Daily Analysis

04 February 2021                               Afternoon Session Analysis

Aussie gains following positive trade data.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have rose as the pair have benefitted from the recent upbeat Australia’s trade data. According to Australian Bureau of Statistics, the trade surplus has widened to A$6.785 million in December from November’s A$5.022 million, with exports registering a month-on-month growth of 3% versus 3% in November and imports falling by 2% against November’s 10% rise. On top of that, news of Australian Prime Minister Scott Morrison to buy more additional vaccine also provide boost for the Aussie. With vaccinations likely to kick-off end of this month, Australian Prime Minister Scott Morrison stated that his government would buy another 10 million doses of Pfizer’s vaccine. With the risk-on market mood and upbeat Australian trade data, the value of Aussie receives a boost in demand and pushing its price higher. At the time of writing, AUD/USD rose 0.33% to 0.7639.

In the commodities market, crude oil price remains strong and soars 0.45% to $56.14 per barrel as of writing following OPEC+ alliance of major producers stuck to a reduced output policy at a meeting on Wednesday. OPEC and its allies, known as OPEC+, have extended its current oil output policy at a meeting on Wednesday, a sign that producers are happy that their deep supply cuts are draining inventories. On the other hand, gold price slips 0.63% to $1822.56 a troy ounce at the time of writing amid increasing risk on mood and dollar strength.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was higher while currently testing the resistance level at 91.20. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 91.20, 92.05

Support level: 90.45, 89.60

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3605. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3680, 1.3740

Support level: 1.3605, 1.3545

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2010. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2065, 1.2115

Support level: 1.2010, 1.1965

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 105.15. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 105.15, 105.65

Support level: 104.50, 104.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7600. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7670.

Resistance level: 0.7670, 0.7765

Support level: 0.7600, 0.7505

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7235. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7165.

Resistance level: 0.7235, 0.7305

Support level: 0.7165, 0.7110

USDCAD, H4: USDCAD was traded within a range while currently near the support level at 1.2770. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2865, 1.2925

Support level: 1.2770, 1.2690

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.8980. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9040.

Resistance level: 0.9040, 0.9085

Support level: 0.8920, 0.8920

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 56.00. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 56.00, 57.65

Support level: 53.80, 51.85

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1832.15. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1810.70.

Resistance level: 1832.15, 1871.95

Support level: 1810.70, 1777.50

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1842.90. However, MACD which illustrated diminishing bearish momentum suggest the commodity to undergo technical correction in short term toward the resistance level.

Resistance level: 1842.90, 1861.75

Support level: 1825.40, 1803.40

4 February 2021               Morning Session Analysis

Dollar surged following a series of upbeat economic data.  

Dollar index which gauges its value against a basket of six major currencies rose while hovering near the 1 month high level as upbeat mood remains after the release of few positive economic data. In term of US labor market, ADP has reported a significant hike in hiring activity as of last month at 174K, whereas the economist forecast was at 49K, suggesting that the economy are started to sneak out from the fallout of Covid-19. Nonetheless, ADP report was just an indicator to roughly forecast the upcoming NFP report, hence investors will still eyeing on the NFP report in order to scrutinize the overall employment market in US. Besides, economy condition for the US non-manufacturing sector has started to restore after falling into severe contraction stage, which seemingly due to the rollout of vaccine programme last month. According to the ISM, US Non-Manufacturing PMI came in at 58.7, stronger than the economist forecast at 56.8, marking a good sign of recovery in the beginning of year 2021. During Asian early trading session, Dollar index appreciated by 0.05% to 91.10.

In the commodities market, the crude oil price appreciated by 0.05% to $55.90 per barrel amid surprise crude oil draw in US. According to the EIA, US Crude Oil Stock decreased by 0.994M, missing the economist forecast at 0.446M, boosting the market optimism over the balance in oil market. Besides, gold price dropped by 0.02% to $1834.25 a troy ounce amid strengthening of dollar index.

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 near the resistance level at 91.10. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 90.60.

Resistance level: 91.10, 91.60

Support level: 90.60, 90.25

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3620. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3695.

Resistance level: 1.3695, 1.3750

Support level: 1.3620, 1.3535

EURUSD, H4: EURUSD was traded higher following prior rebound near the support level at 1.2020. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2065.

Resistance level: 1.2065, 1.2100

Support level: 1.2020, 1.1985

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.15. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 104.70.

Resistance level: 105.15, 105.50

Support level: 104.70, 104.35

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7635. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7635.

Resistance level: 0.7635, 0.7670

Support level: 0.7565, 0.7505

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7165. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7240.

