Daily Analysis

04 January 2021               Afternoon Session Analysis

Safe-haven Yen surged on risk-off sentiment.

Asian share markets plunged on Monday following reports of the possibility of tightening the lock-down policy for Tokyo, which diminishing risk appetite in the FX market while prompting investors to shift their portfolio toward safe-haven asset such as Japanese Yen. According to Reuters, Japanese Prime Minister Yoshihide Suga claimed on Monday that the Japanese government would consider to declare a state of emergency amid spiking numbers of Covid-19 infections had strained the country’s medical system. On 31^st December 2020, Japan had recorded 4,520 new Covid-19 cases in a fresh wave of infections. As an interim measure, restaurants and entertainment in the Tokyo area are being forced to close at 8 p.m., while businesses that serve alcohol should close at 7 p.m. Nonetheless, as for now investors would continue to scrutinize the latest updates with regards of effective of Covid-19’s vaccination program as well as the latest government restrictions to combat the spiking Covid-19 infections rate in order to gauge the likelihood movement for the currency. As of writing, the pair of USD/JPY depreciated by 0.20% to 103.00.

In the commodities market, the crude oil price surged 1.39% to $49.05 per barrel as of writing. The crude oil price edged higher amid the market participants remained optimism toward the Covid-19’s vaccination program could curb the problem of the pandemic. On the Covid-19 vaccine front, India on Saturday had started one of the world’s biggest coronavirus vaccination programs following the drug regulator approved the AstraZeneca-Oxford University shot. On the other hand, the gold price appreciated by 1.46% to $1921.50 per troy ounces as of writing amid diminishing risk appetite in the global financial market.

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, Weekly: Dollar index was traded lower following prior breakout below the previous support level at 91.70. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 88.55.

Resistance level: 91.70, 94.35

Support level: 88.55, 84.85

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3675. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3670, 1.3780

Support level: 1.3580, 1.3495

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2205. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2305.

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: 103.70, 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. MACD which illustrated increasing 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, Daily: USDCAD was traded lower while currently testing the support level at 1.2690. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2980, 1.3295

Support level: 1.2690, 1.2415

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8830. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.8895, 0.8945

Support level: 0.8830, 0.8790

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 49.25 MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 49.25, 50.00

Support level: 47.90, 46.55

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1912.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1930.55.

Resistance level: 1930.55, 1950.55

Support level: 1912.45, 1891.30

04 January 2021                 Morning Session Analysis

Dollar slumped on budget deficit gap.

The overall trend for the US Dollar remained bearish amid the explosion in budget and trade deficits had dialled down the market optimism toward the economic progression in the United States, which prompting investor to selloff significantly the US Dollar for the year of 2020. Massive budget and trade deficits mean that more dollars could be printed in order to support the repayment amount. Likewise, the current account deficit widened to a 12-year high in the third quarter of 2020. In fact, the President-elect Joe Biden is promising that more U.S. economic stimulus plan would be implemented next year, which also further dragged down the appeal of the US Dollar. Nonetheless, the losses experienced by the US dollar was limited over the backdrop of string of upbeat job data from the United States on last week. According to Department of Labor, U.S. Initial Jobless Claims unexpectedly notched down significantly from the preliminary reading of 806K to 785K, much better than the market expectation at 833K. As of writing, the Dollar Index depreciated by 0.01% to 89.83.

In the commodities market, the crude oil price surged 0.05% to $48.35 per barrel as of writing amid the positive Covid-19 vaccine development. As for now, The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia would be holding a virtual meeting on Monday. Hence, investors would continue to scrutinize the latest updates with regards of such meeting as well as the Covid-19 progress in order to receive further trading signal. On the other hand, the gold price appreciated by 0.93% to $1911.50 per troy ounces amid weakening US Dollar.

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, Weekly: Dollar index was traded lower following prior breakout below the previous support level at 91.70. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 88.55.

Resistance level: 91.70, 94.35

Support level: 88.55, 84.85

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3580. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3670, 1.3780

Support level: 1.3580, 1.3495

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2325. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2325, 1.2450

Support level: 1.2175, 1.2030

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 103.05. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 103.70, 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. MACD which illustrated increasing 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 1.2690. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2980, 1.3295

Support level: 1.2690, 1.2415

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8830. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.8895, 0.8945

Support level: 0.8830, 0.8790

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 48.50. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 48.50, 50.00

Support level: 47.25, 46.55

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1911.90. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1911.90, 1930.55

Support level: 1891.30, 1874.55

31 December 2020                          Afternoon Session Analysis

Dollar stunned ahead of year 2021.

