Daily Analysis

05 November 2020                            Morning Session Analysis

Dollar fell as Biden close to victory.

During early Asian session, the dollar index which traded against a basket of six major currency pairs have fell from its high following signs of former Vice President Joe Biden gathers momentum to the White House. According to latest development, President Donald Trump’s path to maintain in the White House has suffered a blow after previous VP Joe Biden expanded his lead over the president following a success in Wisconsin. Biden now leads Trump with the score of 264-214 with only 6 left needed for Biden to secure victory. Following the increasing prospect of Biden administration, the dollar suffered selling pressure led by bets of Democrats taking the White House and Congress would increase debt and deficit levels. At the time of writing, dollar index fell 0.08% to 93.39.

In the commodities market, crude oil price remain strong and gains 0.09% to $39.03 per barrel as of writing following a decline in stockpiles. According to EIA, U.S crude stockpiles have fell 8 million last week, better than market expectation with the increase of 890,000 barrels. The decline was caused by Hurrricane Zeta that made landfall on Oct 26 and became the third storm in six weeks to disrupt productions. On the other hand, gold price rose 0.12% to $1905.45 a troy ounce at the time of writing following dollar weakness caused by confidence towards Biden presidency.

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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following recent retracement from the resistance level 93.80. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses towards the support level 93.00.

Resistance level: 93.80, 94.65

Support level: 93.00, 92.45

GBPUSD, H4: GBPUSD was traded lower following prior retracement from its high level. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the pair to extend its losses towards the support level 1.2870.

Resistance level: 1.3060, 1.3230

Support level: 1.2870, 1.2700

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1765. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.1765, 1.1880

Support level: 1.1615, 1.1455

USDJPY, H4: USDJPY remain traded in a sideway channel while testing near the support level 104.25. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 105.10, 105.80

Support level: 104.25, 103.65

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7200. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7200, 0.7340

Support level: 0.7105, 0.7005

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6670. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.6725.

Resistance level: 0.6725, 0.6775

Support level: 0.6670, 0.6595

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.3105. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3240, 1.3335

Support level: 1.3105, 1.2995

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9085. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9185, 0.9295

Support level: 0.9085, 0.9000

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 39.25. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 36.55.

Resistance level: 39.25, 41.55

Support level: 36.55, 34.10

GOLD_, H4: Gold price remain traded in sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower in short term towards the support level 1879.05.

Resistance level: 1919.00, 1970.55

Support level: 1879.05, 1847.70

04 November 2020                           Afternoon Session Analysis

Pound plunged amid Brexit impasses remained.

Pound sterling which acting as one of the major currency in the FX market sink during Asian trading session amid EU-UK trade negotiation by far failed to reach an agreement on the major issues including fisheries and level of playing field. After nearly two weeks of intensified negotiation, disagreement between UK and European still remains unsolved as there had been not much of movement in the issue of fisheries. As getting closer toward the deadline of Brexit, the current situation of no consensus between both parties regarding to the issue of Brexit have lifted up the market worries over the Hard-Brexit. As of now, market participants will keeping their eye on the upcoming meeting from Brexit negotiators as they will break the silence and taking a day out to brief their respective administration. Nonetheless, appealing of US dollar market has exerted some bearish pressure on the other currency market such as pound and euro. It could be foresee that the FX market will continue to have huge volatility and trading volume today amid US Election Result. As of writing, the pair of GBP/USD dropped 0.43% to 1.3000.

In the commodities market, crude oil price appreciated by 1.20% to $38.75 per barrel as of writing amid surprise draw in US oil inventory level. According to the API, US oil inventory level have declined by 8.010M, bigger crude oil draw than economist forecast at 0.600M, lifting up the market sentiment of this black commodity. Besides, gold price plunged 0.72% to $1895.10 per troy ounce while US Election ongoing.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 93.45. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 94.60, 95.60

Support level: 93.45, 92.05

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3010. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2955.

Resistance level: 1.3010, 1.3065

Support level: 1.2955, 1.2880

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1620. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1765, 1.1890

Support level: 1.1620, 1.1490

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 105.10. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 105.45.

Resistance level: 105.45, 105.80

Support level: 105.10, 104.70

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7110. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7110.

Resistance level: 0.7145, 0.7195

Support level: 0.7110, 0.7065

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6655. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6690, 0.6735

Support level: 0.6655, 0.6620

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3205. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3255.

Resistance level: 1.3255, 1.3315

Support level: 1.3205, 1.3155

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9155. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level 0.9200.

Resistance level: 0.9200, 0.9235

Support level: 0.9155 0.9100

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 38.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 39.65.

Resistance level: 36.65, 40.90

Support level: 38.20, 36.95

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1894.60. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1908.75, 1932.65

Support level: 1894.60, 1884.25

04 November 2020                            Morning Session Analysis

Dollar plunged following signs of Biden victory.

