Daily Analysis

26 October 2020                                Afternoon Session Analysis

Dollar rebound amid virus spurred safe-haven demand.

During late Asian session, the dollar which traded against a basket of six major currency pairs have regained support and rebound as worsening coronavirus in U.S and Europe and lack of progress in U.S stimulus leading traders in a cautious mood. In coronavirus front, the U.S reported more than 83,000 coronavirus cases two days in a row, surpassed previous deadly record of roughly 77,300 cases on July 16. At the same time, the surging cases in Europe have also cause some countries such as Italy to ordered restaurants and bar to shut down by 6 p.m. On the other hand, U.S. House Speaker Nancy Pelosi said on Sunday that she expected a White House response on Monday regarding the latest stimulus spending plan. Recently, a senior administration official said the stimulus deal wasn’t dead, but could have been made at times over the past 10 days. The statement accused that Pelosi’s suggestion of compromise had been mostly done for show. At the time of writing, dollar index rose 0.14% to 92.84.

In the commodities market, crude oil price fell 1.23% to $39.18 per barrel as of writing amid worsening demand outlook continue to weigh on the sentiment. Market confidence towards the black commodity remains weak due to drastic increase in coronavirus cases despite with the recent news of an FDA approval for remdesivir. Next, gold price slips 0.17% to $1898.29 a troy ounce at the time of writing following dollar regain support.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 92.70. MACD which illustrate bullish momentum signal suggest the dollar to extend its rebound towards the resistance level 93.55.

Resistance level: 93.55, 94.65

Support level: 92.70, 91.75

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3005. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3260, 1.3500

Support level: 1.3005, 1.2775

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1880. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its retracement towards the support level 1.1760.

Resistance level: 1.1880, 1.1995

Support level: 1.1760, 1.1615

USDJPY, H4: USDJPY remain traded flat while currently testing near the resistance level 105.10. However, MACD which illustrate bullish bias signal with the recent formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 105.10, 105.80

Support level: 104.25, 103.65

AUDUSD, H4: AUDUSD was traded flat while currently testing the support level 0.7105. However, MACD which display diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support 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 0.6655. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 0.6655.

Resistance level: 0.6725, 0.6775

Support level: 0.6655, 0.6595

USDCAD, H4: USDCAD remain traded in a sideway channel while traded flat near the support level 1.3105. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher in short term towards the resistance level 1.3240.

Resistance level: 1.3240, 1.3335

Support level: 1.3105, 1.2995

USDCHF, H4: USDCHF was traded lower following recent retracement from resistance level 0.9085. However, MACD which display bullish momentum signal suggest the pair to be traded higher in short term towards back the level 0.9085.

Resistance level: 0.9085, 0.9190

Support level: 0.9000, 0.8935

CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing the support level 39.00. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower after it breaks below the support level 39.00.

Resistance level: 41.55, 43.95

Support level: 39.00, 36.55

GOLD_, H4: Gold price remain traded in a sideway channel following recent retracement from MA lines. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower towards the support level 1879.05.

Resistance level: 1918.90, 1970.55

Support level: 1879.05, 1847.70

26 October 2020                Morning Session Analysis

Pound slumped amid bearish economic data.

Pound Sterling slumped on last Friday over the backdrop of a string of downbeat economic data from the UK region. According to Markit Economics, the U.K. Composite Purchasing Managers’ Index (PMI) had notched down significantly from the previous reading of 55.7 to 52.9, worse than the market forecast at 55.6. Similarly, the U.K. Manufacturing Purchasing Managers Index (PMI) and U.K. Services Purchasing Managers Index (PMI) came in at only 53.3 and 52.3, which fared worse than the market forecast at 54.3 and 55.0 respectively. As these crucial economic data had fared bearish reading, which dialled down the market optimism toward the economic progression in United Kingdom while spurring significant selloff for the Pound Sterling. Besides that, the resurgent number of the coronavirus contagions from the UK and uncertainty with regards of the Brexit issues had also dragged down the appeal of the Pound Sterling. Nonetheless, the losses experienced by the Pound Sterling was limited amid positive retail sales data on last Friday. According to Office for National Statistics, the U.K. Retail Sales for last month had improved significantly from 0.9% to 1.5%, which better than expectation at 0.4%. As of writing, the GBP/USD depreciated by 0.04% to 1.3042.

In the commodities market, the crude oil price slumped 1.46% to $39.12 per barrels as of writing. The oil market edged lower amid the fears of the spiking numbers of the coronavirus infections had provided negative prospect for the oil demand. On the other hand, the gold price slumped 0.25% to $1896.45 per troy ounces amid market participants expected the U.S. coronavirus stimulus plan will be passed only after the 3^rd November 2020 U.S. election.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently near the support level at 92.55. 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, 93.50

Support level: 92.55, 91.75

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3065. MACD which illustrated increasing bearish momentum suggest the pair toe tend its losses toward support level at 1.2995.