Dollar index which gauges its value against a basket of six major currencies lingers around the two-year low level as market are waiting for more catalyst in this light trading volume day. Despite Senate Majority leader Mitch McConnell has slammed the door on the proposal of increasing the stimulus checks from $600 to $2000, but investors look beyond the stimulus check while expecting more stimulus plan will be launched in year 2021. Yesterday, Mitch McConnell revealed that there is no realistic path for the stimulus check to be quickly passed in the Senate as he believes that the recent $900 billion stimulus plan has struck a balance between broad support for all kinds of households and a lot more targeted relief for those who need help most. On the other side, Donald Trump has once again demanded that the $2000 direct payment should be passed as soon as possible. During Asian trading session, dollar index dropped 0.17% to 89.45.

In the commodities market, the crude oil price depreciated by 0.08% to $48.10 per barrel as of writing as market concern over the UK mutated virus may tamper the future demand of oil market. In the latest statistics, UK has reported more than 50k cases per day and the death toll is also rising significantly, exacerbating the market worries of further lockdown in UK. Besides, gold price appreciated by 0.02% to $1895.00 a troy ounce amid weakening of US dollar.

Today’s Holiday Market Close

Time                     Market                 Event

All Day                  Switzerland         New Year’s Day

All Day                  Japan                    Market Holiday

All Day                  Germany                             New Year’s Eve

All Day                  Italy                                     New Year’s Day

Today’s Highlight Events

Time                     Market                 Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 89.60. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward support level at 89.30.

Resistance level: 89.60, 89.90

Support level: 89.30, 88.95

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3620. MACD which illustrated bullish bias 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 higher while currently testing the resistance level at 1.2300. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2300, 1.2325

Support level: 1.2260, 1.2205

USDJPY, H4: USDJPY was traded lower while currently testing near the support level at 103.00. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 103.65, 104.00

Support level: 103.00, 102.55

AUDUSD, H4: 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 extend its gains toward the resistance level at 0.7720.

Resistance level: 0.7720, 0.7750

Support level: 0.7680, 0.7635

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7225. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7225.

Resistance level: 0.7225, 0.7270

Support level: 0.7170, 0.7100

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2770. MACD which illustrated bearish bias 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 0.8820. MACD which illustrated bearish bias 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, H4: Crude oil price was traded lower following prior retracement from the downward trendline. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 48.15.

Resistance level: 48.70, 49.40

Support level: 48.15, 47.10

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1895.40. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1883.45.

Resistance level: 1895.40, 1914.35

Support level: 1883.45, 1870.15

31 December 2020                            Morning Session Analysis

Pound surged over the positive Covid-19 vaccine development.

The Pound Sterling surged following the announcement that the AstraZeneca Covid-19 vaccine had been approved by British regulator, which spurring hopes for the resolution of the Covid-19 crisis while dialled up the market optimism toward the economic progression in the United Kingdom.  According to Reuters, the UK Medicine and Healthcare Products Regulatory Agency approved the use of the Covid-19 vaccine which developed by AstraZeneca and the University of Oxford yesterday. Such vaccines are selling at cheaper price while can be stored at normal refrigeration temperatures, which easing the challenge of mass distribution. According to latest statistics, the UK had registered a new daily record for Covid-19 infections on yesterday with more than 53,000 of Covid-19 infections while 900 people were killed by the virus on yesterday. In addition, Pound Sterling extend its gains following the UK and European Region had achieved consensus with regards of post-Brexit deal in the early in the week. Nonetheless, as for now investors would continue to scrutinize the latest updates with regards of the Covid-19 vaccine development in order to gauge the likelihood movement for the currency. As of writing, GBP/USD surged 0.03% to 1.3615.

In the commodities market, the crude oil price appreciated by 0.06% to $48.30 per barrel as of writing over the backdrop of the positive oil inventory data. According to Energy Information Administration (EIA), the U.S. Crude oil inventory had declined significantly from the previous reading of -0.562M to -6.065M, much better than the market forecast at -2.583M. On the other hand, the gold price surged 0.05% to $1893.35 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   Switzerland          New Year’s Day

All Day                   Japan                     Market Holiday

All Day                   Germany                               New Year’s Eve

All Day                   Italy                                        New Year’s Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.20. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 89.00.

Resistance level: 90.20, 90.95

Support level: 89.00, 88.10

GBPUSD, Weekly: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3405. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3785.

