Daily Analysis

15 January 2021                 Morning Session Analysis

Dollar up on further stimulus expectation.

During early Asian session, the dollar index which traded against a basket of six major currency pairs remains steady and rose as expectation of a further substantial stimulus measure continue to support the demand for the greenback. According to CNN, President-elect Joe Biden will look to outline plans later Thursday of a fiscal stimulus package of around $2 trillion. Due to the prospect of higher stimulus plans, government borrowing also expected to increase which weighed on the U.S government bonds and caused the benchmark rate to soars above 1% for the first time since March. On top of that, another that factor that supported the dollar is concerns that the Fed could reduce its monetary support sooner than expected following economic recovery. At the time of writing, dollar index edge higher 0.11% to 90.16.

In the commodities market, crude oil price rose 0.15% to $53.72 per barrel as of writing following OPEC revision on demand growth and prospect of further stimulus. According to its report, global world economic growth was revised marginally higher from last month’s report and estimated to contract by 4.1%, compared to the previous month’s forecast of -4.2%. At the same time, hope that the incoming Biden administration will quickly push through yet another round of stimulus payment in the amount of $1400 per person also help bolstering the commodity price. On the other hand, gold price slips 0.08% to $1846.90 a troy ounce at the time of writing following dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following recent retracement from the resistance level 90.55. MACD which illustrate bearish bias signal suggest the dollar to extend its retracement towards the support level 89.65.

Resistance level: 90.55, 91.40

Support level: 89.65, 88.90

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3700. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.3490.

Resistance level: 1.3700, 1.3855

Support level: 1.3490, 1.3300

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.2145. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.2295.

Resistance level: 1.2295, 1.2395

Support level: 1.2145, 1.2010

USDJPY, H4: USDJPY was traded lower while currently testing the support level 103.70. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 104.50, 105.15

Support level: 103.70, 102.90

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7785. MACD which illustrate ongoing bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7785, 0.7885

Support level: 0.7655, 0.7555

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.7175. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7280.

Resistance level: 0.7280, 0.7380

Support level: 0.7175, 0.7095

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2680. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.2540.

Resistance level: 1.2680, 1.2830

Support level: 1.2540, 1.2390

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.8920. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its retracement in short term towards the support level 0.8840

Resistance level: 0.8920, 0.8985

Support level: 0.8840, 0.8775

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 52.70. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 54.60.

Resistance level: 54.60, 57.30

Support level: 52.70, 50.85

GOLD_, H4: Gold price remain traded in a sideway channel. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower in short term towards the support level 1815.15.

Resistance level: 1859.65, 1895.30

14 January 2021                 Afternoon Session Analysis

US House approves Trump impeachment move.

In a historic move, US President Donald Trump became the first president to receive motion to be impeached twice after 10 of his fellow Republicans joined Democrats in House of Representative to charge him of inciting violent rampage at the Capitol last week. The vote in Democratic-controlled House garnered 232-197 votes, although it is unlikely that Trump would be impeached prior to his end of term. Amid calls for Trump to resign in House of Representative, US Senate Majority Leader Mitch McConnell said that the impeachment trials in the Senate will not begin until next week. McConnell commented that “even if the Senate process were to begin this week, no verdict would be reached until after Trump had left the office”. However, US Senate Democratic leader Chuck Schumer said that if Trump is convicted at his Senate impeachment trial, the chamber could hold a separate vote to bar him from running for office again in the future. Following rising political risk in the US, the dollar index fell 0.10% to 90.18 during mid-Asian trading session.

As for commodities, crude oil price extended its losses by 0.12% to $52.75 per barrel following global rise of coronavirus cases. Recently, China, the world’s largest oil consumer reported its largest daily tally of new coronavirus cases in more than 10 months as infection in north-eastern Heilongjiang province tripled, underscoring the threat of lockdown ahead of major national holiday. Such demeanour may dampen the momentum of economic recovery in China and in return, lower oil demand. Otherwise, gold price ticks up 0.01% to $1,843.42 a troy ounce following risk aversion in the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20.30                     EUR                                        ECB Monetary Policy Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 89.80. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 90.55.

Resistance level: 90.55, 91.15

Support level: 89.80, 89.15

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3620. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3700, 1.3795

Support level: 1.3620, 1.3450

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2140. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2215, 1.2310

Support level: 1.2140, 1.2055

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 104.15. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 104.15, 104.70

Support level: 103.70, 103.05

AUDUSD, H4: AUDUSD was higher following prior rebound from the support level at 0.7695. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7820, 0.7940

Support level: 0.7695, 0.7605

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7165. 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, 0.7115

USDCAD, H1: USDCAD was traded lower while currently testing the support level at 1.2685. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2745, 1.2790

Support level: 1.2685, 1.2650

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8915. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.8915, 0.8980

Support level: 0.8825, 0.8755

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 52.70. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 53.90, 55.10

Support level: 52.70, 51.55

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1839.10. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1862.55, 1888.60

