Daily Analysis

27 November 2020                           Afternoon Session Analysis

Yen gains amid Japan’s stimulus extension.

During late Asian session, the Japanese Yen continue to extend its gains against the dollar and other currency pairs following Japanese government’s announcement on coronavirus (COVID-19) relief stimulus. According to Reuters, Yoshihide Suga-led government stated that it will extend its compensation scheme for firms that impacted by COVID-19 to February. The deadline for the scheme was to expire in December previously. At the same time, the safe-haven Yen also boosted further by AstraZeneca’s vaccine scepticism. AstraZeneca Plc and the University of Oxford face mounting questions about their Covid-19 vaccine trial results after acknowledging a manufacturing error. The details released by the company have now sparked concerns, with some expressing doubts about whether U.S. regulators would clear it. At the time of writing, USD/JPY slips 0.17% to 104.06.

In the commodities market, crude oil price mixed but remains steady and rose 0.47% to $45.00 per barrel at the time of writing. As of now, concerns about oversupply and doubts towards vaccine have started to give pressure towards the commodity. Despite that, overall sentiment remains supported by market optimism on OPEC plans to extend output cut and recovering demand outlook. On the other hand, gold price remains lingering and slips 0.07% to $1808.02 a troy ounce at the time of writing as risk-off mood remains low following market optimism.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

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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 higher following prior rebound from the support level at 1.3310. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3400.

Resistance level: 1.3400, 1.3475

Support level: 1.3310, 1.3220

EURUSD, H1: EURUSD was traded higher while currently near the resistance level at 1.1925. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1925, 1.1965

Support level: 1.1885, 1.1855

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 104.30. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 103.85.

Resistance level: 104.30, 104.65

Support level: 103.85, 103.15

AUDUSD, H1: AUDUSD was traded within a range while currently testing the resistance level at 0.7365. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7365, 0.7415

Support level: 0.7320, 0.7270

NZDUSD, H4: NZDUSD was traded higher while currently near 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 while currently testing the resistance level at 1.3030. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance 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 0.9055. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9100, 0.9140

Support level: 0.9055, 0.8980

CrudeOIL, H1: Crude oil price was traded within a range while currently testing the support level at 44.80. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term.

Resistance level: 46.25, 47.85

Support level: 44.80, 42.95

GOLD_, H1: Gold price was traded within a range while currently testing the resistance level at 1815.60. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower toward the support level at 1782.00.

Resistance level: 1835.15, 1862.90

Support level: 1782.00, 1761.80

27 November 2020                         Morning Session Analysis

Dollar index lingered during Thanksgiving holiday.

Dollar index which gauges its value against a basket of six major currencies was traded flat near the lowest level in 3 months amid trading volume was relatively thin as US financial markets was closed for the Thanksgiving holiday. Nevertheless, heightening of Covid-19 cases in US still riding on the market sentiment of US dollar, pressuring the dollar from recovering its losses. According to the Worldometer Statistics, the number of total confirmed cases in US has breakthrough the threshold of 13 million, while the death tolls has risen close to 270k since the outbreak of Covid-19. With the backdrop of pandemic’s exacerbating, US economy failed to reignite from the fallout of virus which have been shown by the recent economic data, such as an obvious spike up in Initial Jobless Claims data. In US labour market, the number of Americans filing for jobless benefits increased tremendously last week, indicating that the re-implementation of lockdown measures in some states have boosted up the layoff of company and undermining the labour market recovery. Besides, difficulties of transition as Trump refuses to concede power has increased the market concern over the political tensions in US. During Asian early trading session, dollar index rose 0.04% to 92.05.

In the commodities market, the crude oil price surged by 0.24% to $45.00 per barrel as this black commodity market sentiment remain scented backed by positive news of vaccine’s development. Besides, traders are putting all their attention over the upcoming OPEC+ meeting in order to gauge the further direction of oil price. Besides, gold price depreciated by 0.04% to $1809.00 a troy ounce amid weakening of dollar index.

Today’s Holiday Market Close

Time                     Market                 Event

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Today’s Highlight Events

Time                     Market                 Event

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.10. However, MACD which illustrate diminishing bearish momentum suggest the dollar to undergo technical rebound in short term.

Resistance level: 92.10, 92.55

Support level: 91.75, 91.45

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3385. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3255.

Resistance level: 1.3385, 1.3480

Support level: 1.3255, 1.3175

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1890. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical retracement toward the support level at 1.1890.

Resistance level: 1.1955, 1.2010

Support level: 1.1890, 1.1855

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 104.35. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 104.00.

Resistance level: 104.35, 104.70

Support level: 104.00, 103.65

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7375. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7330.

Resistance level: 0.7375, 0.7410

Support level: 0.7330, 0.7290

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6900. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7035.

Resistance level: 0.7035, 0.7175

Support level: 0.6900, 0.6760

USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.2995. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3055.

Resistance level: 1.3055, 1.3105

Support level: 1.2995, 1.2960

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9090. MACD which display bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9055.

Resistance level: 0.9090, 0.9110

Support level: 0.9055, 0.9030

CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 46.55. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 43.35.