Resistance level: 1.3065, 1.3155

Support level: 1.2995, 1.2885

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1875. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1875, 1.1945

Support level: 1.1800, 1.1750

USDJPY, H4: USDJPY was traded lower while currently testing the support 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: 105.10, 105.45

Support level: 104.35, 104.70

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7105. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7200, 0.7270

Support level: 0.7105, 0.7030

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6685. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

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 1.3155. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3155, 1.3205

Support level: 1.3080, 1.2990

USDCHF, Daily: 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: 0.9150, 0.9270

Support level: 0.9030, 0.8910

CrudeOIL, H4: Crude oil price was traded lower following prior breakout above the previous support level at 39.50. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 38.05.

Resistance level: 39.50, 41.45

Support level: 38.05, 38.85

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1909.45. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1883.25.

Resistance level: 1909.45, 1929.55

Support level: 1883.25, 1854.50

23 October 2020                Afternoon Session Analysis

Pound plummets as no-deal Brexit remains high.

During late Asian session, the pound sterling which traded against the dollar and other currency pairs have fell as experts warned the display of brinkmanship from the U.K on the negotiation may triggered an accidental no-deal Brexit risk. Following latest development, EU Brexit negotiator Michael Barnier is seeking to intensify talks with his British counterpart David Frost on Thursday to find a solution to key sticking points state aid and fisheries. As U.K determine to take control over access to its waters rather than stick with EU policy, fisheries remained the as the key issue that stalling the progress of a trade deal. With just months to go until the transition period ends, the U.K. appears unwilling to allow talks to run past the year-end deadline. The tough stance from UK could risk an accidental no-deal Brexit as the clock ticks down toward the end of the year, thus weighing on the current sentiment and dragging the currency price lower. At the time of writing, GBP/USD fell 0.08% to 1.3068

In the commodities market, crude oil price gains 0.32% to $40.69 per barrel as of writing amid optimism on U.S stimulus and potential output cut extension from Russia. U.S. House Speaker Nancy Pelosi stated that the two sides were nearing an economic stimulus package, boosting expectations that demand for crude oil could improve. At the same time, market also continue to react positively towards Russia’s willingness to ease further output if necessary. On the other hand, gold price plunged 0.09% to $1906.31 a troy ounce at the time of writing following the dollar strength and rebound from its seven-week low.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 92.60. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 93.50.

Resistance level: 93.50, 94.75

Support level: 92.60, 91.65

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3060. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3165, 1.3245

Support level: 1.3060, 1.2975

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1790. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1830, 1.1865

Support level: 1.1790, 1.1750

USDJPY, H4: USDJPY was traded lower while currently near the support level at 104.50. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 105.95, 106.95

Support level: 104.50, 103.10

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7125. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it succe4ssfully breakout above the resistance level.

Resistance level: 0.7125, 0.7175

Support level: 0.7065, 0.7010

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6675. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6675, 0.6710

Support level: 0.6640, 0.6600

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3190. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3190, 1.3250

Support level: 1.3095, 1.2990

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9085. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9185, 0.9230

Support level: 0.9040, 0.8995

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 39.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 41.30.

Resistance level: 41.30, 43.05

Support level: 39.65, 38.60

GOLD_, H4: Gold price was traded higher following prior rebound from the upward trend line. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1910.65, 1929.45

Support level: 1881.25, 1859.10

23 October 2020               Morning Session Analysis

Dollar rebound amid likelihood of stimulus aid remained uncertain.

Dollar index which gauge its value against a basket of six major currencies ticked up after hitting the lowest level in seven weeks as market participants turned sceptical of a possible deal which costing trillions of dollars. In the recent talk, negotiators were making progress over sealing a new stimulus plan, aiming to be launched before the US Presidential Election, said by US House Speaker Nancy Pelosi. Despite, even if the stimulus package successfully breakthrough the impasses between Democrats and Republican, it is highly unlikely that House of Senate will allow the plan to be implemented as the Republican are dominating majority of the votes in Senate level while they have repeatedly rejected sort of trillion dollar plan. As of now, Senate Majority Leader Mitch Mc Connell still insisting that he does not want brings large stimulus bill to the Senate floor before the election. Besides, an upbeat labour data has managed to further uplift the gains of dollar yesterday. According to the Department of Labor, US Initial Jobless Claims was came in at 787K, lower than the economist forecast of 870K, reflecting a lower number of American filing for unemployment insurance claims, yet they are still awaiting for further financial assistance from new round of stimulus aid.

In the commodities market, the crude oil price appreciated by 0.02% to $40.58 per barrel as the possibility of extension on OPEC’s oil production cut plan heightened. According to Russian President Vladimir Putin, Russia does not rule out the possibility that OPEC+ could extend its current 7.7 million barrels cut per day into next year. Besides, gold price rose 0.08% to $1905.65 per troy ounce amid uncertainty of US stimulus aid.