Resistance level: 0.7240, 0.7305

Support level: 0.7165, 0.7090

USDCAD, H4: USDCAD was traded flat below the resistance level at 1.2790. MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term.

Resistance level: 1.2790, 1.2865

Support level: 1.2695, 1.2615

USDCHF, H4: USDCHF was traded lower following prior retracement near the resistance level at 0.8985. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 0.8955.

Resistance level: 0.8985, 0.9020

Support level: 0.8955, 0.8915

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 55.40. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction in short term.

Resistance level: 56.65, 57.80

Support level: 55.40, 54.50

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1842.90. However, MACD which illustrated diminishing bearish momentum suggest the commodity to undergo technical correction in short term toward the resistance level.

Resistance level: 1842.90, 1861.75

Support level: 1825.40, 1803.40

03 February 2021                               Afternoon Session Analysis

Kiwi soars amid upbeat jobs data.

During late Asian session, the New Zealand Kiwi which traded against the dollar and other currency pairs have rose following a better than expected New Zealand’s job report for the fourth quarter. According to Statistics New Zealand, the Unemployment rate have dropped to 4.9%, better than market expectation of 5.6%. On top of that, Employment Change also came in higher at 0.6%, beating market expectation of 0%. Following the positive data, the Reserve Bank of New Zealand could well keep its bullish bias and cheering for the strong fight Jacinda Ardern gave to the coronavirus which in turn suggests the pair have brighter spots to cheer, thus pushing the price higher. At the time of writing, NZD/USD jumps 0.38% to 0.7214.

In the commodities market, crude oil price remains strong and rose 0.06% to $54.95 per barrel as of writing following expectations global oil stocks will fall back to more normal levels this year. Following latest assessment by OPEC, oil stockpiles is expected decline to below a five-year average by June. OPEC+ expects output cuts will keep the market in deficit throughout this year. On the other hand, gold price rebounds 0.19% to 1841.78 a troy ounce at the time of writing amid weakening dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:00                  ECB                     ECB Monetary Policy Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was higher while currently testing the resistance level at 91.20. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 91.20, 92.05

Support level: 90.45, 89.60

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3680. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3680, 1.3740

Support level: 1.3610, 1.3545

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2010. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2065.

Resistance level: 1.2165, 1.2215

Support level: 1.2010, 1.1965

USDJPY, H4: USDJPY was traded within a range while currently testing the resistance level at 105.00. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 105.00, 105.35

Support level: 104.50, 104.05

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level at 0.7670. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7670, 0.7815

Support level: 0.7550, 0.7415

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7235.

Resistance level: 0.7235, 0.7305

Support level: 0.7165, 0.7110

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2770. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2865, 1.2925

Support level: 1.2770, 1.2690

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.8980. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.8980, 0.9040

Support level: 0.8920, 0.8845

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the resistance level at 53.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 55.90, 57.45

Support level: 53.70, 51.85

GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1832.15. However, due to lack of signal from MACD, it is suggested that to wait for further signal before entering the market.

Resistance level: 1871.95, 1890.30

Support level: 1832.15, 1810.70

3 February 2021               Morning Session Analysis

Aussie plunged following RBA further loosen its monetary policy.  

Australian dollar which also broadly known as Aussie sank while lingering near the 1 month low level as Reserve Bank of Australia (RBA) decided to add further monetary support to the economy by increasing bond purchase with an additional $100 billion after the expiry of ongoing bond purchase programme in mid of April 2021. At the RBA meeting, board members agreed to maintain the cash rates at 0.10% while reiterating that the wages and prices pressures in Australia remain subdued due to the fallout of Covid-19. Besides, the board also emphasized that they will not increase the interest rate until the actual inflation is sustainably recover back to the target range of 2%-3%. However, Governor of RBA Philip Lowe revealed his optimism toward the future economic outlook by saying that the nation economic recovery has improved and stronger than expected over recent months due to the rollout of vaccines. Nonetheless, the path of the economy continues to depend significantly on the course of the virus, as well as the development of vaccination programme. As of writing, the pair of AUD/USD rebound 0.11% to 0.7615.

In the commodities market, the crude oil price appreciated by 0.02% to $55.10 per barrel amid consecutive draw of US crude oil inventories and ongoing oil cut production plan continue weigh on this black commodity product. According to the API, US crude oil stock reduced by 4.261M as of last week, while the economist forecast the inventory to increase by 0.367M. Besides, gold price depreciated by 0.02% to $1837.00 per troy ounce amid surging of market risk sentiment.

Today’s Holiday Market Close

Time                     Market                 Event

N/A

Today’s Highlight Events

Time                     Market                 Event

16:00                 ECB                   ECB Monetary Policy Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 91.10. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 90.60.