Resistance level: 46.55, 49.60

Support level: 43.35, 41.40

GOLD_, Daily: Gold price was traded following prior breakout below the previous support level at 1855.95. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1796.20.

Resistance level: 1855.95, 1910.30

Support level: 1796.20, 1759.25

26 November 2020                           Afternoon Session Analysis

Pound surged while market await for Friday talks.

Pound sterling which acting as one of the major trading currency in FX market managed to extend its rally while hitting its highest level in three months early morning today and yet market participants are still focus on the upcoming negotiation between UK and EU. Yesterday, European Commission President Ursula von der Leyen revealed that ‘coming days will be decisive for Brexit negotiation as crucial differences between both parties remains. Moreover, Ursula von der Leyen also reiterated that she cannot promise if any deal could be sealed by this week, as the disagreement including the level of playing field, the enforcement of any agreement and fisheries issue are still threatening the consensus between two sides. On the other hand, EU Chief Negotiator Michel Barnier has warned the UK negotiators that EU will pull out from the Brexit negotiations in London this weekend if without a major shift by UK within these two days. Such a warning statement from EU has lifted up the market pessimism against a Brexit deal, while urging the market participants to speculate the possibility of Hard-Brexit. As of now, the pair of GBP/USD ticked up by 0.05% to 1.3388.

In the commodities market, the crude oil price appreciated by 0.33% to $46.10 per barrel despite oil rig counts rise in US. According to Baker Hughes, the number of oil rigs in US rose by 10 to 241 in total, however it still fails to stop the rally of oil price as this black commodity market is still riding on the positive news of vaccine’s development. Besides, gold price rose by 0.06% to $1809.10 a troy ounce amid exacerbating of pandemic in globally.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                                        Thanksgiving Day

Today’s Highlight Events

Time                       Market                  Event

19.30                     EUR                                        ECB Publishes Account of Monetary Policy Meeting

20.30                     EUR                                        ECB Monetary Policy Statement

Today’s Highlight Economic Data

N/A

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, 90.20

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3400. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

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 1.1930. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1930, 1.2005

Support level: 1.1875, 1.1815

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 104.25. 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, H1: AUDUSD was traded higher while currently testing the resistance level at 0.7370. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7370, 0.7415

Support level: 0.7320, 0.7270

NZDUSD, H4: NZDUSD was traded higher while currently near the resistance level at 0.7035. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7035, 0.7110

Support level: 0.6915, 0.6820

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3030. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3030, 1.3095

Support level: 1.2960, 1.2875

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9100. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9055.

Resistance level: 0.9100, 0.9140

Support level: 0.9055, 0.9030

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 46.25. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 46.25, 47.85

Support level: 44.80, 42.95

GOLD_, H1: Gold price was traded within a range while currently testing the resistance level at 1814.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1814.30, 1835.15

Support level: 1783.20, 1761.80

26 November 2020                            Morning Session Analysis

Dollar remains weak on FOMC minutes, mixed data.

The dollar index which traded against a basket of six major currency pairs continue to extend its loss to nearly three month low during early Asian session after meeting minutes displays sign of Fed to tweak its bond-buying and also weak economic data. According to the FOMC minutes, FOMC members have witness general economic progress but still believe that the more action is needed in order to get the economy back to pre-COVID levels. Besides that, members have also discussed a range of options on bond purchases to support the recovery which include increasing the pace of purchases or shifting focus to a longer duration of bonds. On top of that, mixed numbers on U.S economic data also adding further pressure for the downfall. U.S GDP for the third quarter have missed market expectation of 33.2% with the actual reading of 33.1%. At the same time, initial jobless claims have also rose to 778K compared to market expectation of 730K, which once again displayed a weakness in U.S jobs market. Although durable goods order and new house sales came in better than expected, overall sentiment remains fixated on the weaker side. At the time of writing, dollar index slips 0.25% to $91.95 at the time of writing.

In the commodities market, crude oil price have soared to the highest levels since March and rose 0.06% to $45.79 per barrel as of writing amid falling stockpiles and ongoing vaccine hopes that continue to drive the market. According to EIA, crude oil inventories for the week ended Nov 20 have fell by 754,000, better than market expectation of an increase about 127,000 barrels. At the same time, vaccine hopes continue to provide boost for the market rally as market raised their demand outlook forecast for 2021. On the other hand, gold price remains weak and fell 0.02% to $1807.54 a troy ounce at the time of writing as optimism on vaccine continue to batter safe-haven markets.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                      Thanksgiving Day

Today’s Highlight Events

Time                       Market                  Event

19.30                     EUR                       ECB Publishes Account of Monetary Policy Meeting

20.30                     EUR                       ECB Monetary Policy Statement

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 92.10. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the support level 91.00.

Resistance level: 92.10, 93.00.

Support level: 91.00, 90.15

GBPUSD, H4: GBPUSD was traded higher following recent rebound from its low level. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 1.3470.

Resistance level: 1.3470, 1.3605

Support level: 1.3295, 1.3150

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level 1.1890. MACD which illustrate ongoing bullish momentum suggest the pair to extend its gains towards the resistance level 1.1995.

