Daily Analysis

05 October 2020                                Afternoon Session Analysis

Aussie rebounds amid risk-on mood.

During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have jumped as Trump’s recovery news combined with optimism over US stimulus deal lifted overall market sentiment. Just weeks before the election, Donald Trump was diagnosed with COVID-19 and flown to hospital for treatment for the coronavirus. However, Donald Trump posted to Twitter on Sunday evening stated that he was “starting to feel good” and expected to return to work shortly. Following the recovery news, market sentiment was mostly lifted. On top of that, President Donald Trump also stated that the U.S ‘wants and needs’ another stimulus which help further boost market mood. At the time of writing, dollar index rose 0.35% to 0.7186.

In the commodities market, crude oil price gains 1.85% to $37.69 per barrel as of writing following news of expanding strike by Norwegian workers. According to reports, Norwegian oil workers have expanded their ongoing strike which could reduce production capacity by 8%. On the other hand, gold price remains steady and edge higher 0.09% to $1899.48 a troy ounce at the time of writing following weak dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 93.65. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to be traded lower after it breaks below the support level.

Resistance level: 96.65, 95.70

Support level: 93.65, 92.70

GBPUSD, H4: GBPUSD remain traded in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 1.3005, 1.3260

Support level: 1.27775, 1.2510

EURUSD, H4: EURUSD was traded flat while currently testing near the resistance level 1.1750. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.1750, 1.1890

Support level: 1.1595, 1.1455

USDJPY, H4: USDJPY remain traded in a sideway channel following recent rebound from the support level 105.15. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 105.90.

Resistance level: 105.90, 106.45

Support level: 105.15, 104.25

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

Resistance level: 0.7200, 0.7340

Support level: 0.7105, 0.6970

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the MA lines. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 0.6685.

Resistance level: 0.6685, 0.6775

Support level: 0.6595, 0.6510

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3330. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its retracement towards the support level 1.3230.

Resistance level: 1.3330, 1.3455

Support level: 1.3230, 1.3115

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9200. MACD which display bearish bias signal suggest the pair to extend its retracement towards the support level 0.9035.

Resistance level: 0.9200, 0.9370

Support level: 0.9035, 0.8880

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 36.55. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 39.00.

Resistance level: 39.00, 41.35

Support level: 36.55, 34.70

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1903.75. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 1854.20.

Resistance level: 1903.75, 1970.55

Support level: 1854.20, 1790.05

05 October 2020                Morning Session Analysis

Dollar slumped following Trump tested positive for COVID-19.

The Dollar Index which gauges its value against a basket of six major currencies slumped following the U.S. President Donald Trump tested positive for Coronavirus, which accelerating further geopolitical risk in the United States while prompting the investors to shift their portfolio toward another safe-haven currency such as Japanese Yen. According to Reuters, the U.S. President Donald Trump, who had played down the threat of the coronavirus pandemic for months, said he and his wife Melania had tested positive for Coronavirus and were going into quarantine. On the U.S. economic data front, the US Dollar received further bearish momentum over the backdrop of negative NFP data on last Friday. According to Bureau of Labor Statistics, the U.S. Nonfarm Payrolls came in at only 661K, worse than the market forecast at 850K. Nonetheless, the losses experienced by the US Dollar was limited following the U.S. Unemployment rate notched down from the previous reading of 8.4% to 7.9%, slightly better than the economist forecast at 8.2%. Nonetheless, as for now investors would continue to eye on the U.S. President Donald Trump’s condition as well as further economic data as crucial catalysts in order to receive further trading signal. As of writing, the Dollar Index slumped 0.01% to 93.85.

In the commodities market, the crude oil price slumped 0.35% to $37.16 per barrel as of writing. The oil market edged lower amid rising geopolitical tensions in the United States before the U.S. President election and spiking numbers of the coronavirus had spurred significant uncertainty toward the future economic outlook, which sapping the demand on this black-commodity. On the other hand, the gold price appreciated by 0.16% to $1901.25 per troy ounces amid weakening in US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 93.70. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 94.70, 96.05

Support level: 93.70, 92.75

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2975. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2975, 1.3195

Support level: 1.2725, 1.2555

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1760. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1615.

Resistance level: 1.1760, 1.1880

Support level: 1.1615, 1.1415

USDJPY, H4: USDJPY was traded within a range while currently testing the support level at 105.40. MACD which illustrated diminishing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 106.70, 108.00

Support level: 105.40, 104.60

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7145. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7205, 0.7260

Support level: 0.7145, 0.7110

NZDUSD, H4: NZDUSD was traded within a range while currently testing the support level at 0.6610. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower after it successfully breakout below the support level.

Resistance level: 0.6755, 0.6880

Support level: 0.6610, 0.6510

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3275. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3395, 1.3525

Support level: 1.3275, 1.3190

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9175. 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: 0.9175, 0.9075

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 37.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 38.05, 39.25

Support level: 37.00, 36.10

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1916.00. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1852.15.

Resistance level: 1916.00, 1954.85

Support level: 1852.15, 1813.70

02 October 2020                Afternoon Session Analysis

Aussie slips as falling copper price weigh.

