171120 Morning Session Analysis
17 November 2020 Morning Session Analysis
Yen retreats over risk-on sentiment.
The safe-haven currency such as Japanese Yen slumped amid the positive prospect for the Covid-19 vaccine development on yesterday, which spurring risk-on sentiment in the FX market while sapping the market demand on the safe-haven currency. According to Reuters, Moderna on Monday claimed that its coronavirus vaccine candidate was 94.5% effective at protecting people from the disease. Though, the company reiterated that detailed of the data from the study was expected to be delivered in late November, and added that it planned to request emergency use of its vaccine by early December. The news had added further optimism toward the vaccine development after Pfizer Inc last week said its candidate was proven to 90% effective in a clinical trial. Nonetheless, the losses experienced by the Japanese Yen was limited over the backdrop of the upbeats economic data on yesterday. According to Cabinet Office, Japan Gross Domestic Product (GDP) for last quarter had notched up significantly from the previous reading of -8.2% to 5.0%, exceeding the market forecast at 4.4%. As of writing, USD/JPY depreciated by 0.01% to 104.55.
In the commodities market, the crude oil price surged 0.17% to $41.70 per barrel as of writing. The oil market edged higher amid investors expected a speedier end to the coronavirus pandemic could provide positive prospect toward the market demand on this black-commodity. On the other hand, the gold price slumped 0.02% to $1888.75 per troy ounces amid the positive Covid-19 vaccine news had improved the risk appetite in the FX market while diminishing market demand on the safe-haven commodity.
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
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Core Retail Sales (MoM) (Oct) | 1.5% | 0.6% | – |
| 21:30 | USD – Retail Sales (MoM) (Oct) | 1.9% | 0.5% |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the 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: 93.00, 93.45
Support level: 92.45, 92.10
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.3220. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.32200, 1.3270
Support level: 1.3160, 1.3110
EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.1855. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1855, 1.1890
Support level: 1.1810, 1.1765
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 104.65. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
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 0.7325. 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 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 lower following prior retracement from the resistance level at 1.3160. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3035.
Resistance level: 1.3160, 1.3245
Support level: 1.3035, 1.2930
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9140. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
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_, H1: Gold price was traded higher while currently nearby the resistance level at 1894.85. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1894.85, 1908.10
Support level: 1875.45, 1862.50
161120 Afternoon Session Analysis
16 November 2020 Afternoon Session Analysis
Pound surged after Dominic Cummings resigns.
Pound sterling which acts as one of the major currency that being traded in the FX market managed to continue ride on its bullish trend after UK PM’s chief adviser Dominic Cummings decided to resign. He was a key member of the Vote Leave team that followed Johnson into Downing Street in 2019 and successfully campaigned for UK voters to reject EU membership in the 2016 Brexit referendum. Besides, he was also an aggressive member in handling and advising issues which related to Brexit. Therefore, the resignation of Dominic Cummings may urges the Brexit negotiator from UK side to be more tolerate and compromise in negotiating with EU party. However, market participants still eyeing on the renewed talks between EU and UK in this weeks which aiming at the major problem including fisheries and level of playing field. In this week, Britain chief negotiator David Frost will heading back to Brussels for more discussion with EU’s Michel Barnier. However, UK has hinted that Brexit talks could extend beyond this week as two sides are still struggling in breaking the barriers to reach a trade deal. During Asian trading session, the pair of GBP/USD rose 0.34% to 1.3230.
In the commodities market, the crude oil price ticked up by 1.39% to $40.95 per barrel amid OPEC and its allies have complied 101% with the oil production cuts in October. As of now, OPEC+ will have a crucial meetings over the next two weeks, which will decide if OPEC+ will extend their oil cut production in January 2021. Besides, gold price appreciated 0.42% to $1897.35 amid weakening of US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
N/A
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 at 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 104.60. 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: 104.60, 104.30
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the resistance 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 breakout above the previous resistance level at 0.6865. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.6900.
Resistance level: 0.6900, 0.6920
Support level: 0.6865, 0.6835
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3170. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3095.
Resistance level: 1.3170, 1.3240
Support level: 1.3095, 1.3035
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9135. MACD which display bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9100.
Resistance level: 0.9135, 0.9175
Support level: 0.9100, 0.9075
CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 40.80. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 42.05.
Resistance level: 40.80, 42.05
Support level: 40.10, 39.45
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1888.30. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1905.15.
Resistance level: 1905.15, 1936.50
Support level: 1888.30, 1867.70.
161120 Morning Session Analysis
16 November 2020 Morning Session Analysis
Yen rebound on Covid-19 uncertainty.
The safe-haven currency Japanese Yen rebound on last Friday, amid the fears upon the resurgence of the coronavirus in the United States and Europe had outweighed the earlier positive vaccine news, which diminishing the risk appetite in the FX market while prompting investors to shift their portfolio toward the safe-haven currency. Besides, both heads of the Federal Reserve and the European Central Bank (ECB) stressed that the economic outlook remains uncertain amid the lock-down measures from the U.S. and European region had dialled down the market optimism toward the economic progression in global financial market. According to Reuters, the Germany’s health minister claimed on last Friday that it was too early to say how long the latest lockdown would last, while the French Prime Minister said France’s lockdown measures would not be eased for at least two weeks. According to latest data, as for yesterday the global coronavirus infections cases had notched up more than 450,000 people while more than 6000 people were killed by these infections. As of writing, USD/JPY depreciated by 0.05% to 104.65.