Resistance level: 1.1995, 1.2125

Support level: 1.1890, 1.1760

USDJPY, H4: USDJPY was traded lower following prior retracement from high level while currently testing near the support level 104.25. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 105.10, 105.80

Support level: 104.25, 103.20

AUDUSD, H4: AUDUSD was traded higher following recent breakout above the previous resistance level 0.7330. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction back towards the level 0.7330.

Resistance level: 0.7410, 0.7480

Support level: 0.7330, 0.7200

NZDUSD, H4: NZDUSD was traded higher following recent breakout above the previous resistance level 0.6985. However, MACD which display diminishing bullish momentum signal suggest the pair to be traded lower as a short term technical correction back towards the level 0.6985.

Resistance level: 0.7055, 0.7155

Support level: 0.6985, 0.6910

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2995. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction in short term towards the resistance level 1.3105.

Resistance level: 1.3105, 1.3240

Support level: 1.2995, 1.2890

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9080. 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: 0.9190, 0.9295

Support level: 0.9080, 0.8990

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 46.20. MACD which illustrate persistent bullish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 46.20, 48.35

Support level: 43.95, 41.60

GOLD_, H4: Gold price was traded flat near the current resistance level after it recent breaks below the level. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher after it breaks back above the resistance level 1816.25.

Resistance level: 1816.25, 1853.90

Support level: 1790.25, 1751.10

25 November 2020                           Afternoon Session Analysis

Pound lingered while Brexit talks set to resume Friday.

Pound sterling which acting as one of the major trading currency in FX market was having mixed pattern while staying above the level at 1.3350 while market participants are still remain cautious toward the upcoming resumed talk on Friday. Last week, UK and EU talk was unable to bring up the major issue onto the table as a member of Barnier’s team had tested positive in Covid-19 swab test, forcing the negotiator from both sides to postpone their talks to this week. Recently, there have been numerous reports indicated that a deal could be secured by EU and UK, which have high possibility to end the threat of Hard-Brexit on 31^st December. Therefore, market participants are putting their attention over the further talks between UK and EU in order to determine their investment strategy as a Hard-Brexit may definitely drag down the value of pound whereas Soft-Brexit would benefited the single currency of pound. Yesterday, the Bank of England Governor Andrew Bailey has reiterated that a Brexit with no deal between UK and EU would exerted more damage to the UK economy over the long run than the pandemic. As of writing, the pair of GBP/USD rose 0.02% to 1.3359.

In the commodities market, the crude oil price appreciated by 1.38% to $45.52 per barrel as of writing amid encouraging news from vaccine’s development continue supporting the rally of oil price. However, majority of the investors are now eyeing on the upcoming OPEC+ meeting which may provide further sight of oil market’s demand outlook. Besides, gold price drop 0.28% to $1802.75 a troy ounce amid market risk on sentiment heightened.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                              GBP                                        Autumn Budget

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.15. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 91.75.

Resistance level: 92.15, 92.60

Support level: 91.75, 91.25

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3310. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3400, 1.3475

Support level: 1.3310, 1.3220

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1885. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1925.

Resistance level: 1.1925, 1.1965

Support level: 1.1855, 1.1810

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, H1: AUDUSD was traded higher while currently testing the resistance level at 0.7365. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7365, 0.7415

Support level: 0.7320, 0.7270

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6915. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6980, 0.7010

Support level: 0.6955, 0.6935

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3010. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2960.

Resistance level: 1.3010, 1.3095

Support level: 1.2960, 1.2875

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9100. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9140, 0.9175

Support level: 0.9100, 0.9055

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 44.75. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 46.25.

Resistance level: 46.25, 47.85

Support level: 43.35, 41.70

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1813.95. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1813.95, 1835.15

Support level: 1782.00, 1761.80

24 November 2020                            Morning Session Analysis

Dollar surge following upbeat PMI data.

During early Asian session, the dollar index which traded against a basket of six major currency pairs have strengthen and continue to advance following positive data. According to Markit Economics, U.S Manufacturing PMI unexpectedly jumped to 56.7, exceed market expectation of 53.0 and also previous reading of 53.4. At the same time, U.S Services PMI also unexpectedly increase to 57.7 from 56.9 and also higher than market expectation of 55.0. Both results are at the highest level since September 2014 and April 2015 respectively. The reports contained evidence of a coming uptick in inflation that could led Fed raising interest rates sooner than expected, thus triggering a huge reaction towards the greenback. Adding more into the positive sentiment was vaccine news where AstraZeneca also stated that its vaccine can be 90% effective without any serious side effect. At the time of writing, dollar index rose 0.14% to 92.52.