Support level: 1839.10, 1817.05

14 January 2021                 Morning Session Analysis

Dollar held gains following CPI data, stabilize yields

During early Asian session, the dollar index which traded against a basket of six major currency pairs have rose back into positive territory following the recent release of CPI data and stabilising U.S treasury yields. On data front, U.S Core CPI for December was in line with market expectation of 0.1%, although it was still slightly lower than previous reading. However, US showed annual CPI stood at 1.4% in December, slightly above the 1.3% expected. On the other hand, benchmark 10-year Treasury yields fell more than 6 basis points from a 10-month high. They last traded 2 basis points lower at 1.12%, helping the greenback traded higher against its peers. Market also expects that a huge sum in government borrowing to fund stimulus plan would possibly lead to a higher U.S rates and make the dollar attractive, thus buying into the greenback. At the time of writing, dollar index rose 0.27% to 90.25.

In the commodities market, crude oil price fell 0.15% to $52.76 per barrel as of writing following EIA lowered global oil demand growth forecast. Despite with EIA reported a draw in crude inventories, it was offset by EIA’s negative view on demand forecast. According to EIA in its latest estimate, global oil demand is expected to grow by 5.6 million barrels per day in 2021 compared to the 2020 low of 92.2 million bpd. the growth forecast now around 200,000 bpd lower compared to last month’s outlook. On the other hand, gold price fell 0.11% to $90.25 a troy ounce at the time of writing amid dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20.30                     EUR                                        ECB Monetary Policy Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound towards the resistance level 90.55.

Resistance level: 90.55, 91.40

Support level: 89.65, 88.90

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3700. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3490.

Resistance level: 1.3700, 1.3855

Support level: 1.3490, 1.3300

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.2150. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2295, 1.2395

Support level: 1.2150, 1.2010

USDJPY, H4: USDJPY was traded higher following recent rebound from the support level 103.70. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 104.50.

Resistance level: 104.50, 105.15

Support level: 103.70, 102.90

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7785. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7655.

Resistance level: 0.7785, 0.7885

Support level: 0.7655, 0.7555

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7175. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7280, 0.7380

Support level: 0.7175, 0.7095

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2680. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2830, 12955

Support level: 1.2680, 1.2540

USDCHF, H4: USDCHF was traded higher following recent rebound from the support level 0.8840. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.8920.

Resistance level: 0.8920, 0.8985

Support level: 0.8840, 0.8775

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 52.70. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 54.60, 57.30

Support level: 52.70, 50.85

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1859.65. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses towards the support level 1815.15.

Resistance level: 1859.65, 1895.30

Support level: 1815.15, 1769.75.

13 January 2021                 Afternoon Session Analysis

Aussie slips on weak data, virus woes.

During late Asian session, the Australian dollar which traded against the dollar and other currency pairs have failed to extend its gains and retreat as surging cases in China coupled with weak data exert some selling pressure for the currency. On data front, Australia’s Job Vacancies for three months to November dropped below 59.4% prior to 23.4%. The data reflects a weakness in jobs number that challenges policymakers and could prompt Aussie government to potential extend relief measures. On coronavirus front, China’s virus numbers jumped to the highest in five months with 115 new confirmed cases on the mainland (55 the previous day) including 107 local infections. Besides that, rising global coronavirus also challenge risk sentiment. At the time of writing, AUD/USD slips 0.07% to 0.7765.

In the commodities market, crude oil price continues to extend its gains and jumped 1.05% to $53.77 per barrel as of writing following U.S inventory drop. According to API, crude inventories in the U.S. dropped by 5.8 million barrels last week to around 484.5 million barrels. On the other hand, gold price rebounds 0.28% to $1859.81 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

17:00                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 89.80. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 90.55, 91.15

Support level: 89.80, 89.15

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3690. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3690, 1.3840

Support level: 1.3520, 1.3315

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2250.

Resistance level: 1.2250, 1.2330

Support level: 1.2165, 1.2075

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 103.70. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 103.05.

Resistance level: 103.70, 104.15

Support level: 103.05, 102.30

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7685. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7805.

Resistance level: 0.7805, 0.7940

Support level: 0.7685, 0.7560

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7235. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7235, 0.7305

Support level: 0.7165, 0.7110

USDCAD, H1: USDCAD was traded lower while currently testing the support level at 1.2695. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2745, 1.2790

Support level: 1.2695, 1.2650

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8915. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.8825.

Resistance level: 0.8915, 0.8980

Support level: 0.8825, 0.8755

CrudeOIL, Weekly: Crude oil price was traded higher following prior breakout above the previous resistance level at 50.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 60.20.

Resistance level: 60.20, 65.50

Support level: 50.00, 41.75

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1865.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1865.55, 1899.40

Support level: 1825.85, 1771.20

13 January 2021               Morning Session Analysis

Dollar slumped amid heightening of political uncertainty. 

