Daily Analysis

09 December 2020                          Afternoon Session Analysis

Aussie held steady despite weak China data.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have managed to maintain its hold its ground even with recent disappointing figures from China inflation data. According to National Bureau of Statistics of China, China’s CPI have dropped to -0.6%, worst than market expectation of -0.2%. It was also the first decline since Oct 2009 due to result of sluggish food-price inflation. Despite that, market sentiment remains buoyant and staying positive due to market cautious optimism on U.S stimulus and vaccine. US House Speaker Nancy Pelosi and House Democrat Leader Chuck Schumer said that the White House plan of the coronavirus (COVID-19) aid package is unacceptable. Following a light economic calendar, investors will be looking for fresh catalyst to determine further direction for the pair. At the time of writing, AUD/USD edge higher 0.20% to 0.7424.

In the commodities market, crude oil price fell 0.15% to $45.36 per barrel as on concerns over an unexpected jump in U.S. oil inventories last week. After API reported an unexpected increase in crude inventories, the commodity experience selling pressure. Still, positive news on COVID-19 vaccines may capping losses. On the other hand, gold price retreats 0.42% to $1862.09 a troy ounce at the time of writing following profit taking.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the dollar 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 while currently testing the resistance level at 1.3385. MACD which illustrates diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3385.

Resistance level: 1.3385, 1.3470

Support level: 1.3290, 1.3195

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2105. MACD which illustrate diminishing bearish 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, 1.2045

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 104.00. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 104.35.

Resistance level: 104.35, 104.70

Support level: 104.00, 103.65

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7400. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7445.

Resistance level: 0.7445, 0.7480

Support level: 0.7400, 0.7365

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7015.  MACD which illustrate diminishing bearish momentum signal with the formation of death corss suggest the pair to extend its gains toward the resistance level at 0.7090.

Resistance level: 0.7090, 0.7175

Support level: 0.7015, 0.6960

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.2815. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2770.

Resistance level: 1.2810, 1.2855

Support level: 1.2770, 1.2715

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support 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 lower following prior breakout below the previous support level at 45.50. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 44.65.

Resistance level: 45.50, 46.65

Support level: 44.65, 43.95

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1859.95. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 1859.95.

Resistance level: 1870.15, 1883.65

Support level: 1859.95, 1844.50

09 December 2020                            Morning Session Analysis

Euro slumped as Brexit uncertainty persist.

The EUR/USD slumped on yesterday amid uncertainty with regards of the Brexit issues had undermined the market optimism toward the economic progression from the European Union, which spurring selloff for the Euro. According to Reuters, German Minister of State for Europe Michael Roth claimed that there had been no substantial progress in Brexit trade talks, while UK Prime Minister Boris Johnson reiterated that the impasses remained in both parties. Nonetheless, the overall trade for the Euro was subdued ahead of key risk events later in the week. On Thursday, European Central Bank is expected to deliver a significant easing package in order to combat the Covid-19 pandemic economical destruction during the Summit of EU27 Leaders. As for now investors would continue to scrutinize the latest updates with regards of the Brexit issues as well as the Summit of EU27 Leaders in order to gauge the likelihood movement for the Euro. On the economic data front, Germany ZEW Economic Sentiment had notched up from the previous reading of 39.0 to 55.0, exceeding the market forecast at 45.5. As of writing, EUR/USD surged 0.05% to 1.2106.

In the commodities market, the crude oil price slumped 0.07% to $45.50 per barrel as of writing. The oil market edged lower in the early Asian trading hours following the American Petroleum Institute reported that the U.S. Crude inventories rose by 1.14 million barrels last week, exceeding the market forecast at -1.514M. On the other hand, the gold market depreciated by 0.05% to $1869.25 per troy ounces as of writing amid optimism toward the Covid-19 vaccine development had spurred risk-on sentiment in the FX market, sapping the market demand on the safe-haven commodity.

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, Daily: Dollar index was traded lower while currently testing the support level at 90.45. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 91.80, 94.05

Support level: 90.45, 89.10

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3330. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3405.

Resistance level: 1.3405, 1.3490

Support level: 1.3330, 1.3250

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance 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: 1.2165, 1.2230

Support level: 1.2075, 1.1985

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 104.05. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 103.20.

Resistance level: 104.50, 105.95

Support level: 103.20, 101.25

AUDUSD, Weekly: AUDUSD was traded higher while currently testing the resistance level at 0.7435. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7435, 0.7680

Support level: 0.7135, 0.6825

NZDUSD, Weekly: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6930. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7160.

Resistance level: 0.7160, 0.7345

Support level: 0.6930, 0.6755

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 lower while currently near the support level at 0.8875. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.8945, 0.9000

Support level: 0.8875, 0.8815

CrudeOIL, Weekly: Crude oil price was traded higher following prior breakout above the previous resistance level at 41.50. 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: 41.50, 33.30

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1864.10. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1888.30, 1908.60

Support level: 1864.10, 1840.35

08 December 2020                          Afternoon Session Analysis

Pound recoup losses following last effort for Brexit deal.