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 illustrate bullish bias momentum signal suggest the dollar to extend it gains after it successfully breakout above the resistance level at 93.00.

Resistance level: 93.00, 93.55

Support level: 92.50, 92.10

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3080. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2985.

Resistance level: 1.3080, 1.3175

Support level: 1.2985, 1.2865

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: 1.1855, 1.1890

Support level: 1.1810, 1.1765

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 104.70. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 105.15.

Resistance level: 105.15, 105.50

Support level: 104.70, 104.35

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7140. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7100.

Resistance level: 0.7140, 0.7160

Support level: 0.7100, 0.7005

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6685. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.6640.

Resistance level: 0.6685,0.6740

Support level: 0.6640, 0.6570

USDCAD, H1: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3155.

Resistance level: 1.3155, 1.3200

Support level: 1.3105, 1.3055

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9085. MACD which display bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9085.

Resistance level: 0.9085, 0.9110

Support level: 0.9055, 0.9000

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 40.85. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 40.45.

Resistance level: 40.85, 41.40

Support level: 40.45, 39.95

GOLD_, H4: Gold price was traded lower following prior breakout below the upward trendline. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1897.50.

Resistance level: 1915.30, 1930.00

Support level: 1897.50, 1879.80

22 October 2020                Afternoon Session Analysis

Dollar reversing loses while eyes on U.S stimulus.

During late Asian session, the dollar which measured its value against a basket of six major currency pair have slowly recoup its losses and rebound as the market continue to focus on the U.S congress development on passing the latest stimulus. Recently, the dollar sank to its lowest level since September 2 after U.S President Donald Trump and House of Representative Speaker Nancy Pelosi have made positive remarks that increasing the hopes of U.S stimulus before Nov 3. However, that optimism is now slowly fading due to opposition from Senate Republicans which reduces the chances of the stimulus being passed before election. Pelosi also stated that while she remains optimistic, she also admitted that the stimulus is highly unlikely to be passed before the U.S heading for polls. Following the latest development, the greenback manages to limit its losses. Meanwhile, market will continue to focus on further development and upcoming presidential debate between Donald Trump and Joe Biden. At the time of writing, dollar index rose 0.19% to 92.73.

In the commodities market, crude oil price extends losses and plunged 0.50% to $39.75 per barrel at the time of writing following weak demand outlook. With COVID-19 infections in the U.S and Europe continue to hit daily record, lockdowns and travel clampdown from China once again could diminished the fuel demand, which weigh on the oil price. On top of that, scepticism on stimulus package also added further to the worsening outlook as President Donald Trump accused Democrats of holding up a compromise deal. On the other hand, gold price slips 0.55% to $1913.95 a troy ounce at the time of writing amid rebound in dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                       Market                  Event

17:25                  UK                       BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.60. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 94.50, 94.75

Support level: 92.60, 91.65

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3165. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3070.

Resistance level: 1.3165, 1.3215

Support level: 1.3070, 1.2975

EURUSD, H4: EURUSD was traded lower following prior retracement form the resistance level at 1.1865. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1830.

Resistance level: 1.1865, 1.1910

Support level: 1.1830, 1.1790

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

Resistance level: 105.15, 106.60

Support level: 104.30, 103.00

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7110. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7065.

Resistance level: 0.7110, 0.7150

Support level: 0.7065, 0.7010

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6640. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6670, 0.6710

Support level: 0.6640, 0.6600

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3190. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3190, 1.3250

Support level: 1.3095, 1.2990

USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 0.9040. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9085.

Resistance level: 0.9085, 0.9130

Support level: 0.9040, 0.8995

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 39.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 41.30, 43.05

Support level: 39.65, 38.60

GOLD_, H4: Gold price was traded lower while currently testing the support level ta 1910.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1929.45, 1952.45

Support level: 1910.70, 1892.65

22 October 2020               Morning Session Analysis

Pound skyrocketed amid optimism of Brexit’s talk.

Pound sterling which acting as the major currencies in the FX market was managed to extend its gains while hitting the highest level in seven weeks amid Brexit talk set to resume, lifting up the market optimism toward a deal could be sealed before the end of transition period. According to Bloomberg, negotiator from both sides are ready to have further formal negotiation on today while holding an aim to secure a deal by mid of November. This decision was came after a crucial call between Britain’s chief negotiator David Frost and EU counterpart Michel Barnier. Moreover, both sides were working hard in securing a deal as to avoid disruptive finale to the Brexit that would deteriorate the economy health UK. Nonetheless, it is clear that a significant gap still remains between EU and UK in the most difficult areas such as fisheries and level of competitive playing field. Despite a little change of hard tone was seem from both sides, yet it is seemingly that a compromise would not be achieved in the short run. During Asian early trading session, the pair of GBP/USD retraced by 0.07% to 1.3135.