In the commodities market, the crude oil price surged 0.67% to $40.65 per barrel as of writing. Nonetheless, the crude oil commodity was traded lower on last week amid the spiking numbers of the coronavirus had continue to weigh the market demand on this black-commodity. Though, investors would continue to scrutinize the latest updates with regards of the Coronavirus vaccine in order to receive further trading signal. On the other hand, the gold price appreciated by 0.06% to $1891.05 per troy ounces as of writing amid the risk-off sentiment in the FX market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower while currently nearby the support level at 92.55. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 93.00, 93.45
Support level: 92.55, 92.10
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3225. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3225, 1.3270
Support level: 1.3160, 1.3100
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1810. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1855.
Resistance level: 1.1855, 1.1890
Support level: 1.1810, 1.1765
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 104.90. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 104.90, 105.65
Support level: 104.25, 103.70
AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.7290. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7290, 0.7315
Support level: 0.7255, 0.7220
NZDUSD, Daily: NZDUSD was traded higher while current nearby the resistance 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: 0.6915, 0.7115
Support level: 0.6765, 0.6515
USDCAD, H4: USDCAD was traded lower while currently nearby the support level at 1.3090. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3225, 1.3360
Support level: 1.3090, 1.2965
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9090.
Resistance level: 0.9135, 0.9205
Support level: 0.9090, 0.9035
CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 41.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 39.45.
Resistance level: 41.70, 43.70
Support level: 39.45, 37.05
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1894.85. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1894.85, 1908.10
Support level: 1875.45, 1862.50
131120 Afternoon Session Analysis
13 November 2020 Afternoon Session Analysis
Dollar held steady amid COVID-19 uncertainty.
During late Asian session, the dollar index which traded against a basket of six major currency pairs remain steady and rose following worsening cases of COVID-19 cases in Europe and the U.S reducing the appeal for risker currencies and spurred demand for the greenback as safe-haven currency. Despite with recent positive development where Pfizer and Biotech reported a 90% efficiency in their trial vaccine, market remains cautious over logistical issues in mass producing and transporting these vaccine would require a certain period of time. Thus, the optimism on vaccine to be available in near term have diminished. On data front, improving job markets also weigh on the dollar. On data front, initial jobless claims improved to 709K, better than market expectation of 735K. Still, US CPI which came in at 0.0% against market expectation of 0.02% proved that U.S recovery still have a long way to go. At the time of writing, dollar index edge higher 0.02% to 92.96.
In the commodities market, crude oil price plunged 1.48% to $40.24 per barrel as of writing amid COVID-19 fears and increasing supply continue to dominate the market. U.S. coronavirus cases hit a new daily record high on Wednesday, with 140,543 reported, marking the ninth straight day where they stood at above 100,000. The worsening coronavirus would slowed the economic recovery, thus affecting the future consumption outlook for the commodity. Besides that, sentiment also continue to be pressured by increasing supply reported by EIA recently. On the other hand, gold price slips 0.03% to $1877.68 a troy ounce at the time of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
00:00 GBP BoE Gov Bailey Speaks
(14th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – PPI(MoM)(Oct) | 0.4% | 0.2% | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded within a range while currently testing the resistance level at 93.00. MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 93.00, 93.45
Support level: 92.55, 92.10
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3110. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3165, 1.3225
Support level: 1.3110, 1.3055
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1810. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1810, 1.1855
Support level: 1.1765, 1.1705
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 104.85. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 105.65, 106.10
Support level: 104.85, 104.25
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7255. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7200.
Resistance level: 0.7255, 0.7285
Support level: 0.7200, 0.7145
NZDUSD, Weekly: NZDUSD was traded higher while currently testing near 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: 0.6765, 0.6515
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3090. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3225.
Resistance level: 1.3225, 1.3360
Support level: 1.3090, 1.2965
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9205, 0.9260
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 41.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 39.50.
Resistance level: 41.35, 42.90
Support level: 39.50, 37.20
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1882.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1882.55, 1891.05
Support level: 1872.20, 1862.50
131120 Morning Session Analysis
13 November 2020 Morning Session Analysis
Pound plunged amid disappointing economic data.
Pound sterling which acts as one of the major currency that being traded in the FX market was sell-off massively by the market participant after downbeat UK economic data released. According to the Office for National Statistics, UK GDP for the last month was came in at 1.1% only, far lower than the economist forecast at 1.5%, showing that economic recovery has lost its momentum ahead of the second round of lockdown. It is noteworthy that the data was measured before the implementation of the second round lockdown, which signalling UK GDP growth might turn even worse in the upcoming month. Prior to weeks ago, UK government decided to re-implement a lockdown measure but slightly lighter while comparing to the measure in spring, in order to curb the fast-spreading virus after a resurgence of pandemic in UK. However, the new round of national lockdown has also halted part of the major economy activity in UK, which shifting the pace of economic recovery backward. Besides, UK Finance Minister Rishi Sunak also revealed that the steps taken by the government to restrict the spread of Covid-19 were likely to slow down the economy growth since September. During Asian early trading session, the pair of GBP/USD ticked up 0.05% to 1.3120.