Dollar index which gauges its value against a basket of six major currencies stumbled after hitting the higher level in 3 weeks amid Donald Trump is facing calls from The House to resign earlier than the scheduled time of power transition. Last week, Trump supporters stormed the Capitol to vent their dissatisfaction over the recent election results, sent the lawmakers into hiding and left five people dead in this riot. As Trump broke his oath of office and incited this insurrection, majority of lawmakers from opposition party – Democrats are pushing for a second round of impeachment on president in order to remove Trump from office. As political uncertainty continued haunting the US economy, investors chose to flee away from this currency market while eyeing on the further development of president’s impeachment. Besides, downbeat job data that had been announced yesterday in US has further dragged down the value of US dollar. According to the Bureau of Labor Statistics, US JOLTS Job Openings data came in at 6.527M, weaker than the economist forecast at 6.632M, reaffirming the weakness and vulnerability of US labour market during the pandemic. During Asian early trading session, dollar index dropped 0.47% to 90.05.

In the commodities market, the crude oil price surged by 0.06% to $53.25 per barrel amid optimistic view toward the energy future look has been given by EIA institution. According to the EIA short term energy outlook, they are still expecting the energy consumption will rise in year 2021 and 2022 along with the GDP, but the pandemic and vaccination program were still the main factors to determine the market future direction. Besides, gold price rose 0.07% to $1855.85 per troy ounce amid weakening of US dollar.

Today’s Holiday Market Close

Time                     Market                 Event

N/A

Today’s Highlight Events

Time                     Market                 Event

17:00                    EUR                                     ECB President Lagarde Speaks

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 bearish momentum suggest the index to extend its losses toward the support level at 89.90.

Resistance level: 90.25, 91.10

Support level: 89.90, 89.60

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3620. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3710.

Resistance level: 1.3710, 1.3805

Support level: 1.3620, 1.3535

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2205. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2205, 1.2250

Support level: 1.2155, 1.2120

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 103.70. MACD which illustrated increasing of bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 104.00, 104.35

Support level: 103.70, 103.35

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7770. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7770.

Resistance level: 0.7770, 0.7820

Support level: 0.7735, 0.7680

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7235. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7235.

Resistance level: 0.7235, 0.7305

Support level: 0.7165, 0.7090

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2770. MACD which illustrate increasing of bearish momentum suggest the pair to extend its losses toward the support level at 1.2695.

Resistance level: 1.2770, 1.2825

Support level: 1.2695, 1.2625

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.8885. MACD which illustrated bearish bias 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 while currently testing the resistance level at 53.75. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 53.75.

Resistance level: 53.75, 55.40

Support level: 51.90, 49.30

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1861.05. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1861.05, 1877.35

Support level: 1842.90, 1825.40

12 January 2021                 Afternoon Session Analysis

Dollar surged over the rising treasury yields.

The Dollar Index which traded against a basket of six major currency pairs extend its gains amid the recent spike in U.S. Treasury yields and positive prospect of the U.S. economic with the expectation on higher U.S. fiscal stimulus. A sharp gain in U.S. yields had prompted investors to shift their portfolio from other region into United States, insinuating market demand on the US Dollar. Market participants remained confident over the President-elect Joe Biden, who takes office on 20^th January 2021 with the Democrats power to control both houses of Congress would able to boost up the economic momentum in the United States. Besides, US Dollar extend its gains following the investors expected that the U.S. policymakers would slowdown the bond buying program by the end of 2021. According to Reuters, Chicago Fed President Charles Evans and Atlanta’s Raphael Bostic, said last week that they might agree to reduce the pace of bond buying by the year-end if the economy rebounded significantly. Lower bond buying process would be decreasing the money supply in circulation, which spurring further bullish momentum for the US Dollar. As of writing, the Dollar Index appreciated by 0.13% to 90.50.

In the commodities market, the crude oil price appreciated by 0.13% to $52.20 per barrel as of writing. The oil price extends its gains amid hopes upon the Covid-19 vaccines development had spurred positive prospect for the crude oil demand in future. On the other hand, the gold price depreciated by 0.10% to $1845.65 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20.00                     CrudeOIL                               EIA Short-Term Energy Outlook

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.50. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 90.50, 90.95

Support level: 89.75, 89.30

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3480. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3555.

Resistance level: 1.3555, 1.3650

Support level: 1.3480, 1.3400

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.2160. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2210, 1.2210

Support level: 1.2105, 1.2060

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 104.30. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 104.30, 104.65

Support level: 103.85, 103.15

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

Resistance level: 0.7735, 0.7770

Support level: 0.7665, 0.7610

NZDUSD, Weekly: NZDUSD was traded lower while currently testing the support level at 0.7110. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7320, 0.7555

Support level: 0.7110, 0.6915

USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.2765. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2795.

Resistance level: 1.2795, 1.2830

Support level: 1.2765, 1.2720

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.8915. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 0.8765.

