of writing.

In the commodities market, crude oil price rose 0.11% to $54.48 per barrel. However, analysts warned that such price action could be a market correction as weekly data continues to show persistent uptrend in crude inventories. Otherwise, gold price ticks up 0.03% to $1,225.67 a troy ounce following multiple risk factors that are still present in the market.

Today’s Holiday Market Close

Time                       Market                  Event

All day                    USD                        United States – Thanksgiving Day

Today’s Highlight Events

Time                       Market                  Event

Tentative                CrudeOIL                OPEC Meeting

20:30                     EUR                         ECB Publishes Account of Monetary Policy Meeting

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index remains traded within a narrowing triangle while currently testing at the top level. MACD which illustrate bullish signal suggests the index to extend its gains after breaking the top level of the triangle.

Resistance level: 96.60, 97.00

Support level: 96.20, 95.95

GBPUSD, H4: GBPUSD remains traded within a descending channel while recently retraced from 1.2805. MACD which begins to form a bearish signal suggests the pair to extend its losses in short-term, towards the direction of 1.2690.

Resistance level: 1.2805, 1.2895

Support level: 1.2690, 1.2570

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

Resistance level: 1.1400, 1.1450

Support level: 1.1360, 1.1310

USDJPY, H4: USDJPY 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 lvel at 113.30.

Resistance level: 113.30, 113.70

Support level: 112.95, 112.60

AUDUSD, H4: AUDUSD remains traded within an ascending channel while currently testing at the resistance level of 0.7265. MACD which illustrate diminishing downward momentum suggests the pair to extend its gains after closing above the target of 0.7265.

Resistance level: 0.7265, 0.7340

Support level: 0.7170, 0.7105

NZDUSD, H4: NZDUSD remains traded within a descending channel following prior retracement from the top level. Both MACD and Stochastic Oscillator which illustrate bearish signal suggests the pair to be traded lower in short-term, towards 0.6795.

Resistance level: 0.6855, 0.6970

Support level: 0.6795, 0.6715

USDCAD, H4: USDCAD was traded lower following prior retracement from the upper level. MACD which begins to form a death cross signal suggests the pair to extend its losses after breaking the support level of 1.3210.

Resistance level: 1.3255, 1.3320

Support level: 1.3210, 1.3155

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower levels. MACD which begins to form a golden cross signal suggests the pair to extend its gains after closing above the resistance level of 0.9955.

Resistance level: 0.9955, 1.0000

Support level: 0.9905, 0.9855

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

Resistance level: 55.35, 57.00

Support level: 53.90, 49.50

GOLD_, H1: Gold price was traded lower following prior retracement from the top level. MACD which illustrate the imminent formation of death cross suggests its prices to be traded lower in short-term as technical correction.

Resistance level: 1228.00, 1237.25

Support level: 1215.95, 1206.00

21 November 2018                            Afternoon Session Analysis

Dollar firmed amid investor await for further sentiment.

Greenback traded firm against its six major peer currencies after hitting one week high amid sentiment souring and global equities rout forced risk averse traders transfer their capital from stock market to liquid dollar. Recently, Dollar index had been received a lot of pressure due to dovish comments by Federal Reserve where they might slow down the pace of monetary policy tightening. Anyhow, Investors are currently keeping their eyes on the coming announcement of US major October data which included Core Durable Goods Order and Existing Home Sales. A higher than economist forecast of reading will be favorable toward the US Dollar. As of writing, Dollar dipped 0.05% to 96.60. On the other hand, pair of EUR/USD notched up 0.07% to 1.1375 despite EU decided to take steps to discipline Italy. According to Reuters, European Commission will publish its opinions on the drafts of all the countries that sharing Euro today while the commission will therefore also publish a report that Italy is in breach of the EU law. In the EU law, a country public debt cannot be higher than 60 percent of GDP, otherwise it has to be falling towards 60 percent at a satisfactory pace.

In the commodities market, crude oil notched up 1.43% to $54.10 per barrel amid unexpected decline in U.S. commercial crude inventories and increase in Indian crude imports record. Next, gold notched down 0.04% to $1221.00 a troy ounce amid Dollar’s recovery.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level at 96.70. MACD which illustrate diminishing bullish momentum suggest the index to be traded lower toward its support level at 96.25.

Resistance level: 96.70, 97.00

Support level: 96.25, 95.95

GBPUSD, H4: GBPUSD was traded lower following retracement from the resistance level at 1.2870. MACD which illustrate diminished bullish momentum and the starting formation of death cross suggest the pair to extend its losses towards the support level 1.2765.

Resistance level: 1.2870, 1.2915

Support level: 1.2765, 1.2690

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1365. However, MACD which display bearish momentum and formation of death cross suggest the pair to be traded lower in short term towards the support level at 1.1365.

Resistance level: 1.1415, 1.1455

Support level: 1.1365, 1.1310

USDJPY, H1: USDJPY was traded lower following prior retracement from the upper channel line at 112.90. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower toward its support level at 112.65.