During early Asian session, the dollar index which traded against a basket of six major currency pairs have slumped following with surveys shows that Donald Trump is lagging behind Joe Biden in key battleground states. According to New York Times and Sienna College poll, Former Vice President is currently leading over Trump across key states such as Arizona, Florida, Pennsylvania, and Wisconsin. As the possibility of Biden’s victory soars, the dollar suffered huge selling losses due to the former vice president is unlikely to continue with Trump’s trade war against China and EU and boosting more imports from overseas. On top of that, a Biden administration will also likely to push for even more stimulus that would added into the global supply of dollar, thus adding further pressure for the greenback. At the time of writing, dollar index fell 0.84% to 93.35.

In the commodities market, crude oil price extend rebound and rose 1.20% to $38.53 per barrel as of writing following optimism on economic stimulus. With the election key results are expected to be known soon, expectation of whoever wins the election will try and push forth an urgently needed financial relief package for the Covid-19 have help boosted the commodity sentiment. On the other hand, gold price jumps 0.21% to $1913.26 a troy ounce at the time of writing as the uncertainty in U.S election amid delayed results and possible legal challenges continue to triggered bid for the safe-haven metal.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 93.80. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the support level 93.00.

Resistance level: 93.80, 94.65

Support level: 93.00, 92.45

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3060. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3230.

Resistance level: 1.3230, 1.3500

Support level: 1.3060, 1.2870

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1765. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.1765, 1.1880

Support level: 1.1615, 1.1455

USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bearish bias signal signal suggest the pair to be traded lower towards the support level 104.25.

Resistance level: 105.10, 105.80

Support level: 104.25, 103.65

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7200. MACD which illustrate persistent bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7200, 0.7340

Support level: 0.7105, 0.7005

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6725. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6725, 0.6775

Support level: 0.6670, 0.6595

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.3105. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3240, 1.3335

Support level: 1.3105, 1.2995

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9085. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9185, 0.9295

Support level: 0.9085, 0.9000

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 39.25. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 39.25, 41.55

Support level: 36.55, 34.10

GOLD_, H4: Gold price remain traded in sideway channel while currently testing near the resistance level 1919.00. However, MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1919.00, 1970.55

Support level: 1879.05, 1847.70

03 November 2020                           Afternoon Session Analysis

Dollar seesawed ahead of US Election.

Dollar index which gauges its value against a basket of six major currencies was having mixed pattern while lingering near the highest level in a month as market participants remain cautious ahead of US Presidential Election. According to the latest poll of election, It is still consistently showing that the challenger from Democrats – Joe Biden leading ahead of President Trump. As Joe Biden are tilted toward a larger stimulus plan, hence it is noteworthy that a stimulus aid might be the first priority of Democrats after he won the election, which could exert huge sell-off pressure on dollar market. Nonetheless, market participants are on edge over the development of US election as well as the final result of the election in order to gauge the further direction of dollar index. Moreover, resurgence of pandemic around the world have urged the investor to scooping up the dollar as renewed lockdown in part of Europe lifted up the market fears. Last week, France, Germany and Belgium have announced control movement in their countries respectively which last for a month, but slightly lighter than the lockdown measure during spring. During Asian trading session, dollar index inched down 0.16% to 94.00.

In the commodities market, crude oil price depreciated by 0.05% to $36.60 per barrel as of writing as Libya’s oil output risen to 800,000 barrel per day after Libya National Army agreed to ceasefire, increasing the investor’s worries over the unbalance of oil market. Prior to now, oil production in Libya was slumped to less than 100,000 bpd before lifting the blockade. Besides, gold price ticked up 0.50% $1895.00 a troy ounce amid uncertainty over US Presidential Election.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

21.00                     USD                                        U.S Presidential Election

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 94.10. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 93.75.

Resistance level: 94.10, 94.55

Support level: 93.75, 93.35

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2880. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2955.

Resistance level: 1.2955, 1.3010

Support level: 1.2880, 1.2815

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1610. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1705, 1.1825

Support level: 1.1615, 1.1495

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 104.50. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 105.05, 105.40

Support level: 104.50, 104.00

AUDUSD, H1: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7040. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7075, 0.7110

Support level: 0.7035, 0.6990

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6620. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6655.

Resistance level: 0.6655, 0.6690

Support level: 0.6620, 0.6580

USDCAD, H1: USDCAD was traded lower while currently testing the support level at 1.3205. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3255, 1.3315

Support level: 1.3205, 1.3155

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9200. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9150.

Resistance level: 0.9200, 0.9245

Support level: 0.9150, 0.9090

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 36.95. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 36.95, 38.20

Support level: 35.65, 34.10

GOLD_, Daily: Gold price was traded higher following prior rebound from the support level at 1857.50. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1925.00.