In the commodities market, crude oil price continue to extend its gains and climbs 0.33% to $42.96 per barrel as of writing following vaccine hopes. Following latest development, British-Swedish drug company AstraZeneca stated that its Covid-19 vaccine was 70% effective in protecting against the virus and could reach 90% on a second dose. AstraZeneca’s vaccine could also be stored in an ordinary refrigerator and is likely to be much cheaper than a rival vaccine from Pfizer. Ongoing positive news about vaccine continue to improve demand outlook for the commodity, thus continue to favour the buyers. On the other hand, gold price plunged 0.11% to $1837.16 a troy ounce at the time of writing, following strong dollar boosted by U.S data.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22.00                     EUR                       ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 92.10. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains towards the resistance level 93.00.

Resistance level: 93.00, 93.80

Support level: 92.10, 91.70

GBPUSD, H4: GBPUSD was traded lower following recent retracement from its high level while currently testing near the support level 1.3295. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement after it breaks below the support level.

Resistance level: 1.3470, 1.3605

Support level: 1.3295, 1.3150

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1890. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 1.1760.

Resistance level: 1.1890, 1.1995

Support level: 1.1760, 1.1615

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 104.25. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 105.10.

Resistance level: 105.10, 105.85

Support level: 104.25, 103.20

AUDUSD, H4: AUDUSD was traded lower following recent retracement from the resistance level 0.7340. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 0.7200.

Resistance level: 0.7340, 0.7410

Support level: 0.7200, 0.7105

NZDUSD, H4: NZDUSD was traded lower following recent retracement from its high level while currently testing near the support level 0.6910. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement after it breaks below the support level.

Resistance level: 0.6985, 0.7055

Support level: 0.6910, 0.6815

USDCAD, H4: USDCAD remain traded flat near the resistance level 1.3105. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1.3105, 1.3240

Support level: 1.2995, 1.2890

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9080. MACD which illustrate bullish bias signal with the recent formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.9190.

Resistance level: 0.9190, 0.9295

Support level: 0.9080, 0.8990

CrudeOIL, H4: Crude oil price was traded higher following recent rebound from the support level 41.60. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 43.95.

Resistance level: 43.95, 46.20

Support level: 41.60, 39.25

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1853.90. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses towards the support level 1814.40.

Resistance level: 1853.90, 1885.70

Support level: 1814.40, 1790.25

23 November 2020                           Afternoon Session Analysis

US Dollar slumped over the speculation on expansionary monetary policy.

The Dollar Index which gauge its value against a basket of six major currencies slumped on Monday amid the rash of coronavirus restrictions across the United States stoked speculation for the Federal Reserve to implement expansionary monetary policy further in order to boost up the economic progression in the United States, which diminishing market demand for the US Dollar. In addition, the impasses with regards of the Covid-19 economic stimulus plan remained between the U.S. Congress had added up probability further that the Federal Reserve could ease the monetary policy further. Nonetheless, investors would focus on the minutes of the U.S. Central Bank’s last policy meeting, which are due to be released on Wednesday to receive further trading signal for the US Dollar. Besides, millions of Americans are expected to ignore the warning of staying home for the upcoming Thanksgiving holidays, which spurring fears that mass movement could further increase the number of the Covid-19 cases in the United States. Nonetheless, positive news with regards on the Covid-19 vaccines had dialled up some market optimism toward the economic outlook in the United States, which limiting the losses experienced by the US Dollar. As of writing, the Dollar Index depreciated by 0.16% to 92.20.

In the commodities market, the crude oil price appreciated by 0.05% to $42.42 per barrel as of writing amid market participants expected that U.S. Food and Drug Administrations would get a grant Covid-19 vaccines approval in mid-December, which spurring positive prospect for the oil demand in future. On the other hand, the gold price surged 0.11% to $1873.20 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   Japan                     Workers Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.10. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 92.60, 93.00

Support level: 92.10, 91.75

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3315. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3315, 1.3400

Support level: 1.3220, 1.3160

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1855. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1885.

Resistance level: 1.1885, 1.1925

Support level: 1.1855, 1.1810

USDJPY, H1: USDJPY was traded within a range while currently testing the resistance level at 103.85. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term.

Resistance level: 103.85, 104.30

Support level: 103.45, 103.15

AUDUSD, H4: AUDUSD was traded higher while currently testing resistance level at 0.7320. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7320, 0.7430

Support level: 0.7220, 0.7100

NZDUSD, Weekly: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6915. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7110.

Resistance level: 0.7110, 0.7310

Support level: 0.6915, 0.6760

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3095. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3030.

Resistance level: 1.3095, 1.3165

Support level: 1.3030, 1.2960

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9100. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9140, 0.9175

Support level: 0.9100, 0.9055

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 42.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 42.65, 43.70

Support level: 41.70, 40.15

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1875.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1875.45, 1894.85

Support level: 1862.50, 1851.15

23 November 2020                            Morning Session Analysis

New Zealand Kiwi takes bid on positive Retail Sales.

During early Asian session, the New Zealand Kiwi which traded against the dollar and other currency pairs have continue to extend its gains after a surprising upbeat results on NZ Retail Sales continue to favour the buyers. According to Statistics New Zealand, retail sales that represent the consumer spending in retail in New Zealand have unexpectedly rebound 28% in Q3, surpassed market expectation of 20% and also previous reading of -14.8%. Fourteen of 16 regions saw an increase in sales on September 2020 quarter. The data comes during the period when level 3 restriction is placed on Auckland region while other regions placed under level 2 which showed strong rebound in recovery despite coronavirus restrictions that could affect business and consumer spending. Following the data, Kiwi bounced and jumped. At the time of writing, NZD/USD rose 0.14% to 0.6932.