In the commodities market, the crude oil price dropped by 0.36% to $41.00 per barrel as US oil inventory reported a surprise stockpile for the week to 6th November. According to the EIA, US Crude Oil Inventory data came in at 4.278M, lower than the economist forecast at -0.913M, showing supply glut issue continues suppressing the black commodity market sentiment. Besides, gold price inched down 0.05% to $1876.25 per troy ounce amid dollar’s strengthening.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
00:00 GBP BoE Gov Bailey Speaks
(14th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – PPI(MoM)(Oct) | 0.4% | 0.2% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 93.00. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its losses toward the support level at 92.75.
Resistance level: 93.00, 93.30
Support level: 92.75, 92.40
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3110. MACD which illustrates bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.3110.
Resistance level: 1.3185, 1.3230
Support level: 1.3110, 1.3015
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1795. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1845.
Resistance level: 1.1845, 1.1895
Support level: 1.1795, 1.1750
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.65. MACD which illustrate increasing of bearish momentum suggest the pair to extend its losses toward the support level at 104.90.
Resistance level: 105.65, 106.05
Support level: 104.90, 104.20
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7265. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7205.
Resistance level: 0.7265, 0.7330
Support level: 0.7205, 0.7140
NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.6835. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.6865, 0.6890
Support level: 0.6835, 0.6785
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3095. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3240.
Resistance level: 1.3240, 1.3380
Support level: 1.3095, 1.3035
USDCHF, H4: USDCHF was traded lower while currently testing the support level near 0.9135. MACD which display diminishing bearish bias momentum signal suggest the pair to extend its losses after it breakout below the support level.
Resistance level: 0.9175, 0.9200
Support level: 0.9135, 0.9100
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 40.75. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 40.75.
Resistance level: 41.50, 42.20
Support level: 40.75, 39.85
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1867.70. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1888.30.
Resistance level: 1888.30, 1905.15
Support level: 1867.70, 1854.45
121120 Afternoon Session Analysis
12 November 2020 Afternoon Session Analysis
Pound fell amid expectation of Brexit talks miss deadline.
During late Asian session, the pound sterling which traded against the dollar and other currency pairs have fell following expectation of the EU and UK is likely to miss next week deadline and to be pushed back even longer. Following latest development, a report reveals that the EU ambassadors will not be updated on the talks at the regular meeting and will be delayed until their meeting on November 18. EU sources stated they now expected negotiators to come up with an agreed text in the middle of next week, unless talks collapse or there is a breakthrough earlier. The situation have signalled that the ongoing stalemate between UK and EU in Brexit agreement and the chance of Brexit deal remains low, thus dragging down the value of pound sterling. At the time of writing, GBP/USD slips 0.08% to 1.3275.
In the commodities market, crude oil price remains steady and edge higher 1.00% to $42.05 per barrel as of writing following rising hopes of OPEC to hold back supply. Algeria’s energy minister recently stated OPEC+ – grouping the Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia – could extend current production cuts of 7.7 million barrels per day (bpd) into 2021, or deepen them further if needed. On the other hand, gold price remains weak and edge lower 0.06% to $1868.95 a troy ounce at the time of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:00 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – GDP(QoQ)(Q3) | -19.8% | 15.8% | – |
| 15:00 | GBP – Manufacturing Production (MoM)(Sep) | 0.7% | 1.0% | – |
| 21:30 | USD – Core CPI (MoM)(Oct) | 0.2% | 0.2% | – |
| 21:30 | USD – Initial Jobless Claims | 751K | 735K | – |
| 00:00
(13th) |
CrudeOIL – Crude Oil Inventories | -7.998M | -0.913M | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded higher while currently testing the resistance level at 93.00. However, MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 93.00, 93.45
Support level: 92.55, 92.10
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3225. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3165.
Resistance level: 1.3225, 1.3270
Support level: 1.3165, 1.3065
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1765. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1810.
Resistance level: 1.1810, 1.1855
Support level: 1.1765, 1.1705
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.65. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 104.95.
Resistance level: 105.65, 106.00
Support level: 104.95, 104.25
AUDUSD, H1: AUDUSD was traded lower while currently testing the support level at 0.7265. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7315, 0.7345
Support level: 0.7265, 0.7200
NZDUSD, Weekly: NZDUSD was traded higher while currently testing near 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: 0.6765, 0.6515
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3100. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3100, 1.3225
Support level: 1.2965, 1.2835
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9150. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9205, 0.9235
Support level: 0.9150, 0.9090
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 41.35. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 42.90, 44.55
Support level: 41.35, 39.50
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1862.40. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1883.10.
Resistance level: 1883.10, 1898.20
Support level: 1862.40, 1851.15
121120 Morning Session Analysis
12 November 2020 Morning Session Analysis
Euro dipped following pessimistic Christine Lagarde Speaks.