Resistance level: 1925.00, 1972.35

Support level: 1857.50, 1791.45

03 November 2020                            Morning Session Analysis

Pound slips following easing expectation from BoE.

During early Asian session, the pound sterling which traded against the dollar and other currency pairs have gave up its gains and fell amid increasing market expectations of BoE to step up monetary policy easing. Following latest report, BoE is expected to launch a £100 billion asset purchases on Thursday. The expectation came after U.K recently announced that the country will entered a second lockdown which will demand people to stay at home unless it’s for essential purpose like medical reasons, education and groceries for a month period in order to curb the spread of COVID-19 infections. On Monday, U.K records another 18950 COVID-19 cases with 136 deaths. As the speculation continue to grow, the expectation also weigh on the sentiment, thus exert pressure for the pair. At the time of writing, GBP/USD slips 0.03% to 1.2914.

In the commodities market, crude oil price soars 0.11% to $37.01 per barrel as of writing following extension of oil production cuts from OPEC. The top executives of Russia’s oil companies have discussed the future of the OPEC+ deal on Monday with Russian Energy Minister Alexander Novak, including an option to extend the cuts as-is for three months until March 2021. On the other hand, gold price also jumps 0.09% to $1895.66 a troy ounce at the time of writing following COVID-19 and U.S election uncertainty boosted the demand for safe-haven asset.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

11.30                     AUD                       RBA Rate Statement

21.00                     USD                      U.S Presidential Election

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from its high level. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the dollar to extend its retracement in short term towards the support level 93.80.

Resistance level: 94.65, 95.75

Support level: 93.80, 93.00

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2870. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.3060.

Resistance level: 1.3060, 1.3230

Support level: 1.2870, 1.2700

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1615. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be experience a technical correction towards the resistance level 1.1765.

Resistance level: 1.1765, 1.1880

Support level: 1.1615, 1.1455

USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 104.25.

Resistance level: 105.10, 105.80

Support level: 104.25, 103.65

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7005. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7105.

Resistance level: 0.7105, 0.7200

Support level: 0.7005, 0.6925

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6595. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6670.

Resistance level: 0.6670, 0.6725

Support level: 0.6595, 0.6510

USDCAD, H4: USDCAD was traded lower following prior breakout below the support level 1.3240. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.3105.

Resistance level: 1.3240, 1.3335

Support level: 1.3105, 1.2995

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9185. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.9085.

Resistance level: 0.9185, 0.9295

Support level: 0.9085, 0.9000

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 36.55. MACD which illustrate bullish bias signal with the formation of golden cross 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 remain traded in sideway channel following recent breakout above the previous resistance level 1879.05. However, MACD which illustrate bullish momentum signal suggest the commodity to extend its gains in short term towards the resistance level 1919.00.

Resistance level: 1919.00, 1970.55

Support level: 1879.05, 1847.70

02 November 2020                           Afternoon Session Analysis

Pound slumped amid latest lock-down restriction.

The overall momentum for the Pound Sterling remained subdued following the UK Prime Minister has announced a second national lockdown for England in order to curb the spiking Covid-19 infections from the United Kingdom, which spurring bearish momentum for the Pound Sterling. According to BBC, he claimed that the pubs, restaurants, gyms and non-essential shops will have to close for four weeks from Thursday. After 2^nd December 2020, the restrictions would be eased and regions would back to the tiered system. Besides, a series of new lockdown restrictions from the Europe countries and UK in order to combat the Covid-19 had prompted the riskier asset to dive into deep, which weighing on the demand on the risky asset such as Pound Sterling. On the Brexit front, lack of progress over the Brexit talks had left scant hope on soft-Brexit, which spurring further bearish momentum for the Pound Sterling. According to Reuters, the EU chief negotiator Michel Barnier on Friday claimed that the EU and Britain are still working hard for a Brexit deal, though much remains to be done. As of writing, GBP/USD depreciated by 0.03% to 1.2935.

In the commodities market, the crude oil price slumped 3.31% to $34.50 per barrel as of writing. The oil market extends its losses amid the lock-down restriction from the Europe and UK region, which providing negative prospect for the crude oil demand. On the other hand, the gold price appreciated by 0.27% to $1883.40 per troy ounces ahead of U.S. Presidential election as investors fear that such events would be spurring risk-off sentiment in the global financial market, which insinuating demand on the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 94.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 94.00, 94.70

Support level: 93.45, 93.00

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2955. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2955, 1.3010

Support level: 1.2880, 1.2815

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1615. MACD which illustrated increasing bearish momentum suggest the pair to extend tis losses after it successfully breakout below the support level.

Resistance level: 1.1730, 1.1845

Support level: 1.1615, 1.1460

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 104.70. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 104.70, 105.10

Support level: 104.35, 103.95

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.7005. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7040.

