Daily Analysis

15 October 2020                                Morning Session Analysis

Pound sterling jumps following Brexit fears eased.

The pound sterling which traded against the dollar and other currency pairs have rose during early Asian session as U.K have signalled that it will not abandon Brexit trade talks immediately. According to Sky News, UK Prime Minster Boris Johnson have stated that he is willing to continue talks to secure a trade deal beyond his suggested deadline on Thursday and will continue negotiations with European Commission President Ursula von der Leyen later on Wednesday. Despite with the ongoing setbacks on fisheries which is remain the key focus on negotiations, Angela Merkel has called for EU leaders to be more realistic in accepting U.K terms on fisheries. Still, market remain focused on development where UK Prime Minster Boris Johnson will give a final decision on whether to walk away or continue trade talks with the EU on Friday. At the time of writing, GBP/USD rose 0.05% to 1.3010.

In the commodities market, crude oil price soars 0.46% to $41.52 per barrel at the time of writing following huge decrease in U.S crude stockpiles. According to American Petroleum Institute (API), U.S crude oil inventories fell by 5.4 million barrels last week. At the same time, OPEC also provide further boost for the black commodity as OPEC remains optimistic and expected that the compliance to production cuts from its allies to be as high as 102% in September. On the other hand, gold price slips 0.13% to $1899.12 a troy ounce following rebound in dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

Tentative                 GBP                      Autumn Budget

Today’s Highlight Economic Data

Technical Analysis

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

Resistance level: 93.55, 94.65

Support level: 92.70, 91.75

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3005. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 1.3260.

Resistance level: 1.3260, 1.3500

Support level: 1.3005, 1.2775

EURUSD, H4: EURUSD was traded flat near the resistance level 1.1760. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 1.1615.

Resistance level: 1.1760, 1.1880

Support level: 1.1615, 1.1455

USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing the support level 105.10. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 105.80, 106.45

Support level: 105.10, 104.25

AUDUSD, H4: AUDUSD was traded lower following prior retracement from MA lines. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.7105.

Resistance level: 0.7200, 0.7340

Support level: 0.7105, 0.7005

NZDUSD, H4: NZDUSD was traded flat while currently testing the resistance level 0.6655. However, MACD which illustrate bearish bias signal with the recent formation of death cross suggest the pair to be traded lower towards the support level 0.6595.

Resistance level: 0.6655, 0.6725

Support level: 0.6595, 0.6510

USDCAD, H4: USDCAD was traded flat while currently testing the resistance level 1.3145. However, MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.3145, 1.3240

Support level: 1.2995, 1.2890

USDCHF, H4: USDCHF was traded lower following prior retracement from its recent high. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.9080.

Resistance level: 0.9190, 0.9295

Support level: 0.9080, 0.9000

CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing the resistance level 41.55. However, MACD which illustrate bullish bias 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, 43.95

Support level: 39.00, 36.55

GOLD_, H4: Gold price remain traded in a sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher in short term towards the resistance level 1918.90

Resistance level: 1918.90, 1970.55

Support level: 1879.05, 1847.70

14 October 2020                                Afternoon Session Analysis

Dollar surged over the risk-off sentiment.

The Dollar Index which gauges its value against a basket of six major currencies surged amid dimming hopes for the COVID-19 vaccine following the Johnson & Johnson had temporarily halted its Covid-19 vaccine trial, which diminishing risk appetite in the FX market while prompting investors to shift their portfolio toward the safe-haven Dollar. Besides that, the impasses in between the both U.S. Republicans and Democrats party with regards of latest U.S. economic stimulus had also weighed on the market sentiment, which spurring further demand for the safe-haven Dollar. According to CNBC, the House Speaker Nancy Pelosi had rejected the Trump’s $1.8 trillion coronavirus relief offer on yesterday. In fact, she reiterated that the proposal from the Trump’s administration lacked a “strategic plan to combat the virus”. Since the market participants expected that the aggressive economic stimulus plan would be sapping the value for the US Dollar with the higher inflation risk in future, diminishing hopes for the latest economic stimulus plan had insinuated the market demand on the US Dollar. Nonetheless, significant uncertainty still remained in the global financial market, hence investors would need to continue the scrutinize the latest updates with regards of the latest economic stimulus plan, COVID-19 vaccine development and also U.S. Presidential election in order to receive further trading signal. As of writing, the Dollar Index surged 0.02% to 93.45.

In the commodities market, the crude oil price slumped 0.15% to $40.35 per barrel as of writing amid spiking numbers of coronavirus and also dimming hopes for the COVID-19 vaccine had provided negative prospect for the oil demand in future. On the other hand, the gold price appreciated by 0.30% to $1896.70 per troy ounces as of writing amid diminishing risk appetite in the FX market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16.00                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 93.50. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains after it successfully breakout above the resistance level.

Resistance level: 93.50, 94.10

Support level: 92.70, 92.10

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2945. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2865.