Resistance level: 112.90, 113.25

Support level: 112.65, 112.30

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level 0.7205. MACD which illustrate bullish momentum and the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7250.

Resistance level: 0.7250, 0.7290

Support level: 0.7205, 0.7175

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6785. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gain toward the resistance level at 0.6835.

Resistance level: 0.6835, 0.6880

Support level: 0.6785, 0.6715

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.3315. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses towards the support level 1.3285.

Resistance level: 1.3315, 1.3365

Support level: 1.3285, 1.3255

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9920. MACD which display bearish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.9970.

Resistance level: 0.9970, 1.0020

Support level: 0.9920, 0.9865

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 53.20. MACD which illustrate bullish momentum suggest the commodity to extend its gains toward the resistance level at 55.15.

Resistance level: 55.15, 57.65

Support level: 53.20, 51.65

GOLD_, H4: Gold was traded lower following prior retracement from the resistance level at 1224.25. MACD which display hidden negative divergence suggest the commodity to extend its losses toward the support level at 1215.40.

Resistance level: 1224.25, 1228.45

Support level: 1215.40, 1209.00

21 November 2018                           Morning Session Analysis

Dollar rebounds amid strong Building Permits data.

Dollar index rebound from its lower levels, extending its gains amid higher than expected Building Permits data reading yesterday. The data had a reading of 1.263M, higher compared to economists forecasted value of 1.260M. The data managed to recover positive sentiment for the dollar as market worries blooming economy in US will disrupt the Fed’s plan for gradual rate hikes. Dollar successfully regained its place as safe-haven, causing investors to flee from riskier market into the dollar market, increasing the index by 0.02% to 96.65 as of writing. In other news, pair of USD/CAD surged to 28^th June high after crude oil market faces large sell-off yesterday. With Canada being one of the top oil exporters, a decrease in crude oil price will cause the demand for Canada dollar to decrease, thus decreasing its value. The pair notched up by 0.04% to 1.3305 as of writing.

As for commodities market, crude oil price rebounded by 1.49% to $54.15 per barrel after plunging to a new low amid worries that OPEC decision to cut supply will not be sufficient to offset the increasing crude inventory level. On the other hand, gold price tick up 0.02% to $1221.50 a troy ounce after retracing from its highest level amid higher demand for dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 96.60. MACD which illustrate bullish momentum suggest dollar to extend its gains towards the resistance level 97.00.

Resistance level: 97.00, 97.30

Support level: 96.60, 96.20

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.2800. MACD which illustrate bearish momentum and the starting formation of death cross suggest the pair to extend its losses towards the support level 1.2740.

Resistance level: 1.2800, 1.2855

Support level: 1.2740, 1.2690

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1390. MACD which display bearish momentum and formation of death cross suggest the pair to extend its losses towards the support level 1.1335.

Resistance level: 1.1390, 1.1440

Support level: 1.1335, 1.1290

USDJPY, H4: USDJPY was traded higher following prior breakout above previous resistance level at 112.75. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains towards the resistance level 113.05.

Resistance level: 113.05, 113.50

Support level: 112.75, 112.40

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level 0.7210. MACD which illustrate bullish momentum and the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7240.

Resistance level: 0.7240, 0.7265

Support level: 0.7210, 0.7190

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6795. MACD which illustrate bearish momentum and the formation of negative divergence suggest the pair to extend its losses towards the support level 0.6755.

Resistance level: 0.6795, 0.6845

Support level: 0.6755, 0.6710

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3290. MACD which illustrate starting formation of negative divergence suggest the pair to undergo technical correction and extend its losses towards the support level 1.3290.

Resistance level: 1.3335, 1.3380

Support level: 1.3290, 1.3260

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9955. MACD which display bullish bias and the formation of golden cross suggest the pair to extend its gains after a breakout above the resistance level.

Resistance level: 0.9955, 0.9990

Support level: 0.9920, 0.9865

CrudeOIL, H1: Crude oil price was traded higher while currently testing near resistance level 54.20. MACD which illustrate bullish momentum suggest the commodity to extend its gains after a breakout above the resistance level.

Resistance level: 54.20, 55.90

Support level: 52.45, 51.35

GOLD_, H4: Gold was traded lower while currently testing near the support level 1221.10. MACD which illustrate bearish momentum and the formation of death cross suggest the commodity to extend its losses after a breakout below the support level.

Resistance level: 1225.50, 1231.00

Support level: 1221.10, 1216.80

20 November 2018                           Afternoon Session Analysis

Dollar testing 96.00 support while investors awaits Building Permits data.

Dollar index notched higher by 0.03% to 96.05 while currently testing its 6^th November support at 96.00 while market remains quiet prior to European trading session as investors are keeping their eyes on tonight’s Building Permits data. The data is a measurement of the number of demands for housing market, thus a higher reading indicates higher wages and more job opportunities. In other news, pair of GBP/USD slipped by 0.02% to 1.2850 while the pound remained under pressure as UK Prime Minister Theresa May is still struggling to attain approval for her draft from the Parliament by this week. May faces further pressure from her homeland where chances for a no-confidence vote are high if she fails to get the approval.