Resistance level: 0.7040, 0.7075

Support level: 0.7005, 0.6955

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6620. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6620, 0.6655

Support level: 0.6580, 0.6510

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3365. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3315.

Resistance level: 1.3365, 1.3420

Support level: 1.3315, 1.3255

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9170. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9180, 0.9215

Support level: 0.9135, 0.9090

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 34.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 35.65, 36.95

Support level: 34.10, 32.40

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1885.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1885.35, 1894.60

Support level: 1875.75, 1866.00

02 November 2020                            Morning Session Analysis

Euro extend losses despite strong growth in Germany.

During early Asian session, the Euro which traded against the dollar and other currency pairs have continue to extend its decline and heading to two-month lows despite with strong quarterly economic growth in Germany. According to data, German’s GDP have rose to 8.2% in the third quarter, exceed market expectation for a rise of 7.3%. However, as the second wave coronavirus have forced the country into lockdown, the economic growth is expected to decline in the fourth quarter by 1%. On coronavirus front, Germany have seen new increase of 19,409 in just 24 hours in Friday and also exceed 500,000 mark. Other EU countries such France, Spain and Italy also continue to witness a consistent increase in new cases. With the coronavirus continue to threaten the recovery of the economy, market confidence towards the economic outlook remains weak, thus continue to weigh heavily on the Euro pair. At the time of writing, EUR/USD fell 0.06% to 1.1642.

In the commodities market, crude oil price plunged 4.87% to $34.00 per barrel as of writing amid worsening demand outlook. As coronavirus cases continue to skyrocket, several countries such as Germany and France have imposed lockdown and led to fears of wider lockdowns in Europe and elsewhere that have continue to weigh negatively on the demand outlook. On the other hand, gold price slips 0.07% to $1877.67 a troy ounce at the time of writing amid dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded flat near the support level 93.85. However. MACD which illustrate bearish bias signal suggest the dollar to be traded lower after it breaks below the support level.

Resistance level: 94.65, 95.75

Support level: 93.85, 93.00

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2875. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction in short term towards the resistance level 1.3065.

Resistance level: 1.3065, 1.3245

Support level: 1.2875, 1.2700

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1615. However, MACD which illustrate diminishing bearish momentum suggest the pair to be experience a technical correction towards the resistance level 1.1765.

Resistance level: 1.1765, 1.1880

Support level: 1.1615, 1.1455

USDJPY, H4: USDJPY was traded lower following prior retracement from the MA lines. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses in short term towards the support level 104.25.

Resistance level: 105.10, 105.80

Support level: 104.25, 103.65

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7005. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7105, 0.7200

Support level: 0.7005, 0.6925

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6575. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6670, 0.6725

Support level: 0.6575, 0.6510

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3455. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 1.3455.

Resistance level: 1.3455, 1.3635

Support level: 1.3335, 1.3240

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9185. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.9085.

Resistance level: 0.9185, 0.9295

Support level: 0.9085, 0.9000

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 34.70. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses towards the support level 31.05.

Resistance level: 34.70, 36.55

Support level: 31.05, 26.65

GOLD_, H4: Gold price was traded flat while currently testing the resistance level 1879.05. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to be traded higher after it breaks above the resistance level.

Resistance level: 1879.05, 1919.00

Support level: 1847.70, 1790.05

30 October 2020                                Afternoon Session Analysis

Euro plunged amid signals of further easing from ECB.

During late Asian session, the euro which traded against the dollar and other currency pair continue its decline after ECB signalled further monetary easing by the end of the year. As expected, the ECB maintains its interest rate steady at the level of 0.0%. However, the central have expressed its concerns towards the worsening coronavirus and may ramp up bond purchase to contain the economic fallout. According to its statement, the central bank stated that the economic risk in the European Zone are increasing due to rising cases in coronavirus cases. At the same time, they also mention to review the predictions that have made to determine whether any further action is required. The dovish statement have raised speculation that the ECB may likely to increase bond purchase to curb the economic risk triggered by the second wave coronavirus, thus dragging the value of Euro currency lower. At the time of writing, EUR/USD slips 0.09% to 1.1683.

In the commodities market, crude oil price remains weak and fell 0.12% to $36.45 per barrel as of writing amid coronavirus fears continue to pummel the market. The demand outlook for oil remains fragile as Germany and France recently re-imposed lockdowns and also rising cases in countries such as U.S and Russia. At the same time, market also spooked by increasing stockpiles which confirmed by EIA recently. On the other hand, gold price plunged slips 0.13% to $1873.15 as of writing following dollar surge.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level 93.50. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains toward the resistance level at 94.10.

Resistance level: 94.10, 94.90

Support level: 93.50, 92.70

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2935. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2935.

Resistance level: 1.2935, 1.2980

Support level: 1.2875, 1.2785

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1655. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1700.