The single currency of Euro which playing an important role in the FX market received huge sell-off momentum after ECB Chairman Christine Lagarde revealed that the Covid-19 pandemic has produced a highly unusual recession in European Zone economy while warning market to not be excessive optimism over the short-term positive news from vaccine. Last weekend, a vaccine which produced by US drugmaker Pfizer and BioNtech had shown a positive result in the clinical trial stage, where the effectiveness of preventing the virus is close to 90%. Despite latest news from vaccine’s development looks encouraging, however the economy may hit badly by the accelerating of viral spread and a tighter restriction may also be implemented in EU until the virus shows a critical sign of slowing down, said by Christine Lagarde. Besides, Lagarde also revealed that ECB might loosen the monetary policy further in next month as European Zone country are turning their head back to the recession direction after the resurgence of infection recently. As of now, the total recorded cases in EU since the outbreak of virus have break the threshold of 12 million, while the death toll has risen to 300K. During Asian early trading session, the pair of EUR/USD dropped 0.02% to 1.1772.
In the commodities market, the crude oil price dropped by 0.05% to $41.50 per barrel as after OPEC revised down its forecast for the global oil demand for this year. According to the Monthly Oil Market Report (MOMR), OPEC cut its oil demand expectation for year 2020 by 300K bpd compared to last month estimation. Besides, gold price inched down 0.02% to $1863.00 a troy ounce amid vaccine’s positive news continue ride on the market sentiment.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:00 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – GDP(QoQ)(Q3) | -19.8% | 15.8% | – |
| 15:00 | GBP – Manufacturing Production (MoM)(Sep) | 0.7% | 1.0% | – |
| 21:30 | USD – Core CPI (MoM)(Oct) | 0.2% | 0.2% | – |
| 21:30 | USD – Initial Jobless Claims | 751K | 735K | – |
| 00:00
(13th) |
CrudeOIL – Crude Oil Inventories | -7.998M | -0.913M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 93.00. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its losses toward the support level at 92.75.
Resistance level: 93.00, 93.30
Support level: 92.75, 92.40
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.3230. MACD which illustrates diminishing bearish 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 rebound from the support level at 1.1750. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1795.
Resistance level: 1.1795, 1.1840
Support level: 1.1750, 1.1700
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.65. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 104.90.
Resistance level: 105.65, 106.05
Support level: 104.90, 104.20
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 0.6865. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6890.
Resistance level: 0.6890, 0.6920
Support level: 0.6865, 0.6835
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3035. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3095.
Resistance level: 1.3095, 1.3240
Support level: 1.3035, 1.2960
USDCHF, H4: USDCHF was traded lower following prior retracement near the resistance level at 0.9175. MACD which display diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.9135.
Resistance level: 0.9175, 0.9200
Support level: 0.9135, 0.9100
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 41.50. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 42.20.
Resistance level: 42.20, 42.85
Support level: 41.50, 40.75
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1867.70. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1867.70.
Resistance level: 1867.70, 1888.30
Support level: 1854.45, 1845.90
111120 Afternoon Session Analysis
11 November 2020 Afternoon Session Analysis
New Zealand Kiwi soars following RBNZ Orr’s comments.
During late Asian session, the New Zealand Kiwi which traded against the greenback and other currency pair have manage to extend its gains and rose to 20-month high after RBNZ governor Orrs offers positive comments on economy outlook. The RBNZ kept its interest rate at 0.25%, however it boosted its large scale asset purchase program by NZD 100 billion always prepare to cut rates to the negative if required. Still, market confident remains high as the additional easing was offset by positive statement from RBNZ Governor Adrian Orr. According to his statement, the international and domestic economic activity has been proved to be more resilient than earlier assumption. Following the upbeat comments from Governor Orr, the value of Kiwi jumps. At the time of writing, NZD/USD rose 0.89% to 0.6885.
In the commodities market, crude oil price jumps 0.21% to $41.85 per barrel as of writing as market remains positive on vaccine hopes. Monday’s vaccine news from Pfizer Inc is still boosting the market, with some investors seeing light at the end of the COVID-19 tunnel. However, there is still a long way to go. On top of that, tropical storm ETA is threatening to cut production from U.S Gulf of Mexico rigs, which also help boosting the outlook for the commodity. On the other hand, gold price slowly rebounds and rose 0.15% to $1880.22 a troy ounce at the time of writing following dollar weakness due to stimulus hopes.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.45. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 93.00, 93.45
Support level: 92.45, 92.10
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3275. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3275, 1.3400
Support level: 1.3155, 1.3065
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1810. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1855.
Resistance level: 1.1855, 1.1890
Support level: 1.1810, 1.1765
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.25. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 104.95.
Resistance level: 105.25, 105.60
Support level: 104.95, 104.50
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7315. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7315, 0.7345
Support level: 0.7265, 0.7200
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, 0.7115
Support level: 0.6765, 0.6515
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3000. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3305, 1.3515
Support level: 1.3000, 1.2835
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9150. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9150, 0.9180
Support level: 0.9090, 0.9035
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 41.85. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 41.85, 43.10
Support level: 40.85, 39.70
GOLD_, H4: Gold price was traded within a range while currently testing the resistance level at 1884.25. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher after it successfully breakout above the resistance level.
Resistance level: 1884.25, 1894.25
Support level: 1866.00, 1850.30
111120 Morning Session Analysis
11 November 2020 Morning Session Analysis
Pound surged after government voting down the Internal Market Bill.