Resistance level: 91.10, 91.60

Support level: 90.60, 90.25

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3620. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3695.

Resistance level: 1.3695, 1.3750

Support level: 1.3620, 1.3535

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.2020. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2065.

Resistance level: 1.2065, 1.2100

Support level: 1.2020, 1.1985

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.15. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 104.70.

Resistance level: 105.15, 105.50

Support level: 104.70, 104.35

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7565. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7635.

Resistance level: 0.7635, 0.7670

Support level: 0.7565, 0.7505

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7165. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7240.

Resistance level: 0.7240, 0.7305

Support level: 0.7165, 0.7090

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2790. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2695.

Resistance level: 1.2790, 1.2865

Support level: 1.2695, 1.2615

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8985. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.8955.

Resistance level: 0.8985, 0.9020

Support level: 0.8955, 0.8915

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 54.50. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 55.40.

Resistance level: 55.40, 56.65

Support level: 54.50, 53.75

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1842.90. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 1825.40.

Resistance level: 1842.90, 1861.75

Support level: 1825.40, 1803.40

02 February 2021                               Afternoon Session Analysis

Euro remains pressured following vaccine woes.

During late Asian session, the euro which traded against the dollar and other currency pairs have fell following growing crisis over vaccine supply shortages in the EU. Following latest development, France and Germany have threaten to take legal action against AstraZeneca over a shortage of deliveries of coronavirus vaccines even as an inspection of a plant in Belgium confirmed the company’s claims of production problems. With the shortage of vaccine and slow vaccination rollout, Europe still don’t have any contingency plan to resolve the slowdown issue of the vaccination process and it resulted in a continuous decline in optimism towards economic recovery in the EU. On the other hand, IMF have cut its growth expectations for the EU region by 1 percentage point to 4.2% this year and does not expect the euro area economy to return to end-of-2019 growth levels before the end of 2022. This have added further pressure for the pair and dragging the value further down. At the time of writing, EUR/USD sips 0.03% to 1.2079.

In the commodities market, crude oil price soars 1.12% to $54.10 per barrel as of writing following demand recovery hopes. Saudi Aramco estimates that demand will return to pre-COVID-19 levels later in the year, adding that it is confident the worst of the pandemic is now over. At the same time, output cut from Saudi Arabia also continue to support the price. Next, gold price edge lower 0.25% to $1855.93 a troy ounce amid dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was lower following prior retracement from the resistance level at 90.90. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 90.45.

Resistance level: 90.90, 91.35

Support level: 90.45, 90.00

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3665. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3740.

Resistance level: 1.3740, 1.3795

Support level: 1.3665, 1.3610

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2065. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2165, 1.2215

Support level: 1.2065, 1.1985

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 105.00. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 105.00, 105.35

Support level: 104.50, 103.80

AUDUSD, H4: AUDUSD was traded higher while currently near the resistance level at 0.7670. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7670, 0.7735

Support level: 0.7615, 0.7565

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7165. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7235, 0.7305

Support level: 0.7165, 0.7110

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.2865. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2780.

Resistance level: 1.2865, 1.2925

Support level: 1.2770, 1.2690

USDCHF, Daily: USDCHF was traded higher while currently near the resistance level at 0.8980. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.8980, 0.9040

Support level: 0.8920, 0.8845

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the resistance level at 53.70. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 55.60.

Resistance level: 55.60, 57.10

Support level: 53.70, 52.05

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1875.95. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1847.30.

Resistance level: 1875.95, 1892.60

Support level: 1847.30, 1824.50

2 February 2021               Morning Session Analysis

Dollar surged following Republican’s lowball offer on stimulus plan.  

The dollar index which gauges its value against a basket of six major currencies jumped significantly while lingering near the 8 weeks high level amid the likelihood of Biden administration bypass Republican lawmakers to fund its proposal increased as deadlock remained. In the latest round of negotiation, a group of 10 Republican members have introduced a idea of stimulus plan with a reported $600 billion monetary value, less than a third of the $1.9 trillion stimulus plan that sketched by Joe Biden during his first few days after taking over the White House office from former President Donald Trump.  Inconformity over the size of President Joe Biden’s fiscal stimulus package stoked the market demand toward safe haven currency while carrying up the value of US dollar as of now. Despite a yawning gap exist between both parties, it is noteworthy that Democrats may use budget reconciliation, which known as a parliamentary measure to fund their relief package if no Republicans come onboard. Nonetheless, further negotiation on Covid-19 relief bill will be eyed by the investors in order to scrutinize the further direction of dollar index. As of writing, dollar index rose 0.46% to 91.00.