Resistance level: 1.2945, 1.3000

Support level: 1.2865, 1.2785

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1790. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1645.

Resistance level: 1.1790, 1.1950

Support level: 1.1645, 1.1455

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

Resistance level: 105.75, 106.05

Support level: 105.15, 104.50

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7140. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7205.

Resistance level: 0.7205, 0.7265

Support level: 0.7140, 0.7080

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6655. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6655.

Resistance level: 0.6655, 0.6725

Support level: 0.6610, 0.6570

USDCAD, H4: USDCAD was traded lower while currently testing the resistance level at 1.3140. MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term toward the lower level.

Resistance level: 1.3140, 1.3235

Support level: 1.3025, 1.2950

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9120. MACD which display bullish bias momentum signal 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, H4: Crude oil price was traded lower following prior breakout below the previous support level at 40.40. MACD which illustrate bearish signal suggest the commodity to extend its losses toward the support level at 39.85.

Resistance level: 40.40, 40.90

Support level:39.85, 39.30

GOLD_, H4: Gold price was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1899.40.

Resistance level: 1899.40, 1915.75

Support level: 1876.85, 1850.85

14 October 2020                                Morning Session Analysis

Pound sterling tumbled following Brexit fears.

During early Asian session, the pound sterling which traded against the dollar and its peers have experienced a sharp sell-off and losing 1% following concerns over a no-deal Brexit and potential lockdown due to coronavirus. As Brexit negotiations approach their deadline on Oct 15, previous hopes of reaching an agreement with the EU have faded. French foreign minister Jean-Yves Le Drian stated that the possibility of UK leaving the EU without any trade deal is now a “credible hypothesis”, which have added further confirmation on potential hard Brexit. As of now, French government remains reluctant to follow UK demands over control of its fisheries which the issue has been a major blockade for both sides to reach a consensus. On top of that, the pound sentiment also been diminished further by fears of another lockdown. As UK continue to record daily spike in cases, two leading government advisers touting the idea of a two-week lockdown during the school break from Oct. 24 to Nov. 7. At the time of writing, GBP/USD plunged 0.22% to 1.2932.

In the commodities market, crude oil price gains 0.11% to $40.55 per barrel as of writing amid improving demand from China. According to data by General Administration of Customs, crude oil imports in China have rose to 1.18 million barrels in September. The data managed to help eased market concerns about the COVID-19 impact towards oil global demand. On the other hand, gold price slips 0.09% to $1892.20 a troy ounce at the time of writing following dollar strength which boosted by fading economic stimulus hopes.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                      Market                  Event

16.00                     EUR                       ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 93.55. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 93.55, 94.65

Support level: 92.70, 91.75

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3005. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.2775.

Resistance level: 1.3005, 1.3260

Support level: 1.2775, 1.2510

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1760. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.1615.

Resistance level: 1.1760, 1.1880

Support level: 1.1615, 1.1455

USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 105.80.

Resistance level: 105.80, 106.45

Support level: 105.15, 104.25

AUDUSD, H4: AUDUSD was traded lower following recent breakout below the previous support level 0.7200. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.7105.

Resistance level: 0.7200, 0.7340

Support level: 0.7105, 0.7005

NZDUSD, H4: NZDUSD was traded flat while currently testing the resistance level 0.6655. However, MACD which illustrate bearish bias signal with the recent formation of death cross suggest the pair to extend its losses towards the support level 0.6595.

Resistance level: 0.6655, 0.6725

Support level: 0.6595, 0.6510

USDCAD, H4: USDCAD was traded flat while currently testing the resistance level 1.3145. However, MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.3145, 1.3240

Support level: 1.2995, 1.2890

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9080. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9185.

Resistance level: 0.9185, 0.9235

Support level: 0.9080, 0.9000

CrudeOIL, H4: Crude oil price remain traded in a sideway channel. However, MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the commodity to be traded higher in short term towards the resistance level 41.40.

Resistance level: 41.40, 43.95

Support level: 39.00, 36.55

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1879.05. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 1918.90, 1970.55

Support level: 1879.05, 1847.70

13 October 2020                                Afternoon Session Analysis

Dollar remains low on stimulus hopes.

During late Asian session, the dollar index which traded against a basket of six major currency pairs continue to flirt at three-week lows following investors continue to cling on U.S stimulus hopes after Nov 3 election. With upcoming election is getting near, a widening lead by the Democratic presidential candidate Joe Biden over President Donald Trump have led to investors expecting a big U.S fiscal stimulus. At the same time, Biden’s victory will also meant more negativity towards the greenback as his pledge to increase corporate tax will reduce returns from investment from U.S. Following with the strong optimism, the dollar index was dragged further down. At the time of writing, dollar index edge lower 0.08% to 93.08.