Resistance level: 1.3785, 1.4185

Support level: 1.3405, 1.2785

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2250. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2330, 1.2400

Support level: 1.2250, 1.2165

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 103.05. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 103.70, 104.70

Support level: 103.05, 102.30

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7690. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7690, 0.7765

Support level: 0.7625, 0.7510

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance 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, 0.7110

USDCAD, H1: USDCAD was traded lower while currently testing the support level at 1.2745. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2790, 1.2825

Support level: 1.2745, 1.2695

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8810. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.8915, 0.8980

Support level: 0.8810, 0.8755

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 48.35. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 48.35, 48.95

Support level: 47.55, 47.10

GOLD_, H4: Gold price was traded higher while currently near the resistance level at 1899.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1899.50, 1931.40

Support level: 1860.80, 1825.85

30 December 2020                            Afternoon Session Analysis

Aussie rose on risk-on mood.

During late Asian session, the Australian dollar which traded against the dollar and other currency pairs taking huge bid and rose following risk on mood causes by US policymakers jostle with the coronavirus (COVID-19) aid package while the virus recently troubled the US, Japan and Australia. Following US Senate Republican Majority Leader Mitch McConnell obstructed the $2,000 pay check, Congress members are trying to delay the voting over the much-awaited stimulus unless they win a runoff in Georgia, as per the latest chatters. However, US Treasury Secretary Steve Mnuchin’s statement suggesting $600 relief will be out tonight have favoured the risks. At the same time, adding further to the positivity was reports of China shows readiness to return two Hong Kong activists, out of 12 who detained over illegal border crossing. At the time of writing, AUD/USD rose 0.59% to 0.7650.

In the commodities market, crude oil price remains stable and edge higher 0.40% to $48.21 per barrel at the time of writing as the commodity continue to find support from hopes of recovery in demand. Following vaccination programmes around the world begin next year, countries is expected to eased restrictions on movement and business activity which in turn could boost demand for oil and fuel. On the other hand, gold price also rose 0.38% to 1885.23 a troy ounce as of writing following weakening greenback.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 89.65. MACD which illustrate bearish bias signal suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 90.55, 91.40

Support level: 89.65, 88.90

GBPUSD, H4: GBPUSD was traded higher following recent breakout above the previous resistance level 1.3490. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3625.

Resistance level: 1.3625, 1.3735

Support level: 1.3490, 1.3300

EURUSD, H4: EURUSD was traded higher following recent rebound from the support level 1.2165. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.2355.

Resistance level: 1.2355, 1.2515

Support level: 1.2165, 1.2010

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 103.70. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 102.90.

Resistance level: 103.70, 104.50

Support level: 102.90, 102.05

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7655. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7655, 0.7755

Support level: 0.7555, 0.7450

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7175. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7175, 0.7280

Support level: 0.7095, 0.7010

USDCAD, H4: USDCAD was traded lower following recent retracement from the resistance level 1.2830. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 0.2680.

Resistance level: 1.2830, 1.2955

Support level: 1.2680, 1.2540

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.8840. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.8775.

Resistance level: 0.8840, 0.8920

Support level: 0.8775, 0.8700

CrudeOIL, H4: Crude oil price remain traded flat near the resistance level 48.65. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 48.65, 50.85

Support level: 46.40, 43.45

GOLD_, H4: Gold price remain traded flat in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1895.30, 1925.60

Support level: 1852.80, 1815.15.

30 December 2020                            Morning Session Analysis

US Dollar slumped over the bearish economic outlook.

The Dollar Index which traded against a basket of six major currency pairs hovered near two-years low amid investors speculated that an increase in U.S. fiscal stimulus plan is unlikely to launch in short-term period, which dialled down the market optimism toward the economic progression in the United States. According to Reuters, the U.S. Senate Majority Leader Mitch McConnell on Tuesday blocked immediate consideration of a measure from US President Donald Trump to increase the Covid-19 relief payments from $600 to $2000. Besides, the fears upon the Covid-19 mutation from the U.S. region had also dragged down the appeal of the US Dollar. The first known U.S. case of highly infectious coronavirus variant was detected in Colorado on Tuesday. In fact, the President-elect Joe Biden warned that it could take years for most Americans to be vaccinated for the Covid-19 at current supply rates. According to latest statistics, the US had reported more than 186,000 of Covid-19 infections while more than 1900 people were killed by the virus on yesterday. As of writing, the Dollar Index depreciated by 0.41% to 89.97.

In the commodities market, the crude oil price surged 0.21% to $48.05 per barrel as of writing over the backdrop of positive inventory data. According to American Petroleum Institute, the U.S. API Weekly Crude Oil Stock had notched down significantly from the previous reading of -2.100M to

-4.785M, lower than the market forecast at 2.700M. On the other hand, the gold price appreciated by 0.05% to $1878.60 per troy ounces as of writing as weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was lower while currently testing the support level at 89.85. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 90.20, 90.50

Support level: 89.85, 89.55

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3520. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3520, 1.3620

Support level: 1.3450, 1.3365

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2260. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2260, 1.2330

Support level: 1.2165, 1.2075

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 103.70. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 103.30.