In the commodities market, the crude oil price appreciated by 0.13% to $53.60 per barrel as market participants are welcoming the oil production curb from OPEC+ as well as the voluntary additional 1 million bpd cut by its leader Saudi Arabia. Investors are seeing that the massive cut may tighten the market in the first quarter of 2021. Besides, gold price dropped 0.04% to $1860.00 per troy ounce amid strengthening of US dollar.

Today’s Holiday Market Close

Time                     Market                 Event

N/A

Today’s Highlight Events

Time                     Market                 Event

All Day                  AUD                                     RBA Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the downward trendline. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 91.10.

Resistance level: 91.10, 91.60

Support level: 90.60, 90.25

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous upward trendline. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3620.

Resistance level: 1.3695, 1.3750

Support level: 1.3620, 1.3535

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.2065. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2020.

Resistance level: 1.2065, 1.2100

Support level: 1.2020, 1.1935

USDJPY, H4: USDJPY was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 104.70.

Resistance level: 105.15, 105.50

Support level: 104.70, 104.35

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7635. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7635, 0.7670

Support level: 0.7565, 0.7505

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7165. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7090.

Resistance level: 0.7165, 0.7240

Support level: 0.7090, 0.7015

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2865. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2865, 1.2930

Support level: 1.2790, 1.2695

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.8955. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.8985.

Resistance level: 0.8985, 0.9020

Support level: 0.8955, 0.8915

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 53.75.  MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 53.75.

Resistance level: 53.75, 54.50

Support level: 52.60, 51.65

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1861.75. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1842.90.

Resistance level: 1861.75, 1871.90

Support level: 1842.90, 1825.40

01 February 2021                               Afternoon Session Analysis

Euro slumped over the Covid-19 vaccine shortage.

Euro slumped on last week amid the supply-shortage of the Covid-19 vaccine, had spurred negative prospect over the hopes of economic recovery in European region. According to the Guardian, overnight on Friday the European Union had announced that they would tighten the export rules of vaccine shots produced in the 27 EU countries. Such decision was made a week after pharmaceutical giant AstraZeneca revealed it would cut deliveries of its vaccine to Europe by 60% in the first quarter due to production problems at a factory in Belgium. On the economic data front, the Euro received further bearish momentum over the backdrop of negative GDP data from German Region. According to Statistisches Bundesamt Deutschland, the Germany Gross Domestic Product (GDP) for last quarter had slumped significantly from the previous reading of 8.5% to 0.1%, which dialled down the market optimism toward the economic progression in Euro region. As of writing, EUR/USD depreciated by 0.08% to 1.2125.

In the commodities market, the crude oil price slumped 0.10% to $52.20 per barrel as of writing. The oil market was traded lower last week amid the spiking numbers of the Covid-19 cases from China and South Korea region had diminished the market demand on this black commodity. On the other hand, the gold price appreciated by 0.75% to $1861.00 per troy ounces as of writing amid the war between retail investors and hedge fund had casted a doubt over the US stock market efficiency and stoked a shift in sentiment toward the safe-haven commodity. Last week, the retail investors decided to buy a heavily shorted GameStop in order to punish the Wall Street hedge fund manager.

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 lower while currently testing the support level at 90.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 90.90, 91.35

Support level: 90.40, 90.00

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3740. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3740, 1.3795

Support level: 1.3610, 1.3665

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2165. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2065.

Resistance level: 1.2165, 1.2215

Support level: 1.2065, 1.1985

USDJPY, H4: USDJPY was traded within a range while currently near the resistance level at 104.85. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 104.85, 105.10

Support level: 104.55, 104.15

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7615. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7670, 0.7735

Support level: 0.7615, 0.7565

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7235.

Resistance level: 0.7235, 0.7305

Support level: 0.7165, 0.7110

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2770. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2865, 1.2925

Support level: 1.2770, 1.2690

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.8920. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.8920, 0.8980

Support level: 0.8845, 0.8800

CrudeOIL, H4: Crude oil price was traded within a range while currently near the support level at 51.75. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 53.75, 55.80

Support level: 51.75, 50.00

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1868.55. MACD which increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1868.55, 1911.35

Support level: 1824.50, 1779.20

1 February 2021               Morning Session Analysis

Dollar recovered following equity turmoil.  