In the commodities market, crude oil price slips 0.15% to $39.75 per barrel as of writing following ongoing increase of COVID-19 cases and energy companies resumed operation. Following the increasing cases of COVID-19 which now exceed 38 million globally, the demand recovery outlook turned dim and exert pressure for the black commodity. At the same time, selling pressure was also further added U.S energy companies resumed their production after Hurricane Delta. On the other hand, gold price plunged 0.52% to $1912.99 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, Daily: Dollar index was traded lower following prior breakout below the previous support level at 93.50. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to undergo technical correction in short term toward a higher level.

Resistance level: 93.50, 94.10

Support level: 92.70, 92.10

GBPUSD, H4: GBPUSD was traded lower following prior retracement near the resistance level at 1.3065. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3000.

Resistance level: 1.3065, 1.3165

Support level: 1.3000, 1.2945

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1790. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.1790.

Resistance level: 1.1950, 1.2065

Support level: 1.1790, 1.1645

USDJPY, H4: USDJPY 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 higher level.

Resistance level: 105.75, 106.05

Support level: 105.15, 104.50

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7205. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after its candle successfully closed below the support level at 0.7205.

Resistance level: 0.7265, 0.7330

Support level: 0.7205, 0.7140

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6655. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.6610.

Resistance level: 0.6655, 0.6725

Support level: 0.6610, 0.6570

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3140. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.3025.

Resistance level: 1.3140, 1.3235

Support level: 1.3025, 1.2950

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9120. However, MACD which display diminishing bearish momentum signal suggest the pair to undergo technical correction toward a higher level.

Resistance level: 0.9120, 0.9180

Support level: 0.9050, 0.8975

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 39.85. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 39.30.

Resistance level: 39.85, 40.40

Support level: 39.30, 38.65

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1915.75. MACD which illustrate bearish momentum with the formation of death cross suggest the commodity to extend its losses toward the support level at 1899.40.

Resistance level: 1915.75, 1939.60

Support level: 1899.40, 1876.85

13 October 2020                Morning Session Analysis

Pound surged over the hopes for “soft-Brexit.”

Pound Sterling surged on yesterday amid positive hopes upon the “soft-Brexit” trade negotiation, which spurring demand for the Pound Sterling. Market participants speculated that both United Kingdom and European Union party would able to reach a consensus on a trade deal during the deadline which set by the UK Prime Minister Boris Johnson on 15^th October. According to BBC, it reported that both sides have achieved some progress in the last couple of weeks, though there are still major disagreements on few major issues. Nonetheless, investors would continue to scrutinize the latest updates with regards of the Brexit deal in order to gauge the likelihood movement for the currencies. However, the gains experienced by the Pound Sterling was limited following the UK Prime Minister Boris Johnson announced new coronavirus restrictions, which dragged down the appeal for the Pound Sterling. According to Reuters, Boris Johnson set out a three-tier system of local lockdown measures in England, which including a ban on households mixing indoors in some area in order to curb the spiking number of coronavirus in United Kingdom. According to the latest data, UK had recorded 13,972 new cases of coronavirus on yesterday.

In the commodities market, the crude oil price slumped 0.10% to $39.80 per barrel as of writing as the Energy companies forged ahead restoring oil production in the United States on Monday following the Hurricane Delta weaken. On the other hand, the gold market was traded flat at $1924.15 per troy ounces as of writing amid market participants are still waiting for the further development with regards of the latest U.S. stimulus plans in order to receive further trading signal.

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 at 93.45. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 93.45, 93.90

Support level: 92.75, 92.15

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3070. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3070, 1.3145

Support level: 1.2985, 1.2890

EURUSD, H4: EURUSD was traded higher while currently near the resistance level at 1.1830. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1830, 1.18700

Support level: 1.1765, 1.1725

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 105.70. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 105.70, 106.15

Support level: 105.10, 104.70

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7200. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7245, 0.7295

Support level: 0.7200, 0.7145

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6675. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6610.

Resistance level: 0.6675, 0.6725

Support level: 0.6610, 0.6570

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3135. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3135, 1.3200

Support level: 1.3055, 1.3000

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9080. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher 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 higher following prior rebound from the support level at 39.25. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 40.55.

Resistance level: 40.55, 41.45

Support level: 39.25, 38.05

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1928.90. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1928.90, 1941.80

Support level: 1915.65, 1897.95

12 October 2020                                Afternoon Session Analysis

Dollar plunged amid optimism of stimulus package.

Dollar index which gauges its value against a basket of six major currencies depreciated while hitting the lowest level in 3 weeks amid market optimism toward the new round of stimulus package surged. Last week, representatives of two biggest parties in US failed to achieve consensus in the stimulus talk as both sides were holding different opinion on the amount of stimulus aid. The current stimulus package that Republican Party seeks for is only up to $1.8 trillion, less than the $2.2 trillion bills that put forward by the Republican. Despite the impasses was not resolved in the latest round of talk, market participants are still remain optimism that at least a ‘skinny’ bill will be implemented by US government after Trump urged Congress to do so. On the other hand, rising expectation of Biden victory in the upcoming US Presidential Election has also dragged down the appeal of dollar index. Market participants are widely expecting that Joe Biden would implement a bigger stimulus package after he won the election which scheduled on 3^rd Nov. As of writing, dollar index ticked up 0.05% to 93.10.