During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have slipped as one of Australia’s key exports, copper showing sign of weakness weighing on the currency. According to reports, Comex copper futures fell by 5%, its biggest single-day percentage drop since March 18. At the same time, Bloomberg’s commodity index also fell to 1-1/2 month lows. As copper is also one of Australia’s main export, the weakness in copper price exert pressure for the commodity-sensitive Aussie despite with recent upbeat data release, thus dragging the price lower. Still, market are now shifting their focus towards the upcoming NFP which could also weigh on the market sentiment. At the time of writing, AUD/USD slips 0.22% to 0.7165.

In the commodities market, crude oil price extend losses and plunged 0.98% to $38.18 per barrel at the time of writing amid worsening coronavirus risk threatening demand outlook. Following latest development, new COVID-19 cases worldwide have rose to more than 34 million, nearly 2 million more than at the end of last week, based on Reuters tallies. Several countries have already tighten restrictions and re-imposed lockdowns which prompting concerns about the impact on demand for fuel. On the other hand, gold price also retreats 0.49% to $1896.33 a troy ounce at the time of writing following dollar regain its strength.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 93.70. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 94.70, 96.05

Support level: 93.70, 92.10

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2975. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2725.

Resistance level: 1.2975, 1.3185

Support level: 1.2725, 1.2560

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1760. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1615.

Resistance level: 1.1760, 1.1880

Support level: 1.1615, 1.1415

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, 104.60

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7205. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.7145.

Resistance level: 0.7205, 0.7260

Support level: 0.7145, 0.7110

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

Resistance level: 0.6755, 0.7105

Support level: 0.6510, 0.6265

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3290. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3395, 1.3525

Support level: 1.3290, 1.3190

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9185. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9275.

Resistance level: 0.9275, 0.9385

Support level: 0.9185, 0.9075

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 38.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 39.25, 40.55

Support level: 38.05, 37.00

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1909.35. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1852.15.

Resistance level: 1902.35, 1954.85

Support level: 1852.15, 1813.70

2 October 2020                  Morning Session Analysis

US stimulus package nowhere to be seen.

US House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin remains far from agreement with regards to additional Covid-19 relief due to differences on key areas as of today. Both parties failed to bridge a consensus which Pelosi described as differences over “dollars and values”. Previously, Democratic Congress which is led by Pelosi has proposed a USD2.2 trillion package in response to coronavirus pandemic which has forced millions out of work. However, her proposal was rejected by Republicans as it was deemed too high. Instead, Republican has suggested a lower amount of stimulus package amounting to USD1.6 trillion which was later dismissed by Democrats as the offer was deemed “not serious”. For the time being, negotiations in between both parties will continue while investors will be remained focus on the event in order to attain more market signals. On the other hand, investors will also place their limelight upon the release of Nonfarm Payrolls report due later tonight in order to gauge US economic recovery momentum in terms of employment market. As of writing, the dollar index was down 0.17% to 93.72.

As for commodities, crude oil price plunged 0.57% to $38.50 per barrel. Oil futures received substantial selloff after Libya reportedly increased their production to 270,000 barrels per day following easing political instability. On the other hand, gold price rose 0.03% to $1,905.00 a troy ounce over the backdrop of weaker US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from 93.50. MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term.

Resistance level: 94.10, 94.70

Support level: 93.50, 92.70

GBPUSD, H1: GBPUSD was traded lower following prior retrace from the upper level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2885, 1.2940

Support level: 1.2850, 1.2810

EURUSD, H4: EURUSD was traded lower following prior retrace from 1.1760. MACD which begins to form bearish signal suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1760, 1.1800

Support level: 1.1705, 1.1675

USDJPY, H4: USDJPY remains traded within a sideways channel. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

Resistance level: 105.70, 106.15

Support level: 105.30, 104.80

AUDUSD, H4: AUDUSD was traded lower while currently testing near 0.7160. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after closing below 0.7160.

Resistance level: 0.7210, 0.7255

Support level: 0.7160, 0.7100

NZDUSD, H4: NZDUSD was traded flat near 0.6650. MACD which illustrate diminished upward momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6650, 0.6685

Support level: 0.6620, 0.6580

USDCAD, H4: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3310, 1.3355

Support level: 1.3250, 1.3200

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrate diminished bearish momentum suggest the pair to be traded higher in short-term.

Resistance level: 0.9230, 0.9280

Support level: 0.9180, 0.9145

CrudeOIL, H4: Crude oil price remains traded within a downward channel. MACD which illustrate bearish signal suggest its price to be traded lower in short-term.

Resistance level: 39.00, 39.85

Support level: 37.95, 37.00

GOLD_, H4: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term.

Resistance level: 1912.00, 1940.00

Support level: 1883.00, 1855.00

01 October 2020                                Afternoon Session Analysis

Japanese Yen remains stable following mixed sentiment.