Resistance level: 0.8915, 0.8980

Support level: 0.8825, 0.8765

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 52.45. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 52.45, 56.10

Support level: 49.35, 47.35

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1850.25. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1850.25, 1861.10

Support level: 1837.40, 1817.80

12 January 2021                Morning Session Analysis

Euro sinks following rising COVID-19 cases in Europe.

During early Asian session, the euro have fell against the dollar and other currency pairs due to growing concerns over Europe’s increasing Covid-19 infection numbers. As coronavirus continue to ravage across the globe, countries across the EU remain facing difficulty to have the virus under control. Most of Europe was under the strictest restrictions after the continent became the first to report 25 million coronavirus cases last week. In Belgium, infection rates in Brussels have leapt by more than three-quarters in a week. There is also news about France to close borders with UK to reduce the influx of new COVID-19 variants. Following the worsening condition of outbreak, investors are now shifting their portfolio from to safer markets such as greenback, thus also dragging down the Euro at the same time. At the time of writing, EUR/USD plunged 0.09% to 1.2154.

In the commodities market, crude oil price retreats 0.05% to $52.12 per barrel as of writing amid ongoing demand concerns over surging coronavirus. As of now, market sentiment has been slowly dented by strict coronavirus lockdowns in Europe and new movement restrictions in China which is the world’s second-largest oil user after a jump in cases there. On the other hand, gold price remains weak and fell 0.11% to $1847.88 a troy ounce at the time of writing following stronger dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20.00                      CrudeOIL               EIA Short-Term Energy Outlook

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 90.15. MACD which illustrate persistent bullish bias signal suggest the dollar to extend its gains towards the resistance level 91.00.

Resistance level: 91.00, 92.10

Support level: 90.15, 89.00

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3470. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3620.

Resistance level: 1.3620, 1.3725

Support level: 1.3470, 1.3295

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.2125. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.2260.

Resistance level: 1.2260, 1.2390

Support level: 1.2125, 1.1995

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 104.25. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to experience a technical correction towards the support level 103.20.

Resistance level: 104.25, 105.10

Support level: 103.20, 102.15

AUDUSD, H4: AUDUSD was traded flat near the resistance level 0.7735. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 0.7735, 0.7825

Support level: 0.7630, 0.7480

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7155. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 0.7300.

Resistance level: 0.7300, 0.7390

Support level: 0.7155, 0.7070

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2795. MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.2640.

Resistance level: 1.2795, 1.2955

Support level: 1.2640, 1.2535

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.8900. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 0.8765.

Resistance level: 0.8900, 0.8990

Support level: 0.8765, 0.8650

CrudeOIL, H4: Crude oil price was traded higher following recent breakout above the previous resistance level 51.30. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to experience a short term technical correction towards the support level 51.30.

Resistance level: 54.75, 57.40

Support level: 51.30, 48.35

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1857.75. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1857.75, 1897.25

Support level: 1816.25, 1770.90

11 January 2021                Afternoon Session Analysis

Dollar rose following hopes for more stimulus measure.

During late Asian session, the dollar index which traded against a basket of six major currency pairs  have soared and extend its rebound following hopes for more U.S stimulus and big gains in U.S yields. According to latest development, U.S President-elect Joe Biden has promised “trillions” in extra COVID-19 relief spending as he and a Democrat-controlled Congress prepare to take office on Jan. 20. Following his promise, the yield on the benchmark 10-year U.S debt was pushed up more than 20 basis points to 1.1187%. Due to the better rates that paused dollar selling, the greenback manage to slowly climb back from its lows. At the time of writing, dollar index rose 0.32% to 90.30.

In the commodities market, crude oil price gave up some of its gains and slips 1.52% to $51.84 per barrel as of writing following renewed concerns over coronavirus from China and lockdowns that affect demand prospect. According to the statement from the country’s national health authority, China has saw its biggest daily increase in COVID-19 cases in more than five months as new infections in Hebei province which surrounds the capital Beijing, continued to rise. The area is now in lockdown with people and vehicles barred from leaving the city as authorities move to curb the spread of the disease. On top of that, stricter lockdown in Europe also added into further pressure. On the other hand, gold price extends losses and fell 1.07% to $1829.57 a troy ounce at the time of writing following dollar strength and rising U.S yields.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 89.25. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 90.55.

Resistance level: 90.55, 91.35

Support level: 89.25, 88.35

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3545. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3480.

Resistance level: 1.3545, 1.3625

Support level: 1.3480, 1.3425

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.2210. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2155.

Resistance level: 1.2210, 1.2265

Support level: 1.2155, 1.2105

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 104.20. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 104.20.

Resistance level: 104.20, 104.40

Support level: 103.90, 103.65

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7735. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7665.

Resistance level: 0.7735, 0.7815

Support level: 0.7665, 0.7595

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7235. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7170.

Resistance level: 0.7235, 0.7305

Support level: 0.7170, 0.7110.

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2730. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2770.

Resistance level: 1.2770, 1.2805

Support level: 1.2730, 1.2700

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.8870. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.8870.