During late Asian session, the pound sterling which traded against a basket of six major currency pairs have recovered some of its losses as U.K Prime Minister Boris Johnson is heading to Brussels in a last-ditch effort to achieve Brexit deal. Following a joint statement from both parties, Boris Johnson and European Commission President Ursula von der Leyen will try to solve the remaining differences on a post-Brexit trade deal in the coming days. As of now, some of the critical issues level playing field, governance and fisheries. Both sides have upped the mixed messages on post-Brexit deal progress recently which casting doubt among investors on whether any progress has been made. Market will now focus on the meeting and its conclusion in order to attain more signal for the pound sterling. At the time of writing, GBP/USD rose 0.02% to 1.3349.

On the other hand, crude oil price slips 0.46% to $45.40 per barrel as of writing following concerns on spike in cases as well as supply. News of record-high COVID-19 cases in the U.S. and spikes in places like Germany and South Korea, which spurred new lockdowns and have increased fears that demand could plummet in the short term. Adding more to the pressure was Iran may be getting ready to boost production within three months. Next, gold price soars 0.31% to $1868.34 a troy ounce at the time of writing following dollar weakness and decreasing risk appetite.

Today’s Holiday Market Close

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Today’s Highlight Events

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20:00                    USD                                     EIA Short-Term Energy Outlook

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 90.60. MACD which illustrate bullish bias momentum suggest the dollar to extend its gains toward the resistance level at 91.10.

Resistance level: 91.10, 91.45

Support level: 90.60, 90.15

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance 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, H4: EURUSD was traded lower while currently testing the support level at 1.2105. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2105.

Resistance level: 1.2135, 1.2175

Support level: 1.2105, 1.2045

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 104.00. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 104.35.

Resistance level: 104.35, 104.70

Support level: 104.00, 103.65

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7445. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.7400.

Resistance level: 0.7445, 0.7480

Support level: 0.7400, 0.7365

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the higher level.  MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.7015.

Resistance level: 0.7090, 0.7175

Support level: 0.7015, 0.6960

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.2815. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2770.

Resistance level: 1.2810, 1.2855

Support level: 1.2770, 1.2715

USDCHF, H1: USDCHF was traded higher following prior breakout above the previous resistance level at 0.8895. MACD which display bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.8945.

Resistance level: 0.8945, 0.8985

Support level: 0.8895, 0.8870

CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level at 45.50. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 44.65.

Resistance level: 45.50, 46.65

Support level: 44.65, 43.95

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1859.95. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term toward the lower level.

Resistance level: 1870.15, 1883.65

Support level: 1859.95, 1844.50

08 December 2020                            Morning Session Analysis

Dollar slumped amid stimulus hopes.

The Dollar index which traded against a basket of six major currency slumped on Monday amid the spiking numbers of the Covid-19 cases and hopes upon the new Covid-19 U.S. stimulus deal had sapped the market demand on the US Dollar. According to the latest data, the Covid-19 infections from the U.S. region had notched up more than 173,000 people on yesterday, which dialled down market optimism toward the economic progression in the United States following some of the Covid-19 restrictions were imposed. Though, as for now market participants would continue to scrutinize the latest updates with regards of the Covid-19 vaccine development in order to receive further trading signal. Besides, the US Dollar extend its losses amid the hopes upon the U.S. stimulus plan emerged. According to Reuters, the White House economic adviser Larry Kudlow on Monday claimed that another round of stimulus funding to deal with deadly Covid-19 pandemic are getting closer to agreement. In fact, investors speculated that the Federal Reserve would continue to expand its quantitative easing programme later in this month, which spurring further negative prospect for the US Dollar. As of writing, the Dollar Index depreciated 0.19% to 90.80.

In the commodities market, the crude oil price was surged 0.07% to $45.85 per barrel as of writing amid positive development of the Covid-19 vaccine had spurred market optimism toward the oil demand in future. On the other hand, the gold price appreciated by 0.04% to $1863.35 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                       Market                  Event

20:00                     USD                                        EIA Short-Term Energy Outlook

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 90.45. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 91.80, 94.05

Support level: 90.45, 89.10

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3405. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3330.

Resistance level: 1.3405, 1.3490

Support level: 1.3330, 1.3250

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2165. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2075.

Resistance level: 1.2165, 1.2230

Support level: 1.2075, 1.1985

USDJPY, Daily: USDJPY was traded within a range while currently testing the resistance level at 104.50. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 104.50, 105.95

Support level: 103.10, 101.25

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7435. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7435, 0.7680

Support level: 0.7135, 0.6825

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6930. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7160, 0.7345

Support level: 0.6930, 0.6755

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, Daily: USDCHF was traded lower while currently near the support level at 0.8815. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9095, 0.9325

Support level: 0.8815, 0.8585

CrudeOIL, Weekly: Crude oil price was traded higher following prior breakout above the previous resistance level at 41.65. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 50.05.