Pound sterling which act as one of the major currencies which being traded by market participants in the FX market jumped amid the Internal Market Bill was taken off from the table after UK Prime Minister face a huge defeat by 433 votes to 165 yesterday. In the voting session, UK House of Lord voted overwhelmingly to remove one of the section of the bill that would allow the Minister to break the international law, which successfully avoided Boris Johnson to breach the UK’s exit treaty. As getting closer to the end of transition period, market are now becoming more concern about the possibility of achieving a deal between EU and UK before Britain officially exit European Zone by 1st January. On the other side, EU’s chief negotiator Michel Barnier reiterated that the cost for no deal Brexit would be very high to EU but not only UK, and hence he is still very hopeful to seal a deal with UK. With the current situation, fisheries and level of playing field are still the major issues which focusing by the both sides to have a breakthrough in recent negotiation. During Asian early trading session, the pair of GBP/USD dropped 0.03% to 1.3265.
In the commodities market, the crude oil price surged by 0.67% to $42.05 as of writing amid surprise draw in US crude oil inventory. According to the API data, US Weekly Crude Oil Stock declined by 5.147M, far above the market expectation on inventory’s draw at 0.900M. Besides, gold price depreciated by 0.10% to $1875.45 a troy ounce as encouraging vaccine news lifted the market risk appetite.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.75. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend it losses toward the support level at 92.40.
Resistance level: 92.75, 93.00
Support level: 92.40, 92.10
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3230.
Resistance level: 1.3290, 1.3350
Support level: 1.3230, 1.3185
EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1805. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1845.
Resistance level: 1.1845, 1.1870
Support level: 1.1810, 1.1765
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.45. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 104.90.
Resistance level: 105.45, 106.05
Support level: 104.90, 104.20
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, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6835. However, MACD which illustrate bearish bias momentum signal suggest the pair to undergo technical correction in short term toward a lower level.
Resistance level: 0.6835, 0.6870
Support level: 0.6785, 0.6725
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3035. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3035, 1.3095
Support level: 1.2960, 1.2885
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9135. However, MACD which display diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.
Resistance level: 0.9175, 0.9200
Support level: 0.9135, 0.9100
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 41.50. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 41.50, 42.20
Support level: 40.75, 39.90
GOLD_, H1: Gold price was traded higher following prior rebound from the lower level. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction toward the lower level.
Resistance level: 1888.30, 1905.15
Support level: 1867.70, 1854.45
101120 Morning Session Analysis
10 November 2020 Morning Session Analysis
Safe haven yen plunged amid positive vaccine results.
Japanese Yen which acting as one of the major trading currencies in FX market was dumped by the market participants tremendously after drug maker Pfizer announced that the coronavirus vaccine trial shows positive result in preventing Covid-19. According to Pfrizer’s statement, the vaccine produced by German drug maker BioNTEch and themselves have entered clinical trial stage and result shows that the vaccine was more than 90 percent effective in preventing the disease among trial volunteers. Besides, all the trial volunteers who had no evidence of prior coronavirus infection shows no side-effect after injecting the vaccine. Therefore, Pfizer is now planning to request for emergency authorization of the vaccine later this month from US Food and Drug Administration after they have successfully proven that the results stay positive with two months of safety data. However, Scientist and experts have warned to against the whoop and a holler of early result, as long-term safety issue and feasibility of the vaccine remains unknown. As of now, investors will now eyes on the further evidence of result over the development of Pfizer’s vaccine as well as the vaccine from other companies. During Asian early trading session, the pair of USD/JPY retrace 0.07% to 105.30.
In the commodities market, the crude oil price surged by 0.05% to $40.10 per barrel as positive result of vaccine’s development boosted up the market sentiment of this black commodity. With the expectation of vaccine will be born in near future, global oil demand is expected to recover rapidly and therefore lifted the price of crude oil. Besides, gold price depreciated by 0.10% to $1861.00 a troy ounce as market risk appetite surge amid encouraging result of vaccine’s development.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:00 CrudeOIL EIA Short-Term Energy Outlook
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – Average Earnings Index + Bonus (Sep) | 0.0% | 1.0% | – |
| 15:00 | GBP – Claimount Count Change | 28.0K | 50.0K | – |
| 18:00 | EUR – German ZEW Economic Sentiment (Nov) | 56.1 | 41.7 | – |
| 23:00 | USD – JOLTs Job Openings (Sep) | 6.493M | 6.500M | – |
| 05:30
(11th) |
CrudeOIL – API Weekly Crude Oil Stock | -8.010M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 92.65. MACD which illustrate bullish bias momentum signal suggest the dollar to extend it gains toward the resistance level at 93.00.
Resistance level: 93.00, 93.30
Support level: 92.65, 92.40
GBPUSD, H1: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3145. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3195.
Resistance level: 1.3195, 1.3230
Support level: 1.3145, 1.3110
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1810. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.1810.
Resistance level: 1.1845, 1.1870
Support level: 1.1810, 1.1765
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.45. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 104.90.
Resistance level: 105.45, 106.05
Support level: 104.90, 104.20
AUDUSD, H1: 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, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6835. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term toward a lower level.
Resistance level: 0.6835, 0.6870
Support level: 0.6785, 0.6725
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2960. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.3035.