As for commodities market, crude oil price remained flat since Asian trading session at $57.10 per barrel as investors await further sentiment from tomorrow’s Crude Oil Inventories report from the Energy Information Administration (EIA) due tomorrow. On the other hand, gold price rebound from lower levels, edging up by 0.15% to $1223.50 a troy ounce amid market uncertainties.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     GBP                       BoE Gov Carney Speaks

18:00                     GBP                       Inflation Report Hearings

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 illustrate diminishing bearish momentum suggest dollar to rebound from the support level as a short-term technical correction.

Resistance level: 96.20, 96.60

Support level: 96.00, 95.70

GBPUSD, H4: GBPUSD was traded flat while currently testing the resistance level 1.2855. MACD which display bullish signal suggest the pair to extend its gains after a breakout above the resistance level.

Resistance level: 1.2855, 1.2905

Support level: 1.2800, 1.2740

EURUSD, H4: EURUSD was traded lower while currently testing near the support level at 1.1440. MACD which illustrate diminished bullish momentum suggest the pair to be traded lower after a breakout below the support level.

Resistance level: 1.1490, 1.1540

Support level: 1.1440, 1.1390

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 112.40. MACD which display starting bullish momentum suggest the pair to extend its rebound towards the resistance level 112.75.

Resistance level: 112.75, 113.05

Support level: 112.40, 111.95

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level 0.7265. MACD which display starting bullish momentum suggest the pair to extend its rebound towards the resistance level at 0.7290.

Resistance level: 0.7290, 0.7315

Support level: 0.7265, 0.7240

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6845. MACD which display diminished bearish momentum suggest the pair to extend its gains after a breakout above the resistance level.

Resistance level: 0.6845, 0.6905

Support level: 0.6795, 0.6755

USDCAD, H1: USDCAD was traded lower following prior breakout below previous support level 1.3180. MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level 1.3145.

Resistance level: 1.3180, 1.3210

Support level: 1.3145, 1.3115

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9920. MACD which display persistent bearish momentum suggest the pair to extend its losses after a breakout below the support level.

Resistance level: 0.9945, 0.9990

Support level: 0.9920, 0.9865

CrudeOIL, H4: Crude oil price remained traded in a sideway channel after retracing from the resistance level 57.45. MACD which illustrate starting bearish momentum suggest the commodity to extend its retracement towards the bottom level of the channel.

Resistance level: 57.45, 59.20

Support level: 55.90, 54.20

GOLD_, H1: Gold was traded higher following prior rebound from the support level 1221.10. MACD which display starting bullish momentum suggest the commodity to extend its rebound towards the resistance level 1225.50.

Resistance level: 1225.50, 1231.00

Support level: 1211.10, 1216.80

20 November 2018                           Morning Session Analysis

Dollar further losses amid worsening sentiment.

Dollar index was furthering its losses against six major currency pairs while investors are still digesting the dovish report from US Central Bank (Fed). Fed’s report on current economy and inflation outlook reaching a neutral rate will be healthy for the country, but investors worry that Fed’s plan for gradual rate hike in the future might be removed. With the sentiment worsening for dollar, investors now seek for safe-haven asset such as Japanese Yen and gold, decreasing the dollar index by 0.03% to 96.40 as of writing. In other news, pair of AUD/USD was traded flat at 0.7290 after the RBA meeting minutes this morning which bias towards a hawkish tone. The meeting minutes highlighted that RBA’s future plan for rates are more likely to be higher but mentioned nothing regarding the short-term period. Besides that, resuming trade talks between US and China has also supported Australian dollar as Australia is one of China’s major trading partner.

As for commodities market, crude oil price fell 0.44% to $57.10 per barrel after rebounding from lower level amid OPEC decision to cut supply from 1 million bpd to 1.4 million bpd in December to offset the oversupply of crude in the market and the decreasing global demand. On the other hand, gold price fell 0.17% to $1221.20 a troy ounce after hitting a 2-weeks high amid safe-haven demand.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     GBP                       BoE Gov Carney Speaks

18:00                     GBP                       Inflation Report Hearings

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 illustrate bearish momentum suggest the dollar to extend its losses after a breakout below the support level.

Resistance level: 96.20, 96.60

Support level: 96.00, 95.70

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.2855. MACD which display bullish signal suggest the pair to extend its gains after a breakout above the resistance level.

Resistance level: 1.2855, 1.2905

Support level: 1.2800, 1.2740

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1440. MACD which illustrate persistent bullish momentum suggest the pair to extend its gains towards the resistance level 1.1490.

Resistance level: 1.1490, 1.1540

Support level: 1.1440, 1.1390

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 112.40. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 112.75.

Resistance level: 112.75, 113.05

Support level: 112.40, 111.95

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7290. MACD which display bearish bias and the formation of death cross suggest the pair to extend its losses after a breakout below the support level.

Resistance level: 0.7315, 0.7340

Support level: 0.7290, 0.7265

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6845. MACD which display diminishing bearish momentum suggest the pair to extend its gains after a breakout above the resistance level.