Resistance level: 50.05, 60.65

Support level: 41.65, 33.35

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1864.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1864.10, 1888.30

Support level: 1840.35, 1811.45

07 December 2020                            Afternoon Session Analysis

Dollar extend loss on disappointing jobs data and U.S stimulus.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have continue to extend its previous losses and fell as downbeat U.S. jobs data raised expectations of fresh economic stimulus measures. According to the US Bureau of Labor Statistics, non-farm payrolls grew by 245,000, much smaller than market expectation of 469,000. The reading was also the smallest gains recorded since May. On the other hand, unemployment rate eased to 6.7%, below market forecast of 6.8. The data suggested that job recovery is losing momentum as the U.S. continues to battle a third wave of COVID-19 cases. Investors are also increasing their expectation that the disappointing data will be a catalyst for Congress to pass the latest round of stimulus measures to aid the economic recovery. As of now, the U.S Congress has until Dec. 11 to pass the measures to avoid a government shutdown. At the time of writing, dollar index slips 0.03% to $90.63.

In the commodities market, crude oil price held steady and edge higher 0.06% to $46.06 per barrel as of writing as market remains hopeful on recovering economic and demand outlook. Oil price continue to rose on optimism that energy demand wold recover quickly next year as Covid-19 vaccines are rolled out. Besides that, reports of increasing demand in Asia and North Sea market also help providing support for the commodity. On the other hand, gold price rose 0.07% to $1838.33 a troy ounce at the time of writing amid dollar weakness and progress on U.S stimulus help driving the demand for the yellow metal.

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 higher following prior rebound from the support level at 90.60. MACD which illustrate bullish bias momentum suggest the dollar to extend its gains toward the resistance level at 91.10.

Resistance level: 91.10, 91.45

Support level: 90.60, 90.15

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3470. MACD which illustrates bearish momentum signal 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 higher while currently testing the resistance level at 1.2135. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2135, 1.2175

Support level: 1.2105, 1.2045

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 104.00. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 104.35, 104.70

Support level: 104.00, 103.65

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7445. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 0.7400.

Resistance level: 0.7445, 0.7480

Support level: 0.7400, 0.7365

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7090. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.7015.

Resistance level: 0.7090, 0.7175

Support level: 0.7015, 0.6960

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2810. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2750.

Resistance level: 1.2810, 1.2855

Support level: 1.2750, 1.2715

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.8895. MACD which display bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.8945.

Resistance level: 0.8945, 0.8985

Support level: 0.8895, 0.8870

CrudeOIL, H1: Crude oil price was traded lower while currently testing the bottom level of upward channel. MACD which illustrate diminishing bearish momentum signal suggest the commodity to undergo technical rebound toward higher level.

Resistance level: 46.65, 48.20

Support level: 45.55, 44.65

GOLD_, H1: 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, 1855.95

Support level: 1830.65, 1815.50

07 December 2020                          Morning Session Analysis

Pound plunged as likelihood of Soft-Brexit faded.

Pound sterling which act as one of the major currencies that being traded in the FX market fall as market participants question over the progress of Brexit trade talks while fleeing away from pound market at the moment in order to avoid any unprecedented risks. During the trade talks on last weekend, European Union and British negotiators paused talks for the post-Brexit trade deal after failing to resolve the divergences to seal a deal. According to Michel Barnier’s statement, he revealed that significant opinion differences between UK and EU on level of playing field, governance and fisheries are still the important factors that blocking the agreement to be met. Afterwards, both negotiators decided to brief their leaders and planning to find a new impetus to break the deadlock. As of now, UK Prime Minister Boris Johnson and EU President Ursula von der Leyen instructed their negotiator to resume the trade talks again in order to achieve consensus before the end of the transition period on 31^st December 2020. As time running short, the likelihood of securing a deal become unlikely, while the pound market sentiment turned dim. During Asian trading session, the pair of GBP/USD dropped 0.15% to 1.3415.

In the commodities market, the crude oil price surged by 0.26% to $46.30 per barrel as OPEC+ compromise over the oil production cuts continued cheering up this black commodity market sentiment. In the OPEC meeting, OPEC and its allies agreed to extend their production cuts plan by 7.2 million per day starting from next year. Besides, gold price depreciated by 0.11% to $1834.95 a troy ounce amid recent positive vaccines development news urged investors to seek for riskier asset.

Today’s Holiday Market Close

Time                     Market                 Event

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Today’s Highlight Events

Time                     Market                 Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 90.60. MACD which illustrate bullish bias momentum suggest the dollar to extend its gains toward the resistance level at 91.10.

Resistance level: 91.10, 91.45

Support level: 90.60, 90.15

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3470. MACD which illustrates bearish momentum signal 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 following prior breakout below the previous support level at 1.2135. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2105.

Resistance level: 1.2135, 1.2175

Support level: 1.2105, 1.2045

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

Resistance level: 104.35, 104.70

Support level: 104.00, 103.65

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7445. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7400.

Resistance level: 0.7445, 0.7480

Support level: 0.7400, 0.7365

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7090. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.7015.

Resistance level: 0.7090, 0.7175

Support level: 0.7015, 0.6960

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2810. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2750.