Resistance level: 1.3035, 1.3095
Support level: 1.2960, 1.2885
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9115. MACD which display bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.9150.
Resistance level: 0.9150, 0.9180
Support level: 0.9115, 0.9090
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 39.75. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 39.75.
Resistance level: 40.75, 41.45
Support level: 39.75, 39.05
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1867.70. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1867.70.
Resistance level: 1867.70, 1891.50
Support level: 1854.45, 1845.90
091120 Afternoon Session Analysis
09 November 2020 Afternoon Session Analysis
Pound rose on Biden, but Brexit may limit gains.
The pound sterling which traded against the dollar and other currency pairs continue to extend its gains during late Asian session, however the continuous stalemate in Brexit talks may kept the pair in check. After U.S election delivers Biden’s victory, the dollar has weaken in anticipation of Biden’s presidency may bring calmer politics which also help boost the pound sterling at the same time. Still, the ongoing Brexit issue also continue to weigh on the market which could diminished market confidence towards the pound. Following a call between UK Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen, little progress has been made and Boris Johnson stated that there is still significant differences remain in a number of areas such as level playing field and fisheries. As the deadline for the Brexit is getting nearer, investors will now turn their attention towards ongoing development in talks where both parties agreed to remain in close contact over the coming days. At the time of writing, GBP/USD rose 0.19% to 1.3179.
In the commodities market, crude oil price rose regains momentum and rose 2.04% to $38.17 per barrel as of writing following prospect of Biden’s presidency. Crude oil price recovered after Joe Biden clinched the U.S. presidency and buoyed risk appetite, offsetting worries about impact on fuel demand from the worsening coronavirus pandemic. Biden’s victory could push for a bigger stimulus which could help support the economy and increase fuel consumption. On the other hand, gold price soars 0.26% to $1955.59 a troy ounce at the time of writing amid continuous drop on dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
17:25 EUR ECB President Lagarde Speaks
18:35 GBP BoE Gov Bailey Speaks
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 92.45. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to experience a short term technical correction back towards the level 92.45.
Resistance level: 92.45, 93.00
Support level: 91.75, 91.00
GBPUSD, H4: GBPUSD was traded flat near the support level after recently breaks above the previous resistance level 1.3160. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks back below the level 1.3160.
Resistance level: 1.3300, 1.3470
Support level: 1.3160, 1.3060
EURUSD, H4: EURUSD was traded flat near the support level after it recently breaks above the previous resistance level 1.1875. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks back below the level 1.1875.
Resistance level: 1.1995, 1.2125
Support level: 1.1875, 1.1760
USDJPY, H4: USDJPY was traded lower while currently testing the support level 103.20. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 104.25.
Resistance level: 104.25, 105.10
Support level: 103.45, 102.15
AUDUSD, H4: AUDUSD was traded flat after recent breakout above the previous resistance level 0.7200. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to be traded lower in short term towards the support level 0.7200.
Resistance level: 0.7340, 0.7410
Support level: 0.7200, 0.7105
NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6835. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 0.6835.
Resistance level: 0.6835, 0.6915
Support level: 0.6720, 0.6595
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 short term technical correction 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 0.8990. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short term technical correction towards the resistance level 0.9085.
Resistance level: 0.9085, 0.9185
Support level: 0.9000, 0.8900
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains towards the resistance level 39.25.
Resistance level: 39.25, 41.55
Support level: 36.55, 34.10
GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1960.00. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 1919.00.
Resistance level: 1960.00, 1993.25
Support level: 1919.00, 1879.05
091120 Morning Session Analysis
09 November 2020 Morning Session Analysis
Dollar plunged after Joe Biden defeats Trump.
Dollar index which gauge its value against a basket of six major currencies failed to recover from its previous losses while extending the bearish trend after Joe Biden from Democratic Party defeated the incumbent Donald Trump in the US election and become the 46th US President. Yesterday, Joe Biden claimed his victory in the US Presidential Election after the Associated Press, CNN and NBC respectively announced him winning in decisive states including Pennsylvania and Nevada and gaining more than the threshold of 270 Electoral College votes needed to secure the presidency. At the same time, California Senator Kamala Harris becomes the first Black and Indian-American woman vice president to assists Biden in handling White House’s affair. Despite, Joe Biden’s victory would not be set in stone until the 538 in total of Electoral College follow the well-established protocol which formally to go through a process of voting the next president on 14th Dec. Besides, Donald Trump have also filed for a lawsuit to appeal against the final result of the presidential election while questioning integrity of absentee and mail-in ballots in some of the states. During Asian early trading session, dollar index dropped 0.31% to 92.25.
In the commodities market, the crude oil price depreciated by 0.15% to $37.30 per barrel as recent spike of Covid-19 in European Zone tampered the demand’s outlook of this black commodity market. Oil prices are continue pressured by the uncertainty of the pandemic which urged a lot of countries re-implemented national lockdown measures. Besides, gold price up 0.23% to $1955.50 a troy ounce amid weakening of US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
17:25 EUR ECB President Lagarde Speaks
18:35 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 92.10. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend it gains toward the resistance level at 92.40.
Resistance level: 92.40, 92.65
Support level: 92.10, 91.75
GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.3145. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3195.
Resistance level: 1.3195, 1.3230
Support level: 1.3145, 1.3110
EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.1895. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1895.