Resistance level: 0.6845, 0.6905

Support level: 0.6795, 0.6755

USDCAD, H4: USDCAD was traded lower following prior breakout below previous support level 1.3180. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses towards the upward trend line.

Resistance level: 1.3180, 1.3210

Support level: 1.3145, 1.3115

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9920. MACD which display persistent bearish momentum suggest the pair to extend its losses after a breakout below the support level.

Resistance level: 0.9945, 0.9990

Support level: 0.9920, 0.9865

CrudeOIL, H4: Crude oil price remained traded in a sideway channel after retracing from the resistance level 57.45. MACD which illustrate starting bearish momentum suggest the commodity to extend its retracement towards the bottom level of the channel.

Resistance level: 57.45, 59.20

Support level: 55.90, 54.20

GOLD_, H4: Gold was traded lower while currently testing near the support level 1221.10. MACD which illustrate bearish momentum suggest the commodity to extend its losses after a breakout below the support level.

Resistance level: 1225.50, 1231.00

Support level: 1211.10, 1216.80

19 November 2018                           Afternoon Session Analysis

Dollar under pressure amid global outlook concerns.

Dollar lower against its basket of six major pairs on Monday amid concerns from Fed officials regarding on the global economic outlook. On Friday, Fed’s new vice chairman has warned and cautioned about a slowdown in global growth, emphasize that “neutrality” in terms of monetary policy is going to be relevant for the future outlook for the US economy. Besides that, Federal Reserve Bank of Dallas Robert Kaplan also stated in an interview with Fox Business that he also saw a growth slowdown in Europe and China, prompting traders to reassess the pace of future U.S interest rate hike. Dollar index slumped 0.03% to 96.30 at the time of writing. On the other hand, GBPUSD was down 0.04% to 1.2831 as of writing amid fractured political backdrop within the UK where various cabinet minister has resigned and UK PM Theresa May could possibly face a vote of no confidence this week while the current Brexit draft agreement is unlikely to passed by the UK Parliament.

As for commodities market, crude oil price has rebound from lows by 0.58% to $57.32 per barrel amid traders have expected top exporter Saudi Arabia to urge OPEC to reduce supply about 1 million to 1.4 million bpd of supply to adjust global demand slowdown toward year-end. Moreover, gold price gains 0.05% to $1,220.15 a troy ounce following dollar’s weakness amid growth concerns.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:45                     USD                                        FOMC Member Williams Speaks

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following a breakout below the previous support 95.75. MACD which illustrate bearish momentum signal with death cross suggest the dollar to extend its losses towards the support level 95.40.

Resistance level: 96.15, 96.35

Support level: 95.40, 95.15

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.2840. Although MACD illustrate bullish momentum with the formation of golden cross, a breakout above the resistance level 1.2840 is required to attain further confirmation.

Resistance level: 1.2840, 1.3025

Support level: 1.2700, 1.2585

EURUSD, H4: EURUSD was traded lower following recent retracement from the resistance level 1.1420. MACD which display diminishing bullish momentum suggest the pair to extend its retracements towards the support level 1.1305.

Resistance level: 1.1420, 1.1485

Support level: 1.1305, 1.1225

USDJPY, H4: USDJPY was traded lower while currently testing the support level 112.70. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a short-term technical correction towards the resistance level 113.40.

Resistance level: 113.40, 114.15

Support level: 112.70, 112.00

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7335. MACD which display bearish momentum suggest the pair to extend its retracement towards the support level 0.7295.

Resistance level: 0.7335, 0.7435

Support level: 0.7295, 0.7235

NZDUSD, H4: NZDUSD was traded lower following prior recent retracement from the resistance level 0.6855. MACD which illustrate bearish momentum with negative divergence suggest the pair to extend its retracement towards the support level 0.6790.

Resistance level: 0.6855, 0.6925

Support level: 0.6790, 0.6700

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.3150. MACD which illustrate bullish momentum suggest the pair to extend its gains towards the resistance level 1.3260.

Resistance level: 1.3260, 1.3360

Support level: 1.3150, 1.3065

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 1.0020. MACD which illustrate diminishing bearish momentum suggest the pair to undergo a short-term technical correction towards the current resistance level 1.0020.

Resistance level: 1.0020, 1.0080

Support level: 0.9950, 0.9860

CrudeOIL, H4: Crude oil price was traded higher following recent rebound from the support level 55.00. MACD which display continuous bullish momentum suggest the pair to extend its gains towards the resistance level 58.75.

Resistance level: 58.75, 62.05

Support level: 55.00, 52.70

GOLD_, H4: Gold was traded lower following recent retracement from the resistance level 1222.50. MACD which illustrate bearish momentum suggest the pair to extend its retracement towards the support level 1213.50.

Resistance level: 1222.50, 1230.75

Support level: 1213.50, 1204.00

Highlighted economy data and events for the week: November 19 – 23  

19 November 2018                           Morning Session Analysis

Clarida dovishness knocks down US dollar.