During late Asian session, the Japanese Yen which traded against the greenback and other currency pair remains steady and rose following mixed clues due to Japan data and risk-off mood. On data front, Japan’s Tankan Manufacturing Index have dropped to -27 in the last quarter, weaker than market expectation of -23. At the same time, Tankan Non Large Non-Manufacturing Index also fell to -12, missing market expectation of -9. The weaker-than-expected data have exert some pressure for the safe-haven Yen, however, ongoing risk off mood due to coronavirus and various geopolitical issues have help limit the downside potential. As the coronavirus risk continue to terrorize global market, the uncertainty towards vaccine progress have caused investors to remain cautious and decreasing their risk appetite. At home, Nikkei also came out with the news suggesting that the Japan government is ready for further stimulus if required. At the time of writing, USD/JPY slips 0.06% to 105.49.

In the commodities market, crude oil price soars 0.88% to $40.16 per barrel as of writing following stimulus hopes that could help support the market. The sentiment for the black commodity was lifted after U.S. Treasury Secretary Steven Mnuchin said talks with House Speaker Nancy Pelosi made progress on COVID-19 relief legislation. At the same time, market continue to cheer on positive reports from EIA where it reported a decrease in stockpiles. On the other hand, gold price edge lower 0.08% to $1889.33 a troy ounce at the time of writing following volatility induced by the strong dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                      EUR                      EU Leaders Summit

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 93.90. MACD which illustrate ongoing bearish momentum suggest the dollar to extend its losses towards the support level 92.05.

Resistance level: 93.90, 95.70

Support level: 92.05, 90.70

GBPUSD, H4: GBPUSD was traded higher following recent rebound from the MA lines. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3005.

Resistance level: 1.3005, 1.3260

Support level: 1.2775, 1.2510

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1720. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.1890.

Resistance level: 1.1890, 1.1995

Support level: 1.1720, 1.1595

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

Resistance level: 105.90, 106.45

Support level: 105.15, 104.25

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

Resistance level: 0.7200, 0.7340

Support level: 0.7105, 0.6970

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6595. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.6685.

Resistance level: 0.6685, 0.6775

Support level: 0.6595, 0.6510

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.3330. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.3230.

Resistance level: 1.3330, 1.3455

Support level: 1.3230, 1.3115

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9205. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9370, 0.9455

Support level: 0.9205, 0.9035

CrudeOIL, H4: Crude oil price remain traded in a sideway channel following recent rebound from the support level 39.00. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its rebound in short term towards the resistance level 41.35.

Resistance level: 41.35, 43.95

Support level: 39.00, 36.65

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1902.20. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a technical correction towards the support level 1854.20.

Resistance level: 1902.20, 1970.55

Support level: 1854.20, 1790.05

01 October 2020                Morning Session Analysis

Dollar slumped on uncertainty over the US stimulus plan.

Dollar index which gauges its value against a basket of six major currencies dipped following the U.S. lawmakers pledged to continue talks with regards of the latest economic stimulus plan. The U.S. government was expected to vote on the $2.2 trillion package on Wednesday, though failure to reach on any agreement had prompted the U.S. policymakers to push back the voting on the stimulus bill to Thursday. Nonetheless, U.S. Treasury Secretary Steven Mnuchin touted progress on stimulus talks while reiterated that he was hopeful about getting a deal done. However, the losses experienced by the US Dollar was limited over the backdrop of the upbeat economic data on yesterday. According to Automatic Data Processing (ADP), the U.S. ADP Nonfarm Employment Change notched up significantly from the previous reading of 481K to 749K, confounding market forecast for a reading up to 650K. Similarly, the U.S. Gross Domestic Product (GDP) for last quarter came in at -31.4%, which fared better than the market expectation at -31.7%. At this time, investors would continue to scrutinize the latest updates with regards of the latest economic stimulus plan as well as the Non-farm payroll data which will be released tomorrow in order to gauge the likelihood movement for the pair. As of writing, the Dollar index depreciated by 0.09% to 93.85.

In the commodities market, the crude oil price surged 0.53% to $40.05 per barrel as of writing amid positive crude oil inventory data on yesterday. According to Energy Information Administration (EIA), the U.S. Crude Oil Inventories came in at -1.980M, much lower than the market forecast at 1.569M. On the other hand, the gold price appreciated by 0.14% to $1888.07 per troy ounces amid weakening in US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                  EUR                    EU Leaders Summit

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently near the support level at 93.55. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 94.70, 96.05

Support level: 93.55, 92.10

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2915. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2915, 1.2990

Support level: 1.2825, 1.2755

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1750. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1750, 1.1880

Support level: 1.1615, 1.1415

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 105.40. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 105.40, 106.70

Support level: 104.60, 103.55

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7170. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7170, 0.7260

Support level: 0.7015, 0.6910

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

Resistance level: 0.6755, 0.7110

Support level: 0.6510, 0.6265

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3395. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3235.

Resistance level: 1.3395, 1.3525

Support level: 1.3235, 1.3040

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9185. 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: 0.9185, 0.9075

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 40.05. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 40.05, 40.55

Support level: 39.20, 38.55

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1902.90. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1852.15.

Resistance level: 1902.90, 1954.85

Support level: 1852.15, 1813.70

25 September 2020                           Afternoon Session Analysis

Negative job data, triggering selloff in Dollar.

