Daily Analysis

22 December 2020                          Morning Session Analysis

Pound zig zag amid mixed market sentiment.

Pound sterling which acting as one of the major currencies being traded in FX market was having mixed pattern yesterday amid market concern over Covid-19 mutation while UK appears to make concession in Brexit negotiation. Yesterday, UK Prime Minister Boris Johnson offered to give further ground on fishing rights to EU, aiming to secure a deal before the scheduled deadline on 31^st Dec. In the latest proposal, UK reduced the value of the fish it catches in UK waters by about one third, while UK was insisting the EU must accept a 60% cut during last weekend. A concession from UK showed the sign of willingness to seal deal in order to avoid Hard-Brexit, boosted up the appeal of pound market on yesterday. Despite, concern about the new strain of coronavirus in UK punched the pound badly and tier 4 of lockdown measure is being implemented in most of the UK areas in order to curb the fast-spreading virus. Besides, more than 20 countries have also shut their boarders to Britain due to the fears about the new mutation of Covid-19 in UK. As of now, UK virus cases surpassed the defences line of 2 million cases, while the death numbers still heading upward at an amazing speed. During Asian trading session, the pair of GBP/USD dropped 0.06% to 1.3455.

In the commodities market, the crude oil price down by 0.04% to $47.90 per barrel as of writing amid mutated virus in UK raised the market concern over the oil demand outlook. Recently, more than 20 countries across the globe have decided to close their borders to Britain amid fears of the new strain of coronavirus. Besides, gold price rose 0.15% to $1879.70 a troy ounce amid mutated of virus lifted the demand of safe-haven asset.

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 at 90.00.

Resistance level: 90.25, 90.60

Support level: 90.00, 89.60

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3470. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3470, 1.3535

Support level: 1.3385, 1.3290

EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.2245. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.2245, 1.2280

Support level: 1.2210, 1.2175

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 lower while currently testing the support level at 0.7580. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical rebound in short term toward higher level.

Resistance level: 0.7635, 0.7680

Support level: 0.7580, 0.7515

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7100. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above 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 breakout below the previous support level at 0.8855. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.8820.

Resistance level: 0.8855, 0.8915

Support level: 0.8820, 0.8780

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the upward trendline. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 48.15.

Resistance level: 48.15, 49.40

Support level: 47.10, 46.20

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1870.15. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1884.10.

Resistance level: 1884.10, 1895.40

Support level: 1870.15, 1859.95

21 December 2020                            Afternoon Session Analysis

Dollar soars following safe-haven demand amid lockdowns.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have rose with investors rush to safe-haven market after many countries tightened their lockdown measures to control COVID-19 virus. Following latest development, the number of coronavirus cases in the world have surpassed 77 million and still showed no signs of stopping. U.K and its European neighbours which including France, Germany, Italy, the Netherlands, Ireland and Belgium have imposed a stricter measure and closing their borders to travellers. Other countries are also mulling similar bans. As the lockdown and rapidly spreading virus starting to cause alarm, investors are shifting their assets away from riskier market and heading to safe-haven, thus driving up the strength of the greenback. On top of that, new of U.S Congress reach a deal for a $900 billion aid package also provide further boost for the greenback. At the time of writing, dollar index rose 0.50% to $90.26.

In the commodities market, crude oil price extends losses and fell 3.17% to $47.70 per barrel as of writing following concerns over new coronavirus strain. A new variant of the coronavirus in Britain and tighter travel restrictions in Europe sparked fears over slower economic recovery, thus prompting investors to unwind long positions. On the other hand, gold price soars 0.87% to $1897.84 a troy ounce at the time of writing amid increasing demand for safe-haven.

Today’s Holiday Market Close

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Today’s Highlight Events

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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 breakout above the previous resistance level 89.95. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains towards the resistance level 90.55.

Resistance level: 90.55, 91.40

Support level: 89.95, 89.35

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3300. MACD which illustrate bearish momentum signal with the recent formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3505, 1.3735

Support level: 1.3300, 1.3150

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.2165. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2355, 1.2515

Support level: 1.2165, 1.2010

USDJPY, H4: USDJPY was traded flat near the MA lines. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 102.90.

Resistance level: 103.65, 104.50

Support level: 102.90, 102.05

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7555. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7655, 0.7755

Support level: 0.7555, 0.7450

NZDUSD, H4: NZDUSD was traded lower while testing the support level 0.7095. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7175, 0.7280

Support level: 0.7095, 0.7010

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2830. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend it gains after it breaks above the resistance level.

Resistance level: 1.2830, 1.2955

Support level: 1.2680, 1.2540

USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing the support level 0.8840. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher in short term 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 following prior breakout below the previous support level 48.60. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses towards the support level 46.40.

Resistance level: 48.60, 50.85

Support level: 46.40, 43.45

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1881.25. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 1920.00.

Resistance level: 1920.00, 1955.00

Support level: 1881.25, 1850.45.

21 December 2020                          Morning Session Analysis

Pound plunged after UK enters tier 4 lockdown.