US dollar depreciates sharply against other major currencies last Friday following dovish remarks from Federal Reserve Vice Chairman Richard Clarida. As of writing, the dollar index was down 0.05% to 96.42 during early Asian trading session. In an interview with the CNBC, Clarida expressed that the Fed is getting closer to their neutral rate and being “neutral” in terms of monetary policy is more “appropriate”. His comments were seen as dovish as it indicates that the Fed may pause its plans to hike interest rates sooner than expected, dialing down market speculation for further gradual tightening in the long-run. Furthermore, losses on the greenback was worsened following the release of bearish economic data last from the United States. For the month of October, industrial production, a measure of output at factories, mines and utilities rose only 0.1%, missing economist forecast for a rise of 0.2%. On the other hand, pound sterling rose 0.02% to 1.2833 against the US dollar. Traders piled back into the currency after no additional ministers had resigned from UK Prime Minister Theresa May’s government as she prepares to seal her Brexit draft deal with parliament and could face yet another leadership challenge.

In the commodities market, crude oil price rose 0.55% to $57.10 per barrel after OPEC officials continues to signal for further production cut in the 2019 to tighten supply and prop up the commodity’s price. Similarly, gold price tacks up 0.08% to $1,222.62 a troy ounce following weaker greenback and rising risks in the financial market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:45                     USD                       FOMC Member Williams Speaks

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded flat while currently testing near the support of 96.20. MACD which illustrate diminishing downward momentum suggests the index to be traded higher in short-term as technical correction.

Resistance level: 96.60, 97.00

Support level: 96.20, 95.95

GBPUSD, H4: GBPUSD 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, towards the direction of 1.2895 in the mid-term.

Resistance level: 1.2895, 1.2955

Support level: 1.2805, 1.2690

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

Resistance level: 1.1445, 1.1485

Support level: 1.1385, 1.1330

USDJPY, H4: USDJPY was traded lower following prior breakout from multiple support levels. MACD which illustrate persistent bearish signal suggests the pair to extend its losses, towards the direction of 112.60.

Resistance level: 112.95, 113.20

Support level: 112.60, 112.10

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

Resistance level: 0.7340, 0.7420

Support level: 0.7265, 0.7170

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

Resistance level: 0.6910, 0.6970

Support level: 0.6855, 0.6795

USDCAD, H4: USDCAD oscillates while currently testing near the upward trendline. MACD which shows diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3155, 1.3210

Support level: 1.3115, 1.3080

USDCHF, H1: USDCHF was traded flat and currently testing near the support level of 0.9990. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.0025, 1.0055

Support level: 0.9990, 0.9960

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the downward trendline. MACD which illustrate bullish signal suggests the commodity price to extend its gains following a successful breakout from the trendline.

Resistance level: 59.45, 62.00

Support level: 57.00, 55.35

GOLD_, H1: Gold price was traded higher following prior breakout from the resistance level of 1215.95. However, MACD which illustrate the formation of death cross may suggests the commodity price to be traded lower in short-term as technical correction.

Resistance level: 1228.00, 1237.25

Support level: 1215.95, 1206.00

16 November 2018                           Afternoon Session Analysis

Dollar-bulls subsides as risk aversion takes off.

Greenback failed to make any substantial gains during Asian trading session following bearish economic data and political turmoil in United Kingdom. The dollar index was down 0.02% to 96.74 during late Asian trading session. Although greenback rebounds from its prior low following bullish Retail Sales and Initial Jobless Claims data on yesterday, its gains were limited after Philadelphia Fed reported a large slump in its regional Manufacturing Index. For the time being, market participants will keep an eye on US-China trade tension as both country kickstart their negotiation since earlier this week. On the other hand, pound sterling rose 0.20% to 1.2800 against the US dollar as of writing. However, any substantial gains were limited following deepening crisis between UK Prime Minister and members of the parliament after several key ministers tendered their resignation as a sign of protest against her Brexit plan.

In the commodities market, crude oil price pared its losses by 0.67% to $56.93 per barrel. As for today, market participants would keep an eye over the release of US Baker Hughes Oil Rig Count to attain further signal with regards to US oil drilling activity. On the other hand, gold price rose 0.16% to $1,215.24 a troy ounce following weaker dollar and higher risk in the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

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 lower following prior retracement from the resistance level of 97.00. MACD which illustrate bearish signal suggests the index to extend its losses, towards the support level near 96.60.

Resistance level: 97.00, 97.40

Support level: 96.60, 96.20

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after a successful breakout from the resistance level at 1.2805.

Resistance level: 1.2805, 1.2895

Support level: 1.2690, 1.2570

EURUSD, H1: EURUSD remains traded within an ascending channel following prior rebound from the lower level. MACD which continues to illustrate bullish signal suggests the pair to extend its gains, towards the upper level of the channel.

Resistance level: 1.1385, 1.1445

Support level: 1.1330, 1.1280

USDJPY, H4: USDJPY was traded lower following prior retrace from the resistance of 113.70. MACD which illustrate persistent bearish signal suggests the pair to extend its losses after closing below 113.30.