In the commodities market, crude oil price remains supported and climbs 0.16% to $42.44 per barrel at the time of writing following a decline in oil rigs. According to Bakers Hughes, the U.S. oil rig count falls for the first time in 10 weeks by 5 to 231 from 236 in the week to Nov. 20. At the same time, vaccine hopes also continue to boost its future consumption outlook which in turn continue to support the price. On the other hand, gold price slips 0.02$ to $1870.61 a troy ounce at the time of writing following dollar rebound.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   Japan                     Workers Day

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 its low levels while currently testing near the resistance level 92.45. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 92.45, 93.00

Support level: 91.75, 91.00

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3295. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.3295, 1.3470

Support level: 1.3150, 1.2895

EURUSD, H4: EURUSD was traded flat near the resistance level 1.1875. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower in short term towards the support level 1.1760.

Resistance level: 1.1875, 1.1995

Support level: 1.1760, 1.1615

USDJPY, H4: USDJPY remain traded flat in a tight range. 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 104.25.

Resistance level: 104.25, 105.10

Support level: 103.20, 102.15

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7340. MACD which display bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7340, 0.7410

Support level: 0.7200, 0.7105

NZDUSD, H4: NZDUSD was traded higher following recent breakout above the previous resistance level 0.6915. MACD which display bullish bias signal suggest the pair to extend its gains towards the resistance level 0.6985.

Resistance level: 0.6985, 0.7035

Support level: 0.6915, 0.6835

USDCAD, H4: USDCAD remain traded flat near the resistance level 1.3100. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.3100, 1.3240

Support level: 1.2995, 1.2890

USDCHF, H4: USDCHF remain traded flat while currently testing the support level 0.9105. However, due to lack of clear direction and momentum from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 0.9185, 0.9295

Support level: 0.9105, 0.8990

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from support level 41.60. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 43.95

Resistance level: 43.95, 46.20

Support level: 41.60, 39.25

GOLD_, H4: Gold price remain traded in a sideway channel. However, MACD which illustrate bullish momentum signal suggested the commodity to be traded higher in short term towards the resistance level 1885.70.

Resistance level: 1885.70, 1908.60

Support level: 1853.90, 1814.40

20 November 2020                            Afternoon Session Analysis

Aussie rose on upbeat retail sales.

The Australian dollar which traded against the dollar and other currency pairs have managed to erase earlier losses and rose during late Asian after the release of Australia’s retail sales data. According to the Australian Bureau of Statistics, retail sales that represent consumer spending have increased to 1.6% in October, surpassed market expectation of 0.3%. On the other, earlier interest decision from China’s central bank also help boosted the confidence. The People’s Bank of China (PBOC) continue to maintain its rates unchanged at 3.85%, showing signs of confidence in its economic recovery. As China is the largest trading partner to Australia, the data also help Aussie to pick up some bid. At the time of writing, AUD/USD edge higher 0.04% to $0.7278.

In the commodities market, crude oil price was traded flat and fell 0.09% to $41.85 per barrel as of writing following surging coronavirus cases starting to dampen market optimism. Despite with positive vaccine development, longer-term hopes for a COVID vaccine have been replaced by the weak short-term fundamentals and oil market prospects such as renewed lockdowns in EU countries and worsening condition in U.S and could affect oil demand. On the other hand, gold price remains weak and slips 0.12% to $1863.80 a troy ounce at the time of writing following dollar rebound.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:15                     EUR                                        ECB President Lagarde Speaks

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.35. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its losses toward the support level at 92.10.

Resistance level: 92.35, 92.55

Support level: 92.10, 91.75

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3225. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3300.

Resistance level: 1.3300, 1.3350

Support level: 1.3225, 1.3145

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1845. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1895.

Resistance level: 1.1895, 1.1960

Support level: 1.1840, 1.1795

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 103.90. MACD which illustrate bearish 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 following prior rebound from the support level at 0.7265. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7330.

Resistance level: 0.7330, 0.7405

Support level: 0.7265, 0.7205

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6905. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.6935.

Resistance level: 0.6935, 0.6955

Support level: 0.6905, 0.6865

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3095. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.3035.

Resistance level: 1.3095, 1.3170

Support level: 1.3035, 1.2960

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9100. MACD which display diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9135, 0.9175

Support level: 0.9100, 0.9075

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from upward trend line. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 42.15.

Resistance level: 42.15, 43.00

Support level: 40.80, 40.05.

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1869.45. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1858.00.

Resistance level: 1869.45, 1883.90

Support level: 1858.00, 1851.15

20 November 2020                           Morning Session Analysis

US Dollar slumped following the stimulus talks resumed.