The dollar index which gauges its value against a basket of six major currencies surged amid the recent swing in Gamestop (GME) share price brushed up the appeal of safe haven dollar. Last week, a war between retails investors and hedge funds begun, where the retails investors decided to punish the Wall Street hedge fund and launched a co-ordinated buying spree in GME counter. As the GME share price were fuelled by exploded buying volume, Wallstreet hedge fund institution such as Melvin Capital had suffered heavy losses by betting against its share price, being forced to close out the position and repositioned the portfolio. With the backdrop of turmoil in equity market, part of the investors chose to run away from stock market while holding more cash at the moment and eventually boosted up the value of dollar index. Moreover, the value of US dollar raised up further after Johnson and Johnson (J&J) has reported that their single dose vaccine was only 66% effective in protecting human from coronavirus infection. The disappointed and inferior trial result in combating Covid-19 has lifted up the market concern over the pace of global recovery in future. As of writing, dollar index rose 0.09% to 90.55.

In the commodities market, the crude oil price depreciated by 0.63% to $51.80 per barrel amid heightening of market worries over the effectiveness of vaccine against Covid-19. In the recent highly anticipated announcement, Johnson & Johnson (J&J) reported a weaker-than-expected Phase 3 vaccine data while comparing to the previous vaccine producer such as Moderna and Pfizer. The inferior result in J&J vaccine’s effectiveness dragged down the market optimism toward future oil demand. Besides, gold price rose 0.35% to $1855.05 per troy ounce amid disappointment of vaccine result irritated the market safe-haven behaviour.

Today’s Holiday Market Close

Time                     Market                 Event

N/A

Today’s Highlight Events

Time                     Market                 Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower level. However, MACD which illustrated bearish bias momentum suggest the index to undergo technical correction in short term.

Resistance level: 90.60, 91.10

Support level: 90.25, 89.90

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3695. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.3695.

Resistance level: 1.3750, 1.3805

Support level: 1.3695, 1.3620

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2155. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2100.

Resistance level: 1.2155, 1.2205

Support level: 1.2100, 1.2065

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 104.70. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 105.15.

Resistance level: 105.15, 105.50

Support level: 104.70, 104.35

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7635. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 0.7565.

Resistance level: 0.7635, 0.7670

Support level: 0.7565, 0.7505

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7165. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7090.

Resistance level: 0.7165, 0.7240

Support level: 0.7090, 0.7015

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2790. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2865.

Resistance level: 1.2865, 1.2930

Support level: 1.2790, 1.2695

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.8915. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.8915.

Resistance level: 0.8915, 0.8955

Support level: 0.8885, 0.8855

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 51.65.  MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 52.60, 53.75

Support level: 51.65, 50.65

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1861.75. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1842.90.

Resistance level: 1861.75, 1871.90

Support level: 1842.90, 1825.40

29 January 2021                 Afternoon Session Analysis

Aussie slips as risk appetite dwindles.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell amid dwindling risk appetite due to equity restriction and U.S-China tension. On data front, Australia’s PPI have improved by 0.5%, better than previous reading of 0.4%. However, the data failed to excite the buyers. Following Gamestop saga, various broking houses have stopped offering some of those equities for trading while the US House Financial Services Committee is up for hearing on short selling and online trading platforms. Equity restrictions for retail traders have affect sentiment off-late which also weigh on the risk. On top of that, tensions between U.S and China also added extra burden for the sentiment. US secretary of state says U.S will stand with Southeast Asian allies in the face of pressure from Beijing in South China Sea. At the time of writing, AUD/USD fell 0.29% to $0.7654.

In the commodities market, crude oil price remains pressured and fell 0.16% to $52.30 per barrel as of writing following concerns over delayed vaccine rollouts and new coronavirus strains. News of the South African variant reaching the United States, concerns about a flood of new cases in Israel despite its success in vaccinating its population, and vaccine distribution issues in Europe and the United States are weighing heavily on the market. On the other hand, gold price slips 0.04% to $1842.93 a troy ounce following dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was higher following prior rebound from the support level at 90.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 90.90.

Resistance level: 90.90, 91.35

Support level: 90.50, 90.00

GBPUSD, H4: GBPUSD was traded lower following prior retracement form the resistance level at 1.3725. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3665.

Resistance level: 1.3725, 1.3795

Support level: 1.3665, 1.3610

EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.2065. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2165, 1.2215

Support level: 1.2065, 1.1985

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 104.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 104.55, 104.85

Support level: 104.15, 103.85

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the support level at 0.7670. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7670, 0.7735

Support level: 0.7615, 0.7565

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7165. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7235, 0.7305

Support level: 0.7165, 0.7110

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2865. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2865, 1.2925

Support level: 1.2780, 1.2690

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.8845. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.8920, 0.8980

Support level: 0.8845, 0.8800

CrudeOIL, H4: Crude oil price was traded within a range while currently near the support level at 51.75. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.