Resistance level: 1.2810, 1.2855

Support level: 1.2750, 1.2715

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.8895. MACD which display bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.8945.

Resistance level: 0.8945, 0.8985

Support level: 0.8895, 0.8870

CrudeOIL, H1: Crude oil price was traded lower while currently testing the bottom level of upward channel. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it successfully breakout below the bottom level of upward channel.

Resistance level: 46.65, 48.20

Support level: 45.55, 44.65

GOLD_, H1: 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, 1855.95

Support level: 1830.65, 1815.50

04 December 2020                            Afternoon Session Analysis

Pound soars on reports of progress on fisheries.

The pound sterling which traded against the dollar and other currency pairs continue to extend its gains during late Asian session after reports of U.K and EU have made progress on fishing quotas. According to sources, U.K and EU have reported to found a compromise on fishing quotas. Under the proposal, U.K. would hold onto increased stocks of fish that are sold in the U.K., while the EU will keep similar quotes of stock that are popular in the EU but not in the U.K. As the end of the transition period on Dec 31 is getting near, the positive progress after a months-long stalemate have returned hopes of a post-Brexit deal, thus spurring huge demand for the pound sterling. Still, investors will continue to remain focus as there is still other issues such as level playing field and governance that may also affect the direction of the Brexit deal. At the time of writing, GBP/USD rose 0.03% to 1.3445.

In the commodities market, crude oil price jumped 1.64% to $46.32 per barrel as of writing as market continue to buy in over OPEC compromise. The black commodity continue to experience huge demand after Organization of the Petroleum Exporting Countries and allies (OPEC+) agreed at Thursday’s ministerial meeting to ease production cuts by 500,000 barrels per day (bpd) from January 2021. On top of that, positive vaccine outlook also help to push the price higher. On the other hand, gold price remains steady and rose 0.03% to $1840.55 a troy ounce at the time of writing amid ongoing 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

Technical Analysis

DOLLAR_INDX, Weekly: Dollar index was traded lower while currently testing the support level at 90.10. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 91.75, 94.05

Support level: 90.10, 88.05

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3485. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3295.

Resistance level: 1.3485, 1.3645

Support level: 1.3295, 1.3125

EURUSD, H1: EURUSD was traded within a range while currently testing the resistance level at 1.2150. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term.

Resistance level: 1.2150, 1.2200

Support level: 1.2080, 1.2030

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 103.85. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 104.30, 104.65

Support level: 103.85, 103.15

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 0.7570.

Resistance level: 0.7570, 0.7780

Support level: 0.7370, 0.7130

NZDUSD, Weekly: NZDUSD was traded higher while currently testing the resistance level at 0.7110. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7110, 0.7340

Support level: 0.6905, 0.6760

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2845. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2925, 1.3025

Support level: 1.2845, 1.2735

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.8980. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.8980, 0.9090

Support level: 0.8860, 0.8710

CrudeOIL, Weekly: Crude oil price was traded higher following prior breakout above the previous resistance level at 50.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 50.05.

Resistance level: 50.05, 61.85

Support level: 41.75, 33.45

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1829.30. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1857.55, 1891.30

Support level: 1829.30, 1808.40

04 December 2020                            Morning Session Analysis

Dollar heads south ahead of NFP data.

Dollar index which gauges its value against a basket of six major currencies was traded lower while hitting the lowest level in more than two years while market participants are shifting their attention to the upcoming NFP data. Amidst the second wave of pandemic, few of the US states government including Michigan and California re-implemented stricter measure such as halting restaurant from providing dining services and encouraging people to work from home in order to curb the fast-spreading virus. The implementation of control orders in US have further deteriorated the recovery of economy as part of the economic activities was forced to halt under the latest rules restriction. At the same time, it is in an urgent to have an optimal stimulus plan for the current US economy, and yet a bipartisan relief package which worth $908 billion was failed to pass through the US government. With a backdrop of easing over the likelihood of a new stimulus package could be implemented within a short time of period, US economy are expected to continue struggling under the shadow of Covid-19 which could be clearly seen in the recent economic data. Therefore, the crucial job data, Nonfarm Payroll would provide a clearer signal for investors to gauge the further action of Federal Reserve in the upcoming monetary policy meeting. During Asian early trading session, dollar index drops 0.47% to 90.70.

In the commodities market, the crude oil price appreciated by 0.20% to $45.80 per barrel after OPEC+ and its allies agreed to extend its plan with a smaller amount of production’s cut beginning in January. After days of meeting, OPEC and non OPEC allies decided to increase their production by 500,000 barrels per day, which bring the total productions cuts at the beginning of 2021 to 7.2 million bpd. Besides, gold price rose 0.02% to $1841.10 a troy ounce while market are awaiting for tonight’s NFP data.

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, Daily: Dollar index was traded lower following prior breakout below the previous support level at 91.95. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses toward the support level at 90.15.

Resistance level: 91.95, 94.40

Support level: 90.15, 88.85

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.3430. However, MACD which illustrates bearish bias momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.3465, 1.3500

Support level: 1.3430, 1.3390

EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.2175. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2130.