Resistance level: 0.8870, 0.8915

Support level: 0.8825, 0.8760

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 52.65. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 51.05.

Resistance level: 52.65, 54.40

Support level: 51.05, 49.55

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1825.40. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 1825.40.

Resistance level: 1842.90, 1861.05

Support level: 1825.40, 1803.40

11 January 2021                Morning Session Analysis

Pound struggles following rising expectation of rate cut.

During early Asian session, the pound sterling which traded against the dollar and other currency pair extend its previous losses and fell as investors concerns over increasing expectation of BoE rate cut into negative territory. Despite with EU-UK trade deal have brought some relief, fears remain brewing over the U.K’s economy following fresh lockdown measures to curb the unrelenting spread of the coronavirus. Following the lockdowns that could slowed the recovery, BoE could be the first central bank to cut rates this year and also potentially dive into negative rates for the first time. Thus, the expectation have caused investors to unwind their long position and drive the price lower. At the time of writing, GBP/USD slips 0.17% to $1.3533.

In the commodities market, crude oil price soars 0.21% to $52.50 per barrel as of writing following limited supply of blending components. According to sources from Houston and New Orleans, there has been a consistent lack of availability of 0.5%S blending components that have affect the production. On top of that, increasing demand for oil from China also help boosting the commodity price. On the other hand, gold price extend losses and fell 0.04% to $1849.46 a troy ounce at the time of writing following investors pulled money from the safe-haven commodity to rush into Treasuries as U.S. 10-year note yields surged to March highs.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 90.15. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level 90.15.

Resistance level: 90.15, 91.00

Support level: 89.00, 88.00

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3620. MACD which display ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.3470.

Resistance level: 1.3620, 1.3725

Support level: 1.3470, 1.3295

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.2260. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.2125.

Resistance level: 1.2260, 1.2390

Support level: 1.2120, 1.1995

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 104.25. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 103.20.

Resistance level: 104.25, 105.10

Support level: 103.20, 102.70

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7735. MACD which display persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7825, 0.7905

Support level: 0.7735, 0.7630

NZDUSD, H4: NZDUSD was traded higher following recent retracement from its high level. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its retracement towards the support level 0.7155.

Resistance level: 0.7300, 0.7390

Support level: 0.7155, 0.7070

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2640. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.2795.

Resistance level: 1.2795, 1.2955

Support level: 1.2640, 1.2535

USDCHF, H4: USDCHF was traded higher following prior rebound from its low level. MACD which illustrate bullish bias signal suggest the pair extend its rebound towards the resistance level 0.8990.

Resistance level: 0.8900, 0.8900

Support level: 0.8765, 0.8650

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 51.30. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a short-term technical correction towards the current support level 51.30.

Resistance level: 54.75, 57.40

Support level: 51.30, 48.35

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1857.75. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses towards the support level 1816.25.

Resistance level: 1857.75, 1897.25

Support level: 1816.25, 1770.90

08 January 2021               Afternoon Session Analysis

Pound slumped amid national lockdown struggled UK economy.

Pound sterling which acting as one of the major currencies that being traded in the FX market dipped as market worries the ongoing national lockdown measure in UK may further burdened the UK economy on top of pandemic, dragging down the recovery pace in long-run. Earlier this week, UK Prime Minister decided to reimpose a lockdown in England as a more transmissible strain of virus fuelled a surge in infection in the country, collapsing the healthcare system in UK. According to the latest statistics, UK has reported 52,618 cases yesterday, making the total confirmed cases in UK close to 2.9 million thresholds, while the number of fatalities is rising in a speedy pace. With the backdrop of recent spike in infection numbers, investors are speculating that Bank of England (BoE) might bring the interest rate to negative territory earlier than expected, in order to combat the economic hit from the third national lockdown measure in UK. Other than that, it does not rule out the possibility that UK central bank may bring up more monetary and fiscal support onto the table in next month BoE meeting. As of now, GBP/USD down by 0.03% to 1.3559.

In the commodities market, the crude oil price surged by 0.12% to $50.86 per barrel as market worries diminished after Saudi Arabia voluntarily cut 1 million of oil production per day in upcoming two months while recent crude oil inventories in US showed a downward trend. Besides, gold price dropped 0.24% to $1909.20 a troy ounce amid dollar index strengthened.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 89.90. MACD which illustrated diminishing bearish momentum suggest the index to extend its losses toward the support level at 89.60.

Resistance level: 89.90, 90.25

Support level: 89.60, 89.30

GBPUSD, H1: GBPUSD was traded higher lower following prior rebound from the support level at 1.3535. MACD which illustrated bullish momentum suggest the pair to be traded higher toward the resistance level at 1.3620.

Resistance level: 1.3620, 1.3710

Support level: 1.3535, 1.3470

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2250. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2250.

Resistance level: 1.2300, 1.2335

Support level: 1.2250, 1.2205

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 103.70. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical retracement in short term.