Resistance level: 103.70, 104.-5

Support level: 103.30, 102.85

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7625. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7625, 0.7690

Support level: 0.7510, 0.7425

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

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 1.2825. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2825, 1.2920

Support level: 1.2765, 1.2690

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8835. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.8915, 0.8980

Support level: 0.8835, 0.8755

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 48.45. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 47.55.

Resistance level: 48.45, 48.95

Support level: 47.55, 47.10

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1900.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1856.80.

Resistance level: 1900.20, 1931.40

Support level: 1856.80, 1825.85

29 December 2020                            Afternoon Session Analysis

Pound slips following increasing worries over trade.

During late Asian session, the pound sterling which traded against the greenback and other currency pars have remains weak and fell as investors concerns over UK trade will slow down after the crucial service sector was largely excluded from the deal. According to reports, Boris Johnson has admitted that the Brexit trade deal failed to meet his ambitions on financial services, as Brussels signalled that the City of London must wait until after January 1 to learn what market access it will have in future. The new trading relationship will take effect on January 1, assuming the treaty is passed by the UK parliament next week and EU approval processes proceed smoothly. Following the lack of details in service sector, the economy in U.K also affected, thus pressuring the market sentiment. At the same time, the increasing cases of new coronavirus also continue to weigh heavily on the pair. At the time of writing, GBP/USD slips 0.03% to 1.3481.

In the commodities market, crude oil price fell 0.11% to $47.77 per barrel as of writing amid reports of increased production from Russia. Following latest development, Russia’s deputy prime minister said the nation plans to support a further gradual increase in OPEC+ production at the group’s next meeting in January because crude prices are within an optimal range. The alliance already plans to return 500,000 barrels a day of output to the market from next month. Besides that, soaring cases of coronavirus also weigh on the commodity. On the other hand, gold price traded steady and rose 0.02% to $1875.41 a troy ounce at the time of writing amid dollar weakness and decreasing risk appetite.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 89.95. MACD which illustrate bearish bias signal suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 90.55, 91.40

Support level: 89.95, 89.35

GBPUSD, H4: GBPUSD was traded lower following recent breakout below the previous support level 1.3490. MACD which illustrate bearish momentum signal with the recent formation of death cross suggest the pair to extend its losses towards the support level 1.3300.

Resistance level: 1.3490, 1.3625

Support level: 1.3300, 1.3150

EURUSD, H4: EURUSD was traded higher following recent rebound from the support level 1.2165. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2355.

Resistance level: 1.2355, 1.2515

Support level: 1.2165, 1.2010

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 103.70. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 102.90.

Resistance level: 103.70, 104.50

Support level: 102.90, 102.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7555. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains towards the resistance level 0.7655.

Resistance level: 0.7655, 0.7755

Support level: 0.7555, 0.7450

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.7095. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7175.

Resistance level: 0.7175, 0.7280

Support level: 0.7095, 0.7010

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2830. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2955, 1.3100

Support level: 1.2830, 1.2680

USDCHF, H4: USDCHF remain traded in a sideway channel following recent retracement from the resistance level 0.8920. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower 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 lower following prior retracement from the resistance level 48.60. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 46.40.

Resistance level: 48.60, 50.85

Support level: 46.40, 43.45

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1895.30. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 1852.80.

Resistance level: 1895.30, 1925.60

Support level: 1852.80, 1815.15.

29 December 2020                            Morning Session Analysis

Euro surged amid risk-on sentiment.

The Euro surged on yesterday amid the positive development with regards of the Brexit deal as well as the U.S. President Donald Trump’s decision to approve a new fiscal stimulus package had increased the risk appetite the in FX market, which prompting investors to shift their portfolio toward the riskier currencies such as Euro. On the economic stimulus plan, Reuters reported that the Democratic-led U.S. House of Representatives voted 275-134 to support U.S. President Donald Trump’s demand for $2,000 Covid-19 relief checks on Monday. Nonetheless, the bill now heads to the Senate where Republicans have the greater power to vote. Besides, the progress on further Covid-19 vaccines had boosted the market sentiment toward the risky assets. According to CNBC, AstraZeneca’s vaccine is expected to get the regulatory nod from UK health authorities later this week. As for now, investors would continue to scrutinize the latest development with regards of latest economic stimulus from the U.S. government as well as Covid-19 vaccines progress in order to gauge the likelihood movement for the currency. As of writing, EUR/USD appreciated by 0.04% to 1.2220.