Pound sterling which acting as one of the major currencies being traded in FX market received huge sell-off pressures after UK Prime Minister announced to implement new tier 4 restrictions in certain area of UK amid the recent spike in Covid-19 cases. Under the tier 4 restrictions, the capital of UK London, southeast and east of UK are the area that being affected, non-essential shops, hairdressers, and entertainment venues must close, while only people who need to travel for education, childcare or to work are allowed. The decision has been finalised by Boris Johnson as a curtailed plan for Christmas, in a response to curb the new fast-spreading strain of coronavirus. According to the latest statistics, the confirmed cases of Covid-19 in UK rose 35,928 yesterday, bringing the total number of coronavirus cases in the country to 2,040,147 while the death toll getting closer to 70K cases. Besides, lack of progress in the trade talk between UK and EU has even exerted further pressures over the pound market. According to BBC, a government source has revealed that there will be no post-Brexit trade deal unless there is substantial shift from EU in the coming days. As of now, the negotiators from both countries are still working hard in sealing a deal before the deadline of 31^st Dec. During Asian early trading session, the pair of GBP/USD dropped 0.82% to 1.3405.

In the commodities market, the crude oil price down by 1.44% to $48.55 per barrel as of writing amid huge increases in Saudi Arabia crude oil exports. According to the data from Joint Organisations Data Initiative (JODI), Saudi Arabia oil exports rose to 6.159 million bpd in October, while the exports in September was only 6.066 million. Besides, gold price rose 0.16% to $1884.45 per troy ounce as market are still awaiting for more catalyst to determine the further direction of this yellow metal.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level at 90.00. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 89.60.

Resistance level: 90.00, 90.25

Support level: 89.60, 89.30

GBPUSD, H1: GBPUSD was traded lower following prior breakout below the previous support level at 1.3470. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3385.

Resistance level: 1.3470, 1.3535

Support level: 1.3385, 1.3290

EURUSD, H1: EURUSD was traded lower while currently testing the support level at 1.2210. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2245, 1.2280

Support level: 1.2210, 1.2175

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

Resistance level: 103.65, 104.00

Support level: 103.00, 102.55

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7580. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7580, 0.7635

Support level: 0.7580, 0.7515

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7100. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7100.

Resistance level: 0.7175, 0.7225

Support level: 0.7100, 0.7015

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2770. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2850.

Resistance level: 1.2850, 1.2950

Support level: 1.2770, 1.2695

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, 0.8915

Support level: 0.8820, 0.8780

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 49.40. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 48.15.

Resistance level: 49.40, 50.90

Support level: 48.15, 47.10

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1884.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1884.10.

Resistance level: 1884.10, 1895.40

Support level: 1870.15, 1859.95

18 December 2020                            Afternoon Session Analysis

Dollar slumped amid bearish economic data.

The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of the string of downbeat economic data on yesterday. According to Department of Labor, the U.S Initial Jobless Claims had notched up form the preliminary reading of 862K to 885K, exceeding the market forecast at 800K. Meanwhile, U.S. Philadelphia Fed Manufacturing index declined significantly from the previous reading of 26.3 to 11.1, which also worse than the economist expectation at 20.0. As both data fared worse than expectation, which dialled down the market optimism toward the economic progression in the United States while diminishing market demand on the US Dollar. Besides, the positive development with regards of the Covid-19 vaccine had also spurred risk-on sentiment, which prompting investors to shift their portfolio from the safe-haven US Dollar into other riskier currencies. According to BBC news, the Food and Drug Administration (FDA) had voted 20-0 with one abstention that the benefits of the Moderna vaccine outweigh the risks for those aged 18 and over. As of writing, the Dollar Index depreciated by 0.05% to 89.80.

In the commodities market, the crude oil price slumped 0.25% to $48.85 per barrel as of writing amid technical correction. Nonetheless, the overall trend for the crude oil commodity remained bullish amid Covid-19 vaccine development had spurred positive prospect for the crude oil demand in future. On the other hand, the gold price surged 0.10% to $1880.05 per troy ounces amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

Tentative                              JPY                                          BoJ Monetary Policy Statement

Tentative                              JPY                                          BoJ Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.00. However, MACD Which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 90.00, 90.95

Support level: 89.05, 88.15

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3530. 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: 1.3530, 1.3465

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, H1: USDJPY was traded higher following prior breakout above the previous resistance level at 103.30. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 103.70.

Resistance level: 103.70, 104.05

Support level: 103.30, 102.85

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7575. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7690, 0.7765

Support level: 0.7575, 0.7480

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7165. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7095.

Resistance level: 0.7165, 0.7235

Support level: 0.7105, 0.7015

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2720. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3025, 1.3370

Support level: 1.2720, 1.2520

USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing the support level 0.8835. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 0.8915.

Resistance level: 0.8915, 0.8980

Support level: 0.8835, 0.8755

CrudeOIL, Weekly: Crude oil price was traded higher while currently testing near the resistance level 50.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 50.00, 60.20

Support level: 41.65, 33.30

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1895.90. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1868.15.