Resistance level: 1.1700, 1.1735

Support level: 1.1655, 1.1615

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

Resistance level: 104.90, 105.15

Support level: 104.50, 104.10

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7010. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7075.

Resistance level: 0.7075, 0.7140

Support level: 0.7010, 0.6930

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6610. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6660.

Resistance level: 0.6660, 0.6725

Support level: 0.6610, 0.6555

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3315. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3245.

Resistance level: 1.3315, 1.3420

Support level: 1.3245, 1.3175

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9150. MACD which display diminishing bullish momentum suggest the pair to extend its losses after its candle closed below the support level at 0.9150.

Resistance level: 0.9180, 0.9225

Support level: 0.9150, 0.9115

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 35.95. MACD which illustrate bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 35.95.

Resistance level: 43.25, 49.25

Support level: 35.95, 31.45

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1876.00. MACD which illustrate bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1876.00.

Resistance level: 1876.00, 1882.95

Support level: 1870.10, 1863.65

30 October 2020                Morning Session Analysis

US Dollar surged amid upbeat economic data.

the backdrop of a string of positive economic data, which dialled up the market optimism toward the economic progression in United States while increasing the market demand on the US Dollar. According to Bureau of Economic Analysis, the U.S. Gross Domestic Product for last quarter notched up significantly from the previous reading of -31.4% to 33.1%, confounding market forecast for a reading up to 31.0%. Meanwhile, the Department of Labour reported that the U.S. Initial Jobless Claims came in at 751K, better than the market forecast at 775K. Besides, US Dollar received further bullish momentum amid the risk-off sentiment in the FX market. As for now, market sentiment remains fragile with four days to go before the presidential election while spiking numbers of coronavirus infections and tougher lockdowns had also diminished the risk appetite in the FX market, which provided further bullish momentum for the safe-haven currency such as US Dollar. Nonetheless, as for now investors would continue to scrutinize the latest updates with regards of the U.S. election in order to receive further trading signal. As of writing, the dollar index appreciated by 0.57% to 93.90.

In the commodities market, the crude oil price slumped 0.10% to $36.10 per barrel as of writing amid spiking numbers of the coronavirus and new measures of lockdown from the European region had continue to weigh the market demand on this black-commodity. On the other hand, the gold price depreciated by 0.01% to $1867.67 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 94.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 94.00, 94.70

Support level: 93.45, 93.00

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2940. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2940, 1.3010

Support level: 1.2880, 1.2815

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1655. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1705.

Resistance level: 1.1705, 1.1765

Support level: 1.1655, 1.1610

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 104.70. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 104.70, 105.10

Support level: 104.35, 104.00

AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.7040. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7040, 0.7075

Support level: 0.7005, 0.6955

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6620. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6655.

Resistance level: 0.6655, 0.6690

Support level: 0.6620, 0.6580

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3315. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3365, 1.3420

Support level: 1.3315, 1.3255

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 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: 0.9180, 0.9215

Support level: 0.9150, 0.9090

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 36.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 43.05, 52.95

Support level: 36.05, 29.10

GOLD_, Daily: Gold price was traded lower following prior breakout below the previous support level at 1882.15. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1850.30.

Resistance level: 1882.15, 1908.75

Support level: 1850.30, 1815.35

29 October 2020                Afternoon Session Analysis

Dollar soars amid U.S election uncertainty, COVID-19

During late Asian session, the U.S dollar which traded against a basket of six major currency pairs have skyrocketed as safe-haven demand boosted by worsening COVID-19 and uncertainty towards upcoming U.S election. As of now, former Vice President, Joe Biden continue to lead in the polls over President Donald Trump which led traders to cautiously bet on his victory and a “blue wave” outcome where Democrats controlled both chambers of Congress. Despite that, Donald Trump is also seen catching up in some part of swing states which could slowly even the playing field and become a close battle. With U.S election just day away, the uncertainty remains in the market until the results is out, thus support the demand for safe-haven. At the same time, worsening COVID-19 conditions also help boosting the demand as massive second wave coronavirus continue to threaten Europe. At the time of writing, dollar index rose 0.03% to 93.38.

In the commodities market, crude oil price rose extend losses and plunged 0.19% to $37.44 per barrel at the time of writing as rising supply and weak demand overwhelmed market sentiment. On supply front, U.S crude oil stockpiles rose more than expected with the reading of 4.32 million increase compared to the expectation of 1.23 million. At the same time, surging cases in U.S and EU which prompted EU to re-impose lockdowns recently also continue to add into weak demand expectation, which further pressuring the commodity. On the other hand, gold price fell 0.09% to $1877.90 a troy ounce at the time of writing following dollar strength and ongoing liquidation of assets in order to prevent margin call.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

21:30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 92.70. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains toward the resistance level at 93.50.