Dollar index which gauges its value against a basket of six major currencies slumped over the backdrop of the negative job data from the United States region on yesterday. According to the Department of Labor, the U.S. Initial Jobless Claims notched up from the preliminary reading of 866K to 870K, worse than the market forecast at 840K while signalling that the economic recovery was still running out of steam in the United States. Besides, Democrats in the U.S. House of Representatives are now working on a $2.4 trillion economic stimulus plan that will be voted on next week. Nonetheless, market participants remained doubts over whether the U.S. can overcome divisions when come to an agreement on the economic package, which dialled down further market optimism toward the economic progression in the United States. Nonetheless, the losses experienced by the US Dollar was limited following the upbeat housing data was released. Census Bureau reported that the U.S. New Home Sales had improved significantly from the previous reading of 965K to 1,011K, which fared better than the economist forecast at 895K. As of writing, the dollar index surged 0.01% to $94.32.

In the commodities market, the crude oil price surged 0.77% to $40.45 per barrel as of writing. The oil market edged higher on yesterday, buoyed by the renewed hopes for more stimulus plans to lift the U.S. economy out of its Covid-induced recession. Since the crude oil demand is highly correlated with the global economic performance, positive economic outlook will enhance the appeal of this black commodity. On the other hand, the gold market surged 0.01% to $1867.85 per troy ounces amid weakening 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, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 94.10. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 94.90.

Resistance level: 94.90, 95.95

Support level: 94.10, 93.60

GBPUSD, Daily: GBPUSD was traded higher following prior rebound from the support level at 1.2715. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2840.

Resistance level: 1.2840, 1.3045

Support level: 1.2715, 1.2480

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1645. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.1645.

Resistance level: 1.1760, 1.1950

Support level: 1.1645, 1.1455

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 105.20. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 106.15.

Resistance level: 106.15, 106.95

Support level: 105.20, 104.30

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7005. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7080.

Resistance level: 0.7080, 0.7150

Support level: 0.7005, 0.6930

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6500. However, MACD which illustrated bearish bias momentum suggest the pair to undergo technical correction in short term toward the lower level.

Resistance level: 0.6615, 0.6685

Support level: 0.6500, 0.6380

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3420. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3315.

Resistance level: 1.3420, 1.3500

Support level: 1.3315, 1.3235

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9225. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9295.

Resistance level: 0.9295, 0.9365

Support level: 0.9225, 0.9180

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 40.45. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 40.45.

Resistance level: 40.45, 41.50

Support level: 39.65, 38.70

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1860.45. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1877.55.

Resistance level: 1877.55, 1896.90

Support level: 1860.45, 1845.60

25 September 2020                           Morning Session Analysis

Pound sterling gains amid U.K new measures.

During early Asian session, the pound sterling which traded against the dollar and other currency pairs have manage to regain its footing and rebound after U.K unveiled new measures to protect jobs and business. Due to worsening coronavirus that continue to terrorize across the U.K, U.K Chancellor Rishi Sunak have propose a fresh round of measures to help ease the economic fallout. According to the new plans, the U.K will subsidize the pay of employees who have not return to work full time but are working at least a third of their usual hours. The move was also welcomed by the BoE Governor Andrew Bailey which he stated that it is reasonable as the recovery over the summer will not be the same way. The plan just came right after U.K reported an increase of 6,634 cases recently and will start in November. Following the positive news, the pound sterling was boosted higher. Still, the optimism may be short-lived as uncertainty towards trade talks between UK and EU also weighing on the market while market awaits for further signal and development to gauge further sentiment for the pair. At the time of writing, GBP/USD rose 0.05% to 1.2751.

In the commodities market, crude oil price rose 0.32% to $40.27 per barrel at the time of writing following positive forecast of oil demand growth. According to reports, one of the top U.S energy corporation, ConocoPhillips stated that the global oil demand would indeed return to 100 million barrels per day and will keep growing from there. At the same time, Russia oil producer, Gazprom Neft also forecasted that the oil demand will fully recover by the end of next year. On the other hand, gold price gains 0.04% to $1868.53 a troy ounce at the time of writing as dollar slips from its high which in turn exert some demand for 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 lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the dollar to extend its losses towards the support level 93.90.

Resistance level: 95.70, 97.55

Support level: 93.90, 92.05

GBPUSD, H4: GBPUSD was traded flat while currently testing the resistance level 1.2775. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.2775, 1.3005

Support level: 1.2510, 1.2340

EURUSD, H4: EURUSD was traded higher following prior rebound from its low level. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.1720.

Resistance level: 1.1720, 1.1890

Support level: 1.1575, 1.1455

USDJPY, H4: USDJPY was traded flat while currently testing near the support level 105.25. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 106.20, 106.95

Support level: 105.25, 104.25

AUDUSD, H4: AUDUSD was traded higher following prior rebound from its low level. MACD which display diminishing bearish bias signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7105.

Resistance level: 0.7105, 0.7200

Support level: 0.6970, 0.6820

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6510. MACD which display bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6595.

Resistance level: 0.6595, 0.6685

Support level: 0.6510, 0.6445

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3330. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3455, 1.3635

Support level: 1.3330, 1.3230

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9205. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction back towards the current support level 0.9205.

Resistance level: 0.9370, 0.9455

Support level: 0.9205, 0.9035

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 39.00. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 41.35.