In the commodities market, the crude oil price surged 0.25% to $47.80 per barrel as of writing amid positive development with regards of the Covid-19 vaccines and massive economic stimulus plan from the U.S. region had provided further bullish momentum for this black-commodity. On the other hand, the gold price slumped 0.25% to $1875.55 per troy ounces as of writing amid risk-on sentiment in the FX market.

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 higher following prior rebound from the support level at 90.00. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 90.50.

Resistance level: 90.50, 91.05

Support level: 90.00, 89.55

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3450. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3520, 1.3620

Support level: 1.3450, 1.3365

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 1.2260.

Resistance level: 1.2260, 1.2330

Support level: 1.2165, 1.2075

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

Resistance level: 104.05, 104.55

Support level: 103.70, 103.30

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7625. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7625, 0.7690

Support level: 0.7510, 0.7425

NZDUSD, H4: NZDUSD was traded higher while currently testing the 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: 0.7110, 0.7165

Support level: 0.7015, 0.6930

USDCAD, H4: USDCAD was traded within a range while currently testing the support level at 1.2825. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2920, 1.2995

Support level: 1.2825, 1.2765

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 0.8835.

Resistance level: 0.8915, 0.8980

Support level: 0.8835, 0.8755

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 47.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 48.45.

Resistance level: 48.45, 49.30

Support level: 47.60, 46.55

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1871.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1883.80.

Resistance level: 1883.80, 1892.05

Support level: 1871.65, 1860.90

28 December 2020                          Afternoon Session Analysis

Dollar plunged after Trump signed the $900 billion stimulus plan.  

Dollar index which gauge its value against a basket of six major currencies dipped after US President Donald Trump unexpectedly signed the $900 billion stimulus plan into law early morning. After holding the bill for nearly one week, Donald Trump decided to change its hard tone and approves the stimulus plan while vacationing in Florida without stating any reason, pumped a lump sum of stimulus funds into the economy and successfully averting a Tuesday government shutdown. Earlier last week, Trump had insisted to changes the stimulus plan as the plan was incapable to support to the US economy to fight through the fallout of pandemic. In details, Trump was reiterated that he wants American to receive $2000 pandemic stimulus checks, an amount that significantly higher than the direct payments of $600 in the bipartisan economic relief plan. With a backdrop of thin trading in this week as many investors on holiday, market participants are waiting for more catalyst in order to gauge the further direction of dollar index. As of now, dollar index dropped 0.17% to 90.15.

In the commodities market, the crude oil price down by 0.23% to $48.17 per barrel as of writing amid heightening of market worries over the mutated virus in UK. According to the latest news, there are several countries across the globe had reported cases of new strain of coronavirus, such as Australia, Canada, France and so on. Besides, gold price appreciated by 0.84% to $1895.40 a troy ounce amid exacerbating of pandemic around the world.

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

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Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 90.00. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 90.50, 90.90

Support level: 90.00, 89.55

GBPUSD, H4: GBPUSD was traded lower while currently near the support level at 1.3520. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3620, 1.3750

Support level: 1.3520, 1.3450

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2165. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2260.

Resistance level: 1.2260, 1.2330

Support level: 1.2165, 1.2075

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 103.70. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 103.30.

Resistance level: 103.70, 104.05

Support level: 103.30, 102.85

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7625. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7625, 0.7690

Support level: 0.7510, 0.7425

NZDUSD, H4: 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 0.7165.

Resistance level: 0.7165, 0.7235

Support level: 0.7110, 0.7015

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2825. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2920, 1.2995

Support level: 1.2825, 1.2765

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.8835.

Resistance level: 0.8915, 0.8980

Support level: 0.8835, 0.8755

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 47.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 48.45.

Resistance level: 48.45, 49.30

Support level: 47.60, 46.55

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1900.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1900.20, 1929.55

Support level: 1860.90, 1832.60

28 December 2020                            Morning Session Analysis

Pound surged following Johnson announced Brexit deal is done.

Pound Sterling surged in today’s early Asian trading session amid positive prospect for the Brexit deal, which dialled up the market optimism toward the economic progression in the United Kingdom. According to Aljazeera, the United Kingdom and European Union have agreed on a post-Brexit trade deal after months of torturous negotiation, averting the prospect of a chaotic and acrimonious divorce at the end of this year. Besides, UK Prime minister Boris Johnson claimed that both parties had achieved the biggest trade deal yet, while reiterated that the UK had taken back control of its laws, borders, and fishing waters. In fact, the deal will ensure the UK and European region can continue to trade without tariffs or quotas, smoothing trade worth hundreds of billions of pounds. As for now, the UK Parliament is expected to sign off on the deal before 31^st December 2020, when the Brexit transition period ends. As of writing, GBP/USD appreciated by 0.13% to 1.3565.