Resistance level: 113.70, 113.85

Support level: 113.30, 112.95

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the 20-MA line (red). MACD which illustrate diminishing downward momentum suggests the pair to extend its gains, towards the resistance level at 0.7300.

Resistance level: 0.7300, 0.7315

Support level: 0.7275, 0.7250

NZDUSD, H4: NZDUSD was traded higher following prior breakout from the resistance level at 0.6805. MACD which illustrate persistent upward signal suggests the pair to extend its gains, towards the target at 0.6850.

Resistance level: 0.6850, 0.6910

Support level: 0.6805, 0.6770

USDCAD, H4: USDCAD was traded lower following prior breakout from the support of 1.3210. MACD which illustrate bearish signal suggests the pair to extend its losses after a successful closure below 1.3155.

Resistance level: 1.3210, 1.3255

Support level: 1.3155, 1.3115

USDCHF, H1: USDCHF remains traded within a descending channel following prior retrace from the top level of the channel. MACD which begins to form a death cross signal suggests the pair to extend its losses after closing below the threshold of 1.0055.

Resistance level: 1.0095, 1.0140

Support level: 1.0055, 1.0025

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests its prices to extend its gains in short-term after closing above 57.00.

Resistance level: 57.00, 59.45

Support level: 55.35, 53.90

GOLD_, H4: Gold price was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests its prices to advance further up after closing above the threshold at 1215.95.

Resistance level: 1215.95, 1228.00

Support level: 1206.00, 1198.00

16 November 2018                           Morning Session Analysis

Dollar recovers as sterling dumped.

US dollar was traded higher on yesterday following upbeat economic data which has reaffirm market’s sentiment that US economy remain strong to warrant for further monetary policy tightening from Federal Reserve. According to US Commerce Department, Core Retail Sales rose 0.7% for the month of October, slightly higher than forecast of 0.5%. In addition, US Department of Labor reported that the initial jobless claims for last week rose only by 2,000 to 216,000 individuals, in line with economists’ forecast. However, gains on the dollar were limited after Philadelphia Fed reported that its manufacturing index fell sharply from 21.1 to 12.9 last month, missing forecasted reading of 20.7. On the other hand, pound sterling plunged sharply on yesterday after UK Prime Minister Theresa May delivered her speech in a press conference. According to May, she stood firm on her position to defend her Brexit plan, arguing that it delivers on what the people had voted for. Her reiteration came after a slew of ministers resigned from the Parliament, as a standoff against her credibility and leadership. As of writing, dollar index rose 0.31% to 96.87 while pair of GBP/USD nosedived 1.65% to 1.2768.

In the commodities market, crude oil price was down 0.20% to $56.47 per barrel after Energy Information Administration (EIA) reported a large increase in last week’s crude oil stocks by 10.27 million barrels, missing forecasted reading of 3.182 million barrels. Otherwise, gold price ticks up 0.07% to $1,214.15 a troy ounce following higher risk aversion against political issue in the United Kingdom.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

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 lower following prior retracement from the resistance level of 97.00. MACD which illustrate bearish signal suggests the index to extend its losses, towards the support level near 96.60.

Resistance level: 97.00, 97.40

Support level: 96.60, 96.20

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after a successful breakout from the resistance level at 1.2805.

Resistance level: 1.2805, 1.2895

Support level: 1.2690, 1.2570

EURUSD, H1: EURUSD remains traded within an ascending channel following prior rebound from the lower level. MACD which continues to illustrate bullish signal suggests the pair to extend its gains, towards the upper level of the channel.

Resistance level: 1.1385, 1.1445

Support level: 1.1330, 1.1280

USDJPY, H1: USDJPY remains traded within a descending channel following prior rebound from the lower level. However, MACD which illustrate diminishing bullish momentum suggests the pair to be traded lower in short-term after closing below the 20-MA line (red).

Resistance level: 113.70, 113.85

Support level: 113.30, 112.95

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the 20-MA line (red). MACD which illustrate diminishing downward momentum suggests the pair to extend its gains, towards the resistance level at 0.7300.

Resistance level: 0.7300, 0.7315

Support level: 0.7275, 0.7250

NZDUSD, H4: NZDUSD was traded higher following prior breakout from the resistance level at 0.6805. MACD which illustrate persistent upward signal suggests the pair to extend its gains, towards the target at 0.6850.

Resistance level: 0.6850, 0.6910

Support level: 0.6805, 0.6770

USDCAD, H4: USDCAD was traded lower following prior breakout from the support of 1.3210. MACD which illustrate bearish signal suggests the pair to extend its losses after a successful closure below 1.3155.

Resistance level: 1.3210, 1.3255

Support level: 1.3155, 1.3115

USDCHF, H1: USDCHF remains traded within a descending channel following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after breaking the top level of the channel.

Resistance level: 1.0095, 1.0140

Support level: 1.0055, 1.0025

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests its prices to extend its gains in short-term after closing above 57.00.

Resistance level: 57.00, 59.45

Support level: 55.35, 53.90

GOLD_, H4: Gold price was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests its prices to advance further up after closing above the threshold at 1215.95.