In the commodities market, the crude oil price depreciated by 0.35% to $39.90 per barrel following a lower-than-expected draw in US inventories level. According to EIA, US crude oil inventories level has reduced -1.001M barrel, missing the economist forecast at -1.021M, this disappointing data has dragged down the appeal of this black commodity market. Besides, gold price dropped by 0.15% to $1921.00 per troy ounce after hitting the highest level in 10 days amid rebound of dollar index.

Today’s Holiday Market Close

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Today’s Highlight Events

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17:25                 UK                     BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from support level at 92.50. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend it rebound toward the resistance level at 93.00.

Resistance level: 93.00, 93.55

Support level: 92.50, 92.10

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3175. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3080.

Resistance level: 1.3175, 1.3255

Support level: 1.3080, 1.2985

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1855. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1810.

Resistance level: 1.1855, 1.1890

Support level: 1.1810, 1.1765

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level at 104.70. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 104.70.

Resistance level: 104.70, 105.15

Support level: 104.35, 104.00

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7100. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7140, 0.7160

Support level: 0.7100, 0.7005

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6640. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 0.6640.

Resistance level: 0.6685,0.6740

Support level: 0.6640, 0.6570

USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.3155. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3155.

Resistance level: 1.3155, 1.3200

Support level: 1.3105, 1.3055

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9055. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9085.

Resistance level: 0.9085, 0.9110

Support level: 0.9055, 0.9000

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 39.95. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 39.05.

Resistance level: 39.95, 40.45

Support level: 39.05, 37.90

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1930.00. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 1916.30.

Resistance level: 1930.00, 1940.00

Support level: 1916.30, 1897.50

21 October 2020                Afternoon Session Analysis

Aussie recoup losses following Retail Sales data.

During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have manage to bounced off from one-month low and rose amid recent release of Australia Retails Sales added into the broad risk-on mood. According to the Australian Bureau of Statistics, the retail sales data came in lesser than market expectation of 1.5% against -4.4% expectation. Despite that, the data suggest that the consumer activities in the Australia have recovered and climbed back into positive territory, thus benefiting the value of the Aussie. At the same time, market risk-on mood also further backed by comments from U.S House Speaker Nancy Pelosi where she remains “optimistic” about the progress in discussion with Treasury Secretary Steven Mnuchin regarding to the U.S stimulus deal. At the time of writing, AUD/USD rose 0.46% to 0.7077.

In the commodities market, crude oil price remains stable and edge higher 0.68% to $41.43 per barrel as of writing as market remain convinced and optimistic that the U.S lawmakers may break a month-long impasse and negotiate a potential aid package to boost economic recovery which would help increased the consumption of oil and fuel. On the other hand, gold price soars 0.63% to $1918.02 a troy ounce at the time of writing amid dollar weakness which driven by optimism in U.S stimulus.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                       Market                  Event

15:30                  EUR                    ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 93.00. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 92.55.

Resistance level: 93.00, 93.50

Support level: 92.55, 92.15

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2885. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2995.

Resistance level: 1.2995, 1.3060

Support level: 1.2885, 1.2815

EURUSD, H4: EURUSD was traded higher while currently near the resistance level at 1.1865. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1865, 1.1940

Support level: 1.1755, 1.1620

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 105.45. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 105.10.

Resistance level: 105.45, 105.80

Support level: 105.10, 104.70

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7030. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7105.

Resistance level: 0.7105, 0.7195

Support level: 0.7030, 0.6950

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6570. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6675.

Resistance level: 0.6675, 0.6725

Support level: 0.6570, 0.6520

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3080. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3155, 1.3205

Support level: 1.3080, 1.2990

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9055. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9090, 0.9125

Support level: 0.9055, 0.9005

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 41.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 41.50, 43.05

Support level: 39.50, 38.05

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1920.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1920.45, 1971.70

Support level: 1854.50, 1798.35

21 October 2020                                Morning Session Analysis

Dollar plunged while markets continue eye on stimulus talk.

Dollar index which gauges its value against a basket of six major currencies faced huge threw-off pressure while hitting the one month low level after House of Speaker Nancy Pelosi revealed that she was still optimistic toward the stimulus plan can be unveiled by early next month. Earlier this week, a limit of 48 hours was set by Nancy Pelosi where an agreement must be reached between US two biggest parties if they want to pass a stimulus relief bill before US Presidential Election Day. In the latest round of talk, White House and Congressional Democrats claimed enough progress in the talks regarding to the new stimulus aid plan, while promising that they will speak again on Wednesday. Besides, Deputy Chief of Staff Drew Hammill have also said that both parties were ‘serious’ to seal a plan, while both parties are moving closer to a consensus. Despite, he also added that there are still some disagreements on certain affair to be resolved in the upcoming talks. During Asian early trading session, dollar index dropped by 0.37% to 93.10.