Resistance level: 1.1895, 1.1925
Support level: 1.1845, 1.1805
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 103.35. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction in short term toward higher level.
Resistance level: 103.35, 103.65
Support level: 102.80, 102.05
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7265. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction toward the lower level.
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 0.6785. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.6835.
Resistance level: 0.6835, 0.6870
Support level: 0.6785, 0.6725
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3035. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout support level at 1.3035.
Resistance level: 1.3095, 1.3240
Support level: 1.3035, 1.2960
USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level at 0.9005. MACD which display diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.8980.
Resistance level: 0.9005, 0.9035
Support level: 0.8980, 0.8930
CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 37.55. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level at 37.55.
Resistance level: 37.55, 38.45
Support level: 37.05, 36.65
GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1936.50. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1961.85.
Resistance level: 1961.85, 1973.30
Support level: 1936.50, 1917.10
061120 Afternoon Session Analysis
06 November 2020 Afternoon Session Analysis
Greenback seesawed following flat interest rate decision.
Dollar index which gauges its value against a basket of six major currencies was having mixed pattern after Federal Reserve decided to hold its interest rate unchanged while remain cautious toward the future outlook of US economy. In the Fed meeting, board members unanimously kept it interest rate between the ranges of 0% to 0.25%, remained at the low level as economy continue struggling in the negative impact of Covid-19. Besides, Chairman of Federal Reserve Jerome Powell revealed that despite economic activity and employment have showed some sign of recovery, yet it still well below the level before the coronavirus pandemic hit. Moreover, Federal Reserve noted that central bank still have plenty of measures to help the recovery of economy, while emphasizing that the economy likely to need further fiscal support. With the backdrop of pandemic, US is still the most affected country in the world where it total cases are getting near to 100 million, while the death toll has increased to 240K. Nonetheless, the attentions of market participants will still be the development of the pandemic as well as the ongoing US Election. As of now, dollar index up 0.13% to 92.65.
In the commodities market, crude oil price depreciated 1.94% to $37.95 per barrel as uncertainty over the US Presidential Election continue haunting the market sentiment of this black commodity. Moreover, the resurgence of Covid-19 in European countries tampered the demand of oil market. Besides, gold price up 0.40% to $1941.95 per troy ounce as uncertainty of US election lifted up the demand of safe haven asset.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21.30 | USD – Nonfarm Payrolls (Oct) | 661K | 600K | – |
| 21.30 | USD – Unemployment Rate (Oct) | 7.9% | 7.7% | – |
| 21.30 | CAD – Employment Change (Oct) | 378.2K | 100.0K | – |
| 23.00 | CAD – Ivey PMI (Oct) | 54.3 | 51.5 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the 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: 93.00, 93.45
Support level: 92.45, 92.10
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3155. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3155, 1.3255
Support level: 1.3065, 1.3010
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1810. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1855, 1.1890
Support level: 1.1765, 1.1705
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 103.25. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 104.20, 104.90
Support level: 103.25, 102.20
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7240. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout the support level.
Resistance level: 0.7310, 0.7375
Support level: 0.7240, 0.7135
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6790. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6790, 0.6895
Support level: 0.6725, 0.6630
USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.3100. MACD which illustrated increasing bullish momentum suggest the pair after it successfully breakout above the resistance level.
Resistance level: 1.3100, 1.3160
Support level: 1.3045, 1.2995
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9030. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9080, 0.9135
Support level: 0.9030, 0.9000
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 38.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 36.95.
Resistance level: 38.20, 39.40
Support level: 36.95, 35.65
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1951.65. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1918.10.
Resistance level: 1951.65, 1991.55
Support level: 1918.10, 1869.40
061120 Morning Session Analysis
06 November 2020 Morning Session Analysis
Dollar extend losses following prospect of Biden’s victory.
The dollar index which traded against a basket of six major currency pairs have fell to the lowest level since 2018 as the U.S is likely to witness a new potential leadership under Joe Biden. As the vote counting continued for the second day in a very close presidential race, Joe Biden remain in huge lead over President Donald Trump with just 6 electoral votes short from the 270 needed to win its path to the White House. As of now, all eyes are on the states of Nevada where and Joe Biden is currently in the lead and its electoral votes would allowed Joe Biden to be declared the winner of the presidential race. The Republican president have escalated his legal efforts hoping to slow down his opponent and accusing Democrats of voting fraud, but Trump’s lawsuit is unlikely to affect the eventual outcome of the election. Following the prospect of Biden’s presidency which could pave way for a higher economic stimulus, the appeal for the greenback which was traded as a safe-haven currency fell tremendously, thus dragging its value. At the time of writing, dollar index slips 0.84%.
In the commodities market, crude oil price retreats 0.05% to $38.43 per barrel as of writing amid demand concerns continue weigh on the market. With restriction currently on place and COVID-19 show no signs of slowing, the European Union’s executive commission have lowered its economic forecast, adding that said the economy would not rebound to pre-virus levels until 2023. On the other hand, gold price soars 0.22% to $1946.02 a troy ounce at the time of writing amid dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21.30 | USD – Nonfarm Payrolls (Oct) | 661K | 600K | – |
| 21.30 | USD – Unemployment Rate (Oct) | 7.9% | 7.7% | – |
| 21.30 | CAD – Employment Change (Oct) | 378.2K | 100.0K | – |
| 23.00 | CAD – Ivey PMI (Oct) | 54.3 | 51.5 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 92.45. MACD which illustrate persistent bearish momentum signal suggest the dollar to extend its losses towards the support level 92.45.