In the commodities market, crude oil price depreciated by 0.74% to $40.30 per barrel as market worries over the resurgence of pandemic in EU Zone heightened as it would negatively affected the oil demand in Europe. Besides, US Oil producers in Gulf of Mexico have restarted their oil drilling activity after Delta made landfall on last Friday. Besides, gold price inched up 0.05% to $1931.00 a troy ounce amid weakening of US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CAD                                        Thanksgiving Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

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 92.10.

Resistance level: 93.50, 94.10

Support level: 92.10, 91.45

GBPUSD, H4: GBPUSD was traded lower following prior retracement near the resistance level at 1.3065. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3000.

Resistance level: 1.3065, 1.3165

Support level: 1.3000, 1.2945

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistnace level at 1.1790. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1950.

Resistance level: 1.1950, 1.2065

Support level: 1.1790, 1.1645

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.75. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its losses toward the support level at 105.15.

Resistance level: 105.75, 106.05

Support level: 105.15, 104.50

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the higher level. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.7205.

Resistance level: 0.7265, 0.7330

Support level: 0.7205, 0.7140

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6855. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.

Resistance level: 0.6725, 0.6785

Support level: 0.6655, 0.6610

USDCAD, H4: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3140.

Resistance level: 1.3140, 1.3235

Support level: 1.3025, 1.2950

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9180. However, MACD which display diminishing bearish momentum signal suggest the pair to undergo technical correction toward a higher level.

Resistance level: 0.9120, 0.9180

Support level: 0.9050, 0.8975

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 40.40. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 40.40.

Resistance level: 41.40, 42.15

Support level: 40.40, 39.85

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1918.00. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo technical correction in short term.

Resistance level: 1939.60, 1969.10

Support level: 1918.00, 1899.40

12 October 2020                                Morning Session Analysis

Euro slips amid growing concerns over coronavirus.

During early Asian session, the Euro which traded against the dollar and other currency pairs have fell as investors grow wary of Europe’s second wave of coronavirus. According to reports from Wall Street Journal, ECB chief economist Philip Lane have warned “the next phase is going to be tougher” when addressing the second wave of COVID-19. Ongoing records of daily high infections ad sharp rebound in cases on several European countries have reflected that the Euro didn’t really recover as the market expected. Countries such as Spain have declared a state of emergency while Italy also warned their health system is experiencing “significant critical issue”. Following the development, the currency sentiment have been dragged lower which also affect its value at the same time. At the time of writing, EUR/USD fell 0.83% to $1.1819.

In the commodities market, crude oil price plunged 0.81% to $40.47 per barrel as of writing as U.S energy companies restart oil production after hurricane. Two days after Hurricane Delta made landfall on Friday night, worker from companies such as Chevron Corp, Royal Dutch Shell and BHP Group were heading back to production platforms in the Gulf Mexico. On the other hand, gold price rose 0.03% to $1930.66 a troy ounce at the time of writing following broad US dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CAD                      Thanksgiving Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 92.70. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 93.65, 94.65

Support level: 92.70, 91.70

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3005. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction back towards the level 1.3005.

Resistance level: 1.3260, 1.3500

Support level: 1.3005, 1.2775

EURUSD, H4: EURUSD was traded higher following recent rebound from the support level 1.1750. However, MACD which display diminishing bullish bias signal suggest the pair to be traded lower in short term as technical correction back towards the support level 1.1750.

Resistance level: 1.1890, 1.1995

Support level: 1.1750, 1.1615

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 105.80. MACD which display ongoing bearish bias signal suggest the pair to extend its losses towards the support level 105.15.

Resistance level: 105.80, 106.45

Support level: 105.15, 104.25

AUDUSD, H4: AUDUSD was traded higher following recent breakout above the previous resistance level 0.7200. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction back towards the support level 0.7200.

Resistance level: 0.7340, 0.7410

Support level: 0.7200, 0.7105

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6685. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 0.6595.

Resistance level: 0.6685, 0.6775

Support level: 0.6595, 0.6510

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.3115. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.3240.

Resistance level: 1.3240, 1.3335

Support level: 1.3115, 1.2995

USDCHF, H4: USDCHF was traded lower following recent retracement from the resistance level 0.9190. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction in short term back towards the level 0.9190.

Resistance level: 0.9190, 0.9295

Support level: 0.9050, 0.8880

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 41.40. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 39.00.

Resistance level: 41.40, 43.95

Support level: 39.00, 36.55

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1914.20. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a technical correction towards the support level 1914.20.

Resistance level: 1970.55, 2010.30

Support level: 1914.20, 1854.20

09 October 2020                                Afternoon Session Analysis

Dollar extends loss amid stimulus hopes.