In the commodities market, the crude oil price depreciated by 0.60% to $41.40 per barrel following surprise build in US oil inventories. According to API, US API Weekly Crude Oil Stock was came in at 0.584M, unexpectedly higher than the economist forecast at -1.900M, lifting up the market worries over the supply glut while economy is still being haunted by the pandemic of Covid-19. Besides, gold price rose 0.31% to $1911.90 a troy ounce amid optimism of US stimulus‘s talk.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

15:30                  EUR                    ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 93.50. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses toward the support level at 92.70.

Resistance level: 93.50, 94.90

Support level: 92.70, 92.10

GBPUSD, H4: 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 breakout above the previous resistance level at 1.1810. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains 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 105.75. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 105.15.

Resistance level: 105.75, 106.05

Support level: 105.15, 104.80

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7075. Due to lack of signal, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.7075, 0.7140

Support level: 0.7010, 0.6930

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

Resistance level: 0.6610, 0.6660

Support level: 0.6555, 0.6515

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3140. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after its candle successfully closed below the support level.

Resistance level: 1.3235, 1.3315

Support level: 1.3140, 1.3025

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9090. However, MACD which display diminishing bearish momentum signal suggest the pair to undergo technical rebound in short term.

Resistance level: 0.9090, 0.9120

Support level: 0.9050, 0.9005

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level at 41.40. However, MACD which illustrate bullish momentum signal suggest the commodity to be traded higher after it successfully breakout above the resistance level.

Resistance level: 41.40, 42.15

Support level: 40.90, 40.40

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1897.45. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 1915.75.

Resistance level: 1915.75, 1939.60

Support level: 1897.45, 1876.85

20 October 2020                Afternoon Session Analysis

Aussie plunged following dovish RBA minutes.

The Australian dollar which traded against the dollar and other currency pairs continue to extend its drop during late Asian session following dovish statement from RBA minutes. According to the minutes, RBA members have discussed an considered for more additional monetary easing to support jobs and overall economy. RBA’s Assistant Governor Christopher Kent stated that there is still some room to cut the cash rate further and compress short-term rates. The central bank is expected to reduce its interest rate to a new record low of 0.1% from the current 0.25%. He also added that the rates could move into negative territory in case of further RBA easing. Following the dovish note from RBA, the Aussie dollar break support and continue its path to the downside. At the time of writing, AUD/USD drop 0.32% to 0.7043.

In the commodities market, crude oil price slips 0.44% to $40.70 per barrel as of writing following COVID-19 concerns intensified. COVID-19 cases have soared over 40 million on Monday, adding further concern that whether the oil demand is able to recover fully. At the same time, news of Libya rising output also continue to added pressure for the commodity. On the other hand, gold price also fell 0.24% to $1899.68 a troy ounce at the time of writing amid a new U.S stimulus remains elusive which weigh on the yellow metal.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 93.20. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 93.55.

Resistance level: 93.55, 94.00

Support level: 93.20, 92.85

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2995. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2885.

Resistance level: 1.2995, 1.3060

Support level: 1.2885, 1.2815

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1765. MACD which illustrated diminishing bullish 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, H1: USDJPY was traded lower following prior retracement from the resistance level at 105.55. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 105.30.

Resistance level: 105.55, 105.75

Support level: 105.30, 105.05

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7030. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7105, 0.7195

Support level: 0.7030, 0.6950

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6570. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6675, 0.6725

Support level: 0.6570, 0.6520

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3205. MACD which illustrated diminishing bearish 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, 1.3085

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9085. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9175, 0.9295

Support level: 0.9085, 0.9010

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 41.45. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 39.50.

Resistance level: 41.45, 43.05

Support level: 39.50, 38.05

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1909.45. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1889.85.

Resistance level: 1909.45, 1928.25

Support level: 1889.85, 1854.50

20 October 2020                                Morning Session Analysis

Pound dips amid risk of Hard-Brexit surged.

Pound sterling which act as one of the major currency in the FX market was sold off by the market participants tremendously after Brexit trade negotiations stumbled again as European Union refused to discuss legal texts. As the Boris Johnson’s deadline on Brexit negotiation passed, the Minister for the Cabinet Office Michael Gove reiterated that the trade talks had ‘effectively ended’ after 15^th Oct while accusing that the EU bloc were not engaging seriously in the negotiations of trade talks. As of now, the major issues of Post-Brexit trade talks are still revolved around the fisheries and fair trading environment. Moreover, Michael Gove also emphasized that there is not basis which EU and UK could reach an agreement at present as EU is still sticking with their current hard stance where no tolerance was shown by the bloc. An Australian style arrangement likely will be embraced by Britain if no breakthrough between the negotiation between UK and EU, which also means that UK-EU trade will then fall back on World Trade Organization (WTO) rules in 2021. As of writing, the pair of GBP/USD dropped 0.02% to 1.2945.