The Dollar index which traded against a basket of six major currencies extend its losses amid the positive hopes upon the Covid-19 stimulus talks surged. According to CNBC, the top Senate Democrat Chuck Schumer said on Thursday that the Republican Majority Leader Mitch McConnell has agreed to resume the Covid-19 stimulus talks amid the infections spiked up significantly across the United States. Massive stimulus plans would be normally spurring inflation risk, which sapping the demand on the currency. Besides that, the US Dollar received further bearish momentum following few states from U.S. region to impose new restrictions to curb the alarming spiking spread. According to Reuters, the number of patients hospitalized with Covid-19 in the United States has jumped nearly 50% in the last two weeks. Nearly 79,000 people were being treated for the disease in hospitals across the country on yesterday. The spiking cases of the Covid-19 had forced a spate of new school and business closings in order to slow the community spread. As of writing, the Dollar Index depreciated by 0.03% to 92.25.

In the commodities market, the crude oil price slumped 0.29% to $41.70 per barrel as of writing. The oil market was traded lower on yesterday amid the fears of the spiking numbers of the Covid-19 infections had outweighed the positive vaccine development. Though, 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 commodity. On the other hand, the gold price appreciated by 0.18% to $1862.50 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

16:15                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.60. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 92.10.

Resistance level: 92.60, 93.00

Support level: 92.10, 91.75

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3270. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3220.

Resistance level: 1.3270, 1.3310

Support level: 1.3220, 1.3160

EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.1885. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1855.

Resistance level: 1.1885, 1.1925

Support level: 1.1855, 1.1810

USDJPY, H4: USDJPY was traded within a range while currently testing the resistance level at 103.85. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.

Resistance level: 103.85, 104.30

Support level: 103.45, 103.15

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7320. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7220.

Resistance level: 0.7320, 0.7430

Support level: 0.7220, 0.7100

NZDUSD, Weekly: NZDUSD was traded higher while currently testing the resistance level at 0.6915. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6915, 0.7110

Support level: 0.6760, 0.6510

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3095. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3095, 1.3165

Support level: 1.3030, 1.2960

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9100. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9140, 0.9175

Support level: 0.9100, 0.9055

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 41.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 41.70, 43.70

Support level: 39.45, 37.05

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1862.50. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1875.45, 1894.85

Support level: 1862.50, 1851.15

19 November 2020                            Afternoon Session Analysis

Aussie held steady on upbeat jobs data.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have manage to pick up some bid after data showed improvement on Australia’s jobs market. According to Australian Bureau of Statistics, the employment change surprise the market with the reading of 178.8K, far better than market expectation of -30K. On top of that, Unemployment Rate also exceeds market expectation with the reading of 7.0% against the expectation of 7.2% while participation rate boosted to 65.8%. Following the surprise positive data, Aussie manage to limit its previous losses. Still, issues such as increasing coronavirus cases and straining relationship between Australia and China may continue to challenge the risk sentiment and could restrict its appeal towards the market. At the time of writing, AUD/USD edge higher 0.02% to 0.7290.

In the commodities market, crude oil price remains buoyed and rose 0.07% to $41.79 per barrel as of writing following further positive news on vaccine continue to boost market hopes. Pfizer Inc. stated a final analysis of clinical-trial data indicated its Covid-19 vaccine was 95% effective, spurring hopes for an eventual rebound in consumption. On the other hand, gold price extend losses and slips 0.07% to $1871.38 a troy ounce at the time of writing following optimism on vaccine further diminishing the appeal of safe-haven market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:00                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 92.35. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains toward the resistance level at 92.55.

Resistance level: 92.55, 92.75

Support level: 92.35, 92.10

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3230. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.3230.

Resistance level: 1.3290, 1.3350

Support level: 1.3230, 1.3185

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1840. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.1840.

Resistance level: 1.1895, 1.1960

Support level: 1.1840, 1.1795

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 103.90. MACD which illustrate diminishing bullish momentum 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 lower following prior retracement from the resistance level at 0.7330. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7265.

Resistance level: 0.7330, 0.7405

Support level: 0.7265, 0.7205

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6905. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 0.6905.

Resistance level: 0.6935, 0.6955

Support level: 0.6905, 0.6865

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3095. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3095.

Resistance level: 1.3095, 1.3170

Support level: 1.3035, 1.2960

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level near 0.9100. MACD which display diminishing bearish momentum signal suggest the pair to extend its rebound toward resistance level at 0.9135.

Resistance level: 0.9135, 0.9175

Support level: 0.9100, 0.9075

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from upward trendline. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 42.15.

Resistance level: 42.15, 43.00

Support level: 40.80, 40.05.

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1869.45. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout below before entering into the market.

Resistance level: 1883.90, 1896.15

Support level: 1869.45, 1858.00

19 November 2020                           Morning Session Analysis

Pound surged amid upbeat economic data.