In the commodities market, the crude oil price slumped 0.85% to $47.85 per barrel as of writing. The oil market edged higher following Russian Deputy Prime Minister Alexander Novak said that the Russia is expected to support an increase in oil production by OPEC+ from February during the next months’ summit of the leading global oil producers. On the other hand, the gold price surged 0.50% to $1888.60 per troy ounces as of writing following the U.S. President Donald Trump refuses to sign Covid-19 relief bill, diminishing the risk appetite in the FX market while insinuating market demand on the safe-haven gold.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 90.00. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 90.50.

Resistance level: 90.50, 90.90

Support level: 90.00, 89.55

GBPUSD, H1: GBPUSD was traded lower while currently near the support level at 1.3520. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3620, 1.3750

Support level: 1.3520, 1.3450

EURUSD, H4: EURUSD was traded within a range while currently testing the support level at 1.2165. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2260, 1.2330

Support level: 1.2165, 1.2075

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 103.70. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 103.30.

Resistance level: 103.70, 104.05

Support level: 103.30, 102.85

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7625. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7625, 0.7690

Support level: 0.7510, 0.7425

NZDUSD, H4: NZDUSD was traded higher while currently testing the 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: 0.7111, 0.7165

Support level: 0.7015, 0.6930

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2825. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2920.

Resistance level: 1.2920, 1.2995

Support level: 1.2825, 1.2765

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.8835.

Resistance level: 0.8915, 0.8980

Support level: 0.8835, 0.8755

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 47.60. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 48.45, 49.20

Support level: 47.60, 46.25

GOLD_, H1: Gold price was traded higher following prior breakout above the previous resistance level at 1879.95. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1895.40.

Resistance level: 1895.40, 1906.20

Support level: 1879.95, 1870.05

24 December 2020                            Afternoon Session Analysis

Dollar pressured as Donald Trump obstruct U.S stimulus.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have fell after reports of Donald Trump threaten to not sign the COVID-19 bills. Following latest development on U.S stimulus, President Donald Trump have recently threatened to not sign an $892 billion coronavirus relief bill that includes desperately needed money for individual Americans and wants to request the Congress to increase the amount in the stimulus check to $2000 for individuals of $4,000 for couples instead of $600. Following the potential obstruction that could affect the help for U.S citizens and recovery for U.S economy, confidence towards the U.S dollar have fell and caused investors to shift their portfolio from greenback to other safer markets such as Yen, thus devaluing its price. Still, market will continue to monitor the development to determine further direction for the greenback. At the time of writing, dollar index slips 0.27% to $90.04.

In the commodities market, crude oil price gains 0.48% to $48.26 per barrel as of writing following hopes of demand recovery. While oil market is expected to celebrate the holiday season, recent catalyst such as lower crude inventories and potential Brexit deal have help lifted the outlook for demand recovery and boosting the commodity price. On the other hand, gold price also rose 0.21% to $1876.75 a troy ounce at the time of writing amid increasing risk-aversion mood in the market due to Donald Trump’s stimulus drama.

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

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 90.00. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 90.50, 90.90

Support level: 90.00, 89.55

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3520. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3620

Resistance level: 1.3620, 1.3750

Support level: 1.3365, 1.3280

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2165. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2260.

Resistance level: 1.2260, 1.2330

Support level: 1.2165, 1.2075

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 103.70. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 103.30.

Resistance level: 103.70, 104.05

Support level: 103.30, 102.85

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7595. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7595, 0.7640

Support level: 0.7510, 0.7450

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7105. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7105, 0.7165

Support level: 0.7015, 0.6930

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2825. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2920, 1.2995

Support level: 1.2825, 1.2765

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.8835.

Resistance level: 0.8915, 0.8980

Support level: 0.8835, 0.8755

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 47.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 49.20.

Resistance level: 49.20, 50.00

Support level: 47.80, 46.25

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1879.95. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1879.95, 1896.30

Support level: 1860.90, 1846.70

24 December 2020                          Morning Session Analysis

Pound skyrocketed as the Brexit deal is imminent.  