In the commodities market, the crude oil price depreciated by 0.49% to $40.85 per barrel as disappointing economic data from China and fears over resurgence of Covid-19 cases in Eurozone. Besides, recent report showed that Libya oil production has increased to around 500K barrels per day (bpd) after the country largest oilfield managed to resume its operation last week. Besides, gold price inched down 0.08% to $1902.65 a troy ounce as dollar strengthen.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 93.50. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses after its candle successfully closed below the support level.

Resistance level: 94.10, 94.90

Support level: 93.50, 92.70

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2955. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2885.

Resistance level: 1.2955, 1.3000

Support level: 1.2885, 1.2815

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1765. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.1765.

Resistance level: 1.1810, 1.1860

Support level: 1.1765, 1.1705

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 105.15. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 105.75.

Resistance level: 105.75, 106.05

Support level: 105.15, 104.80

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7075. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.7010.

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 0.6610. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6570.

Resistance level: 0.6610, 0.6660

Support level: 0.6570, 0.6515

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3140. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.3235.

Resistance level: 1.3235, 1.3315

Support level: 1.3140, 1.3025

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9090. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9120.

Resistance level: 0.9120, 0.9180

Support level: 0.9090, 0.9050

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level at 40.90. However, MACD which illustrate bearish bias momentum signal suggest the commodity to be traded lower as technical correction.

Resistance level: 40.90, 41.40

Support level: 40.40, 39.85

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1899.40. Due to lack of signal from the MACD, it is suggested to wait for further confirmation such as breakout before entering into the market.

Resistance level: 1915.75, 1939.60

Support level: 1899.40, 1876.85

19 October 2020                Afternoon Session Analysis

Euro slips on coronavirus, Brexit deadlock.

During early Asian session, the euro which traded against the dollar and other currency pairs continue to extend its losses as worsening coronavirus continue to pressure the sentiment. Following latest development on coronavirus front, one of the EU members, Italy have seen ongoing spike in COVID-19 cases which led to an announcement for more restrictions that include limited opening times for restaurants and limits on public gatherings. Other EU countries such as France also reimpose lockdown to curb the spread of the virus. The worsening condition of coronavirus and the re-imposed lockdown could once again affect the potential recovery of the already fragile economy in the EU. At the same time, the uncertainty in Brexit also continue to weigh negatively on the currency where both EU and UK remain tough on certain key issues such as fisheries and level-playing field. At the time of writing, EUR/USD slips 0.05% to 1.1708.

In the commodities market, crude oil price declines 0.12% to $41.00 per barrel at the time of writing after weak China data. As China’s economic growth did not rise as much as expected following the weaker than expected GDP, China’s oil buying frenzy is expected to slow in the fourth quarter which impact on the oil price. On the other hand, gold price rose 0.26% to $1905.14 a troy ounce at the time of writing following various geopolitical risk managed to boost the demand for the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:00                     USD                       Fed Chair Powell Speaks

20:00                     EUR                       ECB President Lagarde Speaks

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 93.50. MACD which illustrate diminishing bearish 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, 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 1.2885.

Resistance level: 1.2945, 1.3000

Support level: 1.2885, 1.2815

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1705. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo technical correction in short term toward a higher level.

Resistance level: 1.1765, 1.1810

Support level: 1.1705, 1.1675

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 105.15. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 105.75.

Resistance level: 105.75, 106.05

Support level: 105.15, 104.80

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7075. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7140.

Resistance level: 0.7140, 0.7205

Support level: 0.7075, 0.7010

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance 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, 0.6570

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3235. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3140.

Resistance level: 1.3235, 1.3315

Support level: 1.3140, 1.3025

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9120. MACD which display bullish bias momentum bias momentum suggest the pair to extend its gains toward the resistance level at 0.9180.

Resistance level: 0.9180, 0.9225

Support level: 0.9120, 0.9050

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 40.90. MACD which illustrate bullish signal suggest the commodity to extend its gains toward the resistance level at 41.40.

Resistance level: 41.40, 42.15

Support level: 40.90, 40.40

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1899.40. Due to lack of signal from the MACD, it is suggested to wait for further confirmation before entering the market.

Resistance level: 1915.75, 1939.60

Support level: 1899.40, 1876.85

19 October 2020                                Morning Session Analysis

Pound seesawed amid Brexit uncertainty heightened.

Pound sterling which act as one of the major currency in the FX market was having mixed pattern last Friday while ended the trading session at lower level after Boris Johnson call on UK to prepare for Australian style deal, which symbolizing the UK will leave with no trade deal in place. Prior to now, UK Prime Minister Boris Johnson has set a deadline on 15^th October for Post-Brexit negotiation where no deal Brexit will be happened if deadlocks between UK and EU remain unsolved. As non-result by the deadline, Boris Johnson announced that it’s time to get ready for the prospect of no-deal Brexit on 31^th Dec unless there is a fundamental change of approach from EU side. Based on the status quo, it has showed that Boris Johnson was not completely abandoned the negotiation while insisting that a deal might be reached if EU willing to offer better terms. Besides, Minister for the UK Cabinet Office Michael Gove has emphasized that they are still ‘open’ for EU trade talks only if it move ground in key areas such as fisheries and fair trading issues. During Asian early trading session, the pair of GBP/USD inched up 0.06% to 1.2920.