Resistance level: 53.75, 55.80

Support level: 51.75, 50.00

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1868.55. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1824.50.

Resistance level: 1868.55, 1911.35

Support level: 1824.50, 1779.20

29 January 2021               Morning Session Analysis

Dollar slips following mixed economic data.

The dollar index which gauges its value against a basket of six major currencies sank after investors digesting a series of mixed economic data that announced last night. According to the Bureau of Economic Analysis, US GDP for the fourth quarter in year 2020 came in at 4.0%, parallel with the economist forecast’s reading but far below the previous reading, marking an obvious economic slowdown amidst the pandemic. With a big picture, year 2020 was a horrible year for American as the US annualised GDP decreased by 3.5% from the prior year, where it was the worst decline since year 1946. Besides, it is noteworthy that the US economic recovery is still in the pioneering stage, the nation is still far from its pre-pandemic economic glory and the economic growth was not showing any sign of booming at the moment. However, the losses of dollar was limited after US released a major labour data. In the past week, the number of American who filed for unemployment insurance increased with a diminishing pace from previous reading at 914K to 847K. The revives of job hiring was mainly contributed by the rollout of vaccine and optimism of employer over additional monetary support from Biden administration. As of writing, dollar index dropped 0.12% to 90.55.

In the commodities market, the crude oil price depreciated by 0.10% to $52.10 per barrel as of writing amid heightening of market concern over the fresh travel restriction and delays in vaccination programme may tampered the oil market demand. Besides, gold price ticked up by 0.07% to $1844.10 a troy ounce amid the depreciation of dollar index.

Today’s Holiday Market Close

Time                     Market                 Event

N/A

Today’s Highlight Events

Time                     Market                 Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.60. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 90.25.

Resistance level: 90.60, 91.10

Support level: 90.25, 89.90

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3700. MACD which illustrated bullish bias momentum suggest the pair to be traded higher toward the resistance level at 1.3805.

Resistance level: 1.3805, 1.3900

Support level: 1.3700, 1.3620

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2120. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2155.

Resistance level: 1.2155, 1.2205

Support level: 1.2120, 1.2065

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 104.35. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 104.00.

Resistance level: 104.35, 104.70

Support level: 104.00, 103.70

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7665. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7735.

Resistance level: 0.7735, 0.7770

Support level: 0.7665, 0.7635

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7165. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7240.

Resistance level: 0.7240, 0.7305

Support level: 0.7165, 0.7090

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2790. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.2865, 1.2930

Support level: 1.2790, 1.2695

USDCHF, H4: USDCHF was traded lower while currently testing the upward trendline. Namun, MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the trendline.

Resistance level: 0.8885, 0.8915

Support level: 0.8855, 0.8820

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the upward trendline. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 51.65.

Resistance level: 52.60, 53.75

Support level: 51.65, 50.65

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1842.90. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1861.05.

Resistance level: 1861.05, 1871.90

Support level: 1842.90, 1825.40

28 January 2021                 Afternoon Session Analysis

Euro plunged following rate cut speculation.

During late Asian session, the euro which traded against the greenback and other currency pairs have fell due to expectation that ECB could cut interest rate soon. According to a member of the European Central Bank Klaas Knot, he stated that the ECB will monitor the exchange rate of the euro which is still in an uptrend. Knot also points out that the ECB could reduce its interest rates to levels below zero to curb rising euro rates and increase support for their economy. Besides that, he also mentions that the ECB has reason to loosen further monetary policy to curb the recession as a result of the coronavirus pandemic so that inflation targets can be achieved. Following his statement that fuelled rate cut speculation, investors selling off the euro. At the same time, delayed delivery of vaccine and short supply are also continuing to exert pressure for the pair. At the time of writing, EUR/USD slips 0.15% to 1.2088.

In the commodities market, crude oil price remains pressured and slips 0.11% to $52.53 per barrel as of writing following concerns over worsening coronavirus virus. Recent statistics show that the number of coronavirus cases worldwide reached 100 million yesterday. In China, the latest data has shown an increase of 75 coronavirus cases yesterday, the highest rate since January 11th. Investors fear that rising cases of coronavirus in China will prompt the central government to tighten movement control orders that could affect economic activity as well as demand for crude oil. On the other hand, gold price slips 0.38% to $1837.01 a troy ounce at the time of writing following dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was higher following prior breakout above the previous resistance level at 90.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 90.90.

Resistance level: 90.90, 91.35

Support level: 90.50, 90.00

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3665. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3725, 1.3795

Support level: 1.3665, 1.3625

EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.2065. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2065.

Resistance level: 1.2180, 1.2215

Support level: 1.2140, 1.2075

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 104.35. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 104.55.