Pound sterling which act as one of the major currencies that being traded by the investors in FX market surged significantly as the likelihood of achieving a deal increased as Christmas deadline looms. According to the senior diplomat from EU, he stated that a Brexit trade deal is imminent, and the deal could be approved by both sides negotiators as early as tonight. Besides, European Commission have also revealed that EU member states may be summoned to a meeting soon to approve any accord as the deal has enters the end phrase. Prior to now, Von der Leyen and Johnson had been poised to hold a press conference early on Wednesday to announce the deal, but they decide to extend the announcement as the long legal text of Brexit deal required them to have extra time to go through. As of now, the negotiators from both sides are still battling deep into the night to gain a last minute advantage, seeking to achieve a consensus and seal a deal in order to avoid Hard-Brexit situation which could damage the future trades between UK and EU. During Asian early trading session, the pair of GBP/USD rose 0.14% to 1.3511.

In the commodities market, the crude oil price up by 0.12% to $48.16 per barrel as of writing amid an oil draw in last week inventories level. According to the EIA, US Crude Oil Inventories dropped 0.562M, slightly lower than the economist forecast at -3.186M. Besides, the positive news from Brexit development has also turns the black commodity market scented as Hard-Brexit may tamper the future trade between UK and EU, and eventually affect the oil market. Besides, gold price appreciated by 0.05% to $1871.90 a troy ounce as fears over mutated virus remains.

Today’s Holiday Market Close

Time                     Market                 Event

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Today’s Highlight Events

Time                     Market                 Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower 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 90.00.

Resistance level: 90.25, 90.60

Support level: 90.00, 89.60

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3535. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3470.

Resistance level: 1.3535, 1.3620

Support level: 1.3470, 1.3385

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2205. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2155.

Resistance level: 1.2205, 1.2260

Support level: 1.2155, 1.2120

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 103.65. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 103.00.

Resistance level: 103.65, 104.00

Support level: 103.00, 102.55

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7580. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7580.

Resistance level: 0.7580, 0.7635

Support level: 0.7515, 0.7445

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7100. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7100, 0.7175

Support level: 0.7015, 0.6960

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2850. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2770.

Resistance level: 1.2850, 1.2950

Support level: 1.2770, 1.2695

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

Resistance level: 0.8915, 0.8985

Support level: 0.8855, 0.8820

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 48.15. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 48.15, 49.40

Support level: 47.10, 46.20

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1862.80. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1886.00

Resistance level: 1886.00, 1896.60

Support level: 1862.80, 1839.60

23 December 2020                            Afternoon Session Analysis

Pound struggling as Brexit talk remain in deadlock.

During late Asian session, the pound sterling which traded against the dollar and other currency pairs remains weak and fell as investors continue to concern over prospect of no deal Brexit amid with ongoing differences in fisheries. According to sources from EU diplomat, despite with most issues are close to being agreed, fishing quotas remain “difficult to bridge”. Despite with U.K have improved their offer on fisheries recently, EU remains firm and rejected the offer as it was higher than their demand that no more than 25% reduction should be imposed. With the deadline getting closer, the prospect of hard Brexit is increasing where both sides could witness an increase in tax and cost without any trade deal by the end of the year, thus weighing negatively on the pound sterling. At the time of writing, GBP/USD fell 0.03% to 1.3401.

In the commodities market, crude oil price plunged 0.81% to $46.35 per barrel as of writing concerns over supply and Donald Trump not sign the COVID-19 relief bill. As of now, sentiment continue to be pressured by recent data from API showed an unexpected increase in crude supply. On top of that, the prospect of the commodity fell further after Donald Trump threatening to not sign the coronavirus relief bill which could affect the recovery of U.S economy and fuel demand. On the other hand, gold price rose 0.28% to $1865.35 a troy ounce at the time of writing following dollar weakness.

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

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 90.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 90.95, 91.80

Support level: 90.00, 89.05

GBPUSD, H1: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3365. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3450.

Resistance level: 1.3450, 1.3520

Support level: 1.3365, 1.3280

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2165. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2260, 1.2330

Support level: 1.2165, 1.2075

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 103.70. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 103.30.

Resistance level: 103.70, 104.05

Support level: 103.30, 102.85

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7510. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7575.

Resistance level: 0.7575, 0.7635

Support level: 0.7510, 0.7450

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7105. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7105, 0.7165

Support level: 0.7015, 0.6930

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2895. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2720.

Resistance level: 1.2895, 1.3025

Support level: 1.2720, 1.2520

USDCHF, H4: USDCHF was traded lower while following prior retracement from the resistance level at 0.8915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.8835.

Resistance level: 0.8915, 0.8980

Support level: 0.8835, 0.8755

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 46.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 47.80, 49.20

Support level: 46.25, 43.95

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1867.95. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1867.95, 1896.30

Support level: 1832.60, 1776.95

23 December 2020                          Morning Session Analysis

Dollar surged amid Congress passes the stimulus plan.