In the commodities market, the crude oil price appreciated by 0.20% to $41.20 per barrel after OPEC+ Secretary General Barkindo said that they will not let oil prices crash again. As of now, OPEC production cuts compliance is still up to the expectation, however investors will still keep their eye on the production cut’s figure in order to scrutinize the oil price’ trend. Besides, gold price surged 0.05% to $1901.20 per troy ounce as resurgence of pandemic lifted up the market’s anxiety.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:00                     USD                                        Fed Chair Powell Speaks

20:45                  EUR                    ECB President Lagarde Speaks

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 93.50. MACD which illustrate diminishing bearish 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 following prior rebound from the support level at 1.2885. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2945.

Resistance level: 1.2945, 1.3000

Support level: 1.2885, 1.2815

EURUSD, H4: EURUSD was traded lower following prior retracement from the higher level. However, MACD which illustrate bullish bias momentum signal suggest the pair to undergo technical correction in short term toward a higher level.

Resistance level: 1.1765, 1.1810

Support level: 1.1705, 1.1675

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 105.15. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 105.75.

Resistance level: 105.75, 106.05

Support level: 105.15, 104.80

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7075. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7140.

Resistance level: 0.7140, 0.7205

Support level: 0.7075, 0.7010

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6610. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6610.

Resistance level: 0.6610, 0.6660

Support level: 0.6570, 0.6515

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3235. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3140.

Resistance level: 1.3235, 1.3315

Support level: 1.3140, 1.3025

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9120. However, MACD which display diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 0.9180, 0.9225

Support level: 0.9120, 0.9050

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 40.90. MACD which illustrate bullish signal suggest the commodity to extend its gains toward the resistance level at 41.40.

Resistance level: 41.40, 42.15

Support level: 40.90, 40.40

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1899.40. Due to lack of signal from the MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1915.75, 1939.60

Support level: 1899.40, 1876.85

16 October 2020                Afternoon Session Analysis

Dollar surged amid hopes of stimulus plan faded.

Dollar index which gauge its value against a basket of six major currencies soared amid McConnell disagrees with the Trump’s idea on introducing larger Covid-19 stimulus aid. Yesterday, Trump revealed that he is willing to raise his previous offer of $1.8 trillion stimulus aid in order to fulfil the ‘appetite’ of Democrats. However, the idea was shot down by his mate from the same political party- Republican. Prior to now, White House brought an $1.8 trillion aid plan to the table in the House of Congress, however it was failed to get a ‘yes’ vote from the opposition party members as the amount of the plan is far below the expectation of Democrats. As a response to the impasses, Trump directed Treasury Secretary Steven Mnuchin to increase the amount of stimulus, with additional money to limit the slowdown of US economy. As of now, market participants will continue to eye on the further development of stimulus talks between Republican and Democrats. During Asian trading session, dollar index inched down by 0.04% to 93.80.

In the commodities market, the crude oil price declined by 1.00% to $40.80 per barrel after surging for more than 3% yesterday amid bigger-than-expected inventory draws boosted the oil price. However, market worries over the resurgence of Covid-19 continue suppressing this black commodity market’s sentiment. Besides, gold price dropped by 0.16% to $1905.50 a troy ounce amid strengthening of dollar index.

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 following prior breakout above the previous resistance level at 93.50. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 94.00, 94.65

Support level: 93.50, 93.00

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2885. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2995, 1.3060

Support level: 1.2885, 1.2820

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1725. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1725, 1.1765

Support level: 1.1675, 1.1635

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.45. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 105.10.

Resistance level: 105.45, 105.80

Support level: 105.10, 104.70

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7105. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7105, 0.7195

Support level: 0.7030, 0.6950

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6570. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6675.

Resistance level: 0.6675, 0.6725

Support level: 0.6570, 0.6520

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3205. MACD which illustrated increasing bullish 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 rebound from the support level at 0.9080. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9175, 0.9295

Support level: 0.9080, 0.9025

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 41.45. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 39.50.

Resistance level: 41.45, 43.05

Support level: 39.50, 38.05

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1909.45. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1909.45, 1971.70

Support level: 1854.50, 1798.35

16 October 2020                Morning Session Analysis

Pound sterling slips following failures of Brexit talk.