Resistance level: 1895.90, 1931.30

Support level: 1868.15, 1832.60

18 December 2020                            Morning Session Analysis

Pound sterling retreats as Boris Johnson warns hard Brexit.

During early Asian session, the pound sterling which traded against the greenback and other currency pairs have pared some of its gains and fell following U.K Prime Minister warning on no-deal Brexit. Following latest development, U.K Prime Minster Boris Johnson have once again poured cod water on the trade deal and stated that a deal is unlikely to be reach unless the EU change its stance substantially. EU chief Ursula von de Leyen also acknowledging that there are some big difference remains, especially in fisheries. At the same time, Cabinet minister Michael Gove stated that the chances of the UK and EU agreeing on a post-Brexit trade deal are “less than 50%”. With the increasing risk of no deal Brexit, the pound sterling once again feeling the pressure and fell. Market will continue to monitor the development as the talks between two sides continue till Sunday which is the deadline set by EU. At the time of writing, GBP/USD slips 0.06% to $1.3571.

In the commodities market, crude oil price rose 0.011% to $48.48 per barrel as of writing following the prospect of U.S fiscal stimulus. U.S. lawmakers have moved closer towards the agreement on a $900 billion virus-relief spending package on Wednesday which could help recover U.S economy and boost economic activity and fuel consumption. On top of that, vaccine rollout also continues to keep the market in mood. On the other hand, gold price also soars 0.13% to $1884.36 a troy ounce following optimism on U.S stimulus have propelled the safe-haven metal.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

Tentative                JPY                       BoJ Monetary Policy Statement

Tentative                JPY                       BoJ Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 89.95. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the next support level 89.35.

Resistance level: 89.95, 91.40

Support level: 89.35, 88.90

GBPUSD, H4: GBPUSD was traded higher following recent breakout above the previous resistance level 1.3505. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short-term technical correction back towards the support level 1.3505.

Resistance level: 1.3735, 1.4025

Support level: 1.3505, 1.3300

EURUSD, H4: EURUSD was traded higher following recent breakout above the previous resistance level 1.2165. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short-term technical correction towards the support level 1.2165.

Resistance level: 1.2355, 1.2515

Support level: 1.2165, 1.2010

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 103.20. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 103.20, 103.65

Support level: 102.60, 102.05

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7655. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.7555.

Resistance level: 0.7655, 0.7755

Support level: 0.7555, 0.7450

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

Resistance level: 0.7175, 0.7280

Support level: 0.7095, 0.7010

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2680. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.2830.

Resistance level: 1.2830, 1.2955

Support level: 1.2680, 1.2540

USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing the support level 0.8840. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher in short term 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 higher while currently testing near the resistance level 48.60. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a short-term technical correction towards the support level 46.40.

Resistance level: 48.60, 50.85

Support level: 46.40, 43.45

GOLD_, H4: Gold price was traded higher high following recent breakout above the previous resistance level 1581.25. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction after it breaks back below the level.

Resistance level: 1920.00, 1955.00

Support level: 1881.25, 1850.45.

17 December 2020                            Afternoon Session Analysis

Pound zig zag, market eyes on Brexit trade talk.

Pound sterling which acting as one of the major currencies being traded in FX market was having mixed pattern while currently lingering near the highest level in two and a half years ahead of crucial talk between UK and EU. With just over two weeks left before the deadline of Brexit, EU and UK are currently in the final stretch of negotiation in order to seal a deal in order to avoid the possibility of Hard-Brexit. Despite recent news showed that both parties are moving closer to a deal, however it is still unclear if UK and EU would succeed within the remaining time frame. According to the latest statement from EU President Ursula von der Leyen, she has emphasized that talks on fisheries remained ‘very difficult’. Besides, she also reiterated that she cannot promise that whether a deal could be secured between two countries as of now, there is a path to an agreement, but the path is very narrow. As of now, the pair of GBP/USD rose 0.24% to 1.3538.

In the commodities market, the crude oil price surged 1.02% to $48.58 per barrel as of writing amid this black commodity market sentiment remained optimism since the rollout of vaccine in US. Besides, unexpected fall in US crude oil inventories also boosted the price of crude oil further higher. Besides, gold price appreciated by 0.07% to 1864.00 amid weakening of dollar index.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16.30                     CHF                                         SNB Monetary Policy Assessment

17.00                     CHF                                         SNB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 89.90. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 90.95, 91.80

Support level: 89.90, 89.05

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3540. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3540, 1.3655

Support level: 1.3465, 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 1.2240.

Resistance level: 1.2240, 1.2330

Support level: 1.2165, 1.2075

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 103.20. 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, 104.05

Support level: 103.20, 102.75

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7590. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7590, 0.7690

Support level: 0.7480, 0.7370

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7095. 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: 0.7095, 0.7015

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2720. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3025, 1.3370

Support level: 1.2720, 1.2520

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

Resistance level: 0.8915, 0.8980

Support level: 0.8845, 0.8755

CrudeOIL, Weekly: Crude oil price was traded higher while currently testing the resistance level at 49.95. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 49.95, 60.30

Support level: 41.60, 33.50

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1865.75. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1865.75, 1891.55

Support level: 1845.00, 1824.50

17 December 2020                            Morning Session Analysis

Dollar extend loss following dovish Fed and Powell.