Resistance level: 41.35, 43.95

Support level: 39.00, 36.65

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1854.20. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 1902.20.

Resistance level: 1902.20, 1970.55

Support level: 1854.20, 1790.05

24 September 2020                           Afternoon Session Analysis

Dollar soars amid resurgence of Covid-19 in global.

Dollar index which gauges its value against a basket of six major currencies managed to extend its gains to the highest level in 2 months amid market worries over the exacerbating pandemic have heightened after countries showed a significant surge in coronavirus cases. According to the Worldometer Statistics, countries such as UK and France which seemingly have recovered from the pandemic recorded unexpected high number of confirmed cases yesterday, near to 13K and 6k respectively. Besides, lack of new catalyst in vaccine development have also tampered the market appetite toward the riskier asset, while expecting a 100% secured-to-use vaccine will not be officially released in the near term. Moreover, hawkish bias statement from Fed Chairman Jerome Powell regarding the unfolding monetary policy still continue boosting the attraction of dollar index. In the recent speech, Jerome Powell revealed that the economy is recovering in a strong pace despite the uncertainty risk of pandemic remained. During Asian trading session, dollar index retraced 0.03% to 94.35.

In the commodities market, the crude oil price depreciated by 1.03% to $39.50 per barrel amid disappointed economic data from different countries such as Europe and UK turned the oil market sentiment soured. Besides, oil price received further downward pressure after crude oil inventories in US showed a higher-than-expected reading. Moreover, gold price slumped 0.18% to $1860.00 per troy ounce as market sees inflation pace would turn slower compare to previous forecast.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

15.30                     CHF                                         SNB Monetary Policy Assessment

19.50                 GBP                    BoE Gov Bailey Speaks

22.00                     USD                                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 93.60. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 93.60, 95.00

Support level: 93.60, 92.75

GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.2690. 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, 1.3340

Support level: 1.2690, 1.2445

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1710. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1710, 1.1810

Support level: 1.1585, 1.1445

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 105.45. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 105.45, 105.80

Support level: 105.10, 104.65

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7095. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7020.

Resistance level: 0.7095, 0.7200

Support level: 0.7020, 0.6960

NZDUSD, Daily: NZDUSD was traded lower while currently testing 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, 0.6895

Support level: 0.6510, 0.6265

USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.3390. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3390, 1.3445

Support level: 1.3335, 1.3285

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9190. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9275, 0.9380

Support level: 0.9190, 0.9090

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

Resistance level: 39.95, 40.85

Support level: 39.05, 37.90

GOLD_, Daily: Gold price was traded lower following prior breakout below the previous support level at 1909.70. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1813.90.

Resistance level: 1909.70, 1966.85

Support level: 1813.90, 1732.05

24 September 2020                           Morning Session Analysis

Euro fell amid signs of Covid hurting economy.

During early Asian session, the Euro which traded against the dollar and other currency pairs have continue to extend its losses and fell to a nearly two-month low as recent data signalled the resurgence of Covid-19 is affecting the EU’s economic recovery. According to data published on Wednesday, the HIS Markit Flash Eurozone Purchasing Manager’s Index for service have deteriorate to 47.6 in September from the previous month reading of 50.5. The data was also the first time that it had dropped below a reading of 50 which signalling a contraction and it was also the lowest level since May. With some of the countries in the EU have continue to witness a steady increase in cases over the past few weeks, the outlook for economic recovery is further diminished as government may be forced to imposed tighter restrictions that could potentially weakening the economic recovery. At the time of writing, EUR/USD slips 0.02% to 1.1653.

In the commodities market, crude oil price remains weak and fell 0.63% to $39.23 per barrel as of writing following weak demand outlook continue to dominate market sentiment. Despite EIA reported a decline in crude inventories, the optimism could not last as market remains concerned over demand outlook due to rising cases of coronavirus. On the other hand, gold price plunged 0.46% to $1854.76 a troy ounce at the time of writing amid stronger dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

15.30                      CHF                      SNB Monetary Policy Assessment

19.50                      GBP                      BoE Gov Bailey Speaks

22.00                     USD                       Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 93.90. However, MACD which illustrate signs of diminishing bullish momentum suggest the dollar to experience a short term pullback towards back the current support level 93.90.

Resistance level: 95.70, 97.55

Support level: 93.90, 92.05

GBPUSD, H4: GBPUSD was traded lower following recent breakout below the previous support level 1.2785. However, MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to be traded higher as a short term technical correction towards the current resistance level 1.2785.

Resistance level: 1.2785, 1.3005

Support level: 1.2510, 1.2340

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1720. However, MACD which illustrate diminishing bearish momentum suggest the pair to be experience a short term technical correction back towards the current resistance level 1.1720.

Resistance level: 1.1720, 1.1890

Support level: 1.1575, 1.1455

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 105.25. However, MACD which illustrate signs of diminishing bullish momentum suggest the pair to be traded lower as a technical correction after it breaks back below the current support level 105.25.

Resistance level: 106.20, 106.95

Support level: 105.25, 104.25

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7105. However, MACD which illustrate signs of diminishing bearish momentum suggest the pair to experience a short term technical correction towards the current resistance level 0.7105.