Resistance level: 1.2175, 1.2215

Support level: 1.2130, 1.2065

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 103.90. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 103.65.

Resistance level: 103.90, 104.20

Support level: 103.65, 103.20

AUDUSD, H4: AUDUSD was traded higher while currently testing the top level of upward channel However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short term.

Resistance level: 0.7480, 0.7540

Support level: 0.7405, 0.7330

NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.7075. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7100, 0.7140

Support level: 0.7075, 0.7045

USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.2845. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.2885.

Resistance level: 1.2885, 1.2920

Support level: 1.2845, 1.2805

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8895. However, MACD which display diminishing bearish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 0.8940, 0.8985

Support level: 0.8895, 0.8860

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 45.50. MACD which display bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 46.30.

Resistance level: 46.30, 47.25

Support level: 45.50, 44.65

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1830.50. MACD which display diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1845.60.

Resistance level: 1845.60, 1857.30

Support level: 1830.50, 1816.00

03 December 2020                            Morning Session Analysis

Pound plunged amid likelihood of Brexit deal faded.

Pound sterling which act as one of the major currency in the FX market seesawed amid mixed market sentiment. Early yesterday, pound received tremendous sell-off pressures after EU Chief Brexit negotiator Michel Barnier told the 27 national envoys to Brussels today as divergences in Brexit talks persisted. Besides, a diplomat who was attended the close door briefing have also revealed that the differences opinion over the three major issues remains unsolved, which including level of fair playing field, fisheries and approaches to solving future disputes. Michel Barnier has also warned that UK should show more tolerance in negotiation as the deal needs to be sealed by the end of this week. With the backdrop of talks impasses, heightening of Hard-Brexit possibility increased the market worries over the future outlook of UK economy, as leaving without a deal might further deteriorate UK economy on top of the virus’s fallout. Despite, the losses of pound was limited as UK regulators has granted emergency authorization for a vaccine made by US pharmaceutical company Pfizer and German drug manufacturer BioNtech. UK has become the first western country to authorize the use of Covid-19 vaccine. As of writing, the pair of GBP/USD rose 0.07% to 1.3375.

In the commodities market, the crude oil price ticked up by 0.24% to $45.15 per barrel after falling for 2.50% percent amid a lower-than-expected drop in US crude oil inventories. According to EIA, US Crude Oil Inventories data was came in at -0.679M, lower than the economist expectation over the stocks fell at -2.358M. However, UK vaccine approval has successfully reversed the losses of this oil product as it boosted the hopes for a demand recovery. Besides, gold price dropped 0.07% to $1829.65 a troy ounce after UK approved the vaccines which produced by Pfizer and BioNtech.

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 91.00. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses after it successfully breakout below the support level at 91.00.

Resistance level: 91.20, 91.50

Support level: 91.00, 90.75

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.3350. MACD which illustrates increasing bullish momentum suggest the pair to extend its rebound toward the resistance level at 1.3390.

Resistance level: 1.3390, 1.3430

Support level: 1.3350, 1.3320

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2065. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.2130.

Resistance level: 1.2130, 1.2175

Support level: 1.2065, 1.1990

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 104.40. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 104.40.

Resistance level: 104.65, 104.90

Support level: 104.40, 104.20

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7405. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7480.

Resistance level: 0.7480, 0.7540

Support level: 0.7405, 0.7330

NZDUSD, H1: NZDUSD was traded higher while currently testing the resistance level at 0.7075. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7075.

Resistance level: 0.7075, 0.7100

Support level: 0.7045, 0.7010

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2920. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after its candle successfully closed below the support level.

Resistance level: 1.2950, 1.2995

Support level: 1.2920, 1.2885

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8940. MACD which display bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 0.8940.

Resistance level: 0.8980, 0.9020

Support level: 0.8940, 0.8895

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 44.65. MACD which display diminishing bullish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 44.65.

Resistance level: 45.50, 46.30

Support level: 44.65, 44.00

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1816.00. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1833.65, 1845.60

Support level: 1816.00, 1802.25

03 December 2020                            Afternoon Session Analysis

Dollar extend losses as vaccine optimism dominates.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have reached 2 year low and continue to extend its downfall following the expectation of beginning COVID-19 vaccinations would support riskier assets. On vaccine development, U.K have approved a COVID-19 vaccine developed by Pfizer and BioNTecH. U.K also stated that they will start vaccinating those most at risk early next week. It is also expected that other countries such as France will follow suit. With expectation of mass vaccination starting, investors are slowly regaining its confidence that the global economic outlook could recover to its previous level. At the same time, U.S stimulus also continue to weigh on the sentiment where investors expect lawmakers to reach a deal eventually with the two parties also facing a Dec. 11 deadline to pass a $1.4 trillion budget or risk a shutdown of the government. At the time of writing, dollar index fell 0.12% to $90.93.