During early Asian session, the dollar index which traded against a basket of six major currency pair have fell following recent FOMC initial rate decision announcement. As widely anticipated, the US Federal Reserve kept the interest rate in a range of 0% to 0.25% while policymakers are committed to supporting the economy until they see “substantial further progress” in employment and inflation. However, Powell has emphasised that the FOMC’s ultra-accommodative policy stance is not going anywhere any time soon. He also stated that that the FOMC could deliver more stimulus if required. The dovish statement and inaction from the Fed have disappointed the market as investors initially expected further easing, thus dragging the greenback further below. At the time of writing, dollar index slips 0.25% to 90.08.

In the commodities market, crude oil price rose 0.09% to $48.02 per barrel as of writing following positive data from EIA. According to EIA, crude inventories fell 3.1 million barrels last week, more than the 1.937 million-barrel drawdown forecast by analysts. At the same time, the commodity also continues to draw support from hopes of a faster demand recovery as countries across the globe approve coronavirus vaccines. On the other hand, gold price soars 0.03% to $1864.89 a troy ounce at the time of writing amid ongoing dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16.30                     CHF                       SNB Monetary Policy Assessment

17.00                     CHF                       SNB Press Conference

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 persistent 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 higher while currently testing the resistance level 1.3505. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 1.3300.

Resistance level: 1.3505, 1.3735

Support level: 1.3300, 1.3150

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level 1.2165. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.2355.

Resistance level: 1.2355, 1.2575

Support level: 1.2165, 1.2010

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 103.65. MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 103.20

Resistance level: 103.65, 104.50

Support level: 103.20, 102.70

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7570. However, MACD which bearish momentum signal suggest the pair to experience a technical correction towards the support level 0.7450.

Resistance level: 0.7570, 0.7655

Support level: 0.7450, 0.7340

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7105. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7105, 0.7175

Support level: 0.7010, 0.6900

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2680. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.2830.

Resistance level: 1.2830, 1.2955

Support level: 1.2680, 1.2540

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.8850. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 0.8920.

Resistance level: 0.8920, 0.8985

Support level: 0.8850, 0.8775

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 48.60. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 48.60, 50.85

Support level: 46.40, 43.45

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1850.45. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1881.25.

Resistance level: 1881.25, 1920.00

Support level: 1850.45, 1815.15

16 December 2020                          Afternoon Session Analysis

Dollar slumped ahead of FOMC meeting.

The Dollar Index which traded against a basket of six major currencies pairs extend its losses over the backdrop of the string of downbeat economic data on yesterday. According to Federal Reserve Bank of New York, the U.S. NY Empire State Manufacturing Index notched down significantly from the previous reading of 6.30 to 4.90, worse than the market forecast at 6.90. Meanwhile, the U.S. Industrial Production for last month also declined significantly from the preliminary reading of 0.9% to 0.4%. Such negative economic data had spurred expectation for ongoing cues of further expansionary Monetary Policy during the FOMC meeting. As for now, market participants expected the Federal Reserve to maintain its interest rate pinned near zero while extending its bond-buying program. Besides, the positive prospect over the aggressive U.S. stimulus plan had increased the inflation risk in future, which dragging down the appeal for the US Dollar. According to Reuters, the Top U.S. Congressional leaders began a second meeting on Tuesday in order to finalise $1.4 trillion Covid-19 aids. Nonetheless, investors would continue to scrutinize the latest updates with regards of the results of the FOMC meeting as well as the massive economic stimulus plan from U.S. government in order to receive further trading signal. As of writing, the dollar index depreciated by 0.03% to 90.32.

In the commodities market, the crude oil price surged 0.05% to $47.65 per barrel as of writing amid investors remained optimism over the Covid-19 vaccine development, which spurring further bullish momentum in this black-commodity. On the other hand, the gold price surged 0.22% to $1857.20 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                     Market                 Event

N/A

Today’s Highlight Events

Time                     Market                 Event

3.00                                     USD                                     FOMC Economic Projections

(17^th Dec)

3.00                                     USD                                     FOMC Statement

(17^th Dec)

3.30                                     USD                                     FOMC Press Conference

(17^th Dec)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.60. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 90.15.

Resistance level: 90.60, 91.10

Support level: 90.15, 89.95

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the top level of falling wedge. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3470.

Resistance level: 1.3470, 1.3535

Support level: 1.3385, 1.3290

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2135. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 1.2175.

Resistance level: 1.2175, 1.2210

Support level: 1.2135, 1.2105

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 103.65. MACD which illustrated bearish bias momentum suggest the pair to be traded lower after it successfully breakout below the support level at 103.65.