During late Asian session, the dollar index which traded a basket of six major currency pairs have fell towards a second consecutive weekly loss as hopes for a U.S stimulus continue to support market sentiment and risk appetite. After President Donald Trump ended aid talks few day ago, talks over coronavirus aid plan are now been resumed by U.S House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin. At the same time, investors are looking towards the presidency of Joe Biden that may increasing the chance of stimulus since Democrat is suggesting for the largest spending package. The prospect of U.S stimulus to support U.S economy have improved investors’ mood and their willingness to buy riskier assets such as stocks and commodity currencies, thus diminishing the appeal for the greenback as a safe-haven currency. At the time of writing, dollar index slips 0.14%.

In the commodities market, crude oil price remain supported and rose 0.08% to $41.06 per barrel as of writing amid supply reductions. According to the latest reports, Hurricane Delta is expected to intensify into a category-3 hurricane in the Gulf Coast and nearly 1.5 million barrels of daily output has been halted. At the same time, the ongoing strike in Norway could reportedly extend to the country’s largest oil field, Johan Sverdrup and could reduce another 470,000 barrels per day. On the other hand, gold price soars 0.67% to $1906.78 a troy ounce at the time of writing amid weakening 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, 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 it successfully breakout below the support level at 93.50.

Resistance level: 94.10, 94.90

Support level: 93.50, 92.10

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2945.  MACD which illustrates bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2945.

Resistance level: 1.2945, 1.3000

Support level: 1.2865, 1.2785

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1790. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1790.

Resistance level: 1.1790, 1.1950

Support level: 1.1645, 1.1455

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 106.05. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 105.75.

Resistance level: 106.05, 106.45

Support level: 105.75, 105.15

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the downtrend line. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7205.

Resistance level: 0.7205, 0.7265

Support level: 0.7140, 0.7080

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6610. MACD which illustrate 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, 0.6655

Support level: 0.6570, 0.6515

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3235. MACD which illustrate bearish bias 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, 1.3030

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9180. MACD which display diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.9120.

Resistance level: 0.9180, 0.9225

Support level: 0.9120, 0.9050

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 41.40. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 40.70.

Resistance level: 41.40, 42.15

Support level: 40.70, 40.05

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1899.40. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1918.00.

Resistance level: 1918.00, 1939.60

Support level: 1899.40, 1876.85

09 October 2020                Morning Session Analysis

Pound surged on Brexit deal optimism.

Pound Sterling surged on Thursday amid positive prospects for a Brexit deal to approve, which dialled up the market optimisms toward the economic progression for both European Union and United Kingdom in future while spurring bullish momentum for the Pound Sterling. According to Reuters, British Prime Minister Boris Johnson and European Council President Charles had reached a consensus for the Brexit deal on Wednesday, though significant differences still remained. As for now, the 27 national leaders are due to assess progress with regards of the Brexit issues when they meet in Brussels on 15^th and 16^th October. If both parties decide a deal is in the making, they would authorise a final stretch of extremely secretive deal. On the coronavirus epidemic front, the British government is now considering additional local coronavirus restrictions for parts of northern England following the second wave of infections continue to spike up. Though, Bank of England Governor Andrew Baily claimed that the new wave of the coronavirus would not be as damaging as the first while reiterated that the Bank of England was ready to use its policy to combat with the impact of the second wave for coronavirus. As of writing, GBP/USD appreciated by 0.02% to 1.2935.

In the commodities market, the crude oil price surged 0.02% to $41.45 per barrel as of writing. The oil market surged following the optimistic tone from the OPEC over the market demand on the crude oil in future. According to Reuters, the Secretary General Mohammad Barkindo said that OPEC is going to continue manipulate the oil market while reiterated that the worst for the oil industry is over. On the other hand, the gold price surged 0.08% to $1895.10 per troy ounces as of writing over the backdrop of negative U.S. job data on yesterday.

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 while currently testing the support level at 93.45. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 94.60, 95.95

Support level: 93.45, 92.75

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2890. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2985.

Resistance level: 1.2985, 1.3095

Support level: 1.2890, 1.2810

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1765. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1765, 1.1810

Support level: 1.1725, 1.1675

USDJPY, H4: USDJPY was traded higher while currently near the resistance level at 106.15. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 106.15, 106.65

Support level: 105.70, 105.10

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the resistance level at 0.7160. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7210.

Resistance level: 0.7210, 0.7255

Support level: 0.7160, 0.7100

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6575. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6650, 0.6720

Support level: 0.6575, 0.6515

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3190. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3245, 1.3320

Support level: 1.3190, 1.3135

USDCHF, H4: USDCHF was traded within a range while currently testing the support level at 0.9145. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9275, 0.9385

Support level: 0.9145, 0.9060

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 41.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 41.50, 43.05

Support level: 40.55, 39.25

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1898.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1898.00, 1915.65

Support level: 1876,60, 1864.25

08 October 2020                                Afternoon Session Analysis

Kiwi plunged following RBNZ negative rate talks.