In the commodities market, crude oil price held steady and gains 0.67% to $45.20 per barrel at the time of writing following vaccine and Saudi Arabia. According to data, OPEC kingpin Saudi Arabia exporting its least to U.S. shores in 35 years in a strident enforcement of the cartel’s production with just 73,000 barrels a day. On top that, U.K’s approval of vaccine also help lifting up the commodity sentiment where demand outlook is expected to recover. On the other hand, gold price recovers 0.09% to $1829.09 a troy ounce at the time of writing following dollar weakness and prospect of 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, Daily: Dollar index was traded lower following prior breakout below the previous support level at 91.75. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.10.

Resistance level: 91.75, 94.05

Support level: 90.10, 88.05

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.3390. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3390, 1.3435

Support level: 1.3305, 1.3265

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2055. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2160.

Resistance level: 1.2160, 1.2230

Support level: 1.2055, 1.1955

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 104.65. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 104.30.

Resistance level: 104.65, 104.95

Support level: 104.30, 103.85

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7410. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7410, 0.7495

Support level: 0.7325, 0.7220

NZDUSD, Weekly: NZDUSD was traded higher while currently testing the resistance level at 0.7110. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7110, 0.7340

Support level: 0.6905, 0.6760

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3060. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2835.

Resistance level: 1.3060, 1.3365

Support level: 1.2935, 1.2625

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8925. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.8980, 0.9035

Support level: 0.8925, 0.8855

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 50.05.

Resistance level: 50.05, 61.85

Support level: 41.75, 33.45

GOLD_, H4: Gold price was traded breakout above the previous resistance level at 1826.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1853.10, 1888.85

Support level: 1826.25, 1802.90

02 December 2020                            Afternoon Session Analysis

Aussie surged amid upbeat economic data.

The Australian Dollar surged over the backdrop of the upbeat economic data on the early morning. According to Australian Bureau of Statistics, the Australia Gross Domestic Product (GDP) for last quarter had notched up significantly from the previous reading of -7.0% to 3.3%, exceeding the market forecast at 2.6%. Besides that, the riskier currencies such as the Australian Dollar received further bullish momentum amid the risk-on sentiment which pertaining the prospects of a global economic recovery. As for now, investors remained optimism upon the Covid-19 vaccine would able to combat the rising Covid-19 cases and boost up the economic recovery. According to Reuters, Pfizer Inc and Germany’s BioNTech SE sought emergency approval of their vaccine candidate from the European regulator on Tuesday. Meanwhile, Competitor Moderna Inc also applied for emergency approval from the European regulator on Tuesday. 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 pair. As of writing, AUD/USD surged 0.13% to 0.7375.

In the commodities market, the crude oil price slumped 0.45% to $44.05 per barrel as of writing. The oil market edged lower amid uncertainty as to whether the Organization of the Petroleum Exporting Countries and allies (OPEC+) would extend its production cuts into 2021. Nonetheless, investors would continue to await further indicator from OPEC+ in order to receive further trading signal. On the other hand, the gold price slumped 0.30% to $1809.90 per troy ounces as of writing amid accelerating risk appetite in the FX market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:00                  USD                    Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Weekly: Dollar index was traded lower following prior breakout below the previous support level at 91.75. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.10.

Resistance level: 91.75, 94.05

Support level: 90.10, 88.05

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3440, 1.3585

Support level: 1.3305, 1.3120

EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.2095. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2095, 1.2150

Support level: 1.2030, 1.1985

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 104.30. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 104.65, 104.95

Support level: 104.30, 103.85

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7325. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7405.

Resistance level: 0.7405, 0.7495

Support level: 0.7325, 0.7220

NZDUSD, Weekly: NZDUSD was traded higher while currently testing the resistance level at 0.7110. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7110, 0.7340

Support level: 0.6905, 0.6760

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2930. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3025, 1.3090

Support level: 1.2930, 1.2845

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8980. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9090, 0.9185

Support level: 0.8980, 0.8860

CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level at 44.70. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 45.50, 46.20

Support level: 44.60, 43.70

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1816.95. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1803.15.

Resistance level: 1816.95, 1835.95

Support level: 1803.15, 1781.25

02 December 2020                            Morning Session Analysis

Dollar plunged as stimulus hopes faded.

Dollar index which gauges its value against a basket of six major currencies sank after McConnell shoots down the bipartisan $908 billion relief plan yesterday. Recently, a group of bipartisan group of senators have introduced a Covid-19 aid proposal which worth about $908 billion, with an aim to break the impasses over emergency relief plan for curbing the fallout of pandemic. In details, the plan was mainly aimed to provide monetary form of support to small business and local government, but would not include direct payment to Americans. However, the plan has been rejected by the Senate majority Leader Mitch McConnell while emphasizing that they are now currently running out of time for a coronavirus relief plan as government will shut down at 11^th Dec. Besides, Mitch McConnell also revealed that he is seeking for a better proposal of stimulus plan as Congressional inaction has slowdown the US economy recovery pace. As of now, investors are putting their attention over the news on further stimulus plan’s talks in order to gauge the further direction of dollar index. As of writing, dollar index dropped 0.74% to 91.20.