During early Asian session, the pound sterling which traded against the dollar and other currency pairs have plunged sharply as EU is reported not working “intensively” to reach a trade deal with U.K. Following the conclusion of the first day of the European summit, EU’s chief negotiator Micheal Barnier stated the level playing field commitments, fisheries and issues of governance remained stuck on progress on trade talks. Leaders from EU continue to request UK to make further concessions in order to reach a trade deal which draw criticism from UK Brexit negotiator David Frost. With both sides continue to reach an impasse, the lack of progress once again increased the concerns for hard Brexit scenario which continue to weigh heavily on the pound sterling. Market will now shift their focus on U.K Prime Minister Boris Johnson where he is expected to announce his decision soon whether the UK will walk away or continue talks. At the time of writing, GBP/USD fell 0.08% to 1.2901.

In the commodities market, crude oil price remains buoyant and rose 0.17% to $41.22 per barrel as of writing following upbeat EIA report. According to EIA, crude oil inventories fell by 3.8 million barrels, larger than market expectation of a 2.835 decline. On the other hand, gold price also jumped 0.15% to $1906.57 a troy ounce at the time of writing as uncertainty in Brexit and COVID-19 fears continue to push investors towards safer markets.

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 near the resistance level 93.85. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 93.85, 94.25

Support level: 93.35, 92.95

GBPUSD, H4: GBPUSD was traded lower following recent retracement from the resistance level 1.2990. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 1.2825.

Resistance level: 1.2990, 1.3145

Support level: 1.2870, 1.2685

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1700. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.1770.

Resistance level: 1.1770, 1.1830

Support level: 1.1700, 1.1620

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 105.15. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its rebound towards the resistance level 105.70.

Resistance level: 105.70, 106.10

Support level: 105.15, 104.50

AUDUSD, H4: AUDUSD was traded lower following recent breakout below the previous support level 0.7105. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.7010.

Resistance level: 0.7105, 0.7240

Support level: 0.7105, 0.6925

NZDUSD, H4: NZDUSD remain traded in a sideway channel following recent retracement from the resistance level 0.6675. However, MACD which illustrate bearish momentum signal suggest the pair to extend its retracement in short term towards the support level 0.6530.

Resistance level: 0.6675, 0.6790

Support level: 0.6530, 0.6390

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3245. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.3245, 1.3325

Support level: 1.3140, 1.3005

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9155. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.9155, 0.9195

Support level: 0.9120, 0.9080

CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing near the resistance level 41.55. However, MACD which illustrate ongoing 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: 41.55, 43.45

Support level: 39.25, 37.00

GOLD_, H4: Gold price remain traded in a sideway channel. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to be traded higher in short term towards the resistance level 1917.50.

Resistance level: 1917.50, 1954.60

Support level: 1881.25, 1850.45

15 October 2020                                Afternoon Session Analysis

Stricter rules continue pressured on Euro.

The single currency of European Zone, Euro received huge bearish momentum recently amid resurgence of second wave Covid-19 loom across Europe. According to the Worldometer Statistics, major countries in European Zone such as France and Germany have recorded new confirmed cases of 22,591 and 6,063 respectively on yesterday. In details, France have announced to restore the state of health emergency, which forced French government to imposed tighter coronavirus restrictions in the most affected cities. Under the stricter restriction, Bars and restaurant will have to close while curfew will be implemented as well in order to curb the spread of Coronavirus. Besides, Germany government has also reached a consensus on agreeing tighten the mask-wearing rules and disallowed bars to operate at night in areas where Coronavirus infection rates are high. Other than that, investors also put their attention on the latest development of Brexit’s talk between EU and UK in order to gauge the direction of Euro. As of now, the pair of EUR/USD plunged 0.02% to 1.1745.

In the commodities market, the crude oil price surged 0.19% to $41.10 per barrel amid weaker-than-expected inventories data continue boosted the positive sentiment of oil market. Hence, market participants are eyeing on the upcoming EIA inventory data in order to scrutinize the oil market’s trend. Besides, gold price dropped 0.20% to $1898.00 per troy ounce amid strengthening of US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Tentative                              GBP                                        Autumn Budget

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 93.55. However, MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 92.95.

Resistance level: 93.55, 93.90

Support level: 92.95, 92.55

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3070. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3070, 1.3150

Support level: 1.2990, 1.2880

EURUSD, H4: EURUSD was traded within a range while currently near the support level at 1.1725. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1775, 1.1830

Support level: 1.1725, 1.1675

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 106.20. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 104.50.

Resistance level: 106.20, 107.95

Support level: 104.50, 102.95

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7160. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7100.

Resistance level: 0.7160, 0.7210

Support level: 0.7100, 0.7030

NZDUSD, H4: NZDUSD was traded lower following prior retracement form the resistance level at 0.6665. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6615.

Resistance level: 0.6665, 0.6710

Support level: 0.6615, 0.6575

USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.3150. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3150, 1.3220

Support level: 1.3100, 1.3045

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9150. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9095.

Resistance level: 0.9150, 0.9190

Support level: 0.9095, 0.9055

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 41.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 41.45, 43.05

Support level: 40.55, 39.25

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1891.60. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1912.15, 1930.15

Support level: 1891.60, 1873.50