The Pound Sterling surged on yesterday over the backdrop of the upbeat economic data. According to Office for National Statistics, U.K. Consumer Price Index (CPI) had notched up from the preliminary reading of 0.5% to 0.7%, confounding market forecast for a reading up to 0.6%, which spurring positive prospect toward the economic progression in the UK region while insinuating demand for the Pound Sterling. Besides, the risky currency Pound Sterling received further bullish momentum amid the positive hope upon the Covid-19 vaccine development. Such sentiment had spurred risk-on sentiment in the FX market while prompting investors to shift their portfolio toward riskier currency such as Pound Sterling. According to CNBC, the Pfizer and BioNTech said on Wednesday that the final data analysis found the Covid-19 vaccines was 95% effective in preventing the virus and appeared to fend off severe disease. Meanwhile, they also reiterated that the vaccine’s effectiveness was consistent across all ages, races and ethnicities. Nonetheless, the gains experienced by the Pound Sterling was limited as uncertainty with regards of the Brexit issues still persisted. Hence, investors would continue to scrutinize the latest development of the Brexit news in order to receive further trading signal. As of writing, GBP/USD appreciated by 0.01% to 1.3270.

In the commodities market, the crude oil price appreciated by 0.07% to $41.80 per barrel as of writing. The oil market edged higher following the Energy Information Administration (EIA) reported that the U.S Crude Oil inventories had declined from the previous reading of 4.278M to 0.768M, lesser than the market forecast of 1.650M. On the other hand, the gold price slumped 0.05% to $1871.80 per troy ounces as optimism toward the Covid-19 development had diminished the market demand for the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:00                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level at 92.15. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 92.55.

Resistance level: 92.45, 93.00

Support level: 92.10, 91.75

GBPUSD, H1: GBPUSD was traded lower following prior breakout below the previous support level at 1.3270. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3220.

Resistance level: 1.3270, 1.3310

Support level: 1.3220, 1.3160

EURUSD, H1: EURUSD was traded lower following prior breakout below the previous support level at 1.1855. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1810.

Resistance level: 1.1855, 1.1890

Support level: 1.1810, 1.1765

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 104.50. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 103.20.

Resistance level: 104.50, 106.05

Support level: 103.20, 101.25

AUDUSD, H4: AUDUSD was traded within a range while currently testing the resistance level at 0.7320. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7320, 0.7430

Support level: 0.7220, 0.7100

NZDUSD, Weekly: NZDUSD was traded higher while currently testing the resistance level at 0.6930. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6930, 0.7110

Support level: 0.6760, 0.6510

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3035. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3105.

Resistance level: 1.3105, 1.3155

Support level: 1.3035, 1.2965

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9100. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9140.

Resistance level: 0.9140, 0.9175

Support level: 0.9100, 0.9055

CrudeOIL, H4: Crude oil price was traded within a range while currently testing the resistance level at 42.25 MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher after it successfully breakout above the resistance level.

Resistance level: 42.25, 43.70

Support level: 40.05, 38.65

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1875.45. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1862.50.

Resistance level: 1875.45, 1894.85

Support level: 1862.50, 1851.15

18 November 2020                            Afternoon Session Analysis

Aussie slips on downbeat data, RBA Lowe comment.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell following dismal data from Australia and recent comments from RBA Governor Philip Lowe. On data front, Australia Wage Price Index have fell below market expectation of 0.2% which came in at the reading of 0.1%. The reading was also the lowest record in terms of increment. Furthermore, the pair also reacted to RBA Philip comments on Aussie-China tussle and the importance of solving the issue. He stated that the Australia need to keep a strong trade relationship with China. At the same time, Australia have announced new restriction for six days due to coronavirus resurgence which could further weigh on the pair. On the time of writing, AUD/USD fell 0.12% to 0.7290.

In the commodities market, crude oil price remains stable and edge higher 0.05% to $41.54 per barrel as of writing amid market clinging their hopes on vaccine. Recently, API have reported an increase in inventory stock, but the hopes of vaccine and economic recovery have help offset the pressure while market awaits for further catalyst. On the other hand, gold price slips 0.06% to $1879.32 a troy ounce following vaccine optimism continue to diminish risk-aversion sentiment.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:00                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the dollar to undergo technical correction toward the support level at 92.35.

Resistance level: 92.55, 92.75

Support level: 92.35, 92.10

GBPUSD, H1: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3230. MACD which illustrates diminishing bearish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3290.

Resistance level: 1.3290, 1.3350

Support level: 1.3230, 1.3185

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1895. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1840.

Resistance level: 1.1895, 1.1960

Support level: 1.1840, 1.1795

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 104.20. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 103.90.

Resistance level: 104.20, 104.50

Support level: 103.90, 103.20

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7330. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7265.

Resistance level: 0.7330, 0.7405

Support level: 0.7265, 0.7205

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6900. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6865.

Resistance level: 0.6905, 0.6935

Support level: 0.6865, 0.6835

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3095. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.3170.

Resistance level: 1.3170, 1.3240

Support level: 1.3095, 1.3035

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9100. MACD which display diminishing bearish momentum signal suggest the pair to extend its rebound toward resistance level at 0.9135.

Resistance level: 0.9135, 0.9175

Support level: 0.9100, 0.9075

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the 20 moving average line (Red). Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout before entering into the market.

Resistance level: 42.05, 43.05

Support level: 40.80, 40.10

GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level at 1883.90. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 1869.45.