Resistance level: 104.00, 104.35

Support level: 103.70, 103.35

AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.7770. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7770.

Resistance level: 0.7770, 0.7820

Support level: 0.7735, 0.7680

NZDUSD, H1: NZDUSD was traded higher while currently testing the resistance level at 0.7265. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7265.

Resistance level: 0.7265, 0.7305

Support level: 0.7235, 0.7185

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2695. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2625.

Resistance level: 1.2695, 1.2770

Support level: 1.2625, 1.2530

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.8855. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.8855.

Resistance level: 0.8855, 0.8885

Support level: 0.8820, 0.8795

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 51.05. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction in short term toward lower level.

Resistance level: 51.05, 51.85

Support level: 50.20, 49.40

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1910.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to undergo technical correction in short term toward higher level.

Resistance level: 1923.65, 1936.75

Support level: 1910.00, 1895.55

08 January 2021                 Morning Session Analysis

US Dollar surged amid upbeat economic data.

The Dollar Index which traded against a basket of six major currency pairs surged on yesterday over the backdrop of a string of upbeat economic data, spurring positive prospect for the economic rebound in upcoming quarters. According to Department of Labour, the U.S. Initial Jobless Claims had notched down from the preliminary reading of 790K to 787K, better than the market forecast at 800K. Meanwhile, the U.S. ISM Non-Manufacturing Purchasing Managers Index (PMI) increased significantly from the previous reading of 55.9 to 57.2, exceeding the market forecast at 54.6. Though, the spiking number of Covid-19 infections in the United States had diminished the recovery momentum in the US economy, which limited the gains experienced by the US Dollar. According to the Worldometer statistics, US still the country that recorded highest number of cases in the world where it has reported more than 20 million cases as of now, while the death toll has risen near to threshold of 370K. Investors would continue to scrutinize the latest updates with regards of the Non-farm payroll data tonight in order to receive further trading signal. As of writing, the Dollar Index appreciated by 0.32% to 89.73.

In the commodities market, the crude oil price surged 0.06% to $51.85 per barrel as of writing. The overall trading momentum for the crude oil remained bullish amid the hopes upon the Covid-19 vaccine development had dialled up the market optimism toward the crude oil demand in future. On the other hand, the gold price slumped 0.13% to $1916.32 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing resistance level at 89.85 MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 89.85, 90.50

Support level: 89.25, 88.55

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3560. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3635, 1.3685

Support level: 1.3560, 1.3495

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.2305. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2205.

Resistance level: 1.2305, 1.2450

Support level: 1.2205, 1.2130

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 103.85. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 103.85, 104.55

Support level: 103.05, 102.00

AUDUSD, Weekly: AUDUSD was traded higher while currently testing the resistance level at 0.7860. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7860, 0.8135

Support level: 0.7130, 0.6815

NZDUSD, Weekly: NZDUSD was traded higher while currently testing the resistance level at 0.7340. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7340, 0.7555

Support level: 0.7110, 0.6905

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2655. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2785, 1.2925

Support level: 1.2655, 1.2415

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8750. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9065, 0.9285

Support level: 0.8750, 0.8370

CrudeOIL, H1: Crude oil price was traded within a range while currently testing the resistance level at 51.05. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 51.05, 52.50

Support level: 50.05, 48.70

GOLD_, H4: Gold price was traded lower while currently near the support level at 1899.85. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1954.15, 2007.25

Support level: 1899.85, 1872.60

06 January 2021               Afternoon Session Analysis

Dollar plunged, while Georgia run-off in focus.

Dollar index which gauges its value against a basket of six major currencies lingered near the lowest level in two and a half years ahead of the election result in Georgia, which will determine if Democrats or Republican control the power over the House of Senate. According to the BBC news, both senate run-off elections in Georgia were too close to calls as the polls closed in the early morning. The races were not only drawing outsized attention of the American, but also global investors as it is paving the way for further stimulus measure if Democratic Party successfully strives the control of senate away from Republican. As Joe Biden has said that his first priority is to implement further coronavirus relief package after taking offices, hence the process and time consumed to pass through the proposal would be shortened and easier if Democrats manages to unify the House of Congress. As of writing, dollar index rose by 0.14% to 89.55.

In the commodities market, the crude oil price surged by 0.32% to $50.00 per barrel amid Saudi Arabia surprise cut over the oil production in February and March. With voluntary additional cuts from Saudi Arabia, the total production cuts for upcoming two months will be 8.125 million bpd and 8.05 million bpd respectively. Besides, gold price appreciated by 0.08% to $1947.85 per troy ounce amid uncertainty over Georgia run-off sparked investors demand toward safe-haven asset.

Today’s Holiday Market Close

Time                     Market                 Event

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Today’s Highlight Events

Time                     Market                 Event

23:30                    GBP                                      BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 89.30. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward the resistance level at 89.60.

Resistance level: 89.60, 90.25

Support level: 89.30, 88.95

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3620. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3620.