Resistance level: 93.50, 94.10

Support level: 92.70, 92.10

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2935. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3010.

Resistance level: 1.3010, 1.3065

Support level: 1.2935, 1.2875

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1765.

Resistance level: 1.1765, 1.1810

Support level: 1.1705, 1.1675

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 104.50. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 104.50.

Resistance level: 104.50, 104.90

Support level: 104.10, 103.65

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the upward trend line. MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical rebound toward the resistance level at 0.7075.

Resistance level: 0.7075, 0.7140

Support level: 0.7010, 0.6930

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6660. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.6610.

Resistance level: 0.6660, 0.6725

Support level: 0.6610, 0.6555

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3315. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3245.

Resistance level: 1.3315, 1.3420

Support level: 1.3245, 1.3175

USDCHF, H4: USDCHF was traded lower following prior retracement from the higher level. MACD which display diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9090.

Resistance level: 0.9115, 0.9150

Support level: 0.9090, 0.9065

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 37.45. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 37.45.

Resistance level: 37.95, 38.55

Support level: 37.45, 36.95

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1876.55. MACD which illustrate bullish momentum suggest the commodity to extend its gains toward the resistance level at 1882.85.

Resistance level: 1882.85, 1890.05

Support level: 1876.55, 1871.65

29 October 2020                Morning Session Analysis

New lock-down measures, Euro dipped into 1-week low.

The pair of EUR/USD slumped significantly to one-week lows amid news of lockdowns in Germany and France in order to curb a sharp rise in Covid-19 infections, which dialled down the market optimism toward the economic progression from the European region while spurring bearish momentum on the currency. According to Reuters, Germany had decided to shut bars and restaurants for a month and France prepared to tighten controls on movement. Under the new French measures which come into force on Friday, people will be required to stay in their homes except to buy essential goods, seek medical attention or exercise for up to an hour a day. Besides, France’s employee will be permitted to go to work if their employers deem it impossible for them to do the job from home while the school will stay open. A series of new measures to fight the pandemic from the European region had prompted the world risky assets dive in to dip amid market participants expected that such measures would drive the global economy this year into its deepest recession in generations. As of writing, EUR/USD depreciated by 0.02% to 1.1745.

In the commodities market, the crude oil price depreciated by 0.10% to $37.60 per barrel as of writing. The oil market dipped significantly on yesterday amid the worried over the latest lockdown and spiking numbers of the coronavirus from the world had spurred negative prospect for the oil demand in future. On the other hand, the gold market slumped 0.05% to $1878.70 per troy ounces as of writing as investors started to selloff the gold commodity while changing it into cash in order to prevent margin call from bank following the global equity market crash on yesterday.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                              JPY                                          BoJ Monetary Policy Statement

Tentative                              JPY                                          BoJ Outlook Report

Tentative                              JPY                                          BoJ Press Conference

21:30                     EUR                                        ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 93.45. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 93.45, 94.00

Support level: 93.00, 92.45

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2940. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3010.

Resistance level: 1.3010, 1.3065

Support level: 1.2940, 1.2895

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1765. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1765, 1.1810

Support level: 1.1705, 1.1665

USDJPY, Daily: USDJPY was traded lower while currently testing the support level 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: 105.25, 106.70

Support level: 104.25, 103.00

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7030. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7085.

Resistance level: 0.7085, 0.7135

Support level: 0.7030, 0.7005

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6655. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6655, 0.6690

Support level: 0.6620, 0.6580

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3315. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3315, 1.3420

Support level: 1.3255, 1.3205

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9090. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9150, 0.9195

Support level: 0.9090, 0.9035

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 36.95. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 37.85.

Resistance level: 37.85, 38.95

Support level: 36.95, 36.10

GOLD_, H4: Gold price was traded lower while currently testing the support level a 1874.55. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1891.60, 1907.85

Support level: 1874.55, 1853.90

28 October 2020                                Afternoon Session Analysis

Euro fell following news of lockdown.

During late Asian session, the Euro which traded against the dollar and other currency pairs have experience tremendous pressure and plunged following reports of potential lockdown in France to control the surge of coronavirus cases. Following latest development, France has reported 523 deaths on Tuesday, its highest number since April. Other EU countries such as Italy and Greece also witness their infection cases surged to new record. French President is scheduled to give a televised address on Wednesday evening. It’s uncertain what the speech is about for now. But reports are flowing around that the government is exploring imposition of lockdown from midnight on Thursday. At the same time, Germany also considered plans for a measured lockdown as its health care system is also close to breaking point. At the time of writing, EUR/USD slips 0.17% to 1.1775.