Resistance level: 0.7105, 0.7200

Support level: 0.6970, 0.6820

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6595. MACD which display ongoing bearish momentum suggest the pair to extend its losses towards the support level 0.6510.

Resistance level: 0.6595, 0.6685

Support level: 0.6510, 0.6445

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3330. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a short term technical correction towards the current support level 1.3330.

Resistance level: 1.3455, 1.3635

Support level: 1.3330, 1.3230

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9205. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction back towards the current support level 0.9205.

Resistance level: 0.9370, 0.9455

Support level: 0.9205, 0.9035

CrudeOIL, H4: Crude oil price remains traded flat while currently testing near the support level 39.00. However, MACD which display bearish bias signal suggest the commodity to be traded lower after it breaks below the support level.

Resistance level: 41.35, 43.95

Support level: 39.00, 36.65

GOLD_, H4: Gold price was traded lower while currently testing the support level 1857.95. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 1902.20, 1970.55

Support level: 1857.95, 1790.05

23 September 2020                           Afternoon Session Analysis

Pound slumped following new Covid-19 restriction imposed.

Pound Sterling which acting as one of the major currencies in the FX market plunged significantly after UK Prime Minister announced to unveil a new Covid restriction measure in order to curb the virus’s spread. According to the Worldometers, UK has recorded a number of confirmed cases near to 5K yesterday while indicating an obvious upward sloping in the infections. In the new restriction plan, it is included the extending use of face coverings, curfews on bars, pubs and restaurants and also increased the fines on rule breakers. Besides, Boris Johnson also warned the public to adhere the new Covid restrictions, or else lockdown measure would be re-imposed to contain the resurgence of pandemic. On the other side, the unbreakable Brexit deadlock still haunting the sentiment of pound market. As of now, both parties are still figuring out the best deal for each sides while in a hopes of breaking the impasses before the due date which is the mid of October. As of writing, the pair of GBP/USD dropped 0.09% to 1.2720.

In the commodities market, the crude oil price depreciated by 0.88% to $39.45 per barrel amid heightening of market worries over the prospect of oil demand. According to the latest statistics, a resurgence of Covid-19 has been detected in most of the countries such as France and UK, which eventually caused the oil market outlook clouded. Besides, gold price slumped 0.50% to $1890.10 a troy ounce as market risk avoidance behaviour reduced.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22.30                     USD                                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 93.60. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 94.50.

Resistance level: 94.50, 95.65

Support level: 93.60, 92.75

GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.2695. 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, 1.3250

Support level: 1.2695, 1.2450

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1710. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1590.

Resistance level: 1.1710, 1.1845

Support level: 1.1590, 1.1445

USDJPY, H1: USDJPY was traded higher while currently testing the resistance level at 105.15. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 105.15, 105.50

Support level: 104.70, 104.30

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7125. 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, 0.7375

Support level: 0.7120, 0.7010

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6610. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6640, 0.6685

Support level: 0.6610, 0.6560

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3235. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3375, 1.3500

Support level: 1.3235, 1.3140

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9175. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9270.

Resistance level: 0.9270, 0.9380

Support level: 0.9175, 0.9075

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 39.95. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 39.95, 40.85

Support level: 39.05, 37.90

GOLD_, Daily: Gold price was traded lower following prior breakout below the previous support level at 1912.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1811.70.

Resistance level: 1912.35, 1971.20

Support level: 1811.70, 1732.70

23 September 2020                           Morning Session Analysis

Dollar extend gains following upbeat data.

The dollar index which measure its value against a basket of six major currency pairs continue to advance during early Asian session following positive housing data. According to the National Association of Realtors, the Existing Home Sales came in at 6M, which is also in line with the market expectation and higher than previous reading of 5.8M. Following the release of positive data, the sentiment for the greenback was further boosted. At the same time, another factor that was currently support the greenback was its safe-haven status due to renewed virus concerns. As of now, worsening coronavirus conditions in the Euro along with huge sell off in financial stocks due to dirty money scandal also weighing heavily on the market. Meanwhile, attention now will shift to U.S Fed Chairman Jerome Powell as he will make his appearance on Capitol Hill to discuss about potential measures from central bank to help the U.S economy and potentially triggered a huge momentum in the market. At the time of writing, dollar index rose 0.34% to 93.97.

In the commodities market, crude oil price fell 0.20% to $39.65 per barrel as of writing following downbeat report from API. According to the American Petroleum Institute (API), U.S crude inventories rose by 691,000 barrels last week, missing market expectation of a 4 million barrel decrease. The negative data have increase concerns that the recovery in demand is remain under threat, thus exert continuous pressure for the commodity. On the other hand, gold price remains weak and fell 0.04% to $1901.70 a troy ounce at the time of writing amid ongoing dollar strength which have diminished the appeal of yellow metal as safe-haven.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

10.00                     NZD                       RBNZ Rate Statement

19.50                     JPY                        BoJ Monetary Policy Statement

22.00                     USD                       Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel while currently testing the resistance level 93.90. However, MACD which display signs of diminishing bullish momentum suggest the dollar to experience a technical correction towards the support level 92.05.