Resistance level: 93.00, 93.80
Support level: 92.45, 91.75
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3170. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.3170, 1.3285
Support level: 1.3060, 1.2880
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level 1.1760. However, MACD which display diminishing bullish momentum signal suggest the pair to experience a short term technical correction towards the support level 1.1760.
Resistance level: 1.1880, 1.1995
Support level: 1.1760, 1.1615
USDJPY, H4: USDJPY was traded lower while currently testing the support level 103.45. MACD which illustrate persistent bearish bias signal suggest the pair extend its losses after it breaks below the support level.
Resistance level: 104.25, 105.10
Support level: 103.45, 102.15
AUDUSD, H4: AUDUSD was traded higher following recent breakout above the previous resistance level 0.7340. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction towards the support level 0.7200.
Resistance level: 0.7340, 0.7410
Support level: 0.7200, 0.7105
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6775. However, MACD which illustrate diminishing bullish bias signal suggest the pair to be traded lower as a short term technical correction towards the support level 0.6725.
Resistance level: 0.6775, 0.6830
Support level: 0.6725, 0.6670
USDCAD, H4: USDCAD was traded higher following prior rebound its low level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound 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 following recent breakout below the previous support level 0.9085. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.9000.
Resistance level: 0.9085, 0.9185
Support level: 0.9000, 0.8935
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 39.25. MACD which illustrate diminishing bullish momentum signal wth the starting formation of death cross suggest the commodity to extend its retracement towards the support level 36.55.
Resistance level: 39.25, 41.55
Support level: 36.55, 34.10
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1919.00. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1970.55.
Resistance level: 1970.55, 2010.30
Support level: 1919.00, 1879.05
051120 Afternoon Session Analysis
05 November 2020 Afternoon Session Analysis
Pound slumped over the risk-off sentiment.
Pound Sterling extend its losses ahead of the outcome for the U.S. presidential election, which spurring risk-off sentiment in the FX market. As for now, the Democrat Joe Biden was back as favourite to win the U.S. Presidential election in online betting market. Though, the tight race and uncertainty over the outcome remained in the market, which sapping the appeal of the riskier currency such as Pound Sterling. Besides that, the Pound Sterling received further bearish momentum over the backdrop of the dovish sentiment toward the economic progression in United Kingdom. According to UK’s Telegraph, Bank of England is said to be mulling a controversial move into negative interest rates. Besides, the Sun also reported that the Bank of England chiefs are expected to inject around £150 billion of money supply into the economy following the UK Prime Minister announced a second lockdown today. Nonetheless, investors would continue to scrutinize the latest updates with regards of the Bank of England’s interest rate decision in order to receive further trading signal for Pound. As of writing, GBP/USD depreciated by 0.16% to 1.2962.
In the commodities market, the crude oil price depreciated by 1.42% to $38.52 per barrel as of writing. The oil market edged lower following Iraq claimed that they had exported an average of 2.876 million bpd last month, increase by more than 200,000 bpd from September, according to the data from the oil ministry Iraq. The increased of the exports can be considered as a bad sign for the oversupplied oil industries, which spurring bearish momentum for this black-commodity. On the other hand, the gold market appreciated by 0.26% to $1907.75 per troy ounces as of writing amid the uncertainty over the U.S. election had diminished the risk appetite in the market, which insinuating demand for the safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19.00 GBP BoE MPC Meeting Minutes
20.30 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15.00 | GBP – BoE Interest Rate Decision (Nov) | 0.10% | 0.10% | – |
| 17.30 | GBP – Construction PMI (Oct) | 56.8 | 55.0 | – |
| 21.00 | USD – Initial Jobless Claims | 751K | 732K | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 93.30. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to undergo technical rebound toward higher level.
Resistance level: 93.55, 93.90
Support level: 93.30, 93.00
GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2935. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2980.
Resistance level: 1.2980, 1.3010
Support level: 1.2935, 1.2875
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1735. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction toward lower level.
Resistance level: 1.1735, 1.1765
Support level: 1.1700, 1.1655
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 104.50. MACD which illustrate bearish momentum signal suggest the pair to be traded lower toward the support level at 104.10.
Resistance level: 104.50, 105.00
Support level: 104.05, 103.65
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish signal suggest the pair to extend its losses toward the support level at 0.7140.
Resistance level: 0.7205, 0.7265
Support level: 0.7140, 0.7075
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6660. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.6725.
Resistance level: 0.6725, 0.6785
Support level: 0.6660, 0.6610
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3170. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3170.
Resistance level: 1.3170, 1.3215
Support level: 1.3095, 1.3025
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9115. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9150, 0.9180
Support level: 0.9115, 0.9090
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 38.45. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 38.45.
Resistance level: 39.05, 39.80
Support level: 38.45, 37.55
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1908.75. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1908.75, 1913.30
Support level: 1900.90, 1890.85