Resistance level: 104.00, 104.35

Support level: 103.65, 103.15

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7565. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7565, 0.7605

Support level: 0.7520, 0.7480

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

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 1.2715. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2670.

Resistance level: 1.2715, 1.2815

Support level: 1.2670, 1.2625

USDCHF, H4: USDCHF was traded lower while currently near the support level at 0.8855. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.8855.

Resistance level: 0.8915, 0.8985

Support level: 0.8855, 0.8780

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 47.10. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 48.15.

Resistance level: 48.15, 49.40

Support level: 47.10, 46.45

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1844.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward the resistance level at 1859.95.

Resistance level: 1859.95, 1870.15

Support level: 1844.50, 1830.65

16 December 2020                            Morning Session Analysis

Pounds soars as odds of Brexit deal increases.

During early Asian session, the pound sterling which traded against the dollar and other currency pairs have soared following recent comments from EU’s chief negotiator, Michel Barnier which signalled Brexit deal still can be reach. According to his statement, a post-Brexit trade and security deal could be sealed as early as this week after Boris Johnson made a key concession at the weekend which allow both sides to progress in trade negotiations. However, Barnier also warned that an agreement pathway remained ‘very narrow’. Still, market remain cautiously optimistic about progress in UK-EU trade talks. At the same time, with the UK economy expected to recover following the rollouts of Covid-19 vaccines, investors are also becoming more hopeful about the British economy, thus increasing their bid on the pound sterling. At the time of writing, GBP/USD rose 0.11% to 1.3445.

In the commodities market, crude oil price rose 0.09% to $47.71 per barrel as of writing despite with increasing crude supply. According to API, U.S oil stockpiles have rose for the fifth-straight week by 1.973 million barrels last week. Despite that, market remains optimistic and focus on the rollout of COVID-19 vaccines. On the other hand, gold price also rose 0.06% to 1853.12 a troy ounce at the time of writing amid dollar weakness and stimulus expectation.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

3.00                        USD                      FOMC Economic Projections

(17^th Dec)

3.00                        USD                      FOMC Statement

(17^th Dec)

3.30                        USD                     FOMC Press Conference

(17^th Dec)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 90.55. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses towards the support level 89.95.

Resistance level: 90.55, 91.40

Support level: 89.95, 89.35

GBPUSD, H4: GBPUSD was traded higher following recent rebound from the support level 1.3300. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains in short term towards the resistance level 1.3505.

Resistance level: 1.3505, 1.3735

Support level: 1.3300, 1.3150

EURUSD, H4: EURUSD remain traded in sideway channel while currently testing near the resistance level 1.2165. However, MACD which illustrate diminishing bullish bias signal suggest the pair to be traded lower in short term towards the support level 1.2010.

Resistance level: 1.2165, 1.2355

Support level: 1.2010, 1.1895

USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing the support level 10.65. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 104.50, 105.15

Support level: 103.65, 103.20

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7555. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7555, 0.7655

Support level: 0.7450, 0.7340

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.7095. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7095, 0.7175

Support level: 0.7010, 0.6900

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2680. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2830, 1.2955

Support level: 1.2680, 1.2540

USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing the support level 0.8850. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.8920, 0.8985

Support level: 0.8850, 0.8775

CrudeOIL, H4: Crude oil price was traded higher following recent rebound from the support level 46.40. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 48.60.

Resistance level: 48.60, 50.85

Support level: 46.40, 43.45

GOLD_, H4: Gold price remain traded in a sideway channel while currently testing the resistance level 1850.45. However, MACD which illustrate bullish momentum signal suggest the commodity to be traded higher after it breaks above the resistance level.

Resistance level: 1850.45, 1881.25

Support level: 1815.15, 1769.75

15 December 2020                         Afternoon Session Analysis

Aussie dipped following RBA meeting minutes.

Aussie dollar received huge sell-off pressure after RBA meeting minutes show dovish sign with regarding to the economic outlook of Australia. In the RBA meeting, board of members reaffirmed the monetary policy settings at 0.10% while maintaining the purchase of $100 billion of government bonds over the 6 months. Besides, members of RBA revealed that despite the rollout of vaccine should able to support the recovery of the global economy, but the global outlook remained uncertain and thus substantial policy support will be needed for a considerable period. Other than that, they also reiterated that the interest rate will be kept at 0.1% for at least three years and to not adjust it until the underlying inflation pressure recovered and sustainably back to 2-3% target range. In overall, RBA will remain in watch-and-wait mode after delivering November monetary policy decision, while focusing more on the development of economic outlook. During Asian trading session, the pair of AUD/USD ticked down 0.05% to 0.7530.

In the commodities market, crude oil price rose 0.40% to $46.98 per barrel as the news of OPEC cutting its demand’s forecast for year 2021 continue weigh on this black commodity market. However, the losses of oil product was limited as the market participants foresee that the global oil demand will be recovered soon after the rollout of vaccines. Besides, gold price rose 0.32% to $1833.00 a troy ounce as Brexit uncertainty sparked up market risk avoidance behaviours.