During late Asian session, the New Zealand Kiwi which traded against the greenback and other currency pairs have plummet amid dovish comments by the RBNZ officials. According to reports, RBNZ Assistant Governor Christian Hawkesby stated that the inflation in New Zealand is likely to remain well below target for three years and the balance sheet will also likely to remain large for a long time period. On top of that, Hawkesby also added that the central bank is actively working on negative interest rate and funding for a lending program. The dovish comments on negative interest have attract further selling interest on the New Zealand Kiwi, thus pushing the price even lower. At the time of writing, NZD/USD slips 0.05% to 0.6561.

In the commodities market, crude oil price steadied and edge higher 0.09$ to $39.99 per barrel as of writing amid expectation of Hurricane Delta threatening production. Following latest development, energy operators in the Gulf of Mexico have once again shut down 80% of oil production in preparation for the Hurricane Delta which expected to hit Louisiana coast. On the other hand, gold price remains weak and drop 0.04% to $1886.85 a troy ounce at the time of writing amid rebound in dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:30                  EUR                    ECB Monetary Policy Statement

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 it successfully breakout below the support level at 93.50.

Resistance level: 94.10, 94.90

Support level: 93.50, 92.10

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2865.  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: 1.2865, 1.2785

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1790. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1790.

Resistance level: 1.1790, 1.1950

Support level: 1.1645, 1.1455

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 105.75. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term toward the support level at 105.75.

Resistance level: 106.45, 106.95

Support level: 105.75, 105.15

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7140. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7140.

Resistance level: 0.7140, 0.7205

Support level: 0.7080, 0.7010

NZDUSD, Daily: 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 0.6500.

Resistance level: 0.6610, 0.6685

Support level: 0.6500, 0.6380

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 1.3235.

Resistance level: 1.3315, 1.3420

Support level: 1.3235, 1.3140

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9180. MACD which display bullish bias signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9180, 0.9225

Support level: 0.9120, 0.9050

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 40.05. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term toward the support level at 39.30.

Resistance level: 40.05, 40.70

Support level: 39.30, 38.65

GOLD_, Daily: Gold price was traded lower following prior retracement from the downward trend line. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1851.90.

Resistance level: 1926.65, 1976.00

Support level: 1851.90, 1810.45

08 October 2020                Morning Session Analysis

Dollar slumped on latest stimulus hopes from Trump.

The Dollar Index which gauges its value against a basket of six major currencies slumped amid positive hopes of at least some new fiscal stimulus would be implemented before the 3^rd November 2020 U.S. Presidential election, which spurring risk appetite in the FX market while prompting investors to shift their portfolio toward other riskier currencies such as Euro and Pound. According to Reuters, US President Donald Trump urged the Congress on yesterday that they should quickly extend $25 billion in new payroll assistance to U.S. airlines industries as air travel remains down sharply amid the coronavirus pandemic. Besides, the US Dollar received further bearish momentum over the backdrop of the dovish tone from the Federal Reserve. The Federal Reserve’s Williams had stated that the economic outlook for the global economic is highly uncertain while reiterated that some parts of the economy were still struggling from the coronavirus pandemic. Meanwhile, the Chicago Federal Reserve President Charles Evans claimed that the U.S. Central bank will likely to remain its expansionary monetary policy stance in long-term in order to meet its inflation goal. As of writing, the Dollar Index depreciated by 0.09%.

In the commodities market, the crude oil price surged 0.07% to $40.01 per barrel as of writing. The oil market edged higher as market participants expected that the new hopes for the fiscal stimulus from the US government would able to boost the global economy growth, which providing positive prospect for the market demand on this black-commodity in the future. On the other hand, the gold price appreciated by 0.03% to $1887.60 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:30                  EUR                    ECB Monetary Policy Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 93.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 94.60, 95.95

Support level: 93.45, 92.15

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2890. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2985.

Resistance level: 1.2985, 1.3095

Support level: 1.2890, 1.2810

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1765. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1765, 1.1810

Support level: 1.1725, 1.1675

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 105.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 106.70.

Resistance level: 106.70, 108.00

Support level: 105.40, 104.55

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7100. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7160.

Resistance level: 0.7160, 0.7210

Support level: 0.7100, 0.7040

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6600. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6600, 0.6655

Support level: 0.6520, 0.6445

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3255. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3320, 1.3365

Support level: 1.3255, 1.3205

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9145. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9275.

Resistance level: 0.9275, 0.9385

Support level: 0.9145, 0.9060

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 39.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 40.55, 41.45

Support level: 39.25, 38.05

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1916.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1916.00, 1954.85

Support level: 1852.15, 1813.70

07 October 2020                                Afternoon Session Analysis

Pound sterling fell following Brexit concerns.