Dollar index which gauges its value against a basket of six major currencies managed to recover part of its previous losses after US Congress achieved a consensus to passes the economic relief plan for the American and local businesses which hit hard by the ongoing pandemic. After weeks of negotiation between the two biggest political parties, a $900 billion bipartisan stimulus plan had eventually unveiled by the US government with 359 – 53 votes in House while the Senate passed the bill by a margin of 92 – 6. In the economic relief package, it includes jobless benefit for the unemployed American, additional loans for local small businesses, another $600 direct payment, funds to support the distribution of Covid-19 vaccines and a bevy of other provisions. The long awaiting stimulus plan are expected to save the US economy from further recession in time as the previous plans are set to expire at the end of the year. As of now, the bill will be sent to US President Donald Trump, who is expected to sign it into law in the coming days. During Asian early trading session, dollar index rose by 0.63% to 90.60.

In the commodities market, the crude oil price down by 0.04% to $46.75 per barrel as of writing amid a surprise stockpile in US crude oil inventories. According to the API, US Weekly Crude Oil Stock increased 2.700M, missing the economist forecast at -3.250M, indicating that the supply glut issue continues haunting this black commodity. Besides, gold price rose 0.07% to $1862.05 a troy ounce as heightening of market concern over the new strain of virus in UK.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.60. MACD which illustrated bullish bias 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, 90.00

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.3385. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3385, 1.3470

Support level: 1.3290, 1.3195

EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.2175. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2175.

Resistance level: 1.2175, 1.2210

Support level: 1.2135, 1.2105

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 103.65. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 103.00.

Resistance level: 103.65, 104.00

Support level: 103.00, 102.55

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7515. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7580.

Resistance level: 0.7580, 0.7635

Support level: 0.7515, 0.7445

NZDUSD, H4: NZDUSD 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 0.7100.

Resistance level: 0.7100, 0.7175

Support level: 0.7015, 0.6960

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2850. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.2950, 1.3025

Support level: 1.2850, 1.2770

USDCHF, H4: USDCHF was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the support level at 0.8855.

Resistance level: 0.8915, 0.8985

Support level: 0.8855, 0.8820

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 47.10. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 46.20.

Resistance level: 47.10, 48.15

Support level: 46.20, 45.50

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1859.95. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1870.15.

Resistance level: 1870.15, 1884.10

Support level: 1859.95, 1844.50

22 December 2020                         Afternoon Session Analysis

Aussie fell despite strong Retail Sales data.

During late Asian session, the Aussie dollar which traded against the dollar and other currency pairs have fell as market ignores upbeat reading of Retails Sales while taking hint from risk-off mood. According to the Australian Bureau of Statistics, retail sales in Australia have improved greatly to 7%, better than previous reading of 1.4%. The data also shown growth for the third consecutive month and marking the biggest increase since early July. Despite that, market fails to cheer the positive data as overall trading sentiment in the market remains dull due to worsening coronavirus. As of now, Investors are digesting the news of a new and deadlier coronavirus strain in the U.K and cause over 40 countries to restrict any travel with U.K. Market will now wait for the formal announcement of the U.S Covid-19 aid package to determine further direction for the pair. At the time of writing, AUD/USD fell 0.16% to 0.7570.

In the commodities market, crude oil price remains weak and slips 0.06% to $47.78 per barrel at the time of writing following ongoing concerns over demand outlook. The spread of highly-infectious new strain of coronavirus has continued to sparked fears of another global clampdown in travel which in turn affecting the demand for fuel consumption. On the other hand, gold price rose 0.37% to $1883.70 a troy ounce at the time of writing following decreasing risk appetite in the market.

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 while currently testing the support level at 90.00. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 90.95, 91.80

Support level: 90.00, 89.05

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3450. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3450, 1.3520

Support level: 1.3365, 1.3280

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2260. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2260, 1.2330

Support level: 1.2165, 1.2075

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 103.30. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 103.70, 104.05

Support level: 103.30, 102.85

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7575. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7575, 0.7635

Support level: 0.7510, 0.7450

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7105. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7105, 0.7165

Support level: 0.7015, 0.6930

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2890. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2720.

Resistance level: 1.2890, 1.3025

Support level: 1.2720, 1.2520

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8835. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.8915, 0.8980

Support level: 0.8835, 0.8755

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 47.80 MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 47.80, 48.55

Support level: 46.70, 45.35

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1868.15. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1896.30, 1925.40

Support level: 1868.15, 1832.60