Today’s Holiday Market Close

Time                    Market                Event

N/A

Today’s Highlight Events

Time                    Market                Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 90.55. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 91.05, 91.45

Support level: 90.55, 90.05

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3380. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3250.

Resistance level: 1.3380, 1.3475

Support level: 1.3250, 1.3140

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2165, 1.2230

Support level: 1.2075, 1.1985

USDJPY, Daily: USDJPY was traded within a range while currently near the resistance level at 104.55. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 104.55, 105.95

Support level: 103.20, 101.25

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7590. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7480.

Resistance level: 0.7590, 0.7690

Support level: 0.7480, 0.7370

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7095. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7015.

Resistance level: 0.7095, 0.7165

Support level: 0.7015, 0.6930

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2740. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3025, 1.3370

Support level: 1.2740, 1.2520

USDCHF, Daily: USDCHF was traded lower while currently near the support level at 0.8835. 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: 0.8835, 0.8760

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 47.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 46.45.

Resistance level: 47.10, 47.60

Support level: 46.45, 45.85

GOLD_, H1: Gold price was traded within a range while currently testing the support level at 1830.00. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1845.65, 1858.10

Support level: 1830.00, 1816.10

15 December 2020                            Morning Session Analysis

Pound gave up gains following reports of difficulty on Brexit talks.

During early Asian session, the pound sterling which traded against the dollar and other currency pairs have retreat from its previous gains after reports about lack of progress on post-Brexit talks eased investor optimism towards a deal before the end of Brexit transition period. According to reports from Sky News, talks remain “difficult” for both side due to a lack of significant progress in recent days despite with the recent extension on deadline. Both U.K and EU continue to struggle on key issues such as fishing quotas and level playing field. A new deadline has not been set but the time is slowly near towards the final Dec 31 deadline which is the end of the transition period. Boris Johnson also stated that it will be “most likely” a no-deal Brexit scenario. As both sides are now heading towards a no-deal Brexit scenario, the optimism of reaching trading deal have faded, thus weighing negatively on the pound sterling. At the time of writing, GBP/USD slips 0.06% to 1.3326.

In the commodities market, crude oil price held steady and rose 0.11% to $47.07 per barrel as of writing following market continue to chase towards U.S vaccine. Despite with OPEC lowered its forecast for global oil demand growth, market sentiment remains high on vaccine where U.S is expected to undergo mass vaccination and setting a trend for other countries to follow. On top of that, the reports of a fuel transport ship being stuck at a Saudi port also helping to push the price higher. On the other hand, gold price fell 0.08% to $1828.94 a troy ounce at the time of writing following optimism over vaccine rollout and lack of progress in U.S stimulus.

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 remain traded in a sideway channel following recent rebound from the support level 90.55. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to be traded higher in short term towards the resistance level 91.40.

Resistance level: 91.40, 92.05

Support level: 90.55, 89.95

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3300. MACD which illustrate diminishing bullish bias momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.3505, 1.3735

Support level: 1.3300, 1.3150

EURUSD, H4: EURUSD remain traded in sideway channel while currently testing near the resistance level 1.2165. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.2165, 1.2355

Support level: 1.2010, 1.1895

USDJPY, H4: USDJPY remain traded in a sideway channel following recent rebound from the support level 103.65. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 104.50.

Resistance level: 104.50, 105.15

Support level: 103.65, 103.20

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7555. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.7450.

Resistance level: 0.7555, 0.7655

Support level: 0.7450, 0.7340

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7095. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.7010.

Resistance level: 0.7095, 0.7175

Support level: 0.7010, 0.6900

USDCAD, H4: USDCAD remain trade in a sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 1.2680.

Resistance level: 1.2830, 1.2955

Support level: 1.2680, 1.2540

USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing the support level 0.8850. However, MACD which illustrate diminishing bullish bias signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.8920, 0.8985

Support level: 0.8850, 0.8775

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 46.40. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 48.60.

Resistance level: 48.60, 50.85

Support level: 46.40, 43.45

GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the support level 1815.15. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher in short term towards the resistance level 1850.45.

Resistance level: 1850.45, 1881.25

Support level: 1815.15, 1769.75

14 December 2020                          Afternoon Session Analysis

Dollar plunged, market eyes on Fed meeting.

Dollar index which gauges its value against a basket of six major currencies received tremendous sell-off pressure as market participants chose to flee away from dollar market ahead of the Federal Reserve Meeting. Amidst the resurgence of virus in US, US government has tried to deliver a relief package to the American in order to support the local businesses and household through the fallout of the pandemic. However, US congress missed another deadline of on Friday to implement an economic stimulus package to help US economy weather the pandemic. As time getting closer to the expiry date of last round stimulus plan, it is projected that 12 million workers could lose the jobless benefits by the end of this month if US congress fails to achieve a funding package before the US government shutdown. With such a backdrop, Investors start betting that US central bank Federal Reserve will most likely loosen their monetary policy further through adjusting their Qualitative Easing Program as well as emphasizing the need for more fiscal support measures as Covid-19 continue weigh on the US economy. As of writing, dollar index dropped 0.21% to 90.80.