In the commodities market, the crude oil price depreciated by 0.14% to $44.35 per barrel amid a stockpiles in US oil inventory. According to the API, US Crude Oil Inventories data came in at 4.146M, unexpectedly higher than the economist forecast at -2.272M, lifting the market worries over the unbalancing of oil market. Besides, gold price rose 0.10% to 1814.20 per troy ounce amid stalemate of stimulus plan in US.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:00                  USD                    Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior breakout below the previous support level at 91.20. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses toward the support level at 91.00.

Resistance level: 91.20, 91.50

Support level: 91.00, 90.75

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.3230. However, MACD which illustrates diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the support level at 1.3390.

Resistance level: 1.3430, 1.3465

Support level: 1.3390, 1.3350

EURUSD, H4: EURUSD was traded lower while currently testing the resistance level at 1.2065. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2065, 1.2130

Support level: 1.1990, 1.1935

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 104.40. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 104.20.

Resistance level: 104.40, 104.65

Support level: 104.20, 103.90

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7330. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7405.

Resistance level: 0.7405, 0.7480

Support level: 0.7330, 0.7265

NZDUSD, H1: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7045. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7075.

Resistance level: 0.7075, 0.7100

Support level: 0.7045, 0.7010

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2950. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2920.

Resistance level: 1.2950, 1.2995

Support level: 1.2920, 1.2885

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8990. MACD which display diminishing bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 0.8990.

Resistance level: 0.9035, 0.9080

Support level: 0.8990, 0.8930

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 44.05. MACD which display diminishing bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 44.05.

Resistance level: 44.65, 45.50

Support level: 44.05, 43.35

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1816.00. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1802.25.

Resistance level: 1816.00, 1833.65

Support level: 1802.25, 1789.75

01 December 2020                            Afternoon Session Analysis

Dollar recovers on monetary easing hopes.

During late Asian session, the dollar index which traded against a basket of six major currency pairs have recover some of its losses and rebound following expectation of more monetary easing measures from Fed provided a boost for the greenback. Recent encouraging data from COVID-19 vaccine developers have driven investors towards riskier currencies and higher-yielding assets outside the U.S which have led to a shortage of dollars. Fed Chairman Jerome Powell will testify before Congress later in the day and on Wednesday, ahead of the central bank’s policy meeting on Dec. 15 and 16. Investors remain hopeful with expectations that Fed will step in to boost the economy. Dallas Fed President Robert Kaplan recently stated that the central bank is open-minded about shifting or expanding its bond buying program but have yet determine the time for the plan. At the time of writing, dollar index rose 0.03% to 91.78.

In the commodities market, crude oil price slips 0.04% to $44.99 per barrel at the time of writing amid OPEC talks delayed which raised supply concerns. According to sources from Reuters, OPEC+ delayed their talks on output policy for next year until Thursday as key players were still in disagreement on how much oil they should pump amid weak demand. On the other hand, gold price remains weak and edge lower 0.11% to $1781.98 a troy ounce at the time of writing as risk sentiment remain high on vaccine news.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

11:30                  AUD                   RBA Rate Statement

23:00                  USD                    Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 91.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 94.00, 95.85

Support level: 91.75, 90.15

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.3310. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3390.

Resistance level: 1.3390, 1.3475

Support level: 1.3310, 1.3220

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1925. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1970.

Resistance level: 1.1970, 1.2010

Support level: 1.1925, 1.1885

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 104.30. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 104.65.

Resistance level: 104.65, 104.95

Support level: 104.30, 103.85

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7405. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7320.

Resistance level: 0.7405, 0.7495

Support level: 0.7320, 0.7220

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7035. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7035, 0.7110

Support level: 0.6915, 0.6820

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2960. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3030.

Resistance level: 1.3030, 1.3095

Support level: 1.2960, 1.2875

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9035. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9065, 0.9095

Support level: 0.9035, 0.9010

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 45.50. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 44.60.

Resistance level: 45.50, 46.20

Support level: 44.60, 43.70

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1784.25. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1784.25, 1806.45

Support level: 1762.45, 1740.65

30 November 2020                           Afternoon Session Analysis

China’s data propelled market optimism.

Australian and New Zealand dollar extended its gains during Asian trading session following the release of economic data from China. For the month of November, China’s Manufacturing PMI rose to 52.1, substantially higher than forecast of 51.5. The data shows that China’s industrial activity expanded at its fastest pace in more than three years, keeping track to be the first major economy to fully recover from coronavirus crisis. However, surging infections and fresh lockdowns in many of China’s key trading partners may damp the demand for Chinese exports. The data has refreshed the demand for China-reliant currencies such as Australia and New Zealand dollar. As of writing, the pair of AUD/USD was up 0.20% to 0.7399 while NZD/USD rose 0.26% to 0.7041. On the other hand, Trump administration announced their decision to add China’s top chipmaker SMIC and national offshore oil and gas producer CNOOC to defense blacklist. The decision was made after US accuses both companies to have possible ties with China’s military while citing the motive to be a national security concern. The announcement escalated tensions with Beijing week before President-elect Joe Biden assumes office. As of writing, pair of USD/JPY slumped 0.19% to 103.87.