Resistance level: 104.55, 104.85

Support level: 104.15, 103.85

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7615. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7670, 0.7735

Support level: 0.7615, 0.7565

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7165. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7110.

Resistance level: 0.7165, 0.7235

Support level: 0.7110, 0.7015

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2830. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2830, 1.2895

Support level: 1.2780, 1.2690

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.8845. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.8920.

Resistance level: 0.8920, 0.8980

Support level: 0.8845, 0.8800

CrudeOIL, H4: Crude oil price was traded within a range while currently near the support level at 51.75. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.

Resistance level: 53.75, 55.80

Support level: 51.75, 50.00

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1868.55. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1824.50.

Resistance level: 1868.55, 1911.35

Support level: 1824.50, 1779.20

28 January 2021               Morning Session Analysis

Dollar standstill amid neutral monetary policy from Fed.

The dollar index which gauges its value against a basket of six major currencies lingered near the one week high level after Federal Reserve (Fed) decided to leave its monetary policy unchanged as market expected. In the two-days meeting, Federal Open Market Committee agreed to keep its interest rate anchored near to zero and no dissents over the current asset purchase program which cost Fed $120 billion a month. Besides, Fed reiterated that they will continue stick to the new framework of policy where achieving maximum employment and inflation rate above 2 percent were still their aims in long run. The chairman of Fed Jerome Powell emphasized that the policy will remain “highly accommodative as the recovery progresses”. In term of tapering, Powell also mentioned that they will modify their asset purchase program only after a substantial further progress toward their goal is being seen. Nonetheless, the path of the economy are still fully depend on the course of virus, which including the vaccination progress in US as the ongoing virus’s crisis continue haunting the economic recovery. As of writing, dollar index rose 0.48% to 90.60.

In the commodities market, the crude oil price slumped by 0.27% to $52.45 per barrel as of writing despite a massive drawdown in US oil inventories as of last week. According to the EIA, US crude oil stocks dropped by 9.910M, bigger than the economist forecast at 0.430M, countered the market concern over the fallout of virus against the oil market. Besides, gold price dropped 0.14% to $1841.67 a troy ounce amid strengthening of US dollar.

Today’s Holiday Market Close

Time                     Market                 Event

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Today’s Highlight Events

Time                     Market                 Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.60. MACD which illustrated bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level at 90.60.

Resistance level: 90.60, 91.10

Support level: 90.25, 89.90

GBPUSD, H4: GBPUSD was traded lower while currently testing the upward trendline. MACD which illustrated bearish bias momentum suggest the pair to be traded lower after it successfully breakout below the upward trendline.

Resistance level: 1.3700, 1.3805

Support level: 1.3620, 1.3535

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2120.

Resistance level: 1.2120, 1.2155

Support level: 1.2065, 1.2020

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 104.00. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 104.35.

Resistance level: 104.35, 104.70

Support level: 104.00, 103.70

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7665. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7635.

Resistance level: 0.7665, 0.7735

Support level: 0.7635, 0.7580

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7165. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7090.

Resistance level: 0.7165, 0.7240

Support level: 0.7090, 0.7015

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2800. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2800, 1.2865

Support level: 1.2695, 1.2615

USDCHF, H4: USDCHF was traded higher following prior breakout above the resistance level at 0.8885. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.8915.

Resistance level: 0.8915, 0.8955

Support level: 0.8885, 0.8855

CrudeOIL, H4: Crude oil price was traded lower while currently testing the upward trendline. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the upward trendline.

Resistance level: 52.60, 53.75

Support level: 51.65, 50.65

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1842.90. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 1825.40.

Resistance level: 1842.90, 1861.05

Support level: 1825.40, 1803.40

27 January 2021                 Afternoon Session Analysis

Aussie gains following upbeat inflation data.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have rose due to a better-than-expected inflation figure. According to Australian Bureau of Statistics, Australia’s CPI have rose 0.9% in the fourth quarter, surpassed market expectation of a 0.7% rise. At the same time, National Australia Bank’s Business Conditions data also came in higher at 14 against market forecast of 13. Following the positive data, Aussie dollar have managed to convince buyers for demand. On top of that, increasing risk sentiment in the market that is boosted by coronavirus vaccine updates and optimistic outlook from IMF could further boost the demand for the Aussie. In the U.S Biden administration said Tuesday that it would purchase 100 million doses each of the vaccines made by Pfizer Inc and Moderna Inc, increasing the overall total doses to 600 million while International Monetary Fund (IMF) revised the 2021 global economic growth forecast higher to 5.5% versus 5.2%. At the time of writing, AUD/USD rose 0.06% to 0.7739.