The pound sterling which traded against the greenback and other currency pairs have plummet during Asian session following U.K taking a hard stance on fisheries issues. According to the latest development, fisheries officials from eight coastal member states agreed unanimously on Monday that the EU’s chief negotiator Michel Barnier should take a tougher stance in the talks, which are now entering a critical phase. Moreover, British Prime Minster Boris Johnson is also reported to have put a particular emphasis on fisheries during his phone call with the President of the European Commision Ursula von der Leyen recently. Following the tough stance which could affect the future relationship negotiations and potential wider trade deal, the pound sterling receive tremendous pressure and fell. At the time of writing, GBP/USD fell 0.08% to 1.2882.

In the commodities market, crude oil price plunged 0.07% to $39.82 per barrel as of writing as Donald Trump dashed hopes for further stimulus package. President Donald Trump have cancelled talks on further economic aid package that could support the impact of the coronavirus. At the same time, price were also pressured by data from API showing an increase in crude oil inventories. On the other hand, gold price plunged 0.15% to $1882.95 a troy ounce at the time of writing following dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

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 93.50. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to undergo technical correction in short term toward the lower level.

Resistance level: 94.10, 94.90

Support level: 93.50, 92.10

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2905. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2820.

Resistance level: 1.2905, 1.2975

Support level: 1.2820, 1.2715

EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1790. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1645.

Resistance level: 1.1790, 1.1950

Support level: 1.1645, 1.1455

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

Resistance level: 105.75, 106.15

Support level: 105.15, 104.50

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

Resistance level: 0.7140, 0.7205

Support level: 0.7080, 0.7010

NZDUSD, Daily: 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 0.6500.

Resistance level: 0.6610, 0.6685

Support level: 0.6500, 0.6380

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3315. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3315.

Resistance level: 1.3315, 1.3420

Support level: 1.3235, 1.3140

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9180. MACD which display bullish bias signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9180, 0.9225

Support level: 0.9120, 0.9050

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 40.05. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 39.30.

Resistance level: 40.05, 40.70

Support level: 39.30, 38.65

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1876.85. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1899.40.

Resistance level: 1899.40, 1918.00

Support level: 1876.85, 1850.85

07 October 2020                Morning Session Analysis

Dollar surged following stimulus hopes faded.

The Dollar Index which gauges its value against a basket of six major currencies surged amid hopes for aggressive U.S. stimulus bill faded, which diminishing risk appetite in the FX market while prompting investors to shift their portfolio toward safe-haven US Dollar. According to Reuters, U.S. President Donald Trump had rejected to negotiate with Congress over the large coronavirus stimulus plans, sending riskier currencies and equities sharply lower. Besides, he also instructed his staff to stop negotiating until after the election, which mean that unemployed Americans and struggling business would not receive any more help until December. Nonetheless, the gains experienced by the US Dollar was limited over the backdrop of negative economic data on yesterday. According to Bureau of Labor Statistics, the U.S. JOLTs Job Openings had notched down from the previous reading of 6.697M to 6.493M, worse than the market forecast at 6.685M. On the coronavirus front, the United States has an estimated 7.5 million coronavirus cases and more than 210,600 deaths, the highest in the world. As of writing, the Dollar Index appreciated by 0.36% to 93.85.

In the commodities market, the crude oil price slumped 0.42% to $39.70 per barrel as of writing. The oil market edged lower yesterday following the American Petroleum Institute (API) reported that the U.S. crude inventories rose by 951,000 barrels last week, which intensifying worries about the demand outlook on this black-commodity. On the other hand, the gold price slumped 0.04% to $1878.05 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 following breakout above the previous resistance level at 93.55. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 94.00.

Resistance level: 94.00, 94.75

Support level: 93.55, 93.20

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2900. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2810.

Resistance level: 1.2900, 1.2975

Support level: 1.2810, 1.2700

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1765. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1705.

Resistance level: 1.1765, 1.1810

Support level: 1.1705, 1.1660

USDJPY, H4: USDJPY was traded within a range while currently testing the support level at 105.40. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower following it successfully breakout below the support level.

Resistance level: 106.70, 108.00

Support level: 105.40, 104.55

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

Resistance level: 0.7160, 0.7210

Support level: 0.7035, 0.7100

NZDUSD, Daily: NZDUSD was traded lower while currently near the support level at 0.6510. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6755, 0.6880

Support level: 0.6510, 0.6265

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3320. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3320, 1.3365

Support level: 1.3255, 1.3205

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9145. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9275, 0.9385

Support level: 0.9145, 0.9060

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 40.55. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 39.25.

Resistance level: 40.55, 41.40

Support level: 39.25, 38.05

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1875.15. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1896.55, 1916.00

Support level: 1875.15, 1852.15

06 October 2020                                Afternoon Session Analysis

Aussie slips amid weak trading data.