In the commodities market, crude oil price remains pressured and fell 0.67% to $38.81 per barrel as of writing following COVID-19 and oversupply fears. The coronavirus pandemic continue to weigh heavily on the market sentiment where some countries such as Europe and U.S pushing their recovery outlook even further with surging cases. At the same time, fears of oversupply due to Libya restart oil field and recent data from API also exert further pressure on the commodity. On the other hand, gold price remains stable and edge higher 0.03% to $1907.61 a troy ounce at the time of writing following worsening COVID-19 continue to support safe-haven demand.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:15                     CAD                                        BoC Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 92.70. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains toward the resistance level at 93.50.

Resistance level: 93.50, 94.10

Support level: 92.70, 92.10

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3065. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3010.

Resistance level: 1.3065, 1.3125

Support level: 1.3010, 1.2935

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1810. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1765.

Resistance level: 1.1810, 1.1860

Support level: 1.1765, 1.1705

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 104.50. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 104.10.

Resistance level: 104.50, 104.90

Support level: 104.10, 103.65

AUDUSD, H4: AUDUSD was traded flat near the resistance level at 0.7140. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.7140, 0.7205

Support level: 0.7075, 0.7010

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6725. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.6660.

Resistance level: 0.6725, 0.6785

Support level: 0.6660, 0.6610

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3175. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3245.

Resistance level: 1.3245, 1.3315

Support level: 1.3175, 1.3095

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9090. MACD which display bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9090.

Resistance level: 0.9090, 0.9115

Support level: 0.9065, 0.9035

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 38.55. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 38.55.

Resistance level: 39.30, 39.85

Support level: 38.55, 37.95

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1903.55. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1910.80.

Resistance level: 1910.80, 1919.80

Support level: 1903.55, 1896.60

28 October 2020                Morning Session Analysis

Dollar surged amid hopes upon the coronavirus economic relief faded.

The Dollar Index which traded against a basket of six major currencies pairs extend its gains on yesterday amid diminishing hopes upon the coronavirus economic relief from the United States. According to Reuters, U.S. President Donald Trump acknowledged on Tuesday that a coronavirus economic relief deal would likely come after the 3^rd November 2020 U.S. election as Republicans in the U.S. Senate and Congressional Democrats still unable to achieve any consensus. On the economic data front, the US Dollar received further bullish momentum over the backdrop of the positive economic data from the U.S. region. According to Census Bureau, the U.S. Core Durable Goods Orders for last month came in at 0.8%, much better than the market forecast at 0.4%. Though, the gains experienced by the US Dollar was limited following the worse-than-expected U.S. CB Consumer Confidence data was released. The Conference Board reported that the U.S. CB Consumer Confidence had notched down from the previous reading of 101.3 to 100.9, which worse than the market expectation at 102.0. Nonetheless, the overall trend for the Dollar Index still remained subdued on yesterday as market participants are still scrutinizing the latest updates with regards of the U.S. Election and the U.S. economic stimulus plan in order to receive further trading signal. As of writing, the Dollar Index surged 0.05% to 92.97.

In the commodities market, the crude oil price slumped 0.38% to $38.75 per barrel as of writing. The oil market extends its losses following the U.S. oil stockpiles rose sharply last week, which spurring concerns about the strength of oil demand at the midst of the coronavirus crisis. According to American Petroleum Institute (API), the U.S. API Weekly Crude Oil stock had rose significantly from the previous reading of 0.584M to 4.577M. On the other hand, the gold market slumped 0.18% to $1904.50 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:15                     CAD                                        BoC Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 93.00. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 93.00, 93.45

Support level: 92.50, 92.10

GBPUSD, H1: GBPUSD was traded lower while currently near the support level at 1.3010. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3065, 1.3155

Support level: 1.3010, 1.2940

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1765. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support 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 104.35. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 104.70, 105.10

Support level: 104.35, 104.00

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7085.

Resistance level: 0.7135, 0.7175

Support level: 0.7085, 0.7030

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6720. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level ta 0.6665.

Resistance level: 0.6720, 0.6765

Support level: 0.6665, 0.6615

USDCAD, H4: USDCAD was traded higher following prior rebound from the support 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: 1.3205, 1.3255

Support level: 1.3155, 1.3080

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9090. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9090, 0.9150

Support level: 0.9035, 0.9005

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 38.40. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 39.35, 40.65

Support level: 38.40, 36.95

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1891.60. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1917.65, 1939.20

Support level: 1891.60, 1874.55

27 October 2020                                Afternoon Session Analysis

Yen rose following rising U.S – China tension.

The Japanese Yen which traded against the dollar and other currency pair have rose during late Asian session amid rising tension between the U.S and China as well as concerns over COVID-19 supporting the demand for safe-haven market. On the coronavirus front, several countries such as Russia, France, Italy and U.S continue to set new records for the number of daily COVID-19 cases. As of today, COVID-19 cases have passed through 43.4 million globally according to data from John Hopkins University. At the same time, tensions between U.S and China begin to mount as U.S approve a $2.4 billion sales of anti-ship missiles to Taiwan. In retaliation, China announced that it will impose sanctions on U.S companies and individual. The worsening relationship between the U.S and China also caused investors to turn their backs on riskier assets, thus shifting their portfolio into safe-haven market such as Japanese Yen. At the time of writing, USD/JPY slips 0.10% to 104.69.