Resistance level: 93.90, 95.70

Support level: 92.05, 90.70

GBPUSD, H4: GBPUSD was traded flat near the current resistance level 1.2785. However, MACD which illustrate signs of diminishing bearish momentum suggest the pair to be traded higher after it breaks back above the resistance level.

Resistance level: 1.2785, 1.3005

Support level: 1.2510, 1.2240

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1710. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.1890.

Resistance level: 1.1890, 1.1995

Support level: 1.1710, 1.1575

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 105.20. MACD which display ongoing bullish momentum suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 105.20, 106.20

Support level: 104.25, 103.65

AUDUSD, H4: AUDUSD was traded lower following recent breakout below the previous support level 0.7200. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short term pullback back towards the current level 0.7200.

Resistance level: 0.7200, 0.7340

Support level: 0.7105, 0.6970

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6685. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction back towards the resistance level 0.6685.

Resistance level: 0.6685, 0.6775

Support level: 0.6595, 0.6510

USDCAD, H4: USDCAD was traded lower following retracement from the resistance level 1.3330. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3230.

Resistance level: 1.3330, 1.3455

Support level: 1.3230, 1.3115

USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing the resistance level 0.9205. However, MACD which display signs of diminishing bullish momentum suggest the pair to be traded lower in short term towards the support level 0.9035.

Resistance level: 0.9205, 0.9370

Support level: 0.9035, 0.8880

CrudeOIL, H4: Crude oil price was traded flat near the support level 39.00. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term towards the resistance level 41.35.

Resistance level: 41.35, 43.95

Support level: 39.00, 36.65

GOLD_, H4: Gold price remain traded in a sideway channel while currently testing the support level 1902.20. However, MACD which illustrate diminishing bearish momentum suggest the commodity to be traded higher towards the resistance level 1970.55.

Resistance level: 1970.55, 2008.05

Support level: 1902.20, 1857.95

22 September 2020                           Afternoon Session Analysis

Aussie slumped over the dovish statement.

The Australian Dollar slumped following the Reserve Bank Australia unleashed dovish statement with regards of the monetary policy in future. According to the latest monetary statement, the Deputy Governor Guy Debelle claimed in the early morning that the Australia central bank is assessing various monetary policy options including the currency market intervention strategy and extreme expansionary monetary policy in order to achieve its inflation and employment goals. The first option for the central bank’s policy is to buy bonds with maturities beyond three years in order to lower the longer-dated government bond rates. Besides, he also reiterated that foreign exchange intervention was another potential policy option that would definitely be beneficial for the Australia’s economy since it may able to boost up the Australia’s current account value. Nonetheless, they will be continuing to eye on global growth risk, more stimulus such as negative interest rates would be anticipated if the course of events urges their economy growth goes against their expectation. As of writing, AUD/USD depreciated by 0.15% to 0.7210.

In the commodities market, the crude oil price slumped 0.28% to $39.65 per barrels as of writing amid the spiking number of the coronavirus had weighed the market demand on the crude oil commodity on Monday. According to the latest data, the coronavirus cases had surged up more than 30 million worldwide while the British Prime Minister Boris Johnson was pondering a second national lockdown following U.K. registered over 37,000 deaths from nearly 340,000 cases. On the other hand, the gold price slumped 0.15% to $1909.40 per troy ounce as of writing as hopes of aggressive monetary stimulus from the Federal Reserve faded. Nonetheless, investors would continue to scrutinize the latest updates with regards of the speeches from Federal committee members in order to gauge the likelihood movement for the commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22.30                     USD                                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 94.10.

Resistance level: 94.10, 94.90

Support level: 92.10, 91.45

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2780. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2915.

Resistance level: 1.2915, 1.3045

Support level: 1.2780, 1.2715

EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1775.

Resistance level: 1.1775, 1.1840

Support level: 1.1705, 1.1620

USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 104.30. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 105.20.

Resistance level: 105.20, 106.15

Support level: 104.30, 103.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7205. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7265.

Resistance level: 0.7265, 0.7330

Support level: 0.7205, 0.7150

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6685. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6615.

Resistance level: 0.6685, 0.6780

Support level: 0.6615, 0.6500

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

Resistance level: 1.3315, 1.3425

Support level: 1.3235, 1.3140

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9120. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9200.

Resistance level: 0.9200, 0.9295

Support level: 0.9120, 0.9050

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the higher level. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 39.45.

Resistance level: 40.45, 41.50

Support level: 39.45, 38.70

GOLD_, Daily: Gold price was traded lower following prior breakout below the support level at 1926.40. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 1761.65.

Resistance level: 1926.40, 2069.75

Support level: 1761.65, 1552.90

22 September 2020                           Morning Session Analysis

Euro plummets amid fears of second wave.

During early Asian session, the Euro which traded against the greenback and other currency pairs have experience a tremendous selling pressure and plummet following the resurgence of coronavirus cases have increased the odds of Europe to re-impose lockdown measures. According to WHO regional director Hans Kluge, Europe have reported 300,000 new infections last week, the most significant weekly increase ever. European health ministers have once again aware on the potential impact of a second wave. German Heath Minister Jens Spahn warned that Germany could also see infection spikes following a spread in countries such as France, Austria and Netherlands. Some countries like Denmark and Greece have announced new restrictions while U.K also consider plans of new lockdown. Following the worsening situation, a stricter restriction may be imposed that would completely affect the recovery from coronavirus and forcing the ECB to add more stimulus, thus dragging the Euro with huge pressure. At the time of writing, EUR/USD fell 0.09% to 1.1765.