Resistance level: 1883.90, 1896.15

Support level: 1869.45, 1858.00

18 November 2020                           Morning Session Analysis

US Dollar slumped over the dovish stance from Fed.

The Dollar Index which traded against a basket of six major currencies dipped following the Federal Reserve and U.S. Congress vowed to expand its monetary and fiscal policy in order to combat the economic damage due to the coronavirus epidemic. According to Reuters, the Federal Reserve Chairman Jerome Powell said on Tuesday that the Federal Reserve is committed to impose further tools to support the recovery for as long as it takes until the job market is well and stable. Besides, the US Dollar extend its losses over the backdrop of the downbeat economic data from the U.S. region on yesterday. According to Census Bureau, the U.S. Retail Sales for last month had notched down significantly from the previous reading of 1.6% to 0.3%, missing the economist forecast at 0.5%. Since the retail sales from the United States has a large impact on the U.S. GDP, such negative data had dialed down market optimism toward the economic progression in the United States while spurring bearish momentum on the US Dollar. As of writing, the Dollar Index depreciated by 0.22% to 92.35.

In the commodities market, the crude oil price slumped 0.24% to $41.45 per barrel as of writing following the inventory data was released. According to American Petroleum Institute (API), the U.S. API Weekly Crude Oil Stock increased from the previous reading of -5.147M to 4.174M, exceeding the market forecast at 1.950M while signaling that the oversupply issues still persisted in the oil market. On the other hand, the gold price surged 0.07% to $1881.80 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

23:00                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.45. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 92.45, 93.00

Support level: 92.10, 91.75

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3270. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3270, 1.3310

Support level: 1.3220, 1.3160

EURUSD, H1: EURUSD was traded lower while currently testing the support level at 1.1855. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1890, 1.1925

Support level: 1.1855, 1.1810

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 104.30. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 104.30, 104.65

Support level: 103.85, 103.15

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7320. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7220.

Resistance level: 0.7320, 0.7430

Support level: 0.7220, 0.7100

NZDUSD, Weekly: NZDUSD was traded higher while currently testing the resistance level at 0.6915. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6915, 0.7110

Support level: 0.6760, 0.6510

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3090. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3170.

Resistance level: 1.3170, 1.3240

Support level: 1.3090, 1.3025

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9100. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9140.

Resistance level: 0.9140, 0.9175

Support level: 0.9100, 0.9055

CrudeOIL, H4: Crude oil price was traded within a range while currently testing the resistance level at 41.70. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 41.70, 43.70

Support level: 39.45, 37.05

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1877.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1894.85.

Resistance level: 1894.85, 1908.10

Support level: 1877.10, 1868.50

17 November 2020                            Afternoon Session Analysis

Aussie extend gains following RBA minutes.

During late Asian session, the Australian dollar which traded against the greenback and other currency pairs continue to taking bid and rose as the pair benefited from the bullish tone in RBA meeting minutes. According to the minutes, RBA policymakers are prepared to offer further easy money if required, but they giving out a strict tone on rate cuts and have no plans to implement negative interest rates after recently cutting its rates to record lows of 0.10%. Any further easing will involve on increasing bond purchases. Besides that, positive news about Moderna’s vaccine also help boosting the pair value where the news have increase market risk appetite and drive investors to riskier market. At the time of writing, AUD/USD rose 0.05% to 0.7320.

In the commodities market, crude oil price remain supported and gains 0.36% to $41.79 per barrel as of writing amid vaccine hopes. The commodity rose on hopes of a quicker economy after Moderna Inc stated that its experimental COVID-19 vaccine was 94.5% effective in preventing infection based on data. This comes after Pfizer Inc also reported its vaccine was more than 90% effective. On the other hand, gold price also jumped 0.13% to $1891.35 a troy ounce at the time of writing following dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     GBP                                        BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior breakout below the previous support level at 92.55. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses toward the support level at 92.30.

Resistance level: 92.55, 92.75

Support level: 92.30, 92.10

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level near 1.3230. MACD which illustrates bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3230.

Resistance level: 1.3230, 1.3290

Support level: 1.3185, 1.3110

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1845. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1895.

Resistance level: 1.1895, 1.1960

Support level: 1.1845, 1.1795

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 104.50. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 104.95, 105.40

Support level: 104.50, 104.30

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7330. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7330.

Resistance level: 0.7330, 0.7405

Support level: 0.7265, 0.7205

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6900. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.6935.

Resistance level: 0.6935, 0.6955

Support level: 0.6900, 0.6865

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3095. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.3035.

Resistance level: 1.3095, 1.3170

Support level: 1.3035, 1.2960

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9135. However, MACD which display diminishing bearish momentum signal suggest the pair to undergo technical correction in short term toward higher level.

Resistance level: 0.9135, 0.9175

Support level: 0.9100, 0.9075

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 42.05.

Resistance level: 42.05, 43.05

Support level: 40.80, 40.10

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1883.45. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout before entering into the market.

Resistance level: 1897.40, 1905.15

Support level: 1883.45, 1867.70