In the commodities market, crude oil price remains steady and edge higher 0.06% to 52.77 per barrel at the time following news of a blast in Saudi Arabia. Saudi-owned Al Arabiya TV cited local reports of an explosion and videos circulating on social media purporting to show a missile being intercepted over Riyadh. Missile attacks and drone strikes claimed by Houthi forces have targeted civilian airports and oil infrastructure in Saudi Arabia, occasionally reaching Riyadh. On the other hand, gold price slips 0.20% to $1847.10 a troy ounce as of writing following dollar strength while market waits for signals from Fed.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

03:00                     USD                                        FOMC Statement

(28^th)

03:00                     USD                                        FOMC Press Conference

(28^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was lower following prior retracement from the resistance level at 90.45. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 89.80.

Resistance level: 90.45, 90.90

Support level: 89.80, 89.15

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3715. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3715, 1.3795

Support level: 1.3685, 1.3625

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2180. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2180, 1.2215

Support level: 1.2140, 1.2075

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 103.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 103.85.

Resistance level: 103.85, 104.05

Support level: 103.55, 103.30

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7735. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7785, 0.7815

Support level: 0.7735, 0.7670

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7235. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7235, 0.7305

Support level: 0.7165, 0.7110

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2690. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2780.

Resistance level: 1.2780, 1.2830

Support level: 1.2690, 1.2630

USDCHF, H4: USDCHF was traded lower while currently near the support level at 0.8845. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.8920, 0.8980

Support level: 0.8845, 0.8800

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 51.75. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 54.00.

Resistance level: 54.00, 55.80

Support level: 51.75, 50.00

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1843.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1861.20 1875.00

Support level: 1843.30, 1827.50

27 January 2021               Morning Session Analysis

Dollar eases ahead of Federal Reserve’s Meeting.  

The dollar index which gauges its value against a basket of six major currencies dipped as market participants are still remain cautious toward the outcome of the meeting. Since the last meeting of Federal Reserve, rolling out of vaccines and a $900 billion of relief package was unveiled during the last two month. However, it is noteworthy that Federal Reserve likely will still underscore its commitment of low interest rate policies as the ongoing pandemic chaos continue override the effectiveness of vaccine’s distribution. In the recent talks from Fed Chairman Jerome Powell, he had reiterated that the Congress and White House should unleash a new stimulus plan as soon as possible in order to support the economy from further slowdown. Besides, it is expected that Jerome Powell may remain its current Quantitative Programme (QE) unchanged , while unlikely to reduce its bond purchase before the economy recover back to pre-pandemic level. Nonetheless, investors are now waiting for the Fed Meeting to scrutinize the further direction of US dollar. As of writing, dollar index dropped 0.24% to 90.15.

In the commodities market, the crude oil price rebounds by 0.11% to $52.73 per barrel as of writing amid a huge draw in US oil inventories as of last week. According to the API, US Crude Oil Inventories data came in at -5.272M, unexpectedly lower than the forecast of economist at 0.603M, slightly diminish the investor concern over the oil market’s balance. Besides, gold price up 0.02% to $1850.70 a troy ounce amid weakening of dollar index.

Today’s Holiday Market Close

Time                     Market                 Event

N/A

Today’s Highlight Events

Time                     Market                 Event

03:00                    USD                                     FOMC Statement

(28^th)

03:00                    USD                                     FOMC Press Conference

(28^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.25. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 89.90.

Resistance level: 90.25, 90.60

Support level: 89.90, 89.60

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3700. MACD which illustrated bullish bias momentum suggest the pair to be traded higher toward the resistance level at 1.3805.

Resistance level: 1.3805, 1.3900

Support level: 1.3700, 1.3620

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2155. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2205.

Resistance level: 1.2205, 1.2250

Support level: 1.2155, 1.2120

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 103.70. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 103.35.

Resistance level: 103.70, 104.00

Support level: 103.35, 103.00

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7735. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7770.

Resistance level: 0.7770, 0.7820

Support level: 0.7735, 0.7670

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7240. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7240.

Resistance level: 0.7240, 0.7305

Support level: 0.7165, 0.7090

USDCAD, H4: USDCAD was traded lower while currently testing near the support level at 1.2695. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2800, 1.2865

Support level: 1.2695, 1.2615

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8885. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.8855.

Resistance level: 0.8885, 0.8915

Support level: 0.8855, 0.8820

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 52.60. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 53.75.

Resistance level: 53.75, 54.50

Support level: 52.60, 51.65

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1861.05. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 1842.90.

Resistance level: 1861.05, 1871.90

Support level: 1842.90, 1825.40