Resistance level: 1215.95, 1228.00

Support level: 1206.00, 1198.00

15 November 2018                           Morning Session Analysis

Dollar retraces ahead of Core Retail Sales data.

Dollar index fell by 0.03% to 96.65 before European trading session while investors await today’s Core Retail Sales data which measures the overall consumer spending in the country. Dollar continues its bearish momentum after US Core CPI month-over-month data missed its expectations and causes investors to worry about the impact brought onto Fed’s plan for gradual rate hikes in the future as economists feel that a poor CPI data indicates that the inflation rate is not growing as planned. In other news, pair of AUD/USD surged 0.61% to 0.7275 as of writing amid positive Employment Change data. The data came in at 32.8K, exceeding economists’ expectation of 19.9K and boosting investors confident towards the Aussie dollar. Being a major trading partner with China, resuming trade talks between China and US further improving the sentiment for Asian pair.

As for commodities, crude oil prices notched up by 0.12% to $56.05 after falling to its support level amid poor inventory data. Investors are currently digesting positive sentiment from OPEC revised plan on reducing supplies. OPEC decides to further reduce the supply from 0.5M bpd to 1.4M bpd which provided confidence on future price hike. Otherwise, gold price edged up 0.05% to $1,211.30 a troy ounce following further losses of dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

00:30 (16^th)          USD                                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level at 96.60. MACD which illustrate bearish bias suggest dollar to extend its losses after a breakout below the support level.

Resistance level: 97.00, 97.40

Support level: 96.60, 96.30

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3015. Due to lack of signal from MACD, a breakout above or retracement from the resistance level is required for further confirmation before entering the market.

Resistance level: 1.3015, 1.3075

Support level: 1.2960, 1.2900

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1335. MACD which illustrate bullish momentum suggest the pair to extend its gains after a breakout above the resistance level.

Resistance level: 1.1335, 1.1390

Support level: 1.1290, 1.1230

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 113.50. MACD which display bearish signal suggest the pair to extend its losses towards the support level 113.05.

Resistance level: 113.50, 113.85

Support level: 113.05, 112.75

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7265. MACD which illustrate bullish bias suggest the pair to extend its gains towards the resistance level at 0.7290.

Resistance level: 0.7290, 0.7315

Support level: 0.7265, 0.7240

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6790. MACD which display the formation of a negative divergence suggest the pair to be traded lower as a technical correction.

Resistance level: 0.6820, 0.6850

Support level: 0.6790, 0.6750

USDCAD, H1: USDCAD remains traded within a sideways channel following prior retracement from the resistance level 1.3260. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its retracement towards the support level 1.3210.

Resistance level: 1.3260, 1.3290

Support level: 1.3210, 1.3165

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 1.0065. MACD which display the formation of a negative divergence suggest the pair to be traded lower towards the support level at 1.0030.

Resistance level: 1.0065, 1.0100

Support level: 1.0030, 0.9980

CrudeOIL, H1: Crude oil price was traded higher flat near the support level 55.90. MACD which display diminishing bearish momentum suggest the commodity to undergo technical correction and rebound from the support level.

Resistance level: 57.45, 59.20

Support level: 55.90, 54.20

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1212.30. MACD which illustrate bullish signal suggest the commodity to extend its gains after a breakout above the resistance level.

Resistance level: 1212.30, 1216.80

Support level: 1207.10, 1203.00

15 November 2018                           Morning Session Analysis

Cabinet supports Brexit draft, sterling surges.

US dollar extended its losses on yesterday, weighed by large buyback on the pound sterling after UK Prime Minister Theresa May secured her support from the Cabinet with regards to Brexit deal. In a volatile American session, sterling waivers in greens and red while PM May delivers her statement following the Cabinet meeting. During her statement, she announced that they have received Cabinet’s backing for a Brexit deal and believe that they draft agreement is the best that could be negotiated. With just less than five months away before the Brexit deadline, the draft agreement marked a significant step forward towards a two-year transition period and trade talks while at the same time relieving some uncertainty on what lies ahead for financial companies that centralized in London’s historic financial center. However, gains on the sterling remains limited as PM May would require to receive a full passage from the parliament, in which she still faces opposition from both within her Conservative Party and opposition Labor Party. As for greenback, the currency received further bearish pressure following downbeat economic data released on yesterday. According to US Labor Department, the Consumer Price Index (CPI) for the month of October depreciates to 2.1%, missing economist forecast of 2.2%. While inflation sees some setbacks, analysts believes that it did little to Federal Reserve’s plan in hiking interest rates gradually. As of writing, the dollar index was down 0.32% to 96.80 while pair of GBP/USD rose 0.40% to 1.2989.

As for commodities, crude oil price was down 0.04% to $55.99 per barrel after American Petroleum Institute (API) reported a large increase in last week’s crude oil stocks by 8.790 million barrels. Otherwise, gold price rose 0.57% to $1,209.92 a troy ounce following weaker greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

00:30 (16^th)          USD                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index remains traded within a descending channel following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggests the index to extend its gains in short-term, towards the upper level of the channel.