In the commodities market, crude oil price slumped 0.79% to $45.20 per barrel. Oil futures continues to retreat from its previous high levels following risk aversion in the market due to escalating US-China tensions. On the other hand, gold price depreciates by 0.30% to $1,782.22 a troy ounce as imminent vaccine approval in major economies such as US and UK invigorated market’s demand for equities.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                      EUR                       ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Weekly: Dollar index was traded lower following prior closure below 91.85. MACD which begins to form bearish signal suggests the index to extend its losses to 90.25.

Resistance level: 91.85, 94.30

Support level: 90.25, 88.75

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which portrays diminished downward momentum suggests the pair to extend its gains towards the resistance level of 1.3390.

Resistance level: 1.3390, 1.3500

Support level: 1.3275, 1.3190

EURUSD, H4: EURUSD was traded higher following prior closure above 1.1950. MACD which illustrate bullish signal suggest the pair to extend its gains towards 1.2000.

Resistance level: 1.2000, 1.2065

Support level: 1.1950, 1.1890

USDJPY, H4: USDJPY was traded lower following prior retrace from its prior resistance level. MACD which illustrate bearish signal suggests the pair to extend its losses towards the support of 103.65.

Resistance level: 104.15, 104.65

Support level: 103.65, 103.20

AUDUSD, H1: AUDUSD was traded higher following prior closure above 0.7390. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7430, 0.7480

Support level: 0.7390, 0.7325

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.7050.

Resistance level: 0.7050, 0.7140

Support level: 0.6965, 0.6885

USDCAD, H4: USDCAD was traded lower following prior retrace from its higher level. MACD which begins to form bearish signal suggests the pair to extend its losses after closing below 1.2965.

Resistance level: 1.3045, 1.3100

Support level: 1.2965, 1.2890

USDCHF, H4: USDCHF was traded lower while currently testing near 0.9035. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 0.9070, 0.9095

Support level: 0.9035, 0.9005

CrudeOIL, H1: Crude oil price was traded lower following prior retrace from its higher level. MACD which begins to form bearish signal suggest its price to extend its losses after closing below 44.70.

Resistance level: 46.05, 47.00

Support level: 44.70, 43.30

GOLD_, Daily: Gold price was traded lower while currently testing near 1772.00. MACD which illustrate bearish signal suggest its price to extend its losses after closing below the support level.

Resistance level: 1842.95, 1930.75

Support level: 1772.00, 1701.00

30 November 2020                           Morning Session Analysis

Dollar slumped amid risk-on sentiment.

The Dollar Index which traded against a basket of six major currencies slumped amid the positive Covid-19 vaccine development and also Biden’s victory in the U.S. Presidential election had signalled a better international relations toward more favourable global trade conditions, which spurring risk appetite in the FX market while prompting investors to selloff the safe-haven US Dollar and shifting their portfolio toward riskier asset. Besides, US Dollar received further bearish momentum amid investors speculated that the Federal Reserve would expand its QE programme during the FOMC meeting at 16^th December 2020 if the economic outlook deteriorates further due to the Covid-19 restrictions. On the Covid-19 front, the U.S. had reported an all-time high of 205,460 new Covid-19 cases in single day on last Friday, according to data from the New York Times. On average, the country has reported more than 162,000 cases a day for the last week. As of writing, the US Dollar Index depreciated by 0.04% to 91.75.

In the commodities market, the crude oil price slumped 1.31% to $45.05 per barrel as of writing. The oil market edged lower in today’s early trading session following the OPEC and allies led by Russia claimed that they have yet to reach any consensus on oil output policy for 2021, after an initial round talks on Sunday. Nonetheless, investors would continue to scrutinize the latest update with regards of the OPEC crucial meetings on Monday and Tuesday in order to gauge the likelihood movement for the commodity. On the other hand, the gold price slumped 0.04% to $1787.30 per troy ounces as of writing amid risk-on sentiment in the FX market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 91.75. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 94.00, 95.85

Support level: 91.75, 90.15

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3310. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3400, 1.3475

Support level: 1.3310, 1.3220

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1970. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1970, 1.2010

Support level: 1.1925, 1.1885

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 103.85. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 104.30.

Resistance level: 104.30, 104.65

Support level: 103.85, 103.15

AUDUSD, H1: AUDUSD was traded higher while currently near the resistance level at 0.7415. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7415, 0.7475

Support level: 0.7365, 0.7320

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7035. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.7035, 0.7110

Support level: 0.6915, 0.6820

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2960. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3030, 1.3095

Support level: 1.2960, 1.2875

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9035. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9065, 0.9095

Support level: 0.9035, 0.9010

CrudeOIL, H1: Crude oil price was traded lower while currently near the support level at 44.60. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 46.15, 47.85

Support level: 44.55, 42.90

GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1787.30. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1815.55, 1835.15

Support level: 1787.30, 1761.80