In the commodities market, crude oil price remains weak and fell 0.28% to $38.64 per barrel as of writing following rising output by Libya. According to reports, Libya is set to open its last oil field to push daily oil output by 1 million barrel. On top of that, the commodity price also continue to be pressured by fragile demand outlook which continue to be crippled by the rising cases of coronavirus. On the other hand, gold price gains 0.35% to $1908.85 a troy ounce at the time of writing following market uncertainty and dollar weakness.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 92.70. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains toward the resistance level at 93.50.

Resistance level: 93.50, 94.10

Support level: 92.70, 92.10

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3010. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3065.

Resistance level: 1.3065, 1.3125

Support level: 1.3010, 1.2935

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1810. MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term toward the resistance level at 1.1860.

Resistance level: 1.1860, 1.1925

Support level: 1.1810, 1.1765

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 104.90. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 104.50.

Resistance level: 104.90, 105.15

Support level: 104.50, 104.10

AUDUSD, H4: AUDUSD was traded flat near the resistance level at 0.7140. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.7140, 0.7205

Support level: 0.7075, 0.7010

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6660. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6725.

Resistance level: 0.6725, 0.6785

Support level: 0.6660, 0.6610

USDCAD, H4: USDCAD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3175.

Resistance level: 1.3245, 1.3315

Support level: 1.3175, 1.3095

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9065. MACD which display diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9065.

Resistance level: 0.9090, 0.9115

Support level: 0.9065, 0.9035

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 38.55. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 39.30.

Resistance level: 39.30, 39.85

Support level: 38.55, 37.95

GOLD_, H1: Gold price was traded higher following prior breakout above the previous resistance level at 1903.55. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1910.80.

Resistance level: 1910.80, 1919.80

Support level: 1903.55, 1896.60

27 October 2020                Morning Session Analysis

US Dollar surged on risk-off sentiment.

The Dollar Index which traded against a basket of six major currencies pairs surged on yesterday amid the risk-off sentiment in the FX market following the Covid-19 cases from the United States region hit a record-high. According to Bloomberg, the coronavirus infections from the U.S. was adding more than 85,000 people on yesterday. Meanwhile, some of the Europe countries had also imposed a new lockdown restriction in order to curb the spreading of the Covid-19 infections. According to Reuters, Spain announced a new state of emergency and Italy has ordered restaurants and bars to shut by 6 p.m. Such sentiment had diminished the risk appetite in the FX market, which prompting investors to shift their portfolio toward the safe-haven currency such as the US Dollar. Besides, the lack of progress with regards of the U.S. economic stimulus plans had also spurred further bullish momentum for the US Dollar. Nonetheless, the gain of the US Dollar was limited over the backdrop of the bearish housing data from the US region on yesterday. According to Census Bureau, the U.S. New Home Sales came in at only 959K, fared worse than expectation at 1,025K while dialling down the market optimism toward the economic progression from the United States. As of writing, the Dollar Index appreciated by 0.32% to 93.00.

In the commodities market, the crude oil price slumped 0.10% to $38.65 per barrel as of writing. The oil market extends its losses amid the resurgence of the Covid-19 cases in the world, which spurring negative prospect for the crude oil demand. On the other hand, the gold price slumped 0.02% to $1902.20 per troy ounces as of writing due to the appreciation of the US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 93.00. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 93.00, 93.50

Support level: 92.50, 91.75

GBPUSD, H4: GBPUSD was traded lower while currently near the support level at 1.2995. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3065, 1.3155

Support level: 1.2995, 1.2940

EURUSD, H1: EURUSD was traded lower while currently testing the support level at 1.1800. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1875, 1.1945

Support level: 1.1800, 1.1750

USDJPY, H4: USDJPY was traded lower while currently near the support level at 104.70. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 105.10, 105.45

Support level: 104.70, 104.35

AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level at 0.7130. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7105.

Resistance level: 0.7130, 0.7155

Support level: 0.7105, 0.7075

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6685. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6645.

Resistance level: 0.6685, 0.6725

Support level: 0.6645, 0.6610

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3205. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3205, 1.3255

Support level: 1.3155, 1.3080

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9030. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9150.

Resistance level: 0.9150, 0.9270

Support level: 0.9030, 0.8910

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 39.05. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 39.50, 41.45

Support level: 38.05, 38.85

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1897.70. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1910.55.

Resistance level: 1910.55, 1929.55

Support level: 1897.70, 1884.10