In the commodities market, crude oil price slips 0.15% to $39.85 per barrel as of writing amid concerns over coronavirus. Crude demand outlook is taking a hit once again after statistic on Monday showed more than 30 million infected people worldwide. A stricter lockdown could be re-imposed which may affect the already fragile demand for the commodity, thus triggering a massive sell off in the market. On the other hand, gold price slides 0.31% to $1915.06 a troy ounce at the time of writing amid strong dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

10.00                     NZD                        RBNZ Rate Statement

22.30                     USD                        Fed Chair Powell Testifies

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel while currently testing near the resistance level 93.85. However, MACD which illustrate bullish momentum signal suggest the dollar to be traded higher after it successfully breaks above the resistance level.

Resistance level: 93.85, 95.70

Support level: 92.05, 90.70

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.2810. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3005, 1.3165

Support level: 1.2810, 1.2660

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1715. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1890, 1.1995

Support level: 1.1715, 1.1575

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 104.25. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its rebound towards the resistance level 105.20.

Resistance level: 105.20, 106.20

Support level: 104.25, 103.65

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7200. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7340, 0.7410

Support level: 0.7200, 0.7105

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6685. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.6595.

Resistance level: 0.6685, 0.6775

Support level: 0.6595, 0.6510

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3330. MACD which display ongoing bullish momentum suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.3330, 1.3455

Support level: 1.3230, 1.3115

USDCHF, H4: USDCHF was traded higher following recent breakout above the previous resistance level 0.9125. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction back towards the current support level 0.9125.

Resistance level: 0.9225, 0.9365

Support level: 0.9125, 0.9000

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 39.00. MACD which display bearish momentum signal with the recent formation of death cross suggest the commodity to extend its losses after it breaks below the support level 39.00.

Resistance level: 41.35, 43.95

Support level: 39.00, 36.65

GOLD_, H4: Gold price remain traded in a sideway channel following recent rebound from the support level 1902.20. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1970.55.

Resistance level: 1970.55, 2008.05

Support level: 1902.20, 1857.95

21 September 2020                           Afternoon Session Analysis

Japanese Yen surged amid geopolitical uncertainty heightened.   

Japanese Yen, a major safe haven currency in the world soared significantly in the early trading session as resurgence of Covid-19 in Europe and Brexit turmoil continued to underpin the safe haven demand. Last Friday, large parts of Europe countries have decided to reimpose new restrictions in order to limit the spread of Coronavirus, after worldwide infection break the level of 30 million cases while World Health Organization (WHO) warned the world should remain cautious toward the virus. In yesterday, France health authorities even reported more than 10K new confirmed cases, lifting up the market worries over the resurgence of Covid-19. Besides, negotiation deadlock between EU and UK also sparked up the market preference toward the safe haven asset. As of now, both countries are showing no tolerance in the latest round of trade talk, which eventually increased the possibility of Hard-Brexit. On EU side, EU also revealed that they are pessimistic whether a deal could be reached while they are well-prepared for a no deal Brexit now. Investors are now continue to eye on the development of these major geopolitical issue in order to gauge the further direction of safe haven currency – Japanese Yen. As of writing, the pair of USD/JPY edged down 0.18% to 104.35.

In the commodities market, crude oil price rebounded by 0.36% to $41.50 per barrel amid the new incoming tropical storm – Beta is drifting toward the Gulf of Mexico, which forecasted will affect the oil drilling activity tremendously. Besides, gold price inched up 0.14% to $1953.20 a troy ounce as uncertainty over the world lifted up the market’s safe haven sentiment.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     USD                                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the 20 (Red) and 50(Blue) moving average line. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 92.60.

Resistance level: 93.25, 94.10

Support level: 92.60, 92.10

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3045.

Resistance level: 1.3045, 1.3255

Support level: 1.2840, 1.2715

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1840. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1890.

Resistance level: 1.1890, 1.1950

Support level: 1.1840, 1.1775

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

Resistance level: 105.20, 106.15

Support level: 104.30, 103.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7330.

Resistance level: 0.7330, 0.7405

Support level: 0.7265, 0.7205

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6780. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term toward lower level.

Resistance level: 0.6780, 0.6835

Support level: 0.6685, 0.6615

USDCAD, H4: USDCAD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum 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 0.9120. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9050.

Resistance level: 0.9120, 0.9200

Support level: 0.9050, 0.8975

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 41.50. However, MACD which illustrate bearish bias momentum suggest the commodity to undergo technical correction toward the support level at 40.45.

Resistance level: 41.50, 42.60

Support level: 40.45, 38.70

GOLD_, Daily: Gold price was traded higher following prior rebound from the support level at 1926.40. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its rebound toward the resistance level at 2069.75.

Resistance level: 2069.75, 2147.50

Support level: 1926.40, 1761.65