Resistance level: 97.00, 97.40

Support level: 96.60, 96.20

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level of 1.3015. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses in short-term, towards the direction of 1.2955.

Resistance level: 1.3015, 1.3100

Support level: 1.2955, 1.2895

EURUSD, H1: EURUSD remains traded within an ascending channel while currently testing at the mid-level. MACD which begins to form a death cross signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1330, 1.1385

Support level: 1.1280, 1.1240

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level near 113.30. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 113.70, 113.85

Support level: 113.30, 112.95

AUDUSD, H4: AUDUSD was traded higher and currently testing near the resistance level of 0.7275. MACD which illustrate bullish signal suggests the pair to extend its gains after successfully closing above the threshold of 0.7275.

Resistance level: 0.7275, 0.7315

Support level: 0.7220, 0.7205

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level of 0.6805. MACD which illustrate negative divergence signal suggests the pair to be traded lower in short-term, towards the direction of 0.6770.

Resistance level: 0.6805, 0.6850

Support level: 0.6770, 0.6735

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

Resistance level: 1.3255, 1.3320

Support level: 1.3210, 1.3155

USDCHF, H1: USDCHF remains traded within a descending channel following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term, towards the upper level of the channel.

Resistance level: 1.0095, 1.0140

Support level: 1.0055, 1.0025

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the lower levels. MACD which illustrate increasing bullish momentum suggests the commodity price to extend its gains in short-term as technical correction.

Resistance level: 57.00, 59.45

Support level: 55.35, 53.90

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level near 1215.95. MACD which illustrate diminishing upward momentum suggests its prices to extend its losses in short-term, towards the direction of 1206.00.

Resistance level: 1215.95, 1228.00

Support level: 1206.00, 1198.00

14 November 2018                           Afternoon Session Analysis

Dollar sags amid Brexit optimism.

US dollar remained subdued amid reports on European Union and Brexit have struck a draft on Brexit withdrawal agreement which improved risk sentiment around risky assets. UK Prime Minister Theresa May has prepared a preliminary text and will present it to her senior ministers on Wednesday. However, the draft will be a challenge for Theresa May to seal the deal amid hard Brexit supporters have accused Theresa May to surrender to EU demands. Meanwhile, markets will shift their focus on today meeting where British cabinet will meet to consider the draft withdrawal agreement. Dollar index slips 0.16% to 96.95 as of writing. On the other hand, AUD/USD remains steady amid uptick data in Wage Price Index. According to Australia Bureau of Statistics, the index ticked higher to 0.6% compared to previous print of 0.5%. The data which have illustrate Australia job markets have been strengthening, thus improving investors confidence on the Aussie. As of writing, AUDUSD inched higher 0.03% to 0.7215.

As for commodities market, crude oil price recovers 0.38% to $55.42 per barrel after a continuous collapse as Trump pressure on OPEC continues to erase sentiment in oil markets. Moreover, gold price rebound 0.04% to $1202.30 amid investors taking gains on dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

07:00 (15^th)          USD                                        Fed Chair Powell Speaks

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 bearish signal with the formation of death cross suggest the pair extend its losses towards the support level 96.85.

Resistance level: 97.45, 98.40

Support level: 96.85, 96.10

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3020. Although MACD which display bullish signal with formation of golden cross, a breakout is above the resistance level 1.3020 is required to attain further confirmation.

Resistance level: 1.3020, 1.3155

Support level: 1.2840, 1.2700

EURUSD, H4: EURUSD was traded lower following recent retracement from the resistance level 1.1305. Although MACD which illustrate bullish signal with the formation of golden cross, a breakout above the resistance level 1.1305 is required to attain further confirmation.

Resistance level: 1.1305, 1.1365

Support level: 1.1225, 1.1120

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 114.15. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 113.55.

Resistance level: 114.15, 114.55

Support level: 113.55, 112.95

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7235. Although MACD which illustrate bullish bias with the formation of golden cross, a breakout above the resistance level 0.7235 is required to attain further confirmation.

Resistance level: 0.7235, 0.7290

Support level: 0.7170, 0.7115

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6700. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.6790.

Resistance level: 0.6790, 0.6855

Support level: 0.6700, 0.6610

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3260. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to experience a technical correction in short-term towards the support level 1.3165.

Resistance level: 1.3260, 1.3360

Support level: 1.3165, 1.3065

USDCHF, H4: USDCHF was traded lower following recent breakout below the previous support level 1.0080. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses towards the support level 1.0020.

Resistance level: 1.0080, 1.0130

Support level: 1.0020, 0.9970

CrudeOIL, H4: Crude oil was traded lower while currently testing the support level 55.00. MACD which illustrate diminishing bearish momentum suggest the commodity to experience a short term technical correction towards the resistance level 58.75.

Resistance level: 58.75, 62.05

Support level: 55.00, 52.70

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1197.50. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1212.50.

Resistance level: 1212.75, 1230.75

Support level: 1197.50, 1184.50