Resistance level: 1.3620, 1.3710

Support level: 1.3535, 1.3470

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2300. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.2260.

Resistance level: 1.2300, 1.2325

Support level: 1.2260, 1.2205

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 102.55. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 103.00.

Resistance level: 103.00, 103.65

Support level: 102.55, 102.00

AUDUSD, H1: AUDUSD was traded lower while currently testing the support level at 0.7740. MACD which illustrated bearish momentum suggest the pair to extend its losses after it closed below the support level at 0.7740.

Resistance level: 0.7785, 0.7820

Support level: 0.7740, 0.7680

NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.7235. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7235.

Resistance level: 0.7270, 0.7325

Support level: 0.7235, 0.7175

USDCAD, H4: USDCAD was traded higher following prior rebound from the lower level. However, MACD which illustrated bearish bias momentum suggest the pair to be traded lower toward the support level

Resistance level: 1.2695, 1.2770

Support level: 1.2625, 1.2530

USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 0.8775. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the support level at 0.8820.

Resistance level: 0.8820, 0.8855

Support level: 0.8775, 0.8740

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 50.20. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 50.20.

Resistance level: 50.20, 50.90

Support level: 49.40, 48.65

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1951.95. MACD which illustrated bearish bias momentum suggest the commodity to extend tis losses toward the support level at 1936.90.

Resistance level: 1951.95, 1960.35

Support level: 1936.90, 1923.65

06 January 2021                 Morning Session Analysis

Pound remained bearish amid new lockdown measures.

Pound Sterling was traded higher on yesterday but the overall momentum for the Pound remained bearish as a new lock-down measures had outweighed the market optimism toward the post-Brexit trade deal with the European Union. According to Reuters, the Prime Minister Boris Johnson had ordered UK into another national lockdown in order to combat the spiking numbers of the Covid-19 cases before a vaccine programme reaches a critical mass. The new measures could cost about 10% of economic output within a short-term, which dragging down the appeal of the Pound Sterling. Market participants expected that such negative economic outlook would trigger the Bank of England to implement more expansionary monetary policy while cutting its benchmark interest rate as early as May in order to boost back the economic progression in the United Kingdom. Nonetheless, investors would continue to scrutinize the latest updates with regards of the Covid-19 development to gauge the likelihood movement for the currency. As of writing, GBP/USD depreciated by 0.06% to 1.3625.

In the commodities market, the crude oil price slumped 0.10% to $49.75 per barrel as of writing amid technical correction. Though, the oil price edged higher on yesterday over the positive development with regards of the OPEC+ meeting on yesterday. Besides, the U.S. API Weekly Crude Oil Stock had also came in at -1.663M, which fared better than expectation at -1.500M, according to American Petroleum Institute. On the other hand, the gold price appreciated by 0.05% to $1951.05 per troy ounces as of writing amid the spiking numbers of the Covid-19 infections had continue to insinuating market demand on the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

23:30                     GBP                                        BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 89.35 MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 89.85, 90.50

Support level: 89.35, 88.55

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3580. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3685.

Resistance level: 1.3685, 1.3780

Support level: 1.3580, 1.3495

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2305. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2305, 1.2450

Support level: 1.2205, 1.2130

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 103.05. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 102.00.

Resistance level: 103.05, 103.75

Support level: 102.00, 101.25

AUDUSD, Weekly: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7570. However, MACD which illustrated bullish momentum suggest the pair to extend its gains toward resistance level at 0.7860.

Resistance level: 0.7860, 0.8135

Support level: 0.7570, 0.7130

NZDUSD, Weekly: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7110. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7340.

Resistance level: 0.7340, 0.7550

Support level: 0.7110, 0.6905

USDCAD, Weekly: USDCAD was traded lower while currently testing the support level at 1.2665. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2980, 1.3295

Support level: 1.2665, 1.2415

USDCHF, Weekly: USDCHF was traded lower while currently testing the support level at 0.8750. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9065, 0.9285

Support level: 0.8750, 0.8370

CrudeOIL, Weekly: Crude oil price was traded higher while currently testing the resistance level at 50.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 50.05, 61.85

Support level: 41.75, 33.45

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1930.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1959.45.

Resistance level: 1959.45, 1987.90

Support level: 1883.65, 1850.45

05 January 2021               Afternoon Session Analysis

Dollar surged amid heightening of market uncertainties.

Dollar index which gauges its value against a basket of six major currencies spiked amid rising of market concerns over the resurgence of mutated virus in UK. According to the Worldometer Statistics, UK has reported more than 57k cases per day as of Monday while the virus-related death toll had been pushed to the level of 75K in total. With the backdrop of exacerbating pandemic in UK, local government has decided to re-implement lockdown measure in order to curb the spread of new strain of coronavirus. Under the new tier of lockdown, primary school and secondary forced to close, and all nonessential shops are not allowed to operate during the lockdown period. The implementation of lockdown measure ignited the market worries as they are expecting more countries to follow UK step on, or stricter movement control could be seen as well. Besides, with two runoff races in Georgia on Tuesday set to determine the balance of power in the U.S. Senate, investors are moving their capital to safe-haven asset while putting their attention over the election result. As of writing, dollar index retraces 0.05% to 89.60.