In the commodities market, crude oil price rose 0.17% to $46.78 per barrel as the rollout of vaccines in US lifted up the market optimism toward this black commodity product. After US Food and Drug Administration (FDA) approved the emergency authorization of the Pfizer vaccine, market participants are expecting that the global oil demand will be recovered back to the level before the outbreak of pandemic soon. Besides, gold price depreciated by 0.24% to $1835.20 a troy ounce as positive vaccine news continues weigh on this yellow metal.

Today’s Holiday Market Close

Time                     Market                 Event

N/A

Today’s Highlight Events

Time                     Market                 Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

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

Resistance level: 91.10, 91.45

Support level: 90.60, 90.15

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3290. MACD which illustrates bullish momentum signal with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.3385.

Resistance level: 1.3385, 1.3470

Support level: 1.3290, 1.3195

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.2105. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2135.

Resistance level: 1.2135, 1.2175

Support level: 1.2105, 1.2075

USDJPY, H4: USDJPY was traded flat near the resistance level at 104.00. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 104.00.

Resistance level: 104.00, 104.35

Support level: 103.65, 103.15

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.7520. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7565.

Resistance level: 0.7565, 0.7605

Support level: 0.7520, 0.7480

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7100.  However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 0.7100, 0.7175

Support level: 0.7015, 0.6960

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.2770. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2715.

Resistance level: 1.2770, 1.2815

Support level: 1.2715, 1.2670

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8915. MACD which display diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.8855.

Resistance level: 0.8915, 0.8985

Support level: 0.8855, 0.8780

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 46.45. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 48.00.

Resistance level: 48.00, 49.40

Support level: 46.45, 45.50

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1844.50. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to undergo technical rebound toward the resistance level at 1844.50.

Resistance level: 1844.50, 1859.95

Support level: 1830.65, 1815.50

14 December 2020                            Morning Session Analysis

Pound sterling rose with news of further Brexit talks.

During early Asian session, the pound sterling which traded against the dollar and other currency pairs have rose during early Asian session following reports of trade talk extension by both EU and U.K. Following latest development, UK and EU have warned that both sides remain very far apart on key issues. However, UK Prime Minister Boris Johnson and European Commission President, Ursula von der Leyen agreed to “go the extra mile” and extend trade talks beyond the self-imposed deadline which was suppose on last Sunday. UK negotiators are expected to stay in Brussels until at least Tuesday. Following the news of talk extension, market remains hopeful that both sides still have chance to resolve their differences and reaching a trade deal before the end of this year, thus heavily bid on the pound sterling. At the time of writing, GBP/USD rose 0.81% to 1.3326.

In the commodity market, crude oil price advanced 0.45% to $46.89 per barrel at the time of writing as optimism over vaccine continue dominate the sentiment. As of now, market continue to bets over people across the world might soon be able to travel freely and boosting usage of fuel and oil as millions of doses of coronavirus vaccines were being prepared for delivery over the course of the next few weeks after approval by relevant health authorities. On the other hand, gold price fell 0.12% to $1837.11 a troy ounce at the time of writing amid increasing risk appetite in the market which continue to be supported by vaccine.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel near the support level 90.55. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to be traded lower after it breaks below the support level.

Resistance level: 91.40, 92.05

Support level: 90.55, 89.95

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3300. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains towards the resistance level 1.3505.

Resistance level: 1.3505, 1.3735

Support level: 1.3300, 1.3150

EURUSD, H4: EURUSD remain traded in sideway channel while currently testing near the resistance level 1.2165. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.2165, 1.2355

Support level: 1.2010, 1.1895

USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 103.65.

Resistance level: 104.50, 105.15

Support level: 103.65, 103.20

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7555. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.7450.

Resistance level: 0.7555, 0.7655

Support level: 0.7450, 0.7340

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7095. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 0.7010.

Resistance level: 0.7095, 0.7175

Support level: 0.7010, 0.6900

USDCAD, H4: USDCAD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 1.2680.

Resistance level: 1.2830, 1.2955

Support level: 1.2680, 1.2540

USDCHF, H4: USDCHF remain traded in a sideway channel. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower in short term towards the support level 0.8850.

Resistance level: 0.8920, 0.8985

Support level: 0.8850, 0.8775

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 46.40. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 48.60, 50.85

Support level: 46.40, 43.45

GOLD_, H4: Gold price remain traded flat in a sideway channel. However, MACD which illustrate diminishing bullish momentum suggest the commodity to be traded higher towards the resistance level 1850.45.

Resistance level: 1850.45, 1881.25

Support level: 1815.15, 1769.75

10 December 2020                          Afternoon Session Analysis

Pound slips as Brexit risk intensifies.