The Aussie dollar which traded against the greenback and other currency pairs have edge lower during late Asian session following dismal trade data from Aussie. According to reports from Australian Statistician, Australia’s trade surplus have decrease sharply to A$ 2,643 million in September, weaker than market expectation for a rise to A$ 5,154 million. At the same time, exports from Australia also fell by -4.2% in September which is even weaker than previous reading of -3.4%. On top of that, the RBA is expected to maintain its interest rates and its other policy tools. Following weak data and expectation, the market reacts and exert selling pressure for the pair. At the time of writing, AUD/USD fell 0.08% to 0.7189.

In the commodities market, crude oil price held steady and rose 0.15% to $39.15 per barrel at the time of writing following news regarding Trump return to office and another potential storm. On Monday, U.S President Donald Trump have returned to the White House after three-day hospitalization. The news also increase hopes for a U.S stimulus package to be agreed to counter coronavirus impact. At the same time, another tropical storm named Delta is expected to head towards U.S Gulf of Mexico. Next, gold price edge higher 0.09% to $1909.86 a troy ounce at the time of writing amid ongoing dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:00                  CrudeOIL           EIA Short-Term Energy Outlook

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 93.50. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its losses toward the support level at 92.10.

Resistance level: 93.50, 94.10

Support level: 92.10, 91.45

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2975. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3045.

Resistance level: 1.3045, 1.3165

Support level: 1.2975, 1.2905

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1760. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1950.

Resistance level: 1.1950, 1.2065

Support level: 1.1760, 1.1645

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.75. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 105.15.

Resistance level: 105.75, 106.15

Support level: 105.15, 104.50

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7140. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7205.

Resistance level: 0.7205, 0.7265

Support level: 0.7140, 0.7080

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6610. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 0.6685.

Resistance level: 0.6685, 0.6780

Support level: 0.6610, 0.6500

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3315. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its retracement towards the support level 1.3235.

Resistance level: 1.3315, 1.3420

Support level: 1.3235, 1.3140

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9180. MACD which display bearish bias signal suggest the pair to extend its losses toward the support level at 0.9120.

Resistance level: 0.9180, 0.9225

Support level: 0.9120, 0.9050

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 39.30. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level at 39.30.

Resistance level: 39.30, 40.05

Support level: 38.65, 37.95

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level 1918.00. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 1899.40.

Resistance level: 1918.00, 1939.60

Support level: 1899.40, 1876.85

06 October 2020                Morning Session Analysis

Pound Sterling rose amid positive economic data.

Pound Sterling surged over the backdrop of a string of upbeats economic data from the United Kingdom region yesterday. According to Markit Economics, U.K. Composite Purchasing Managers’ Index (PMI) came in at 56.5, confounding market forecast for a reading of up to 55.7. Similarly. The U.K. Services Purchasing Managers Index (PMI) came in at 56.1, which also better than the market forecast at 55.1. As both crucial economic data had fared better than expectation, which dialed up the market optimism toward the economic progression in the UK while spurring significant demand on the Pound Sterling. Besides, Pound Sterling received further bullish momentum amid positive prospect for the Brexit’s talks. According to Reuters, the British Prime Minister Boris Johnson and the head of the European Union’s executive, Ursula von der Leyen, had reached consensus in a phone call to step up Brexit talks to close “significant gaps” barring a new trade partnership. Nonetheless, the uncertainty over the “hard-Brexit” still persisted in the market, hence investors would continue to scrutinize the latest updates with regards of the meeting between EU and UK in order to gauge the likelihood movement for the pair. As of writing, GBP/USD surged 0.09% to 1.2986.

In the commodities market, the crude oil price surged 0.08% to $39.27 per barrel as of writing. The oil market edged higher amid fears over the supply disruptions for the oil industry. According to Reuters, a strike is looming in the Norwegian oil and gas industry while analysts estimated that as much as 330,000 barrels of oil equivalent would be lost per day. On the other hand, the gold price was traded flat at $1913.20 per troy ounces amid market participants still waited for further trading signal before entering the market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

11:30                  AUD                   RBA Rate Statement

20:00                  CrudeOIL           EIA Short-Term Energy Outlook

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 93.55. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 93.20.

Resistance level: 93.55, 94.00

Support level: 93.20, 92.85

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3005. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3005, 1.3095

Support level: 1.2900, 1.2810

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1765. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1810.

Resistance level: 1.1810, 1.1855

Support level: 1.1765, 1.1705

USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 105.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 106.70.

Resistance level: 106.70, 108.00

Support level: 105.40, 104.55

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7160. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7210.

Resistance level: 0.7210, 0.7255

Support level: 0.7160, 0.7100

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6510. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6755.

Resistance level: 0.6755, 0.6880

Support level: 0.6510, 0.6265

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3255. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3320, 1.3365

Support level: 1.3255, 1.3205

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9145. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9275, 0.9385

Support level: 0.9145, 0.9060

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 39.25. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 38.05.

Resistance level: 39.25, 40.55

Support level: 38.05, 37.00

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1916.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1916.00, 1954.85

Support level: 1852.15, 1813.70