In the commodities market, the crude oil price rebounds by 0.89% to $47.65 per barrel after slumping more than 5% last night. Yesterday, OPEC+ decided to adjourn its meeting about oil production plan in February as they opposed against Russia proposal for a supply hike in February. Besides, gold price surged 0.05% to $1942.45 per troy ounce as heightening of virus pandemic sapped the investor’s demand over riskier asset.

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, H4: Dollar index was traded lower following prior retracement from the resistance level at 89.90. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 89.60.

Resistance level: 89.90, 90.25

Support level: 89.60, 89.30

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.3535. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3620.

Resistance level: 1.3620, 1.3710

Support level: 1.3535, 1.3470

EURUSD, H1: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2260. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 1.2300.

Resistance level: 1.2300, 1.2325

Support level: 1.2260, 1.2205

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 103.00. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 103.00.

Resistance level: 103.65, 104.00

Support level: 103.00, 102.55

AUDUSD, H1: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7680. MACD which illustrated bullish bias momentum suggest the pair to be traded higher toward the resistance level at 0.7740.

Resistance level: 0.7740, 0.7785

Support level: 0.7680, 0.7635

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7170. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 0.7225.

Resistance level: 0.7225, 0.7270

Support level: 0.7170, 0.7100

USDCAD, H1: USDCAD was traded lower following prior breakout below the previous support level at 1.2770. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.2695.

Resistance level: 1.2770, 1.2825

Support level: 1.2695, 1.2625

USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level at 0.8820. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.8780.

Resistance level: 0.8820, 0.8855

Support level: 0.8780, 0.8740

CrudeOIL, H1: Crude oil price was traded higher following pr support level at 47.90. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 48.15.

Resistance level: 48.15, 48.65

Support level: 47.10, 46.20

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at1936.85. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher toward the resistance level at 1950.00.

Resistance level: 1950.00, 1958.70

Support level: 1936.85, 1923.00

05 January 2021                 Morning Session Analysis

Pound slumped over the national lock-down measure.

Pound Sterling slumped significantly following the UK Prime Minister reimposed a harsh lockdown in England on Monday as a more transmissible variant of Covid-19 fuels a surge in infections and hospitalization in the country. According to CNN, UK Prime Minister Boris Johnson reimposed measures similar to the first lockdown last spring, including closures of primary and secondary schools. In fact, people will be only allowed to leave their homes for limited reasons like shopping for essentials, exercise and medical assistance. On the Covid-19 pandemic front, the UK had recorded a new daily Covid-19 infection with more than 50,000 cases in nearly a week, and hospitalizations exceed April’s peak. Meanwhile, there were 30% more Covid-19 patients in hospitals in England on Monday than a week earlier. Indeed, the health ministry had claimed that the country would move to the highest Covid-19 alert level, spurring worries that the rising number of hospitalizations could overwhelm the country’s National Health Service (NHS) in coming weeks. As of writing, GBP/USD slumped 0.05% to 1.3570.

In the commodities market, the crude oil price depreciated by 0.05% to $47.23 per barrel as of writing. The oil market slumped significantly amid worries about the spiking numbers of Covid-19 infections had outweighed the vaccine hopes. Nonetheless, as of writing investors would continue to scrutinize the latest updates with regards of the OPEC+ meeting in order to gauge the likelihood movement for this black-commodity. On the other hand, the gold price surged 0.11% to $1944.95 per troy ounces as of writing amid diminishing risk appetite in the FX market, which insinuating market demand on the safe-haven asset.

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 following prior rebound from the support level at 89.55. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 90.50.

Resistance level: 90.50, 91.10

Support level: 89.55, 88.55

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3590. MACD which illustrated increasing bearish momentum suggest the pair to extend its loses toward support level at 1.3495.

Resistance level: 1.3590, 1.3685

Support level: 1.3495, 1.3420

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2305. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2305, 1.2450

Support level: 1.2205, 1.2130

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 103.05. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 103.75, 104.55

Support level: 103.05, 102.00

AUDUSD, Weekly: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7570. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7860, 0.8135

Support level: 0.7570, 0.7130

NZDUSD, Weekly: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7110. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7340, 0.7550

Support level: 0.7110, 0.6905

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.2690. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2980, 1.3295

Support level: 1.2690, 1.2415

USDCHF, Weekly: USDCHF was traded lower while currently testing the support level at 0.8720. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9070, 0.9285

Support level: 0.8720, 0.8350

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 47.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 46.55.

Resistance level: 49.25, 50.00

Support level: 46.55, 45.55

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1930.55. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1950.55, 1976.65

Support level: 1930.55, 1912.45