During late Asian session, the pound sterling which traded against the greenback and other currency pairs have continue to experience selling pressure following Brexit deadlock remains unsettled after meeting. According to the EU chief executive, EU and UK remained “far apart” on Brexit trade deal. Following the impasse, UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen have agreed that both sides will have until Sunday to take a “firm decision” about the future of trade talks. Bank of England Governor Andrew Bailey has warned that a no-deal Brexit would may cause damage in long term to Britain’s economy than the COVID-19 pandemic and the impact of the change might be felt for decades. Due to the increasing risk of hard-Brexit, investors slowly straying away from the pound sterling. At the time of writing, GBP/USD slips 0.24% to 1.3360.

In the commodities market, crude oil price remains steady and edge higher 0.33% to $45.80 per barrel as of writing following vaccine rollout and concerns over Iraq oilfield attack. As vaccination process have started on certain countries, optimism over vaccine continue to provide support for the black commodity. On top of that, Oil prices were also boosted by some nervousness after two wells at a small oilfield in northern Iraq were set ablaze in what the government called a “terrorist attack” and could potentially affect oil production. On the other hand, gold price slips 0.05% to $1839.53 a troy ounce at the time of writing follow dollar rebound.

Today’s Holiday Market Close

Time                     Market                 Event

N/A

Today’s Highlight Events

Time                     Market                 Event

20:45                    EUR                                     ECB Monetary Policy Statement

21:30                    EUR                                     ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 91.10. MACD which illustrate bullish bias momentum suggest the dollar to extend its gains after it successfully breakout above the resistance level.

Resistance level: 91.10, 91.45

Support level: 90.60, 90.15

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3385. MACD which illustrates diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3290.

Resistance level: 1.3385, 1.3470

Support level: 1.3290, 1.3195

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.2075. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2105.

Resistance level: 1.2105, 1.2135

Support level: 1.2075, 1.2045

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 104.35. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 104.35, 104.70

Support level: 104.00, 103.65

AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.7445. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7445, 0.7480

Support level: 0.7400, 0.7365

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7015.  MACD which illustrate bearish bias momentum signal with the formation of death cross suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7090, 0.7175

Support level: 0.7015, 0.6960

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2815. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.2815.

Resistance level: 1.2855, 1.2915

Support level: 1.2815, 1.2770

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.8895. MACD which display diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.8870.

Resistance level: 0.8895, 0.8945

Support level: 0.8870, 0.8830

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 45.50. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 46.65.

Resistance level: 46.65, 48.20

Support level: 45.50, 44.65

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1830.65. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1844.50.

Resistance level: 1844.50, 1859.95

Support level: 1830.65, 1815.50

10 December 2020                            Morning Session Analysis

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 the upbeat economic data from the United Stated region. According to Bureau of Labor Statistics, the U.S. JOLTs Job Openings had notched up from the previous reading of 6.494M to 6.652M, confounding of the market expectation for a reading up to 6.3000M. Such better-than-expected data had dialled up the market optimism toward the economic progression in the United States, which spurring significant demand for the US Dollar. Nonetheless, the gains experienced by the US Dollar was limited amid lack of progress of the U.S. economic stimulus. The stimulus talk between the U.S. government remains elusive while the Covid-19 pandemic spreads and related lockdowns are expected to anchor an economic recovery. According to Reuters. the U.S. Senate Majority Leader Mitch McConnell stated that lawmakers are still looking for a path toward an agreement on the stimulus plan. As for now investors would continue to scrutinize the latest updates with regards of the Covid-19 vaccine development from Pfizer and BioNTech as well as economic stimulus plan from U.S. government in order to receive further trading signal. As of writing, the Dollar Index appreciated by 0.15% to 90.07.

In the commodities market, the crude oil price depreciated by 0.02% to $45.63 per barrel as of writing following the Energy Information Administration (EIA) reported that the U.S. Crude Oil Inventories had increased significantly from the preliminary reading of -0.679M to 15.189M, exceeding the market forecast at -1.424M. On the other hand, the gold price slumped 0.20% to $1835.55 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

20:45                     EUR                                        ECB Monetary Policy Statement

21:30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded within a range while currently near the support level at 90.45. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 91.80, 94.10

Support level: 90.45, 89.10

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3475. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3295.

Resistance level: 1.3475, 1.3655

Support level: 1.3295, 1.3100

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2075. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2165, 1.2230

Support level: 1.2075, 1.1985

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 104.50. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 104.50, 105.95

Support level: 103.20, 101.25

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7480. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7370.

Resistance level: 0.7480, 0.7590

Support level: 0.7370, 0.7265

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7015. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7090, 0.7165

Support level: 0.7015, 0.6930

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2765. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3025, 1.3370

Support level: 1.2765, 1.2520

USDCHF, H4: USDCHF was traded within a range while currently testing the resistance level at 0.8915. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.

Resistance level: 0.8915, 0.8980

Support level: 0.8835, 0.8760

CrudeOIL, Weekly: Crude oil price was traded higher following prior breakout above the previous resistance level at 41.75. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 50.00.

Resistance level: 50.00, 60.65

Support level: 41.75, 33.30

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1841.50. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1841.50, 1858.10

Support level: 1829.45, 1816.45